Word: beijingers
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These were expensive lessons, but Beijing has decided that Going Out is still a better economic strategy than staying home. Despite China's slowing economy, officials see the global recession as a prime opportunity to cheaply acquire strategically important raw materials such as iron ore, copper, oil and gas--commodities...
China's huge appetite is making some foreign governments nervous. Australia blocked the Minmetals deal with Oz, citing national security, forcing the Chinese firm to revise the offer to exclude a valuable gold and copper mine. And Libya exercised its option to buy Venerex Energy, a producer based in Calgary...
The Chinese are not likely to be deterred, because the opportunity to buy energy and minerals this inexpensively may be historic. That's why the China Development Bank and China Petroleum & Oil Corp. last month invested $10 billion in Petrobras, Brazil's state-owned oil company and the prime operator...
There is a lot more oil and gas where that came from, if Beijing can bring itself to depend on Moscow as a supplier. The two former communist powers have never trusted each other, but new capitalist economics trumps old socialist enmity. Russia needs money, and China has $1 trillion...
There's no question that it's a buyer's market for raw materials and that many resource companies are struggling to find willing partners and financiers. China's Rosneft injection will allow the Russian company to pay off $8.5 billion in debt-- 60% of it owed to foreign banks...