Word: corpe
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Dates: during 2000-2009
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...State-owned companies in key industries were encouraged by the government to plant the flag of Chinese capitalism around the world by purchasing stakes in foreign companies. China was flush with cash and full of optimism--naive optimism, it turned out. Beijing's fledgling sovereign wealth fund China Investment Corp. poured $3 billion into New York City--based private-equity firm Blackstone in return for a 10% stake in the company--just before the bottom fell out of U.S. debt and equity markets. That deal was followed by a $5 billion purchase of a 9.9% stake in Morgan Stanley, whose...
...recession as a prime opportunity to cheaply acquire strategically important raw materials such as iron ore, copper, oil and gas--commodities China will need in vast quantities in the long run. In the past two months, Chinese companies have sought to buy assets abroad at an unprecedented pace. Aluminum Corp. of China (Chinalco) has announced plans to invest $19.5 billion in Rio Tinto, one of the world's largest mining companies. If completed, the deal would be the biggest foreign purchase any Chinese company has ever made. In late February, Hunan Valin Iron & Steel Group of China purchased...
...exclude a valuable gold and copper mine. And Libya exercised its option to buy Venerex Energy, a producer based in Calgary, Canada, whose biggest asset is an oil and gas field 100 miles (160 km) southwest of Tripoli. That thwarted a $390 million bid that China National Petroleum Corp. had made to acquire Venerex. Beijing hasn't done itself any favors either. It blocked--on antitrust grounds that analysts considered flimsy--a bid by Coca-Cola to buy a large, privately owned fruit-juice producer in China. "It gives [foreign] governments ammunition to use against Chinese acquisitions that wasn...
...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 of one of the most promising new offshore fields in the world. The deal gives Petrobras capital to further develop the field. In return, China will get 100,000 bbl. to 160,000 bbl. a day for more than 20 years. And just before the Brazilian deal, Beijing agreed to lend...
...Greg Treverton, director of the Rand Corp. Center for Global Risk and Security, says the problem isn't that Intellipedia can't produce NIEs but that decision makers rely too heavily on such reports to begin with. "There's much too much concentration on finished intelligence," Treverton says. "Intelligence analysis should be a sense-making exercise, a process of working on problems and trying to get sharper at them. Intellipedia is ideal for that. If you slice it at any given time, you are saying, 'Here is the best state of understanding at the moment...