Word: copper
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...ambitions and interests. China's bottomless appetite for oil has led to its companies investing in every country along the Persian Gulf and other Muslim states. Chinese funds and labor are behind oil and gas fields from Sudan to Turkmenistan and are shaping lucrative megaprojects like the massive Aynak copper mine in Afghanistan...
Suppose you won the lottery. What would you do with the money? Countries have faced similar questions. The most common example is a price commodity boom. A country exports a great deal of petroleum or copper or similar commodities. The price of this commodity zooms; the country’s revenues do as well. From Caracas to Lagos to Moscow and Tehran, governments whose countries have benefited from commodity price booms have rarely spent such a bonanza well. Chile witnessed a commodity price boom during this past decade, and it has set an admirable example for others...
International copper prices rose markedly earlier in this decade. Instead of spending the funds on projects of near-term political value, Chile’s President Michelle Bachelet and Finance Minister Andrés Velasco (the latter on leave from the Kennedy School) took the lead to create an investment fund that would not be tapped for ongoing operational expenses. The fund could be used to help the Chilean economy avoid an economic collapse; when the worldwide financial crisis broke out 18 months ago, the Chilean government was ready with a countercyclical budget—it spent to cushion...
...Pike, a 2006 Georgetown graduate, was settled into a copper-colored sofa in the back of Gates lounge. He said he hoped to meet New York women who were more than merely gorgeous. “I’ve been in the city three years and dated girls who are legitimate models, and that gets old,” said Mr. Pike, who works in private equity. “I have high standards. I’ve met people who are really smart but don’t have it together socially, and people...
...University Provost Steven E. Hyman and has now absorbed these responsibilities. These efforts had been underway before the financial crisis heightened the need to allocate current use of funds efficiently, Dominguez said. Over the last five years, Chile’s economy has been bolstered by a spike in copper prices. As copper accounts for roughly 16.4 percent of the nation’s GDP, according to the Central Bank of Chile, the government was able to accumulate a financial cushion of around $21 billion worth of savings in sovereign wealth funds and a similar amount in central bank reserves...