Word: ores
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Dates: during 2000-2009
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Even so, not every shareholder is thrilled at the prospect of selling to the Chinese. Chinalco is a huge consumer of iron ore, and mining companies fear that the investment in Rio Tinto could give China more influence over the price. During the boom years, when Chinese companies' appetite for virtually every metal was voracious, they got stuck with stiff price increases. The deal could give Chinalco, which already owns 9.3% of Rio, better access to the company's choicest deposits of copper, iron ore and bauxite. The secretary-general of China's Iron and Steel Association, Shan Shanghua...
These were expensive lessons, but Beijing has decided that Going Out is still a better economic strategy than staying home. Despite China's slowing economy, officials see the global recession as a prime opportunity to cheaply acquire strategically important raw materials such as iron ore, copper, oil and gas--commodities China will need in vast quantities in the long run. In the past two months, Chinese companies have sought to buy assets abroad at an unprecedented pace. Aluminum Corp. of China (Chinalco) has announced plans to invest $19.5 billion in Rio Tinto, one of the world's largest mining companies...
Considering how far mineral prices have fallen, some analysts believe Chinalco might actually be paying a premium for Rio Tinto assets. But BOC International's Xu says, "The price is much, much lower for the assets--particularly iron ore and copper--than it would have been just six months ago. This seems like a pretty good deal." And as long as commodity prices are depressed, Chinese companies will be Going Out, cash in hand, ready...
...grown too tenuous; their investment in their off-label version of the American Dream is too great. Tougher border enforcement makes leaving a more final and difficult decision. They don't go home because they know they probably won't get to return. This has Americans in St. Helens, Ore., and elsewhere facing a set of decisions of their own: How hard should they press the case against illegal immigrants? And will putting more pressure on the undocumented end up damaging the community in the process...
...various deals give you anything from $75 to $150 in gas vouchers (participating B&Bs include High Haven House Inn in Vineyard Haven, Mass., and Black Bear Inn in Bolton Valley, Vt.); and 10% discounts for driving a hybrid car (at the Craftsman in Pacific City, Ore.); to free picnics for guests who ride bikes instead of driving (at the William Seward Inn in Westfield...