Word: ownerships
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Dates: during 2000-2009
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...problems started with two words. On Nov. 19, India's newspapers carried front-page reports that Mukesh Ambani, the 47-year-old son of Dhirubhai and the chairman of Reliance Industries, the group's flagship petrochemicals and oil venture, had admitted to "ownership issues" at the company, which he and younger brother Anil, the vice chairman, had been running since their father's death in July 2002. For four days speculation ran amok in the Indian press that the brothers had started sparring over control of Reliance. On Nov. 22, Mukesh issued a statement saying that his words had been...
...points out that Reliance is in the midst of a series of ambitious ventures, such as opening up new power plants, the future of which might be jeopardized if the current wrangle goes on. Carving up the conglomerate between the brothers is one option, although Reliance's complex ownership structure?the company is controlled by the Ambanis through a web of holding companies?would not make such a division easy. Supporters of the two brothers also disagree about who controls these holding companies?Mukesh, as the chairman of Reliance Industries, or the entire Ambani family. A less painful option than...
...time for an oil rush. The West's leading oil companies are making a run for Russia just as President Vladimir Putin consolidates his power and reasserts control over the energy business (among other things). State interference in the economy - increased restrictions on foreign ownership, the assault on Yukos and big shifts in taxation - has raised concerns about Putin's commitment to the rule of law. Many Russians are voting with their wallets. This year capital flight will easily exceed $10 billion, up from $2 billion last year. Even some top officials have misgivings. Andrei Illarionov, Putin's chief economic...
Bush long ago started down this road. During the 2000 campaign, he argued that "ownership in our society should not be an exclusive club. Independence should not be a gated community. Everyone should be part owner in the American Dream." Last year he signed into law health savings accounts, which allow workers to build a kitty that can be rolled over from year to year and can be used to pay for unreimbursed medical expenses. Bush wants to boost homeownership too by making nothing-down loans available to low-income buyers and by helping anyone who is willing to pick...
...accounts pay for themselves and then some, because in exchange taxpayers receive reduced traditional benefits. In the short term, though, an already huge federal budget deficit would continue to swell, potentially driving up interest rates and slowing the economy. Even if all parties agreed on the promise of an "ownership society," it remains unclear how we would get there. --With reporting by Eric Roston/ Washington and Jyoti Thottam/New York