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  • Rio accused of bribing Chinese steel industry

    07/16/2009 3:29:22 AM PDT · by myknowledge · 6 replies · 366+ views
    Financial Times ^ | July 15, 2009 | William MacNamara and Elizabeth Fry
    China’s “whole steel industry has been bribed” by Rio Tinto, suggested a lead article in the China Daily newspaper on Wednesday that marks a sharp escalation in a dispute rocking the global steel and iron ore industries. The state-owned China Daily quoted an unnamed “industry insider” claiming Rio bribed each of the 16 Chinese steel companies involved in this year’s negotiations to set the benchmark iron ore price, a process that brings together steelmakers and suppliers of iron ore, steel’s key ingredient.
  • Paradise lost: the downside of doing business with China

    07/16/2009 2:51:50 AM PDT · by myknowledge · 7 replies · 537+ views
    Times Online ^ | July 16, 2009 | Carl Mortished
    We need a new primer on how to do business in China. Years ago, on a flight to Shanghai, you could spot an MBA graduate in every seat mouthing polite mantras — how to show “face”, how to behave at a banquet. Long on protocol, the books were short on useful information. What you really need to know is who’s in charge; which Communist Party official pulls the strings; what to do when a bureaucrat solicits a bribe or the IT staff sell secrets to a state competitor. A manual for today’s China tyro would make grim reading. A former...