Word: terrorized
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Lieberman's initiative will add momentum to an antiterrorism bandwagon that has already started to roll. Last month, FTSE, a big provider of indexes, and the Conflict Securities Advisory Group (CSAG), a research consultant, launched a "terror free" index that excludes assets for some 400 foreign firms that operate in terrorism-supporting countries. Northern Trust, a huge fund manager that caters to both individuals and institutions, will soon roll out investment products based on that index. A source familiar with the naughty list says both ABB, a Swiss engineering giant that does business in Iran, and the China National Petroleum...
...tool is not limited to multibillion-dollar funds: CSAG is also offering a free service called the Terror-Free Calculator (http://www.terrorfreecalculator.com) Very few U.S. mutual funds have so far embraced terror-free investing. But as it expands, this device will let anyone evaluate his own mutual funds. Parametric, another big asset manager, last month produced a terror-free screen of stocks that is available through intermediaries including Smith Barney, Merrill Lynch and Bank of America. Credit Suisse has also released a new terror-free product...
Predictably, all three presidential candidates have endorsed the terror-free concept. In California, Governor Arnold Schwarzenegger recently signed a measure terminating investment by the state's huge pension funds CalPERS and CalSTERS in companies doing business in Iran. At least 19 states, including New York, New Jersey, Texas, Pennsylvania, Maryland, Missouri and Louisiana, have proposed or passed laws requiring state pension-plan sponsors to divest from firms with business links to terrorism-sponsoring nations...
Companies in Europe, in Asia and elsewhere face no such restrictions. Many, like France's energy behemoth Total or Russia's Lukoil, are only too happy to sidestep American competitors as they pursue business in nations like Iran, which badly needs outside help for its oil industry. If the terror-free trend should spread, those companies could face significant divestment by U.S. shareholders. Other big-name international companies that have done business with outlaw states include Siemens, Hyundai, Alcatel, BNP Paribas and Statoil. The roster of some 400 global companies excluded by the FTSE/CSAG index includes many that trade...
...association with an unpopular national government. Some of Livingstone's own antics in office have also provoked mirth - and anger. He won international praise for his pioneering congestion charging scheme that levies a toll on motorists entering central London. His calm response to the July 2005 terror attacks on the capital and his leadership in securing the 2012 Olympic Games for the city have also enhanced his reputation. But he's been damaged by the departure of two aides amid allegations of cronyism at City Hall, and he has been mocked for giving red-carpet treatment to controversial figures such...