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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...
...decision to walk away spared the government of Kevin Rudd, the Mandarin-speaking Prime Minister of Australia, from having to make the tough decision as to whether to let the Chinalco investment go forward. After the Rio announcement, Rudd made a point of saying that Australia was very much open to foreign investment, and then met in Canberra on Friday with Xiong to reinforce the point. Analysts say the government was likely to approve the investment, but only after imposing what surmised would be "tough conditions." It s still unclear what those "conditions" might have been...
...gauge the timing and strength of the eventual worldwide economic rebound. One of the best indicators is found in the shipping industry. It's global in scope and ever more indispensable in an economy so reliant on international commerce. Not surprisingly, perhaps, there is new evidence out on the open seas that both the bears and bulls can flag to help make their respective cases. (See TIME 100 panelists discuss what's next for capitalism...
...paid for health care the way the Medicare program does, a public plan could charge premiums 30% lower than those of comparable private plans. And if it were open to all, about 131 million people - including two-thirds of those who now have private insurance - would take that deal, according to estimates by the Lewin Group, a nonpartisan research firm...
...lesson Obama took from his family was that the memories needed to be shared, laid out in the open as a warning to future generations. "To this day, there are those who perpetrate every form of intolerance - racism, anti-Semitism, homophobia, xenophobia, sexism and more - hatred that degrades its victims and diminishes us all," he said. "This place teaches us that we must be ever vigilant about the spread of evil in our own time, that we must reject the false comfort that others' suffering is not our problem, and commit ourselves to resisting those who would subjugate others...