Word: coppers
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Dates: during 2000-2009
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...patrol, Miller actually believes in that old Olympic canard that it's playing the game that counts. "Despite all the pressure and the caliber of accomplishment, I still can honestly say it is not all about winning," he told TIME during pre-Olympic training at Colorado's Copper Mountain. The important thing to him is to try to ski well - to improve, to reach his own goals - and most important, to have a good time. (Watch an interview with Bode Miller...
...gold-plated archway for the temple at Guruvayur, a silver crown for the god Kubera at Badrinath, and gold and silver ornamentation for numerous other temples. All through India, Padmanaban says, famous temples are replacing the silver plating on their idols with gold, and smaller shrines are replacing copper deities with silver ones. "People in India have more money now," Padmanaban says, "and the result is that our temples are being covered in gold and silver...
...have squandered fortunes in global commodities markets?think Nick Leeson, who bankrupted 232-year-old Barings Bank in 1995, or the Sumitomo Metals trader who blew $1.8 billion in 1996?add a new member: Liu Qibing of Beijing's State Reserve Bureau (SRB), whose wrong-way bet on copper prices may cost the Chinese government tens of millions of dollars...
...According to copper traders who dealt with him routinely over the past several years, Liu had taken "short" positions in copper in recent months?borrowing the industrial metal at current prices to sell to others, hoping the price would fall before he was due to replace what he had borrowed. Traders say he built up a huge position, shorting some 100,000 to 200,000 tons of the metal. But because copper prices have soared lately, Liu and the SRB?a secretive state agency responsible for buying strategic commodities?may have to absorb big losses, possibly up to $100 million...
...question now is whether Beijing will step up and cover Liu's losses by providing the huge amounts of copper he borrowed, due by Dec. 21. Early last week, the Chinese government insisted it had sufficient copper reserves to cover the amount owed. But by week's end, according to some traders, it appeared that China was dumping copper reserves in an effort to drive the price down?a move few in the copper market believe will succeed. Indeed, last Friday copper prices rose to a new record level. Traders and commodity industry attorneys say they would be stunned...