It was certainly a big-time bet: Chinalco agreed to invest a whopping $19.5 billion in Rio Tinto (NYSE: RTP), which is the #3 ore miner. However, over the past couple months, there was some doubt as to whether this transaction would come to fruition.

Well, this week, we got an answer. That is, Rio decided to dump Chinalco and instead form a joint venture (JV) with BHP Billiton (NYSE: BHP), which is the #2 player in the global ore industry (keep in mind that both firms had a buyout deal that blew up last year).

Now, the JV has lots of merit. For example, there will be huge cost synergies, which could amount to more than $10 billion.

China Tech News has reported that IBM and Lehman Brothers are working in financial and technical alliance to help bring Chinese software provider Kingdee into fully global status. IBM (NYSE: IBM) has been associated with Kingdee for approximately ten years already, and an offshore business alliance between IBM and Lehman Brothers (NYSE: LEH) is focusing on helping mid-stage and maturing Chinese businesses expand their business and management capabilities. IBM helps with the operational and technical aspects while Lehman Brothers will be assisting with investment strategies and private equity direction. This cooperative financial support is being provided through what has been labeled the "China Investment Fund." What makes this particular scenario a bit more interesting is that Lehman Brothers and IBM are each purchasing just under 4% of the issued share capital interest in Kingdee.

For now the declared intent of this joint project is primarily to facilitate the growth of Kingdee, but the long-term language suggests that IBM is helping to nurture the Chinese software industry as a whole. I can't help but wonder what the implications might be for Microsoft (NASDAQ: MSFT) as the Chinese software industry continues to push into global markets with background support from IBM. At this point in time I can only draw one undeniable conclusion: This is definitely not something to be taken lightly.

When Google (NASD:GOOG) and Salesforce.com (NYSE:CRM) announced that they would launch a joint project, many on Wall St. through that the big search company would start to bundle its e-mail and calender products with the sales management software from Salesforce. The assumption was mistaken.

A combination of software from the two companies might have given Microsoft's (NASD:MSFT) sales management products a run for their money, but, it didn't turn out that way.

Instead, Google and Salesforce.com announced a kiss-your-sister deal whereby the customer relations company will allow its users to buy Google AdWords text ads though the Saleforce.com website. Salesforce will get a cut.

The deal is odd because it is so insignificant. It also assumes that Salesforce.com customers are too stupid to buy AdWords text links themselves. But, the CRM firm must have decided not to give its users the benefit of that doubt.

Douglas A. McIntyre is a partner at 24/7 Wall St.

I came of age in the business climate of the late 80s. You remember, I'm sure, the headlines about Japan buying the entire West Coast. It was like World War II was happening all over again, and this time, we were just handing over our weapons in the guise of the keys to our most precious homegrown businesses.

Now Nissan and Renault are interested in forming an alliance with the venerable U.S. car manufacturer, General Motors, which could include the purchase of up to 20% of GM's shares. What could be worse than the Japanese buying our car companies? Why, the Japanese and the French (but of course).

Perhaps Toyota will become an unlikely knight, says Business Week -- perhaps even offering to purchase GM. One executive near the transaction says that Toyota "has no interest" in any form of alliance between GM and its rivals. Already GM and Toyota work together in California, where Toyota's Corolla, Matrix and Tacoma are assembled alongside GM's Pontiac Vibe.

We're not afraid of the Japanese any more, it seems. Chairman and CEO Richard Wagoner Jr. might even benefit from a takeover by Toyota -- according to some who are familiar with the Renault-Nissan deal, the plans could include replacing Wagoner with Carlos Ghosn, CEO of Nissan and Renault. Other sources, of course, say that Toyota would be unlikely to do anything so aggressive as a takeover bid. Either way, due to a 90-day timeframe set out in the Renault-Nissan-GM alliance announcement, Toyota will have to make a decision quickly or watch as its biggest competitor squeezes it out of the partnership race.

Appleberry? Black Apple? "It sounds delicious," says Molly Wood. Veronica Belmont and the aforementioned Wood, in their Buzz Out Loud podcast from yesterday, talk about the latest analyst rumor du jour. Peter Misek has predicted that RIM and Apple will work together to create a cell phone that combines PDA, email, phone, and video iPod.

"All business in the front, and all party in the back?" Molly asks. "Mulletberry is the best word for it," says Veronica. Now that's not delicious. And either way, Apple stock road the market malaise today, down 27.7 cents to $59.72.

All we've been hearing lately about Microsoft relates to wars - Internet wars with Google and Yahoo, hardware/operating system war with Apple, and a legal war with the European Commission.  Bet you'd like to see Microsoft learn to play nice and maybe work with competitors rather than constantly be spending money on a battle.

Well, Microsoft is getting its feet wet with how to play nice - - releasing its first joint venture product with SAP.  The project started as "Menocino," with the goal of developing software that would give customers the ability to access SAP through Microsoft Office.  The two companies are jointly releasing a new product called "Duet."  You can find out more about Duet at an informational website launched jointly.

Not only have they worked together to develop the new software, they're going to market and support it jointly starting with customer briefing events next month.  The product will be released in June, if it stays on schedule.  Some customers have been testing the software since December and about 100 more will join the test this week, according to Shai Agassi, president of SAP's product and technology group.

The big question is how will this affect Microsoft Dynamics, which competes with SAP?