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Yadkin River

Alcoa's Chinese JV Targets Need for High Quality Aluminum in Booming Market -- Trefis - 0 views

www.trefis.com/...2011-09-16

chinese ALCOA YADKIN aluminum CleanTech CHINA joint venture

shared by Yadkin River on 20 Dec 11 - No Cached
  • 1 of 12 Alcoa’s Aluminium Supply Deal with Embraer Could be First of Many 2 of 12 Alcoa Sambas to $16 with Embraer Deal for Jet Development 3 of 12 Alcoa: Revised $16 Price Estimate, Long-Term Outlook Still Solid 4 of 12 Alcoa Restructuring Midstream Business for Emerging Market Growth 5 of 12 Demand for Lightweight Autos Boost Alcoa’s Aluminum Business 6 of 12 Alcoa Aims for $18 by Investing in ‘Green’ Initiatives 7 of 12 Aluminum Demand, New Products Lift Alcoa’s Earnings 8 of 12 Alcoa’s JV in Saudi Arabia Gets Funding 9 of 12 Alcoa Could Get Boost from New Alloys 10 of 12 Alcoa Gains from Fuel Efficiency Focus at Paris Air Show 11 of 12 Alcoa Shines on Solid Aluminum Demand 12 of 12 Alcoa’s Growth Estimates for Aluminum Justify Additional Upside Relevant Articles on TREFIS Alcoa’s Chinese JV Targets Need for High Quality Aluminum in Booming Market September 16th, 2011 by Trefis Team +93.03% Upside 8.53 Market 16.47 Trefis pricesBarBlock artMa
  • The JV will focus on the technical expertise of both the companies to leverage this growing market. Further official information on the joint venture is awaited.
Yadkin River

Steel firm wants to diversify overseas - China.org.cn - 0 views

www.china.org.cn/...content_22068121.htm

development Correnti steel

shared by Yadkin River on 18 Dec 11 - No Cached
  • The company and the US-based Steel Development Company signed a deal in September last year to jointly build a steel rebar project in the US market. Total investment in the Mississippi steel rebar project is $168 million, with Anshan Steel taking a 14-percent share. Anshan Iron also plans to acquire nickel and chromium resources through overseas mergers or purchases, as the company considers building a stainless steel and specialty steel business to further diversify, Zhang said. Wang Min, Party chief of Northeast China's Liaoning province, where Anshan Steel is located, said the merger between Anshan Iron and Benxi Iron and Steel Group will make progress soon.
  • Yadkin River on 18 Dec 11
     
    The company and the US-based Steel Development Company signed a deal in September last year to jointly build a steel rebar project in the US market. Total investment in the Mississippi steel rebar project is $168 million, with Anshan Steel taking a 14-percent share. Anshan Iron also plans to acquire nickel and chromium resources through overseas mergers or purchases, as the company considers building a stainless steel and specialty steel business to further diversify, Zhang said. Wang Min, Party chief of Northeast China's Liaoning province, where Anshan Steel is located, said the merger between Anshan Iron and Benxi Iron and Steel Group will make progress soon. Anshan Steel announced in 2005 that it agreed to acquire Benxi Steel to form Anben Iron and Steel Group; however, the two firms have yet to transfer their operating assets to the new entity. The two companies' financial, sales and purchasing departments haven't been integrated. The move is a part of Anshan Steel's bid to reach an annual production capacity of 60 million tons in the next five years and to become one of the world's top five steelmakers by 2015.
Yadkin River

Waiting for the floodgates to open - 0 views

www.smh.com.au/...es-to-open-20110909-1k1uc.html

china going out alcoa foreign investment

shared by Yadkin River on 19 Dec 11 - No Cached
  • Each working day the People's Bank of China buys more than $US2 billion ($1.88 billion) worth of foreign currency from Chinese businesses and invests it overseas. China's outbound direct investment - the portion that matters to Australian takeover targets - has increased 30-fold in seven years. ''We've had something like 260 projects approved since November '07, $65 billion worth,'' says Frances Adamson, Australia's new ambassador in Beijing.
  • ''If China follows the typical pattern of an emerging economy, it will ship $US1 trillion to $US2 trillion in direct investment abroad by 2020.''
  • hina's "go out" investment strategy became policy in 1999 and began to get noticed around the world about 2007 when China's foreign exchange reserves began to break records. But the strategy was really conceived in the 1970s and born in the 1980s in collaboration with Australia.
Yadkin River

Whose water is it anyway!? - 0 views

www.yesweekly.com/...whose-water-is-it-anyway_.html

water Alcoa Yadkin Commissioners Governor Legislators

shared by Yadkin River on 06 Dec 11 - No Cached
  • COALITION OF CITIZENS, POLITICIANS AND ENVIRONMENTALISTS BATTLE ALCOA TO RETURN THE YADKIN RIVER TO THE PEOPLE
  • “The conservation of our natural resources and their proper use constitute the fundamental problem which underlies almost every other problem of our national life,” Roosevelt told Congress in 1907.
  • Naujoks referred to Teddy Roosevelt’s well known opposition to corporate monopolies and his firm belief the nation’s natural resources belong to the people. Naujoks cited Roosevelt’s philosophy to highlight the disparity between the legendary president’s philosophy and FERC’s policies
  • ...33 more annotations...
  • Gov. Beverly Perdue officially came on board with the Yadkin River Coalition — a group of local businessmen, citizens and politicians who oppose Alcoa’s re-licensing efforts — last September and her influence has proved invaluable to the cause.
  • The governor’s office filed papers with the FERC “seeking return of the right to plan the use of the Yadkin River flows and the Yadkin hydroelectric project for the benefit of the people of North Carolina,” according to a press release
  • Recapturing the water rights to the Yadkin is essential to the health and well being of the citizens of the nearly 25 counties that comprise the Yadkin River Basin, Perdue stated.
  • “Given the Yadkin River’s broad impact on the state, we believe strongly that the state is the most appropriate body to plan use of this invaluable natural resource, to help assure the region’s municipal water supply and quality and to facilitate future growth and development,” Perdue stated.
  • “Given the Yadkin River’s broad impact on the state, we believe strongly that the state is the most appropriate body to plan use of this invaluable natural resource, to help assure the region’s municipal water supply and quality and to facilitate future growth and development,” Perdue stated.
  • The Badin Works aluminum smelting plant did bring 1,000 jobs to the area after Alcoa applied for its water rights license in 1958. But Alcoa, a multi-billion dollar corporation and the world’s largest producer of aluminum, ceased operations at the plant in 2007. The plant employed only 377 people when it shut down, said Alcoa spokesman Gene Ellis.
  • One of the first legislators to take their side was NC Sen. Fletcher L. Hartsell Jr., who represents Cabarrus and Iredell counties. Hartsell came on board with the Yadkin River Coalition two years ago after meeting with Dick, Jim Nance, a former board member of the NC Department of Transportation, and Stanly County Commissioner Lindsey Dunevant at his legislative offices in Raleigh.
  • But after he studied the Federal Power Act, he became fascinated with the issue of Alcoa attempting to maintain its monopoly over the 38-mile stretch of the Yadkin. Convinced of the appropriateness of the coalition’s cause, Hartsell signed on and recruited fellow Republican state senator, Stan Bingham.
  • “As far as I’m concerned, Alcoa got the gold mine and we got the shaft,” Bingham said
  • “The little town of Denton is having to pay [Alcoa] for the use of the water coming down the Yadkin for drinking,” Bingham said. “The way that’s calculated is they charge because it’s a loss of power generation…. This whole thing was done many, many years ago, and a lot of people didn’t think about the people they were dealing with at the time.”
  • “Alcoa and others keep talking about it being a ‘taking’ [of property],” Hartsell said. “It’s not a taking; it’s not even close to it. All we’re asking Alcoa to do is to fulfill the obligations that were identified in 1958 that they agreed to.”
  • “They acknowledged when the license was up, they no longer had the right to use the property,” Hartsell explained. “We’re saying there needs to be an equivalency for the run of our river, and when I say ‘our,’ I mean everybody’s. It’s not a private entity. The feds and the state have had control of the run of the rivers since the beginning of the republic.” The language of the Federal Power Act includes a stipulation that the controlling entity, in this case Alcoa, must estimate the recapture value of the resource in the event it must surrender the rights to that resource, Hartsell said. “There is a statutory formula for how you calculate recapture and Alcoa computed it to be $24.2 million in 2006,” Hartsell said.
  • Yadkin River Trust Bil
  • The bill clearly outlines the three primary issues at stake — A) who controls the waters of the Yadkin for the next 50 years; B) the environmental issue related to the condition or quality of the water itself and the immediate environs; and C) the use of the electricity generated by the run of the river.
  • “[Alcoa] signed an agreement. We’re just asking them to live up to their own word,” he said. “The state of North Carolina intervened 50 years ago on Alcoa’s behalf to assist them to get a 50-year license and operate the plant at Badin, but conditions have changed dramatically. If they’re going to use it, what is the return to the people of the state on the state’s investment in the raw material, which is the water? That water is owned by the people.”
  • Alcoa’s re-licensing application represents “the mother of all incentives,” Hartsell said. “They want the state to concede they should have $1 billion in benefit over the next 50 years and provide nothing to the state,” he said.
  • “Why should we give it away?” Hartsell continued. “From an economic development perspective, energy is the major issue associated with job growth and development regardless of the industry.”
  • He pointed out that Alcoa is capitalizing on the hydroelectric energy generated by the Yadkin by selling electricity “on the grid” rather than investing in the local communities.
  • “We’re dealing with John Dillinger and Al Capone,” Bingham said. “Alcoa reaps [millions] in profits each year and North Carolina gets zilch.”
  • An environmental study commissioned by Stanly County and conducted by professor John Rodgers of Clemson University last year established a connection between contami nation of polychlorinated biphenyls, or PCBs, in fish and soil samples taken from Badin Lake near Alcoa’s Badin Works operation. Rodgers’ findings led the Yadkin River Coalition to appeal the waterquality certification issued by the NC Department of Environment and Natural Resources, or DENR. Administrative Law Judge Joe Webster granted an injunction on May 26 prohibiting DENR from issuing a 401 Water Quality Certification to Alcoa until the full appeal is heard.
  • The state issued a fish-consumption advisory for Badin Lake between Stanly and Montgomery counties last February due to elevated levels of PCBs found in largemouth bass and catfish
  • Alcoa attempted to block the advisory by filing a legal appeal. The company claimed that the state “changed its stated evaluation criteria after the study was complete and held Badin Lake to a different standard than the other lakes and rivers in North Carolina,” according to a posting on a company website.
  • Bingham said Alcoa’s objection to the posting of the fish-consumption advisory speaks volumes about their concern for the people who swim and fish at Badin Lake.
  • “It just tells me how they do business,” Bingham said. “They fought the fish-advisory signs; they say we’re taking their property and we have no rights to the water. We’re stuck with the bastards, at least for the moment, but I feel good about the direction of the fight we’re taking on in the future.”
  • Naujoks said he’s concerned about the high concentration of PCBs in the landfills and dumping sites near Alcoa’s four hydroelectric dams. Naujoks said Alcoa has not been entirely forthcoming about the number of waste dumping sites in and around their facilities.
  • They’re not showing us where all the buried bodies are found. As we start digging down through the layers, we’re going to find much more.”
  • “Alcoa knows they can’t hide these dumping sites,” Naujoks said
  • A PROMISING FUTURE Bingham said once Perdue joined the Yadkin River Coalition, it changed everything. “It’s been wonderful; it’s been extremely important,” he said. “We were facing a multi-billion-dollar corporation, but when the governor lis tened to our pleas, they began to take this extremely seriously. They realized they’re in for a fight.”
  • Bingham said the coalition will never quit until the Yadkin River is returned to the people of North Carolina.
  • “Our legal case could take years to resolve, but the campaign to support the legislation through the coalition and FERC re-licensing could be decided within the next year,” he said. “We will work on a targeted campaign to unify and strengthen grassroots efforts of local governments, public interest organizations, businesses and individuals to reclaim the waters of the Yadkin River to benefit the public interest.”
  • Bingham said he can see a day in the near future when the Yadkin is returned to the people and the economy of the 25 counties in the Yadkin River Basin begin to flourish.
  • The NC Department of Health and Human Services issued a fish-consumption advisory last February on Badin Lake after high levels of PCBs were found in fish tissue samples. Alcoa unsuccessfully filed a legal challenge to the advisory last April. The advisory remains in effect.
  • We can offer industry power at a reduced rate and that plays a big part in manufacturing,” he said. “That would be a tremendous incentive. For years, we’ve stood by the sidelines and watched industries go elsewhere. We don’t have anything to offer industry
Yadkin River

CHALCO - 0 views

www.chalco.com.cn/...chalco_en_view.jsp

china Chinalco aloca takeover energy yadkin

shared by Yadkin River on 19 Dec 11 - No Cached
  •  In recent years, the "go-out" process of central government-owned enterprises has been accelerated, and CHINALCO has been a star in the "go-out" drama of the central government-owned enterprises. Following is an interview with CHINALCO Party Secretary and President Xiong Weiping ——
  • This marks another major step forward for CHINALCO down the road of developing resources overseas.
  • We tried to get aligned to the leading international companies, and also approached the best private companies in China to learn from them. We reformed our management system and management structure. We changed our practices in selecting leaders
  • ...4 more annotations...
  • After two years of all-round and in-depth structural adjustment, the single line of aluminum business in the past was expanded into nine lines of business including aluminum, copper, rare metals & rare earth, resource exploration, international engineering, international trade, energy, finance, and overseas investment, and we already had the structure of a diversified mining company.
  • Xiong Weiping: Yes. During the first year of the "12th Five-Year Plan" period, we have set a strategic goal of "becoming a world-class mining company with the biggest growth potential".
  • To become a world-class mining company, we need to create another CHINALCO in the next 10 years. Obviously, it would be very hard to realize this goal within China's territory, and we must go out and participate in global competition and collaboration.
  • The ups and downs in the collaboration can also be positive and meaningful. CHINALCO has established its status in negotiation and cooperation with major western mining companies, and has obtained certain participation right and a bigger say.
Yadkin River

Alcoa and Chinese Rival Buy 12% Stake in Rio Tinto - New York Times - 0 views

www.nytimes.com/...02mines.html

chinese ALCOA YADKIN GOINGOUT

shared by Yadkin River on 19 Dec 11 - No Cached
  • SHANGHAI — The state-owned giant Aluminum Corporation of China and the Aluminum Corporation of America stunned analysts and investors Friday by buying a minority stake in Rio Tinto, the world’s third largest mining company.
  • “The Chinese are probably the best capitalists that communism will ever have given birth to,” said Michelle Applebaum, head of an independent steel equity research firm in Chicago.
  • Last year, China’s state-controlled sovereign wealth fund — another increasingly visible and controversial measure of the new wealth of the nation — invested in the private equity firm Blackstone. Later, it paid about $5 billion to buy a small stake in Morgan Stanley.
  • ...6 more annotations...
  • Now, China appears to be making another bold play to capture the natural resources it needs to fuel its fast-growing economy.
  • Most of the $14 billion came from Chinalco, which is ultimately controlled by the government in Beijing. Alcoa, which is based in Pittsburgh, contributed only about $1.2 billion to purchase the Rio stake.
  • "We believe that the Chinese recognize that control will likely be elusive — if not impossible — and that ownership of its raw material resources is key to the future.”
  • The statement, analysts say, was a hint that the two could team up with other companies or entities, possibly from China, to bid for all of Rio and wage a tough takeover battle with BHP, driving up the price of Rio shares.
  • partly because of suspicions that the Chinese government could be behind the deal.
  • Neither Chinalco nor Alcoa have the cash or stock to make a $150 billion bid, analysts say. Shares of Alcoa are worth about $30 billion and Chinalco shares in China are worth about $50 billion.
Yadkin River

Alcoa, China Power Investment outline joint venture - Pittsburgh Business Times - 0 views

www.bizjournals.com/...nd-china-power-investment.html

shared by Yadkin River on 20 Dec 11 - No Cached
  • Aluminum maker Alcoa    Alcoa Latest from The Business Journals Clean Tech deal in Badin canceledSouthwest Airlines to launch Boeing 737 MAXAfter markets' tough day, a possible rebound Follow this company (NYSE: AA) and the China Power Investment Corp. signed a letter of intent outlining the framework for a joint venture between the two companies
    • Yadkin River
      Yadkin River on 20 Dec 11
       
      This is the followup from the Jan 2011 executed MOU in Washington DC
Yadkin River

BBC Documentary - The Chinese Are Coming - YouTube - 1 views

www.youtube.com/watch

chinese wars ALCOA yadkin china hydro

shared by Yadkin River on 23 Dec 11 - No Cached
  • ustin Rowlatt investigates the spread of Chinese influence around the planet and asks what the world will be like if China overtakes America as the world's economic superpower. In the first of two films, he embarks on a journey across Southern Africa to chart the extraordinary phenomenon of Chinese migration to Africa, and the huge influence of China on the development of the continent. While many in the West view Africa as a land of poverty, to the Chinese it is seen as an almost limitless business opportunity. From Angola to Tanzania, Justin meets the fearless Chinese entrepreneurs who have travelled thousands of miles to set up businesses.
Yadkin River

St. Lawrence-FDR Power Project & NYPA: by Gordie Little : Absolutely Business Magazine - 0 views

www.absolutelybusiness.com/wordpress

shared by Yadkin River on 04 Dec 11 - No Cached
  • A new 30-year agreement will mean that Alcoa must maintain at least 900 jobs and pour $600 million into what is known as the Massena East smelter.
Yadkin River

Port Dispatch | Troutdale Reynolds Industrial Park Receives Top National Brownfield Red... - 0 views

www.portofportland.com/...field-Redevelopment-Award.aspx

Alcoa Troutdale award port reynolds

shared by Yadkin River on 07 Dec 11 - No Cached
    • Yadkin River
      Yadkin River on 07 Dec 11
       
      Alcoa Sold the property ins 2004 following Clean up - Jobs were created by "The Port - Economic Development" as part of a long range re-development plan. Alcoa did NOT BRING the Jobs. They were responsible for Clean Up of an inherited properly through acquisition . 
  • Port commissioners voted in 2004 to purchase the 700-acre site in Troutdale, which represented the largest remaining zoned industrial property within the urban growth boundary. It was the home of an aluminum smelter for 60 years, but it had been idled since the summer of 2002. The property was a Superfund site, and remediation to industrial standards was completed by Alcoa in 2006. The redevelopment effort has involved the U.S. Environmental Protection Agency, the Oregon Department of Environmental Quality, Business Oregon and the Cities of Troutdale and Fairview
Yadkin River

Yadkin's waters are gold mine worth more than Alcoa offers | CharlotteObserver.com & Th... - 0 views

www.charlotteobserver.com/...aters-are-gold-mine-worth.html

DEC2011 Water Alcoa Yadkin CleanTech

shared by Yadkin River on 10 Dec 11 - No Cached
  • In what essentially amounts to a bribe, company officials are dangling a pennies-on-the dollar carrot with the soft promise of a few hundred jobs when they know as well as we do that our Yadkin waters are worth thousands and thousands of jobs
  • Alcoa also expects us to set aside evidence that surfaced last fall in court indicating that it had intentionally withheld from the state material information on dissolved oxygen problems as it was seeking water certification. The snare is an insult to our wise citizens.
  • Our government and business leaders are committed to bringing substantial jobs to our state that equate to the true value of our water
  • ...1 more annotation...
  • We also demand the safety of our water for drinking along with its environmental soundness. Alcoa should know that the good people of North Carolina aren't taking the bait.
  • Yadkin River on 10 Dec 11
     
    Don't Take the Bait!
Yadkin River

U.S. Steel Industry Says Get Ready, Chinese Government Companies Are Coming To America - 0 views

www.manufacturingnews.com/...steel109.html

steel industry chinese government yadkin

shared by Yadkin River on 18 Dec 11 - No Cached
  • "In essence, after creating, developing and nurturing massive 'national champions,' the Chinese government is now strategically deploying these entities overseas to execute the government's agenda: to acquire natural resources and raw materials, obtain technology and expertise, gain entry into new markets and increase China's economic and political influence on a global scale."
  • Such ownership is deemed illegal under the World Trade Organization rules. Yet China has defied them. The Chinese government owns most of the shares of the major steel producers. It is involved in making the business decisions within virtually all of China's major steel companies.
  • The Chinese government has directed its Anshan Iron and Steel Group to directly invest in the United States. On May 17, 2010, the company announced a joint venture with Steel Development Co. of Amory, Miss., to build up to five new steel plants in the United States. "Anshan's investment in SDC is the direct result of China's industrial policies," notes Wiley Rein. The 100-percent state-owned enterprise became China's fourth largest steel producer "through government mandated mergers and the receipt of massive government subsidies." China's 2009 "Revitalization Plan," "explicitly identifies Anshan as a recipient of extensive government support in order to strengthen its international competitiveness and to assist Anshan in acquiring strategic resources and establishing operations abroad. . . Anshan is now investing in the U.S. steel market, with the full force and encouragement of the Chinese government." China is stepping up its global strategy. China's government said it invested $43.3 billion overseas in 2009. Through June 2010, overseas investment had reached $55.2 billion. The OECD says these figures are "substantially" underestimated. Chinese foreign mergers and acquisitions have increased by more than 50 percent in the first half of 2010, according to report from China Daily Online. "Chinese investment into the United States jumped 360 percent in the first half of 2010 compared to the same period last year," according to the Wiley Rein report. "In 2009, Chinese enterprises announced new direct investment in the United States of approximately $5 billion, up from $500 million in 2008, and despite a significant global downturn in such investments. Moreover, Chinese firms acquired or announced that they were starting more than 50 U.S. companies in 2009."
Yadkin River

Should the US Government Allow a Chinese Steel Mill to Invest in Steel Technology They ... - 1 views

agmetalminer.com/...vest-in-steel-development-corp

chinese steel development armory ms Correnti

shared by Yadkin River on 18 Dec 11 - No Cached
  • [Ed. Note According to a May 24 AMM post, the investment will also go toward building four re-bar plants (not one) and one flat rolled product mini-mill, all based in the US)
  • Dive under the surface a bit, and the investment by Anshan raises serious concerns not only among steel producers but also for any US manufacturing organization in general.
  • American national security infrastructure projects’ through the investment.”
  • ...8 more annotations...
  • Let’s examine rebar consumption. First, we’ll examine apparent consumption (apparent consumption is net domestic consumption plus imports) and then we’ll calculate capacity utilization: 2007 – 9.824m short tons 2008 – 8.374 m short tons 2009 – 5.359 m short tons 2010 – based on current 2010 run rates, the industry will ship 5.1m short tons If you compare the peak of the market (2007) with today, the US rebar industry operates at a 62% capacity utilization rate; the overall steel industry operates at a 72.9% capacity utilization rate as of June 26, 2010. Two rebar facilities are currently shut down, one in New Jersey and one in Oklahoma. Many of the other facilities that run both mixed merchant/rebar mills are also running at less than capacity If we were to develop a map of the United States and mark US rebar plant locations by geography (assuming each mill can ship up to a 300 mile
  • First, the last time the US steel market was at 120m tons of consumption was in 2006. The 2009 estimated steel consumption was 59m tons, data courtesy of the USGS. Prior to 2006, the only other year in which apparent steel consumption met or exceeded 120m tons was in 2005. The rest of this past decade, steel consumption hovered in the lower 100m ton range (e.g. less than 110m tons)
  • the question of technology transfer ought to be considered heavily
  • –Lisa Reisman
  • we’d see a glut of capacity in the US Southeast. The only argument one could make for building a rebar mill may be to move it somewhere out West, but even that may be a tenuous argument
  • And we all know that US construction markets (the biggest application for rebar products) remain in troubled waters. Take a look at annual expenditures for both commercial and residential construction here. Incidentally, 2010 data is tracking 8% below 2009 numbers. In other words, rebar capacity utilization rates are even less than overall steel industry capacity utilization rates
  • We can’t see the business case to add rebar capacity in the US. Clearly the PE firm involved in Steel Development Corp is banking on the management team.
  • If our politicians think this is about jobs, we can assure them that this may be a short term win (in terms of new jobs in Mississippi) – but they will result in a net loss for US manufacturing, as the current US domestic rebar industry has already laid off thousands of workers. And by giving this technology to the Chinese, well, we know what that will mean long term….
Yadkin River

TVA: TVA and Economic Development - 0 views

www.tva.com/ed.htm

tva economic development power electric hydro

shared by Yadkin River on 15 Dec 11 - No Cached
  • Delivering reliable, competitively priced power that makes the Valley an attractive place to start or expand a business
  • Providing state and local governments across the Valley with annual tax-equivalent payments that help support education, road construction and other vital community needs. 
Yadkin River

Example of Chinese Investments - Chinese Investors - 0 views

www.chineseinvestors.co.uk/examples_investments.php

ALCOA Chinalco YADKIN

shared by Yadkin River on 19 Dec 11 - No Cached
  • China is undeniably a global economic powerhouse. While the global financial crisis was a catastrophe for most economies, it was more an opportunity than a challenge for China. United States is keen to allow Chinese investment into small and medium US banks. America now realises that for its economy to come out of the crisis fully, foreign investment is badly required. Meanwhile, China with its $2-trillion foreign currency assets is on the prowl.
  • n February 2008, Aluminum Corp of China (Chinalco) joined hands with Alcoa Inc to buy a 12 per cent holding in UK-listed Rio Tinto for $14 billion, just days before mining rival BHP Billiton (the Australian mining giant) was to make a formal offer for Rio Tinto.
  • enovo Group, acquired the controlling stake in IBM's PC business. The $1.25 billion deal saw Lenovo jump to the third spot amongst the world's largest PC makers.
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