Word: tolls
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Dates: during 2000-2009
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...standoff in Gaza over a captured Israeli soldier on Thursday produced the most intense military clashes of the current round of conflict, as Israeli troops, tanks and aircraft battled Palestinian militants in the northern part of the territory. It also produced the highest casualty toll in an Israeli military operation since 2004. More than 20 Palestinians - some of them reportedly civilians - and one Israeli soldier were killed. Two Israeli soldiers were also wounded, as were around 40 Palestinians...
...that's exactly why Macquarie Bank has reportedly offered more than $7 billion to buy PCCW's phone and media assets. The Australian investment bank has built a global empire in large part by packaging the least glamorous of acquisitions?such as toll roads and airports?into fixed-income funds, which are then sold to yield-hungry retail investors. Lately, the company's concept of an infrastructure play has broadened and its pursuit of acquisitions has grown increasingly audacious?earlier this year it mounted a $2.6 billion bid for the London Stock Exchange. That failed, but the bank's ability...
...Enter Macquarie. In 1996, aiming to attract some of that pension-fund money, the bank bought a toll road from the New South Wales government. The road was put into a trust, which under Australian law doesn't have to pay taxes. Then Moss went a step further: he placed the road into a listed fund, the Macquarie Infrastructure Group, which Macquarie manages for an annual fee of up to 1.25%, depending on its market value. If this fund outperforms its benchmark, Macquarie also pockets a juicy incentive fee of 15% of the profits. "It's a hedge-fund model...
...Barings, giving it more muscle to market its key infrastructure funds to retail and institutional investors. "The ING assets gave them a footprint in Asia which they didn't have before," says BT's Chemello. Macquarie subsequently went on a shopping spree. It invested in a South Korean toll-bridge project in Incheon for $64.6 million in 2005. Last December it bought a 40% stake in Taiwan Broadband, a cable operator in Taiwan, for roughly $200 million. A few months ago Macquarie also listed its first Asian infrastructure fund, the Macquarie Korea Infrastructure Fund, on the Korea Exchange...
...fighting is taking an increasing toll on civilians, say Baluch sources and independent observers. Ali Dayan Hasan, South Asia researcher for the New York City-based Human Rights Watch, says that "scores of people have disappeared." Musharraf's forces, he says, are carrying out "a policy of abduction, illegal confinement and torture." The Human Rights Commission of Pakistan has documented claims that after a truck hit a land mine on Jan. 11, killing three Frontier Constabulary guards, government security forces went on a rampage executing 12 civilians. Two tribal elders sent to recover the bodies were also shot, says...