Word: ironed
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...might seem like a killjoy. After all, China at the moment is the star on the world economic stage. The country's soaring need for a host of goods, especially commodities such as oil, iron ore and aluminum, is a major contributor to global economic recovery. China is poised this year to pass Japan as the world's third largest importer. But the government needs to keep the economy superheated just to provide jobs for the 12 million to 15 million people coming into its labor market every year. That means finding ever larger markets--both internal and overseas...
Those closest to the gears of the global economy were the first to notice the coming storm in China. Albert Stahl, a London ship broker, watched the spot-market price for cargo-vessel leases rise last winter to $22,000 a day for a ship big enough to transport iron ore. He assumed the spike was due to the impending Iraq war. But through the summer the price kept increasing; shipowners even stopped giving quotes in expectation that prices would jump again the following day. Then Stahl began hearing reports of vessels the size of three football fields anchored...
...same scenario of "too much, too soon" applies to a range of commodities. At Anyang Iron & Steel, one of China's biggest steel producers, the company's vice chairman, Wu Changxun, points to a tremendous dirt expanse outside the factory. Workers are erecting a new foundry there that will more than double the plant's output capacity. It is slated to provide part of the 50 million tons in increased capacity expected nationwide by 2005. "Banks are offering us loans even without our asking," says Wu. That money will have to be repaid. Letting extra capacity sit idle...
...There is even speculation that [John F. Kennedy ’40] was an iron man in the past,” said senior Rassan Grant, who was victorious in the 200-yard breastroke with a time...
...meet was very emotional for me,” said captain Kemi George, who won the 50-yard freestyle in convincing fashion with a time of 20.98. “It was my last dual meet as a senior, and I myself was also an Iron Man in my freshman year, so I could really relate...