Word: shanghaied
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...Shanghai trial of four Rio Tinto executives charged with bribery and commercial espionage concluded on March 24. The Shanghai-based employees of the British-Australian mining company, who were arrested in July, confessed to accepting bribes from Chinese steel companies during negotiations over iron-ore prices. With a verdict expected within weeks, they face up to 15 years in prison. Though Rio Tinto will seek to continue to collaborate with Chinese companies, the high-profile case has shed light on the worsening environment for foreign corporations in China...
...Washington will make the U.S. less inclined to adopt a confrontational stance on China's currency policy. "If April 15 comes and goes without a report, I don't think I'd be surprised," says Stephen Green, head of China research at Standard Chartered Bank in Shanghai. During their phone conversation Thursday, Hu told Obama that "healthy and stable economic and trade relations between China and the United States serve the interests of both countries," according to the state-run Xinhua News Agency. The report didn't say whether the two leaders had discussed China's currency. (See pictures...
...year after Harvard’s endowment plummeted 27 percent—losing almost $11 billion—University President Drew G. Faust told reporters in Shanghai last week that she expects a better year for the University’s coffers...
Speaking at the newly opened Harvard Center Shanghai, Faust hinted that as the world’s financial markets begin to recover from last year’s deep recession, the University’s endowment will begin to show gains as well...
...afforded, for instance, to recent China visitor Tom Albanese, the American CEO of the Anglo-Australian mining giant Rio Tinto, for which China is now the largest market. On the same day that Google switched off its Chinese filters, four of Albanese's employees went on trial in Shanghai on corruption charges. If he still believed (as many in the foreign business community did when the four were arrested in 2009) that the trial was retribution for a soured deal with Chinalco, China's huge state-owned aluminum producer, he wasn't showing it. He wasn't even in Shanghai...