Word: oil
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...capitalism at the G-8 summit in Genoa were the latest manifestation of a trend that--mostly quietly and behind the scenes--is defining our age. From Home Depot (criticized for its use of tropical hardwoods) to Starbucks (attacked for the treatment of workers on coffee plantations), from Big Oil (a perennial target for environmentalists) to tuna canners (think dolphins), companies are increasingly changing their business practices when pressured by activists...
...York City-based stock exchange known for its listing of star tech firms including Apple, Cisco Systems, Dell, Microsoft and Yahoo! Dubai's move demonstrates the fulsome financial power of a region possessing tidal liquidity--as much as $2 trillion, by some estimates--built up by two years of oil prices topping $60 per bbl. "Nothing can stop them," says Hassan Heikal, CEO of EFG-Hermes, the region's leading investment bank. "These guys have investment managers as good as their counterparts in global institutions...
...spokesman’s further apologia that the proceeds of PetroChina’s listing "will only be used in [China]," is just plain unverifiable. Money is fungible, and CNPC has invested millions of dollars in Sudanese oil projects. This oil money bankrolls the Khartoum regime; PetroChina has the power to influence what is going on in Darfur by tightening the regime’s pursestrings...
...Edwards, when asked about the comment in a press conference the next day, shot back: "I've heard [Obama] talk about compromise and negotiation and bringing people together. I believe there's a fight in front of us. I don't believe that the defense contractors, the oil companies the pharmaceutical companies, et cetera, are going to give up their power willingly and I don't think we can sit around a table and be nice to them and they're going to relinquish the power that they have today. And that means you've got to have somebody...
...pointed up a fact about Chávez's revolution that chavistas are too reluctant to acknowledge. Venezuela, with its vast oil wealth, can afford to indulge socialism and eschew foreign investment; but most other Latin American nations can't. Their economic growth still depends on the kind of capital that global competitors like China and India are raking in, but which Latin America seems unable or unwilling to garner. The chavistas rightly argue that the distribution of capitalism's fruits has been grossly unequal in Latin America - which is a large reason why leftists like Chávez have...