Word: sovereignities
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...since last fall, the krone is set for a "sustained appreciation" over the next year and a half, according to HSBC. The main reason: Norway's budget and current-account surpluses are the biggest among nations with the 10 most traded currencies. Factor in the country's $350 billion sovereign wealth fund pumped full of the country's oil revenues, and the cost of insuring against government default in Norway - a key measure of a currency's safety - is the lowest of those countries. With Norway's output expected to shrink by a modest 1.2% this year, far less than...
...beginning of one of the most powerful forces in modern capitalism. Today a small club of bond-rating agencies, led by Moody's, Standard & Poor's and Fitch, wields enormous power, sending investors scrambling simply by changing the ratings that the firms assign to everything from Ireland's sovereign debt to General Electric's IOUs. They are pilloried for having wildly overestimated the quality of mortgage-related securities...
...China holds more U.S. debt than any other entity either private or sovereign. Whether the communist government is really worried about the value of the U.S. paper it holds or is just making a public insult about the flaws in American capitalism may never be known. What is known is that the financial markets have enough concern about Treasuries now to support a market for insuring U.S. debt in the event that the government cannot meet its obligations in the future. (See pictures of the global financial crisis...
...things may not be as bad as they seem. Banking analysts suggest that talk of a sovereign default is overblown, and say not all banks are struggling to pay out. Even more promisingly, Yushchenko and Tymoshenko announced a truce at the end of last week and sent a revised anti-crisis plan to the IMF in the hope of securing further funds...
...turned out. In 2005, China National Offshore Oil Corp., China's oil and gas giant, tried to buy Unocal, the American oil company, and learned just how xenophobic Washington could be: the deal was called off after strident objections from congressional leaders. Two years later, Beijing's fledgling sovereign wealth fund China Investment Corp. poured $3 billion into Blackstone in return for a 10% stake in the New York City - based private-equity firm, just before the bottom fell out of U.S. debt and equity markets. That deal was followed by a $5 billion purchase of a 9.9% stake...