Word: nasdaq
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...shielded. Song Wenzhou, who moved to Japan as a university student in 1985, founded a software business that made headlines in 2000 when it became the first company helmed by a foreigner who arrived in Japan as an adult to be listed on the Tokyo Stock Exchange's NASDAQ equivalent. He's now rich and dines with Japanese Prime Ministers. But Song recounts how he was recently stopped on the subway by police who suspected he was an illegal immigrant. "It's not just the Japanese government," Song says. "It's in the air, this anti-foreigner feeling. Even...
...everyone. The deal highlights the competition among the cash-rich gulf states for clout and glory. As Dubai was finalizing its plans to buy OMX and trade it for 20% of NASDAQ, Qatar suddenly triggered a potential new bidding war by swooping up a nearly 10% share of the Nordic exchange. There may be room for more than one financial center in the region. Yet Dubai and Qatar seem bent on a showdown, with Dubai betting on its venture with the Americans and Qatar with the Europeans. "Both of them," one banker tells Time, "think there can only...
...early signs are that Dubai's NASDAQ deal will not meet the kind of congressional opposition--part security concerns, part xenophobia--that last year forced a Dubai entity, DP World, to sell its control of U.S. port operations. If the deal goes through, the government-controlled Borse Dubai would get 5% of the voting rights and two seats on NASDAQ's 16-member board. Dubai will also get the 28% share that NASDAQ holds in the London Stock Exchange (LSE). In the past year, Dubai companies have also gambled on a $5 billion investment for a 9.5% share...
...these are not their fathers' investments. Gulf money 20 years ago was being sunk into safe-bet, low-yield U.S. Treasury bonds--or the arms bazaar. Some recent deals--Dubai's brief holdings in DaimlerChrysler and Madame Tussauds, for example--have been opportunistic. But Dubai's bid for NASDAQ is part of a vision for positioning the city-state as a world-class business center. "Dubai has managed in the last 30 years to become the commercial hub of the region," says Soud Balawi, head of Dubai Investment Group. "We want Dubai to become the financial hub as well...
Indeed, the NASDAQ deal illustrates the sophistication of gulf boardrooms, not to mention a determination to proceed with economic development in spite of the region's political instability. Borse Dubai originally got into a bidding war with NASDAQ over OMX. But when an intermediary suggested that they form a partnership instead, Borse Dubai quickly agreed. According to Borse Dubai chief Essa Kazim, the new arrangement gives Dubai access to even more expertise and global investors than it would have received in a partnership with OMX alone. "We felt we can complement each other," Kazim says. "NASDAQ can continue to expand...