Word: sovereign
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Dates: during 2000-2009
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...raising concerns that some of Citigroup's assets might have to be sold off at fire-sale prices just to keep the company sufficiently capitalized. But on Nov. 26, New York-based Citi was handed a lifeline by an unlikely rescuer. The Abu Dhabi Investment Authority, a $625 billion sovereign wealth fund run by the tiny Persian Gulf emirate, announced it was forking over $7.6 billion to take a 4.9% stake in the company. While Citi still faces difficulties, the cash infusion helped stabilize its plunging stock price and signaled to rattled markets that money was available to help subprime...
...investment by Abu Dhabi, part of the United Arab Emirates, also marked a turning point of sorts for sovereign wealth funds (SWFs). These enormous pools of wealth, controlled by governments in countries that have been getting fat off high oil prices and a booming global economy, are viewed skeptically by those who fear foreign powers might use them to gain competitive advantages or push political agendas. But now, thanks in part to the Citigroup deal, some fears have been allayed; companies in need of capital are courting investments from oil-and-gas-rich states such as Abu Dhabi and Russia...
...last part is crucial. If India wants to keep the suitors coming, it will have to do more to reform its business climate and address foreign companies' concerns on everything from corruption to its tangled bureaucracy to widespread environmental, child labor and health issues. Earlier this month, a Norwegian sovereign fund withdrew investments from Indian-owned mining firm Vedanta Resources over its environmental practices in India. And big-box European chains like Carrefour are frustrated over the slow pace of reform in India's retail sector, where complete foreign ownership of multi-brand retail outlets is still not allowed. Partly...
...former leader of the Kosovo Liberation Army, or KLA, is expected to be sworn in soon as Kosovo's Prime Minister. If he and other Kosovo Albanian leaders declare independence from Serbia by early next year, as is widely expected, Thaci will become the Prime Minister of a newly sovereign state. The former guerrilla leader dismisses fears that Kosovo's proposed "unilateral declaration of independence" could trigger renewed violence in the region. "The time for war is past," he says. There is, he insists, no need for further delay: "For me, Kosovo's independence is a done deal...
...refugees will be incorporated into the Palestinian state, or given citizenship in their current countries of residence or in third countries under an international humanitarian program. In the informal Geneva Initiative of 2003, Palestinian negotiators close to Arafat agreed that the limited return of refugees would be "at the sovereign discretion of Israel...