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...would not be willing to sell. Hedgers, afraid of soaring prices, would buy oil futures, driving the price to unheard-of levels. Worse still, we would have to worry about the oil suppliers themselves getting in on the futures-price action. They can afford to take on huge risks in the oil-futures market because they make such large profits by comparison...
...Diarra is hardly alone among Africans in thinking of Obama as his brother and friend. On a continent sorely in need of political role models, the U.S. President is a huge icon these days, not to mention a lucrative marketing tool. Vendors in Bamako's markets do a brisk trade in Obama T-shirts, buttons and posters. Obama love reaches even remote communities with no electricity or television. One day in May, a driver took me 30 miles (50 km) into the Sahara Desert from the northern Mali town of Timbuktu. There in the tiny village of Ber, he unfurled...
...That last comment might help explain why Obama has opted to deliver his key Africa speech to Ghana's Parliament rather than to a public crowd, which would probably have drawn huge numbers. The news site Politico last weekend speculated that Obama - or his security detail - may also want to avoid the kind of bedlam that greeted Bill Clinton's visit to Accra in 1998, when he was nearly crushed by a crowd that numbered in the hundreds of thousands. On that day, as people surged toward the stage, the visibly terrified Clinton shouted, "Get back! Get back!" (Read "Into...
...good reason: Stern Hu and his deputies were in charge of Rio Tinto's negotiations over the price of iron ore with Chinese steelmakers. China is now the word's largest consumer of iron ore, and Rio its largest supplier - shoveling vast amounts of high-quality ore from its huge mines in western Australia. The price negotiations were ongoing at the time of Hu's arrest, and are hugely sensitive in China. Indeed, TIME has learned that on the Chinese side, they were effectively being run out of the office of Prime Minister Wen Jiabao, though representatives of China...
...offered Rio late last year, when prices for the commodities it mines had hit rock bottom as the global recession took hold. Since then, prices for iron ore and other commodities have rebounded, in no small part because of demand from China, which is in the midst of a huge, government-led investment spree to combat the recession. Rio spurned Chinalco, did a joint venture with international competitor BHP Billiton, and announced a rights issue to raise capital. (See pictures of China's infrastructure boom...