Word: globalization
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Dates: during 2000-2009
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...Here's the breakdown: The 230-m.p.g. number, according to GM's Frank Weber, global-vehicle-line executive for the Volt, is a measurement of the car's "city-driving cycle" - that's the 40 miles it can go without gas, plus one daily electric recharge, plus a little extra help from the gasoline it might need to continue to charge its batteries when they get low during driving in the city. It's basically measuring the Volt's electric-only-mode (with some help) mileage capacity. If the Volt got out on the highway - where it's powered largely...
When the Chinese government announced earlier this week the formal arrest of four Shanghai-based executives of global mining giant Rio Tinto - one Australian citizen and three Chinese nationals - it seemed a deliberate ratcheting down of a case that had stunned foreign investors in the country. After all, Beijing had effectively dropped the case's most ominous element: the charge that Rio's Stern Hu and his three colleagues had allegedly stolen "state secrets," in part by bribing executives of Chinese steel companies, who are Rio's largest buyers of iron ore. Under a state-secrets charge, the four...
...Beijing" that Rio walked away in June from a $19.5 billion tie-up it had struck late last year with Chinalco, the Chinese state-owned aluminum company. To make matters worse, from Beijing's perspective, Rio then turned around and agreed to a joint venture in iron ore with global rival BHP Billiton. Together the two control about 75% of the world's iron ore, which China's steelmakers consume ravenously. "That deal is China's worst nightmare," says an investment-banking source with close ties to the global mining industry. (See pictures of China's infrastructure boom...
...pictures of the global financial crisis...
...shipping industry, like so many others, has been battered by the global recession. According to Lloyd's Marine Intelligence Unit, nearly 10% of the world's merchant ships are stuck at harbor because of a collapse in global trade. Burnett notes that there has been an increase in insurance fraud as a result of financial pressures. "We have had cases in the past where ships have been intentionally scuttled as part of a fraudulent insurance scheme," he says. "The law says that when a ship doesn't arrive in port, it's assumed to be from a peril...