Apart from any human rights violations by the Chinese, why should we be concerned for Stern Hu as an "Australian". The guy is a blow in.
Mr Hu (Hu Sh@tai) was born in China, lives in Shanghai, has spent less than 8 months in Australia, works for a multi-national company and has never worked a day in Australia.
Hu somehow became an Australian citizen but conveniently remained a Chinese Citizen. I understand if the Chinese government take a dim view of this action.
I applaud the Chinese for their intolerance of "bribery and corruption", while in the West it is considered an acceptable and standard tool of the trade.
I say, Stern your on your own, buddy.
Meanwhile, Cape Lambert Iron Ore is one company exercising a more cautious approach to its negotiations with China, Mr Sage said.
"They haven't pulled back in wanting to do deals with us.
"However, from our point of view, we're going to be very careful in what we say and what we do and how we conduct our business with them."
Sorry vincent191. The topic on the tips of the lips is Hu, China, Rio Tinto, Ruddy, U.N. membership, Corruption and graft, amongst other things. Not Dubai.
Stern Hu forgotten in Kevin Rudd's hopeless UN quest
http://www.theaustralian.news.com.au/story/0,,25805431-7583,00.html?from=public_rss Glenn Milne at his finest and some pretty good responses as well. Worth a read.
Sorry vincent191. The topic on the tips of the lips is Hu, China, Rio Tinto, Ruddy, U.N. membership, Corruption and graft, amongst other things. Not Dubai.
Stern Hu forgotten in Kevin Rudd's hopeless UN quest
http://www.theaustralian.news.com.au/story/0,,25805431-7583,00.html?from=public_rss Glenn Milne at his finest and some pretty good responses as well. Worth a read.
Garnaut calls for rethink of iron ore negotiations
By Lexi Metherell
The detention of Rio Tinto executive Stern Hu has dominated what observers say have been the most bitter negotiations in years between iron ore miners and their Chinese customers.
Now Professor Ross Garnaut says the system itself must change.
The top economist and former Australian ambassador to China says there is too much emphasis on the annual talks and the market needs to take a bigger role.
Professor Garnaut would not comment directly on the case of Mr Hu and his colleagues in China.
But he is prepared to discuss the system of iron ore talks they were involved in when they were detained.
Speaking after a Melbourne Institute forum today, Professor Garnaut has suggested that the issues that have plagued this year's talks will forever change the system of iron ore negotiations.
"Humpty Dumpty's fallen off a wall and it's going to take a lot and maybe more than we can muster, to put it back together again," he said.
The annual talks between miners and their major customers in Asia usually start at the beginning of the year and set the contract price of iron ore for the year from around April.
The talks are normally concluded by the end of June.
But commodities economist at the National Australia Bank, Ben Westmore, says this year has been different.
"Usually the way the format runs is that the Australian miners, BHP or Rio or Vale, which is the big Brazilian iron ore miner, will agree with Bau Steel, which is a big state-owned mill and then all the other mills will just fall into line with the benchmark," he said.
"This year however, the Chinese Iron and Steel association, which is sort of an industry body has decided to conduct negotiations on behalf of all the steel mills, so the format's changed somewhat."
Mr Westmore says the China Iron and Steel Association has refused to accept the price that has been agreed on by Japanese steelmakers and iron ore miners.....
"The current spot market's not a particularly efficient market and we need better markets, including better forward markets," he said.
"So it's worth people - at the Chinese and Australian end and all other people involved in the resources trade - putting a lot of thought into the development of those markets.
"Maybe the end point will be the development of a more efficient set of spot and forward markets based in Shanghai as the main single centre of the north east Asian resources trade
http://www.abc.net.au/pm/content/2008/s2631221.htmLEXI METHERELL: Professor Ross Garnaut won't comment directly on the case of detained Rio Tinto iron ore executive Stern Hu and his colleagues in China.
ROSS GARNAUT: More has already been said then [than] is in their interest.
LEXI METHERELL: But he is prepared to discuss the system of iron ore talks they were involved in, when they were detained. etc
WA Premier exasperated by attention on Stern Hu case.
Transcript available shortly.
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