Word: westernness
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...around the observatory on any given day is to sample the local grudges and global grievances that draw protesters from across India. A bureaucratic spelling error has brought a group of Dhangars, dressed in the red and yellow colors of their tribe, here for the fourth time from the western state of Maharashtra. "We hope this time our voice will be heard," says the group's leader, Gunderao Bansode. Under Indian law, certain castes and tribes are guaranteed places in educational institutes and legislatures, as well as government jobs. The Dhangars are supposed to share these advantages. But they accuse...
...from alone in viewing Russia as an El Dorado. From luxury brands to supermarket chains to machinery companies, a growing number of Western firms has discovered that this country of 141 million can be highly lucrative for those positioned to capitalize on a consumption boom fueled by massive oil and gas exports. The result has been a huge surge in foreign direct investment: last year Russia attracted $52.5 billion - four times the $12.9 billion it pulled in as recently as 2005. That puts it ahead of two of the three other BRIC countries, India and Brazil. And while it still...
...Western companies are talking publicly about revising their Russian investment strategies in the wake of the war with Georgia, and Russia watchers are sharply divided over whether there will be a medium- or long-term impact on economic ties with the West. BMW, for one, is proceeding apace with building its sales network there: by the end of this year, it aims to have a dealership in 47 Russian cities with populations of more than 300,000. One of the biggest corporate-investment programs, by Italy's Enel - which has spent about $6 billion on an effort to become...
...rebound - along with oil prices - after the currency crisis of 1998. While some have viewed Russia as a fabulous investment opportunity, many have been put off by the taint of corruption and political risk. To assuage such fears, then President Vladimir Putin sat down with about 30 CEOs of Western companies on the fringes of a World Economic Forum meeting in St. Petersburg in June 2007 and gave a concise rationale for why they shouldn't worry. The Kremlin, he told them, would continue to claw back control of some energy and other deals transacted in the 1990s under...
...moment, the best bellwether of Western sentiment remains the stock market. Its recent nosedive reflects not just political turmoil, but also signs of an economy under stress. While GDP is expected to rise about 7.5% this year, Neil Shearing, an economist at Capital Economics in London, warns that unless Russian authorities get a grip on this heady growth and "take some of the steam out of the economy, we could have a fairly nasty correction over the medium term." Meanwhile, a report published by the Organization for Economic Cooperation and Development in July warned that Moscow must do much more...