Word: ores
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...mistake: Beijing has not decided staying home is better than "Going Out." State companies are still sitting on mountains of cash, and although China's economy is slowing, officials see the global recession as a prime opportunity to cheaply acquire holdings of strategically important natural resources such as iron ore, copper, oil and gas - commodities China's leadership knows it will need much more of in the long run. In the past month, Chinese companies have bought assets abroad at an unprecedented pace. Aluminum Corp. of China (Chinalco), a major holding company focused on resources, has announced plans to invest...
...deals are not without controversy, particularly in Australia, where some are worried that control of vital resources is being handed over 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 of iron in global commodities markets. Every year, steel and aluminum producers worldwide dicker with the big raw-material producers over new contracts. During the boom years, when Chinese companies' appetite for virtually every metal was voracious, they got stuck with stiff price increases. But the deal could give Chinalco...
...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." As long as commodity prices are depressed, Chinese companies - having learned the pitfalls of "Going Out" - are likely to be ravenous buyers...
...year on utilities. Van Jones, president of Green for All, made an impassioned plea to "give young people the chance to put down that handgun and pick up a caulking gun." Greg Nelson, official Middle Class Task Force liveblogger, commented on an argument among representatives from Portland, Ore., Los Angeles and Philly, who tried to out-green each other for the title of most environmentally friendly city. (See the top 10 green ideas...
Only the moratorium stands in the way. The history of the ban begins in 1977, when the Marline Uranium Corp., a subsidiary of the Marline Oil Co., began looking for the ore around the state. (The U.S. Geological Survey has concluded that vast swaths of the Piedmont, between the low-lying Tidewater to the east and the Blue Ridge to the west, potentially hold uranium.) In two years Marline had found the monster deposits in Pittsylvania. The discovery touched off a hunt for uranium statewide, alarming communities along the eastern slopes of the Blue Ridge that didn't want...