Word: subs
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Dates: during 2000-2009
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...African entrepreneurs; two very different stories. Together they illustrate the promise and pitfalls of business on the world's second fastest-growing continent. Africa? That's right. In October, the IMF predicted that sub-Saharan Africa's real GDP will grow 6.75% in 2008, versus 7.2% in Asia, 3.2% in Europe and 1.9% in the U.S. Growth rates in several African countries evoke the Asian tigers of two decades ago, prompting keen international interest. In October, London-based New Star Asset Management announced the creation of a $200 million Heart of Africa Fund...
Take Kenya. The sub-Saharan nation ranks abysmally on many basic measures, such as favoritism in decisions of government officials (115th) and business impact of malaria (113th), but on some more sophisticated metrics it does quite well--eighth for legal rights tied to the financial markets and 31st for quality of scientific-research institutions. Skipping the basics while nailing the more complicated stuff is a counterintuitive yet increasingly widespread trend--think of the places in Africa that leaped from no phones to cell phones, bypassing landlines--but whether a country can excel in the long run without a more stable...
Even a month ago, the global economy seemed poised to weather the U.S. sub-prime crisis with relative aplomb. But, suddenly, something approaching panic has gripped the world's financial community. The headlines are grim. The U.S. housing slump is worsening. Banking giants such as Merrill Lynch and Citigroup are posting record losses. The U.S. dollar is getting pounded by the British pound - and virtually every other currency. Oil has run up as high as $98 per bbl., and gold - the traditional doomsday investment - has topped $800, its highest level since the early 1980s...
...have been less willing to play along. Their frustrations with Latin America, and those of the rest of the developed world, were reflected just before the summit last week in a report by the Paris-based Organization of Economic Cooperation & Development. The OECD called the region's economic showing "sub-optimal," and said even its best performers continue "losing ground to their Asian competitors...
...days before Christmas, and Fred, having exiled himself from the North Pole, is now in Chicago working as a repo man, a sort of sub-prime-rate enforcer. He enrages the people whose holiday he's ruining and exasperates his meter-maid inamorata with big ideas never fulfilled, dinner dates blown off. Plying a Salvation Army scam, Fred lands in jail and is forced to call his brother Nick, a.k.a. Santa, to go his bail. That brings him to the North Pole, the prodigal son carrying a grudge as big as Santa's sack of gifts...