Rio Tinto profits drop in line with rivals

A depressed aluminum market dragged down first-half earnings at Rio Tinto, the global mining company, which paid no interim dividend in order to husband cash and cope with $39 billion in net debt. Rio, fresh from a $15.2 billion rights issue, recorded a $206 million loss before interest, tax, depreciation and amortization at its Rio Tinto Alcan aluminum unit, compared with an ebitda gain of $2.38 billion in the first half of 2008

Share

Abuse highlights China’s Web addict camps

A 14-year-old boy allegedly beaten at a boot camp in China for young Internet addicts was in critical condition Thursday, less than three weeks after a youth at a different camp died, Chinese state media reported. Internet use has skyrocketed in China, especially among teens

Share

China, Australia ink $41 billion gas deal

China and Australia have signed an energy deal worth more than $40 billion — the largest trade deal ever between the two nations. The deal comes after tensions rose between the Asia-Pacific powerhouses over recent Chinese bids for Australian commodities companies and the arrest of an Australian Rio Tinto executive in Shanghai. In Tuesday’s deal, China will receive liquefied natural gas from the Gorgon Gas Field off Australia’s west coast

Share

President Ma says sorry again for typhoon response

Taiwan’s President Ma Ying-jeou apologized again today for the slow response to Typhoon Morakot and said he plans sweeping changes to the country’s rescue agencies and may punish some government officials. “We will try our best to do a better job in the rescue work that has been criticized for being too slow,” said Ma. “There are things that we have to correct and we also will be responsible for whatever mistakes or neglect that government officials have made.” Morakot hit the island August 8, dropping 102 inches of rain.

Share