August 23, 2005 |
China's biggest state-owned oil firm has reached an agreement to buy a major oil producer in neighboring Kazakhstan for $4.2 billion -- a victory in Beijing's campaign to secure foreign energy supplies for its booming economy. The proposed acquisition of PetroKazakhstan Inc., a Canada-based company, by a unit of China National Petroleum Corp., comes three weeks after another Chinese oil company, CNOOC Ltd., dropped its bid for Unocal Corp. amid opposition from U.S. politicians.
June 24, 2005 |
It conducts its board meetings in English. Its chief executive studied at USC and is said to prefer Diet Coke to tea. Its Beijing offices sport a big electronic board displaying stock prices. And its executives are fond of talking about serving shareholders. "We are trying to create value for our shareholders," its director of investor relations said.
June 23, 2005 |
A major Chinese oil company made a landmark offer to buy California-based Unocal Corp. for $18.5 billion on Wednesday, topping a bid by rival U.S. oil giant Chevron Corp. and setting the stage for an intense political debate over the future of U.S. energy, security and trade policies. The unsolicited offer by CNOOC Ltd., an arm of state-owned China National Offshore Oil Corp.
August 31, 2007 |
The Chinese government Thursday passed legislation that prohibits some monopolies but also could throw new hurdles in front of foreign companies seeking to acquire businesses here. The final text of the long-anticipated law, the drafting of which began in 1994, was not immediately released. But recent versions have included practices common in U.S. and European antitrust regimes, such as bans on companies colluding to raise prices and abusing dominant market positions.
July 14, 2005 |
The trade deficit fell in May, reflecting a rise in U.S. exports to the highest level in history and a temporary decline in foreign oil prices. But the improvement is likely to be short-lived, with oil prices again hovering around record levels, analysts said. The Commerce Department said Wednesday that the U.S. trade imbalance declined to $55.3 billion in May, an improvement of 2.7% from April. However, the deficit with China rose to $15.
August 3, 2005 |
A Chinese oil company's fight to buy Unocal Corp. ended Tuesday in an angry retreat, but not without leaving clear signs that other political battles loom in Washington over how much more of America the cash-rich Chinese can acquire. Although CNOOC Ltd.'s offer for the eighth-largest U.S. oil and gas concern mobilized the support of American business, it was confronted -- and finally overcome -- by powerful forces that saw the purchase of American oil reserves as a threat to U.S. security.
July 22, 2005 |
China's revaluation of the yuan Thursday was hailed by some U.S. officials as a vindication of Bush administration pressure on Beijing to reform its currency policy, but lawmakers and analysts predicted the goodwill would dissipate if the move did not lead to bigger changes. On Capitol Hill, lawmakers from both major parties have said Beijing's currency policy made Chinese goods cheaper and American goods less competitive, contributing to U.S. job losses.
July 25, 2005 |
It's a sign of the times that the House Republican leadership believes the only way to win approval of a free trade agreement with Central America this week is to first pass legislation bashing China for its trade practices. That legislative minuet is a clear indication the economic nationalists are back. The economic nationalists were the politicians and policy analysts who raised the loudest alarms about the commercial challenge posed by Japan in the 1980s and early 1990s.
July 1, 2005 |
Voicing concern about national security and the U.S. economy, the House of Representatives passed two measures Thursday aimed at blocking the proposed takeover of El Segundo-based Unocal Corp. by a Chinese oil company. In a strong bipartisan vote of 333 to 92, the House approved an amendment to a Treasury Department spending bill forbidding the administration from using federal funds to approve the bid by CNOOC Ltd., an arm of government-owned China National Offshore Oil Corp.
June 24, 2005 |
As the proposed Chinese purchase of Unocal Corp. fanned protectionist passions in Congress, Federal Reserve Chairman Alan Greenspan warned senators Thursday not to let their frustrations with China's economic policies breed reactions that would do the U.S. economy more harm than good. Proposed tariffs against Chinese goods and other forms of protectionism would significantly lower U.S. living standards and would not save American jobs, Greenspan told members of the Senate Finance Committee.