Word: riche
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Dates: during 2000-2009
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...China's largest companies are beginning to take center stage as the and most asset-rich corporations in the world. The market cap of PetroChina (PTR) recently passed Exxon Mobil (XOM) making it the most valuable company traded on any stock exchange. That gives it the option of using cash or stock to acquire assets in the West and Japan.PetroChina can also tap the Chinese treasury for cash...
...rich nations to see things differently will require diplomatic skills that often eluded his uncle, a dour and sometimes acerbic figure who clashed publicly with the U.S. over the Balkan wars, the genocide in Rwanda and Washington's unpaid U.N. dues. "My uncle tends to more public display, he tends to be more blunt," Boutros-Ghali says. "[At the IMF] different things are at stake. I will pound my fists in a closed room; there's nothing to be gained from doing it in public...
...tact, however, Boutros-Ghali is not averse to holding up a mirror to the rich nations every once in a while. On the eve of last month's G-20 summit in London, he warned that giant stimulus plans like those announced by the U.S. and the U.K. could lead to a humanitarian catastrophe in the developing world, because borrowing by rich countries would divert funds from the poor. "People are going to die, babies are not going to get the proper nourishment," Boutros-Ghali said. "Poverty is at the doorstep, something needs to be done." (See pictures of poverty...
...warnings, echoed by prominent economists, were heeded. At the London summit, the rich nations, wrangled by U.S. Treasury Secretary Tim Geithner, decided to triple the IMF's resources to $750 billion. After nearly a decade on the sidelines, it was suddenly a player again. "The IMF is back," crowed IMF managing director Dominique Strauss-Kahn. Boutros-Ghali is more cautious: "Now we need to make sure the money shows up, that it wasn't just pious words." (See pictures of the global financial crisis...
Instead, government officials have responded in what has become the Sandinistas' standard reaction to criticism: triumphalism mixed with personal attacks. Sandinista lawmakers have accused Navarro of "economic terrorism" for questioning the bills' legality, and Central Bank president Antenor Rosales dismissed the criticism as the complaints of rich people "who are more accustomed to using debit cards and checks and don't care about the people." Said Rosales, "The Central Bank is profoundly satisfied with the excellent reception that the bills have had with the Nicaraguan population. Everywhere in Nicaragua the bills are being used...