Word: oil
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...Mart shoppers, meet Xu Yaqing. She's a 62-year-old retiree who lives on a fixed income in Beijing. Xu and her husband get by on $263 a month, and lately, the couple's monthly pensions haven't been enough. The price of the peanut oil that Xu cooks with has doubled in the past few months, and soaring costs for other staples have forced them to cut back on milk and to substitute bean curd for meat. They're not starving. But they're scared. "Prices are going up so much and so quickly," Xu complains...
...Although it may not be evident at the local Wal-Mart yet, these forces may already be in play. Demand from China, along with other fast-growing emerging economies, has driven up the price of oil and a wide range of other commodities for the past several years. But what's really worrying many economists is the sudden appearance of relatively high inflation within China and the ripples that might cause abroad. Despite five interest-rate increases this year by China's central bank, the country's consumer price index has been stubbornly on the rise. In August, inflation climbed...
...still mulling over a permanent name change), and the royal ceremony, Reiten was generating headlines of his own. On the day of the merger, StatoilHydro announced it had launched a probe into the legality of approximately $7 million in consultancy fees and expenses Hydro paid as part of its oil operations in Libya. Although it has not disclosed the name of the consultancy Hydro paid or what laws it might have broken, StatoilHydro said the payments came to light during the merger process. Reiten wasn't involved in Hydro's energy operations when those payments began...
...week Eivind Reiten is unlikely to forget. On Oct. 1, the oil and gas arm of Hydro, an Oslo-based energy and metals company he was running, completed a $36 billion merger with Statoil, its beefier Norwegian rival, creating the world's largest offshore energy operator. Five days later, Reiten hosted his country's King and Queen in Nyhamna, a third of the way up Norway's west coast, at the official launch of a record-breaking gas production and processing project forged by Hydro to harness gas from 120 km away under the Norwegian...
...told me with a laugh. "The folks don't have a say-so anymore. They're being force-fed-music, yeah, but every other darn thing too. I supported George W. I'm not exactly a liberal. But I know how that Texas thing works, who those oil folks are and what they wanted in Iraq... I'm a born-again Christian too, but the longer I live, the more afraid I get of some of these religious groups that have so much influence on the Republicans and want to tell us how to live our lives...