The only real secondary market is provided by foreign firms, not the Japanese issuers.
China now limits the purchase of property by foreign firms only to property used for their own businesses.
Even in mobile telephony, one of Japan's most deregulated sectors, no licences have been won by foreign firms.
Many components, such as batteries and touchscreens, receive their final processing in China in factories owned by foreign firms.
And Mr Reichstul worries that public-sector pay restraint will mean that his best staff are poached by foreign firms in Brazil.
The Russian legislature is reviewing a bill that would define the acceptable limit of ownership in Russian oil companies by foreign firms.
Most bankers reckon they have little appetite to break firms up, particularly if the constituent bits moved abroad or were bought by foreign firms.
So the private sector, dominated by foreign firms, is making a dent in the huge market share of the public funds (see chart).
So far, legal action by foreign firms has proved nearly useless.
The measures are being closely watched not only by foreign firms, but also by global investors who see a vital India as an important factor in spurring global growth.
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And concerns that Peugeot under-invested in the plant for years (knowing that closing it to move production to eastern Europe would be easier than shutting a factory in France) are gaining wider resonance as ever more British manufacturers are bought by foreign firms.
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The January 28 Nihon Keizai Shimbun lead story was the recent substantial increase in hiring by foreign securities firms in Tokyo.
But there is still money to be made, especially by the foreign firms that have provided the technology to allow China's trains to overtake Japan's bullet trains and France's TGV.
The White House and Congress recently have launched investigations into national security threats posed by foreign telecommunications firms, particularly worries that equipment from Huawei and other Chinese companies in U.S. systems potentially could be used by the Chinese government to track or intercept communications.
The only difference now is that all the volume production is done by foreign-owned firms, led by Nissan, Honda and Toyota.
Companies reported that it is becoming increasingly difficult to recruit and retain talented employees because the demand for such employees by foreign and domestic firms outstrips supply.
Until recently, property prices in Mumbai were on par with Manhattan's, boosted by scores of foreign firms coming into the financial capital, looking to set up shop here.
China runs a deficit on its technology trade with the rest of the world, and 80% of technological imports and exports are controlled by foreign-owned firms in China.
So when the stockmarket index tumbled by as much as 17% in a single day May 17th 2004 an investigation was launched into alleged murky dealings by a dozen foreign firms.
Can U.S. government intervention limit the policy risk imposed on U.S. firms by foreign governments?
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But some of it may reflect non-speculative transactions, such as foreign borrowing by Chinese firms.
Mr Wade is alleged to have acquired several foreign firms by illicit means.
The big question, to me, is: Can U.S. government intervention limit the policy risk imposed on U.S. firms by foreign governments?
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Nearly two-thirds of these, by value, involved foreign firms, such as Britain's Bass, which bought a hotel chain from the troubled Saison group.
Then, the few attractive workplaces for aspiring British industrialists were provided by foreign-owned car firms such as Ford, which also had its European head office in Britain.
Business investment in the United States by both domestic and foreign firms, whether in the form of new equipment or facilities or the expansion of existing facilities, is a major engine of economic growth and job creation.
Its loan book is now twice as big as the World Bank's, and it funds foreign buying sprees by Brazilian firms.
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Regulators have said that they want to eliminate by 2009 the need for foreign firms to reconcile their accounting with U.S. policies.
"Over the past five years, foreign currency borrowing by firms in emerging markets has risen by about 50 per cent, " said Ms Lagarde.
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