Word: ores
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...previous viruses such as the outbreak of SARS in 2002 and 2003, are taking no chances. Chinese crews wearing masks and medical suits now walk through all international airplanes upon arrival, testing passengers' temperatures with pistol-grip thermometers. When one student from St. Mary's School in Medford, Ore., tested positive on a trip to China in mid-July, 65 fellow pupils and seven chaperones were isolated in a Beijing hotel...
...that doesn't mean there aren't grim pockets elsewhere. By the end of March 2011, Deutsche Bank projects, 65% of borrowers in the Chicago metro area, 71% of those in the Baltimore and Portland, Ore., areas, and 77% in greater New York City will be underwater. On paper, that might look a lot better than the 93% Deutsche Bank is expecting for Fort Lauderdale, Fla., and the 92% figure for El Centro, Calif. But to the people living in those houses, unable to move, the relative good fortune will likely be little consolation...
...suspicion of stealing state secrets. While China's murky criminal-justice system makes it difficult to unearth any specifics of the charges, the state-run China Daily reported on July 15 that the Rio Tinto representatives allegedly bribed officials from 16 Chinese steel mills during negotiations over iron-ore prices. Chinese media also reported that at least five Chinese steelmakers and the China Iron & Steel Association are also under investigation. Rio Tinto has denied any wrongdoing by its employees...
...legitimacy of the government in a very big way," he notes. Foreign mining companies--very much including Australian ones--have profited greatly by feeding China's ravenous appetite for raw materials. But recently, wild fluctuations in commodity prices and friction over trade deals have increased tension between overseas iron-ore suppliers and China's steel producers. The arrests came weeks after the collapse of a bid by state-owned aluminum company Chinalco to invest $19.5 billion in Rio Tinto; the timing has prompted some observers to suggest that the charges are retaliatory...
Meanwhile, negotiations over iron-ore contracts, an annual ritual that has been particularly heated this year, may be another factor. Chinese steel producers have been pushing for a discount of up to 50% on the price agreed on last year with Rio Tinto. But with the negotiations stretching long past their original June 30 deadline, steadily climbing prices for iron ore have steelmakers sweating. "Clearly the Chinese insistence that the price be cut further no longer can be sustained," says Jim Lennon, a Macquarie Bank analyst, who notes that talks "have gotten increasingly acrimonious...