Word: cashed
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...second loan provided after AIG used ¾ of the cash from the first loan in just two weeks...
...years ago, the Chinese called it their "Going Out" strategy. State-owned companies in key industries were being encouraged by the government to plant the flag of Chinese capitalism around the world by purchasing stakes in foreign companies. China was booming, flush with cash and full of optimism - naive optimism, it turned out. In 2005, China National Offshore Oil Corp., China's oil and gas giant, tried to buy Unocal, the American oil company, and learned just how xenophobic Washington could be: the deal was called off after strident objections from congressional leaders. Two years later, Beijing's fledgling sovereign...
...These were expensive lessons, but make no mistake: Beijing has not decided staying home is better than "Going Out." State companies are still sitting on mountains of cash, and although China's economy is slowing, officials see the global recession as a prime opportunity to cheaply acquire holdings of strategically important natural resources such as iron ore, copper, oil and gas - commodities China's leadership knows it will need much more of in the long run. In the past month, Chinese companies have bought assets abroad at an unprecedented pace. Aluminum Corp. of China (Chinalco), a major holding company focused...
...days before the Brazilian deal, China secured what may be the most strategically significant agreement of all: Beijing agreed to lend $15 billion to cash-strapped Rosneft, Russia's oil major, and another $10 billion to Transneft, Russia's biggest pipeline company. The loans will be paid off not in cash, but in crude - 300,000 barrels a day from the huge east Siberian oil field. That's about 4% of China's current total demand for crude, secured on very favorable terms. Over the 20-year life of the deal, Beijing will effectively be paying about $20 per barrel...
...bring itself to depend on Moscow as a supplier. That isn't as easy as proximity might suggest. The two countries have never trusted each other. But economics now dictates that historical enmity be put aside. With the collapse of oil prices and the credit crisis, Russia needs cash. China needs fossil fuels; it needs them from a variety of suppliers far into the future - and it has the money to pay for them. Half of the country's massive national savings of $2 trillion is in corporate coffers. "These [Chinese] companies know this slump, while deep, will not last...