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Xiong Weiping, the chief executive officer of China's largest aluminum company, Chinalco, spent the better part of the last four months doing something no other CEO of a state-owned Chinese company had ever done. He campaigned - in an open, very western way - to gain approval in Australia for what would have been China's largest foreign investment ever: a proposed $19.5 billion stake in Rio Tinto, the world's second largest mining company. The deal would have given Chinalco roughly an 18% stake in Rio, as well as outright control of some valuable copper and iron ore mines...
...pullback on debt-fueled spending continued into the spring. New data from the Federal Reserve shows that outstanding consumer credit which includes credit cards, auto loans and tuition financing, but not mortgages, fell by $15.7 billion to $2.52 trillion, an annualized drop of 7.4%. That marks the second-largest dollar drop on record, following March's $16.6 billion decline...
...disturbing side to Indian student life down-under has come to light, sparking allegations of widespread racism in Australian society, and a failure by law enforcement authorities to act. The first incident occurred in the early hours of May 24 at a suburban party in Melbourne, Australia's second largest city in the country's south. Indian student Sravan Kumar Theerthala, a guest at the birthday party, was confronted by party-crashers, one of whom stabbed him in the head with a screw driver allegedly without provocation. (See pictures of Australia's apology for its past aboriginal policies...
...attack left the 25-year-old student battling for life in hospital and three other party goers who rushed to assist him also injured by the interlopers. On the same weekend about 700km to the north-east in Sydney, Australia's largest city, Indian hospitality graduate Rajesh Kumar was at his home reading a book when he was hit by a petrol bomb. The bomb caused burns to 30% of his body and left him in hospital in a critical condition...
Sixty-five years ago today, 135,000 allied troops launched the largest seaborne invasion in history on the beaches of northern France, a move that would eventually decide the outcome of World War II. On Saturday, Obama stood with the leaders of Great Britain, France and Canada on the beach where nearly 4,000 of those men died in a single day, to praise what he called the "clarity of purpose with which the war was waged." (See TIME's video of D-Day's iconic photograph...