Word: steel
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...Secrecy in China's criminal-justice system has made it difficult to find out the specifics of the charges against Rio Tinto employees. But China Daily, a state-run newspaper, reported yesterday that the multinational company's representatives allegedly bribed officials from 16 Chinese steel mills who were participating in negotiations over iron-ore prices. The story quoted an unnamed manager at a large steel company who said that Rio Tinto paid for industry data, which was "an unwritten industry practice." Rio Tinto officials denied its employees stole state secrets and said the company's ethics policies forbid bribery...
...anybody without the clout of Agassi. It's interesting to watch how Tom Casten and his son Sean, who run Recycled Energy Development, can get almost frustrated when they explain how much energy we leave on the table in just about everything we do. They can walk into a steel plant and immediately find 50 megawatts worth of wasted juice and design ways for it to be captured. There aren't many people who can do what the Castens do. As the price of gas goes up and our energy crunch becomes more acute, however, more companies like RED will...
...fastest growing in Europe - is in dire straits. In the first three months of this year, output fell by 10% compared with a year earlier. The World Bank now expects the economy to contract by around 8% for 2009 as a whole. Traditional industries such as steel are hurting badly. The decade-long consumer boom has turned into a slump as unemployment soars. The government has cash to spend after years of sensible budget policies, but the central bank will be forced to keep interest rates high as long as inflation is stuck in double digits and trust...
...peacekeeping force and an embargo on arms are keeping conflict at bay. Schools and hospitals have reopened. Tax receipts are up. Bureaucracy is down. U.N. sanctions on diamond and timber exports have been lifted. Liberia is attracting foreign investment in iron ore, timber, palm oil and construction. Though steel giant Arcelor Mittal recently mothballed a $1.5 billion project to reopen an iron-ore mine and rebuild a railway in the eastern interior, Liberia has signed a deal with Sime Darby of Malaysia for an $800 million, 20-year concession to a 494,000-acre (200,000 hectare) combined palm...
...Australia. The price negotiations were ongoing at the time of Hu's arrest, and are hugely sensitive in China. Indeed, TIME has learned that on the Chinese side, they were effectively being run out of the office of Prime Minister Wen Jiabao, though representatives of China's Iron and Steel Association were the front men at the negotiating sessions. China was demanding price cuts of up to 44% per ton of iron ore this year - about 10% more than the cuts Japanese and Korean steel producers received. (See pictures of Chinese investment in Africa...