bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Chinalco's love for Rio written in stars, but will romance last?
Can it just be coincidence that Chinalco's infatuation with Rio Tinto seems to coincide with Valentine's Day?
It was around this time last year that Chinalco teamed up with fellow aluminium giant Alcoa to buy a  9 per cent stake in the world's  third-largest miner for US$14 billion.
This year, the mainland suitor is offering almost US$20 billion to double its stake and take a slice  of nine of Rio Tinto's mining operations around the globe.
The relationship is written in the stars - at least that's what the bankers involved hoped when they codenamed Chinalco 'Cancer' and Rio Tinto 'Scorpio' while the deal was first being put together last year.
According to astrologers, the two star signs are a perfect match for a long-lasting relationship. 'Cancer makes Scorpio feels secure' and 'together they will feel loved and safe'.
However, that has not exactly been the case in the first year of their 'marriage'. Shares of Rio Tinto have tumbled steadily from A$128 on February 13 last year  to yesterday's closing of A$51 (HK$261.72), meaning Chinalco has lost more than half of its investment on paper.
And this week, despite Chinalco proposing to buy Rio Tinto convertible bonds at a premium and offering a price for the mines that is better than the market's expectation,  the approach has failed to please some Rio Tinto shareholders, who think the  mainland  firm is stealing a deal and diluting their stakes.
So what does the future hold? Referring to the horoscope again, it says: 'Cancer is clinging and insecure, while Scorpio offers the strength and protectiveness Cancer is looking for. In turn, Cancer is loving, generous, devoted - all that Scorpio wants.'
All very touching, but we reckon the jury's still out on whether this will turn out to be a match made in heaven.
Food fills in for missing roses
The financial crisis shouldn't be taking all the blame for the big drop in sales of  roses for Valentine's Day.
Yes, it has been noticeable that fewer bouquets than usual  have been delivered to office reception desks this year.
But the fact that Valentine's Day falls on a Saturday, a day off for most  workers, must have prompted many a lovestruck male to save on the flowers bill this year. After all, it's not just about the giving but also about the show, the recognition and the admiration - or  envy - of co-workers.
While  florists have surely suffered, restaurants have been reporting increased bookings for a dinner for two, especially the Michelin-starred establishments that were fully booked for tonight  more than a week ago.
We can probably expect the same sort of shift from flowers to food next year, when Valentine's Day falls on a Sunday.
Sales gimmick to beat
We have read of a women's clothing retailer in the United States giving 20 per cent off all online purchases to shoppers who share stories about their worst Valentine's Day gift in 100 words or less.
There's also a lingerie chain offering  a free box of chocolates for purchases  of more than a certain amount. And a dotcom florist  is promoting a 'Valentine's Stimulus Package' of 25 per cent off all orders placed before February 12.
But the advertising gimmick that most reflects these economically stringent times  comes from IPAC Financial Planning Hong Kong in the form of an e-mail message that read:
This Valentine's Day don't be disappointed I didn't get you a rose.
I thought I would invest the money instead.
And, with the power of compound interest,
One Valentine's Day 20 years from now
I will give you ... a rose garden.
A perfect case of hedging your bets.
Words of wisdom
The quote of the week comes from shareholder activist David Webb on the Hong Kong stock exchange's decision to water down the new regulations governing the share trading blackout period for company executives.
Voicing his disappointment, he said it 'clearly undermines any claims to being an international financial centre.
'If we don't raise our game, money will go elsewhere.'



China’s Chalco, Rio Tinto buy Brazil’s CBA for US$886 million to tighten mineral grip

First China ore shipment rewards Guinea coup leader’s push for Simandou alliance

Mainland Chinese miner Zijin’s founder who built US$100 billion firm retires

EU’s investment bank to work with Australian government on critical raw materials

Rio Tinto Group

Lai See