Word: gas
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...motherland to world football's highest ranks. Zenit boasts a side of national stars, including Andrei Arshavin and Pavel Pogrebnyak, whose dizzying salaries are financed by energy giant Gazprom, the team's owner. Moscow clubs Spartak and Dynamo are sponsored by their corporate patrons - also from the oil and gas sector - Yukos and Lukoil, respectively. The war chests that such firms bring to the game have led to galloping salary inflation, says midfielder Alexei Smertin - who is leaving London's Fulham for a fatter contract with Lokomotiv in Moscow. Enormous sums are also being spent to build or renovate stadiums...
...months. Huge, government-controlled investment pools from Abu Dhabi to China have helped to rescue Wall Street banks left short by the credit crisis - and still managed to leave Western governments feeling spooked. Their worry: the funds - swollen with foreign-currency reserves or billions in profits from oil and gas - might be hiding dark political motives behind fuzzy financial aims...
...lacking in clout. With assets of $382 billion at the end of March, it's the world's second-largest sovereign wealth fund, trailing only the Abu Dhabi Investment Authority, which weighs in at about $875 billion. Norway's fund, flush with money from the nation's oil and gas, has stakes in 7,000 firms - from Google to Goldman Sachs, Deutsche Post to PetroChina. Astonishingly, the fund now owns about 1% of the entire European stock market, and close to 0.5% globally...
...panicky voters to think about such a deal. And the Republican leaders were only too happy to exploit the high cost of energy. A G.O.P. strategy memo made public by Democratic leader Harry Reid summarized it this way: "The goal is for a theme (example: climate bill equals higher gas prices) each day, and the focus is much more on making political points than in amending the bill... or affecting policy...
Republican leader Mitch McConnell had an amendment ready that would suspend the bill if it caused gasoline prices to rise by any amount. If that amendment ever went to a vote, it would force the bill's supporters to come out in favor of higher gas prices, and the Republican TV attack ads would produce themselves. No wonder moderate Dems wanted Reid to ditch the bill. At a meeting of Senate Democratic legislative directors, on Monday, June 2 - the day the Senate took up the bill - staffers were howling that Reid and Boxer were leading their bosses into the Valley...