Word: sectoral
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...Even though the economic rational for nixing the deal muted criticism in China today, the way it went still stings in Beijing. If a private sector company in the west had proposed buying a minority stake in Rio Tinto, would the Australian review process have taken as long? Or it would it have been waived through much more quickly - before commodity prices recovered? Now, far from gaining access to a giant iron ore reserves, Chinalco has to watch the two biggest producers in the world - BHP and Rio - do a joint venture with their reserves in the famed Pilbara region...
...possibly invest at home - a description which China fits in spades - does is recycle its surpluses is through foreign direct investment. And China, in fact, has done scores of resource deals in the developing world - of late with Russia, Kazakhstan and Brazil in the old and gas sector, for example. But twice now in the developed world, big Chinese investments have been spurned. First CNOOC, now Chinalco...
...economic recovery have their data points: the steady upward climb of world stock markets, three straight months of Chinese manufacturing expansion, the weak dollar. But there are still plenty of skeptics of a rapid and robust turnaround, with their own set of numbers to cite: continued bleeding of private-sector jobs in the U.S. and Europe, more record lows in new home construction, and, er, the weak dollar. (Watch TIME's video of Peter Schiff trash-talking the markets...
...would think because of what went on in the financial-services sector - making this recession a million times worse than it had to be - that we might have seen more of an employment shift," says Heidi Shierholz, an economist at the Economic Policy Institute. "Yet the job loss in manufacturing dwarfs what is going on in financial services...
Indeed, Shamanov, who led the 58th Army in Chechnya's western sector during the Second Chechen War, was investigated by Russian prosecutors after the European court's ruling - but they concluded that there was no evidence of a crime. Then in December 2008, the Kremlin notified the Council of Europe that it was reviewing the decision. However, it's unlikely that the investigation will yield any new results. (See pictures of Russians in Ossetia...