Word: indianizing
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...which sets the stage for a new round of global consolidation in the industry. Last week, in a complicated $17.8 billion deal, Indian entrepreneur Lakshmi Mittal said he would merge his existing steel assets - the privately-held LNM Holdings and the publicly-traded Ispat International - with the U.S.-based International Steel Group (ISG). The deal, which must still gain regulatory approval, would create the world's biggest steel company, Mittal Steel, to be based in Rotterdam in the Netherlands, and help Mittal pursue his modest goal of making Mittal as synonymous with steel as Ford is with the motor...
...Indo Rama Synthetics, a New Delhi-based, leading manufacturer of synthetic fibers. India has advantages that many of its neighbors lack: it grows raw materials like cotton, has a giant manufacturing base, and is seen by foreign buyers as a counterweight to China. Chintan Parikh, former chairman of the Indian Cotton Mills' Federation, says: "No developed country would want China to get a share of global trade that is alarming." A study commissioned by the Indian Cotton Mills' Federation predicts that India's textile exports could surge from $11 billion in 2002 to $40 billion...
...cheaper than Bangladesh's. But even if its currency were to rise against the dollar, China would still have tremendous advantages. According to data compiled in a recent International Monetary Fund working paper, the average Chinese garment-industry worker was paid $1,600 in 2001, more than double his Indian counterpart's salary and four times what he'd make in Bangladesh. Despite the Chinese worker's higher pay, the study found his productivity was significantly higher: he adds $5,000 a year in value to the garments he processes, compared with $2,600 by his Indian equivalent...
...October 2002, Talisman sold its Sudan holdings to an Indian company for $766 million...
...govern his own passions. Ironically, telling Washington's story truthfully requires Ellis to occasionally cast doubt on the great man's honesty. Washington could lie when he needed to--for instance, by misrepresenting for posterity his role in the disastrous engagement at Fort Necessity during the French and Indian War. And throughout his career, he feigned a lack of ambition as cover for a relentless impulse to move upward in the world...