Word: gas
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...Credits went where they belonged: "New banks immediately accomplished their basic function - that of extending credits to encourage budding businesses," says Ulf Wokurka, a former Deutsche Bank director and now cfo of Samruk, Kazakhstan's holding company that runs such giants as KazTelecom and oil and natural gas firm KazMunaiGaz. The state rapidly privatized over 10,000 trading, service and industrial firms. As often happened in post-Soviet countries, the best of these firms were sold off to insiders, shoring up the power bases of important clans. But the biggest economic engine was oil, and that required outside help. Says...
...issue with importing 60% of our oil should be not cost or global warming, Grove says, but loss of strategic control. "The problem is wrong," he later elaborates, "so all the logic and discipline lead you in the wrong direction," namely, toward price sensitivity. Hybrid technology looks better when gas is $5 per gal. than when it is $3. But that's beside the point, says Grove. What's at stake is national security and control of our own economy...
...failed coup attempt against Chávez. (The Bush Administration denies that.) The resulting sympathy Chávez won coincided with the new petro-largesse he could spread around Latin America to curry favor for his Bolivarian revolution--including epic projects like a proposed $20 billion, 6,000-mile-long gas pipeline from Venezuela to Argentina to help integrate South America's economies. Chávez's anti-Yanqui message has changed the hemisphere's political equation, catapulting Latin leftists like Bolivia's Evo Morales into power and helping nonhemispheric powers like China gain a stronger economic foothold. "The U.S. fears Venezuela...
...November is still a way off. Republicans are more chipper than they have been in months, with falling gas prices and an uptick in President Bush's approval ratings. In a Gallup poll of likely voters last week, 48% said they would vote Democratic for Congress--and 48% said they'd vote Republican. Ken Mehlman, chairman of the Republican National Committee, says the opposition hasn't sold a vision for handling terrorism, Iraq or jobs. He also cites a drop-off in turnout for most Democratic primaries this year as one sign that the Dems aren't strong enough...
...billion Amount hedge-fund firm Amaranth Advisors lost this month betting on rising natural-gas prices--which fell...