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...African nations, flush with the romance of a first date, fell over themselves in welcome. China inked deal after deal: a $2.3 billion stake in a Nigerian offshore petroleum field; a $1.5 billion pact to upgrade Ethiopia's telecom system; massive investments in Angola, now China's largest source of oil imports. China won diplomatic victories, too, getting Chad, Malawi and Senegal to switch recognition from Taipei to Beijing in just the past three years. And in 2006, Beijing hosted a triumphant follow-up summit with nearly every African leader...
What's valued at more than $231 billion? Answer: the assets of some 3.8 million current and former federal employees, everyone from letter carriers to U.S. Senators, whose retirement funds are socked away in the Thrift Savings Plan (TSP), one of the largest and fastest-growing 401(k)-style funds in the U.S. If Senator Joseph Lieberman of Connecticut has his way, the TSP will soon radically alter the way it picks some of its stocks. Lieberman told TIME he will introduce legislation to give all TSP participants the option to disinvest in companies that do business in or with...
...producer of diamonds, has proved an exception to this rule, raising its 1.9 million people out of poverty within the span of a generation. The country's forward-thinking leaders have persuaded a global mining giant to invest in its happy road to development. De Beers, the world's largest diamond-mining company and a name once synonymous with the imperial multinational, has operated its mines with the government for decades as a 50-50 partnership called Debswana. Now De Beers has deepened that cooperation by moving its worldwide diamond-sorting and -valuing operation from London to Botswana's capital...
...April cut Turkey's credit rating to negative from stable, citing a fraught political and global environment. "The Turkish economy is in a major transformation with high efficiency gains, whose impact will be even more evident in the next decade," asserts Suzan Sabanci, chairwoman of Akbank, Turkey's largest privately owned bank, and a scion of one of Turkey's wealthiest families. "Global events will have an influence on the Turkish economy," she notes. "But I do not expect them to be dramatic...
...optimistic that this crisis will be overcome and a solution found." The Turkish government has vowed to press ahead with privatization plans, including a 15% treasury-owned stake in Turk Telekom, the Turkish telephone operator, as well as regional electricity-distribution grids and Halkbank, Turkey's second largest state-owned bank...