Rio exec's detention could hurt China
SYDNEY (Reuters) - An Australian minister said on Sunday the detention by China of an executive from resources giant Rio Tinto may make business think twice about involvement in the country.
Financial Services Minister Chris Bowen told local television that Chinese government officials must be aware of this. Rio executive Stern Hu was detained in Shanghai last week and has been accused of stealing state secrets.
"It should also be a concern for the Chinese government that if foreign businesses feel that their degree of uncertainty is high, it will change the way that foreign businesses around the world approach business in China, and approach the placement of executives in China," he said.
Australian Trade Minister Simon Crean on Saturday discussed Hu's case with Chinese officials during a visit to Shanghai to promote Australia's automotive industry.
(Editing by Jeremy Laurence)
© Thomson Reuters 2009 All rights reserved.
Telecoms set for take-off?
European telecoms are undervalued and companies such as Telefonica and Vodafone could rise 25 to 30 percent in the next year, says a fund manager at BlackRock. Full Article

UK
US