Word: sovereigns
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Dates: during 2000-2009
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...once burned, twice shy" isn't an old Chinese proverb, it probably should be. As Gao Xiqing, the chief investment officer of China's $200 billion sovereign wealth fund, meets in New York City this week with Morgan Stanley CEO John Mack to discuss increasing the Chinese government's stake in the venerable - and flailing - investment bank, he bears an obvious burden. Last December, the CIC (the China Investment Corp.) invested $5 billion for a 9.9% stake in Morgan Stanley (for which the bank must pay CIC a 9% annual dividend until 2010). On paper, that investment is now down...
...wildly ambitious real estate and development projects that had become commonplace in the region. "Every day you could open the newspaper and read about new mega-projects worth billions of dollars," says Nazem Al Kudsi, the chief executive officer for Abu Dhabi Investment Co., which is part of a sovereign wealth fund that recently bought New York's Chrysler building. "Today, there are not as many projects in the system...
...Wary sovereign wealth funds from Arab countries aren't likely to rush in to buy the assets of Western financial companies just yet, according to Sfakianakis. Some have already been burned, like the Kuwait Investment Authority, which bought Merrill Lynch shares worth billions earlier this year only to see the stock plummet in recent months. So for now, Arab investors are likely to refocus on infrastructure projects in their own countries that create real value and services for their economies, which are bound to keep growing even in the midst of a Western financial crisis...
...Supreme Court judges and dissolve parliament. Under Pakistan's original constitution, these powers belonged to the elected members of parliament; the President was supposed to be a neutral national leader. With few democratic credentials, Zardari, like Musharraf, has absolute power with no mandate. He has said that "parliament is sovereign, and the President would be subservient to the house of the people's representatives," but the relief that announcement brought will count for little if he gets tagged as Washington's man, particularly if he retains powers that many believe are unconstitutional. "Musharraf was seen as America's puppet...
...Concerned that cash-rich sovereign wealth funds from Asia or the Middle East could buy their way into the German financial industry, the German government has long wanted to see a second national champion created that together with the Deutsche Bank would dominate the German market...