Word: ownership
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Dates: during 1990-1999
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...nontariff barriers, such as dairy and cotton quotas in the U.S. and Canada, and various import licenses in Mexico. By rapidly widening the consumer market, the pact aims to spur capital investment across all three jurisdictions. This would be a striking change for Mexico, which has long banned outside ownership of strategic sectors like farm and border lands...
While sweeping, the treaty will not cover everything: Mexico, in line with its constitution, has flatly ruled out foreign ownership in its energy industry, while Canada seeks to extend the blanket protection it won in its earlier agreement with the U.S. for "cultural industries" such as television and publishing. But in a major concession, Mexico has agreed to allow American companies to establish stakes in its banks and, under NAFTA will include insurance and securities firms, institutions previously barred to foreign ownership...
...main winner will be British Airways, now the world's biggest international carrier. The transaction fulfills its long-held desire to enter the American market, fly into more U.S. cities and pick up more American travelers for its transatlantic flights. Although foreign ownership of American airlines is limited to a 49% stake and 25% of voting stock, European and Asian carriers have rushed to make deals. KLM Royal Dutch bought 20% of Northwest in 1989, and in 1988 Pan Pacific Hoteliers Inc., a subsidiary of Japan Airlines, took a 20% position in Hawaiian Airlines...
...biggest, Russia and Ukraine, have been bitterly at odds over such issues as ownership of the 300-ship Black Sea Fleet and issuing rival currencies. Meeting at the resort town of Sochi last week, Yeltsin and Ukrainian President Leonid Kravchuk took off their coats, put on their smiles and worked out an 18-point agreement. They pledged coordination of policies on currency and trade and reached a tentative compromise on dividing the fleet but sharing the bases. It was, said Kravchuk, "a fundamental turn in relations...
...only a problem if it continues to grow relative to the gross domestic product over a sustained period," says Roberts. "Even then, it would be acceptable if the percentage of gdp is lower than the rest of the world's, because our bonds would still sell well overseas." Foreign ownership of U.S. debt does not bother Roberts at all. Where he draws the line is at the Keynesian notion that government deficits can encourage growth. "The deficit did not finance the growth of the Reagan years," Roberts insists. "Lower taxes...