Word: australia
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...along with maintaining employment, then the impact of the economic crisis will certainly be reduced. This is basic first aid while the brains of the financial world determine just how to organize the international economy for the benefit for everyone and not just the greedy. Bob McCullough, Karana Downs, Australia...
...announced plans to invest $19.5 billion in Rio Tinto, one of the world's largest mining companies. If completed the deal would be the biggest foreign purchase any Chinese company has ever made. China Minmetals, another state-owned firm, said it would pay $1.7 billion in cash for Australia-based Oz Minerals, the world's second largest zinc miner. On Feb. 23, Hunan Valin Iron & Steel Group of China purchased a $771 million stake in Australian iron-ore exporter Fortescue Metals Group...
...deals are not without controversy, particularly in Australia, where some are worried that control of vital resources is being handed over to the Chinese. Chinalco is a huge consumer of iron ore, and mining companies fear that the investment in Rio Tinto could give China more influence over the price of iron in global commodities markets. Every year, steel and aluminum producers worldwide dicker with the big raw-material producers over new contracts. During the boom years, when Chinese companies' appetite for virtually every metal was voracious, they got stuck with stiff price increases. But the deal could give Chinalco...
...March 2 news briefing in Sydney, Chinalco President Xiong Weiping tried to allay fears. "The transaction will in no way lead to any control of the natural resources of Australia," he said, adding that Rio's corporate strategies and management practices would also remain unchanged. For now at least, blatant anti-Chinese sentiment in Australia appears to be bottled up, and the investment is expected to go through...
...Pakistan is already an international cricket pariah - Australia, England and New Zealand pulled out of matches in 2008, citing security concerns. When India, too, boycotted the early March test match following the Mumbai attacks, Sri Lanka graciously stepped in to save international cricket in Pakistan. No longer. Pakistan had been picked as a co-host for the upcoming World Cup, but immediately following the Lahore attack International Cricket Council chief executive Haroon Lorgat told reporters in London, "It's difficult to see international cricket being played in Pakistan for the foreseeable future. It will be very challenging...