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downs costs Rio Tinto boss Tom Albanese his job
Just two days after warning Rio Tinto would be forced to slash jobs because of the volatile mining sector, CEO Tom Albanese became the company's first scalp when he was shown the door last night.
But the mistake comes on top of an additional $8.9 billion writeoff the miner announced only last year bringing total losses under Mr Albanese tenure to $22.9 billion.
The CEO of six years was ousted after the miner announced a botched Mozambique mine investment, tagged with flailing aluminium prices, had forced the company to write down a shocking $14 billion.
Until now, Mr Albanese had largely survived the consequences of a separate, damaging $US38 billion acquisition of Canadian aluminium company Alcan in 2007 his first major investment as top dog, when Rio was under pressure to bulk up or be acquired.
The group has since seen years of losses in aluminium and last year suffered a further $8.9 billion writedown on its Alcan purchase.
It had planned to shrink the division by putting most of its Australian and New Zealand assets up for sale but buyers have not come to the party.
Rio Tinto chairman Jan du Plessis last night described the results as "unacceptable".
"The Rio Tinto board fully acknowledges that a writedown of this scale in relation to the relatively recent Mozambique acquisition is unacceptable," he said.
"We are also deeply disappointed to have to take a further substantial writedown in our aluminium businesses, albeit in an industry that continues to experience significant adverse changes globally."
Mr Albanese said he had to accept responsibility for decisions taken on his watch: "While I leave the business in good shape in many respects, I fully recognise that accountability for all aspects of the business rests with the CEO."
Mr du Plessis said the head of Rio's iron ore division, the Perthbased Sam Walsh, would become the new CEO. "He is ideally placed to cast a fresh eye over how we address the challenges and opportunities in the business and derive greater value from it," he said.
Doug Ritchie, who led the acquisition and integration of the Mozambique coal deal, has also stepped aside.
Top mining analysts last night said the move came as no surprise.
"(Albanese) made a number of mistakes from when he first stepped into the role," one analyst who declined to be named said last night.
"It's pretty hard to gloss over a $23 billion writedown over two years,[url=http://www.sport.fr/business/louisvuitton.html]louis vuitton paris[/url]. Clearly his luck finally ran out with the board."
Mr Albanese had about 48,000 Rio shares related to a 2009 fouryear performance bonus valued at almost $2.5 million, the company said. He would also collect a further $16.3 million in Rio share options earned between 2003 and 2009.

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xinhuanet.com Beijing 3 June report (reporter Huang Xiaoxi) the "anti pornography" work group vice president and director of general office,[link widoczny dla zalogowanych], deputy director of press and Publication Administration Jiang Jianguo 3 to Changsha "1· 19 pirated books" storage case related to the informants awarded 130000 yuan bonus. This is in recent years the "anti pornography" issued by the office of the largest report bonus.
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South Korea said Tuesday unification with North Korea is not something that can be achieved anytime soon, citing many variables.
Unification Minister Ryoo Kihl-jae said in a parliamentary session that "it is not easy to set a time frame" for potential unification with North Korea as there are so many variables.
S.Korean Foreign Minister Yun Byung-se also said in the same session that it is too early to give a time frame on unification, though efforts are under way to create an international environment conducive to unification.
Their comments came days after South Korea's spy chief, Nam Jae-joon, allegedly told his senior officials that South Korean-led unification could happen in 2015.
A unification ministry official said the government ministries and the agency handling foreign affairs and national security have the same policy in regards to North Korea. He asked not to be identified, citing policy.

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　　10月18日中午，郑州市急救中心接报，有人自称在郑州市第一人民医院已经放好炸弹,[link widoczny dla zalogowanych]，让医院准备100万元，不然就“等到晚上12点看看”。管城公安分局接报后,[link widoczny dla zalogowanych]，派出大批警力对该医院进行搜查，没有发现可疑爆炸物,[link widoczny dla zalogowanych]。警方当即对此案深入侦查，发现嫌疑人蔡某有重大作案嫌疑，遂将其抓获，经讯问,[link widoczny dla zalogowanych]，蔡某对其编造虚假恐怖信息一事供认不讳。
　　因不满医生的训斥,[link widoczny dla zalogowanych]，郑州一男子谎称在郑州市第一人民医院安装了炸弹，并索要100万元。为此，警方出动了大批警力和搜爆设备，甚至动用了搜爆犬,[link widoczny dla zalogowanych]，并没发现可疑爆炸物。昨天，郑州市管城区检察院以编造虚假恐怖信息罪对该男子提起公诉。　　10月18日中午，郑州市急救中心接报,[link widoczny dla zalogowanych]，有
　　据管城区检察院查明，10月18日中午,[link widoczny dla zalogowanych]，嫌疑人蔡某在其暂住地二七区一城中村吃饭时，见一老太太因无钱看病坐在地上，遂想起自己于2002年在郑州市第一人民医院无钱看病又被医生训斥,[link widoczny dla zalogowanych]，怒火中烧的他便决定恐吓医院以出口恶气,[link widoczny dla zalogowanych]。记者刘昌武通讯员李博
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All cases must be investigated and miscreants punished more severely to deter others, the plan said.
The CPC reiterated its pursuit of "tigers" and "flies" and the fight against harmful work styles, the hotbeds for corruption. The Party's work style campaign is fundamental to the fight against corruption, according to the document.
"Corruption is still common. The soil that nourishes corruption still exists. The situation remains critical and complicated," the plan said.
Within five years, "public satisfaction should be achieved," according to the plan.
For the CPC, building an anticorruption system is a "major political task, while for society it is a common responsibility.