Glencore is a giant in the commodities world and Apple needs no introduction in consumer electronics. But their size and might were of little consequence last week in Beijing’s universe.
A prolonged merger review by the Chinese government forced Glencore to delay once again its $76bn tie-up with Xstrata. Apple, meanwhile, was compelled to offer an apology and change its warranty policy after enduring a spate of Chinese media complaints.
The treatment of these corporate titans highlights China’s rise not just as a market for foreign companies but as a regulator as well. Beijing wields the power to make policies that affect the operations of multinationals in China and abroad.
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