But the president could make a more assertive statement by choosing an official who has waged climate battles, such as former Washington Gov. Chris Gregoire, who signed an emissions-cutting law.

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The investors seem willing to make an exception for assertive managers such as Mr Welch.

ECONOMIST: Honeywell and AlliedSignal

The fact that it's such a good deal for the Europeans and that Russia is increasingly assertive, may make this the moment of maximum leverage.

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