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| Subject: It wasn't America that pumped up these corporations | |
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Author: Stephen |
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Date Posted: 19:03:45 11/26/07 Mon In reply to: jw 's message, "Unfortunately, the oppressed people of china and sudan can not laugh." on 09:38:19 11/05/07 Mon But American corporations may have served as role models while our politicians tweaked the laws in favor of corporate feudalism. > I guess O doesn't know that china is one of the >most repressive dictatorships in the world, it is >rather hysterical that he thinks a company like petro >china will make them free. And petro china works with >the chinese government to support the sudanese >government, which is committing genocide against >millions of it's own people, all for oil. Again, we >see capitalists working with dictatorships to profit >off their genocide. As america has sadly pumped up >the chinese dictatorship with free trade, we are now >suffering the consequences with rapid inflation and >the loss of middle class jobs. No society run by >greed will prosper for long, ours is now collapsing. > >>So it is our free maket capitalism that makes Petro >>China a demon! I guess you like a hardcore communist >>government better. How dare we allow all those people >>in China to have a taste of freedom and the ability to >>improve their lives....no matter how little that >>freedom might be at the present time. >>Anyway, now you lefties have a new BIG OIL to hate. >> >> >> >> >> >> >>> And you thought it was exxon mobil. Petro china >is >>>now valued by "the market" at 3 times the total >>>valuation of exxon mobil, nothing beats a capitalist >>>enterprise working with one of the world's most >>>repressive dictatorships. Petro china aids and >abetts >>>the genocide in sudan in order to aquire oil. Let's >>>thank our "free trade" capitalist fanatics for >>>building china into the super power it now is, they >>>could not do it without the useful idiots of american >>>capitalism. Kruschev was right, they are burying us! >>> >>>PetroChina's Value Tops $1 Trillion, Surpassing Exxon >>>(Update5) >>> >>>By Ying Lou >>> >>> Nov. 5 (Bloomberg) -- PetroChina Co. almost tripled >>>on its first day of trading in Shanghai, becoming the >>>world's first company to be valued at $1 trillion, >>>more than Exxon Mobil Corp. and General Electric Co. >>>combined. >>> >>>PetroChina shares rose to 43.96 yuan from the sale >>>price of 16.7 yuan, giving the state-owned oil >>>producer a greater market value than the entire >>>Russian stock market. >>> >>>The rally makes PetroChina shares four times more >>>expensive than those of Exxon, even though China's >>>biggest oil producer has a quarter of the revenue. >>>China's stock market was valued at less than $1.1 >>>trillion before tripling this year and giving the >>>communist nation five of the world's 10 biggest >>>companies. >>> >>>PetroChina's valuation is ``an indication of China >>>coming of age and also of its stock market bubble,'' >>>said Hugh Young, who oversees $50 billion at Aberdeen >>>Asset Management Asia Ltd. in Singapore. >>> >>>The oil producer's Shanghai listing pushes China's >>>stock market beyond the U.K. as the world's >>>third-largest. PetroChina trades at 55 times >earnings, >>>four times Exxon's ratio of 13 times earnings and >near >>>the 58 times for Google Inc., the world's most- used >>>Internet search engine. >>> >>>In Hong Kong, PetroChina fell 8.2 percent to HK$18. >>>Exxon shares rose 0.7 percent to $87.93, valuing the >>>company at $488 billion on the New York Stock >>>Exchange. >>> >>>`Sense of Responsibility' >>> >>>``I feel very excited today and also feel a very >>>strong sense of responsibility,'' Chairman Jiang >>>Jiemin said at the Shanghai Stock Exchange. ``This is >>>PetroChina returning to our investors and society.'' >>> >>>Jiang struck a gong as the market opened at 9:30 >a.m., >>>then toasted the start of trading with a glass of red >>>wine. >>> >>>China's largest oil and gas producer had 20.5 billion >>>barrels of oil and gas reserves in 2006, compared >with >>>22.1 billion for Irving, Texas-based Exxon, data >>>compiled by Bloomberg show. PetroChina has been >adding >>>new reserves at an average annual rate of 5 percent >>>for the past three years, a faster pace than Exxon, >>>Royal Dutch Shell Plc and BP Plc, the world's largest >>>oil companies by sales. >>> >>>The share sale, the world's biggest this year, >>>surpassed the 66.6 billion yuan raised by China >>>Shenhua Energy Co. in September. PetroChina raised >>>66.8 billion yuan selling 4 billion shares last week >>>as investors applied for more than 3.3 trillion yuan >>>of stock, almost 50 times the amount PetroChina >sold. >>> >>>Record Oil >>> >>>Those investors were until now prevented from >directly >>>buying PetroChina stock, missing out on a 15-fold >>>surge as economic growth turned the nation into the >>>largest oil consumer after the U.S. and as crude >>>prices reached a record $96.24 a barrel in New York. >>> >>>The CSI 300 Index of shares listed on the Shanghai >and >>>Shenzhen exchanges has increased about 170 percent >>>this year as mainland Chinese investors seek returns >>>on $2.3 trillion of savings, raising investor >concerns >>>that the market is too expensive. >>> >>>Billionaire investor Warren Buffett's Berkshire >>>Hathaway Inc. sold its stake in PetroChina this year, >>>reaping an eightfold gain that contributed to a 64 >>>percent increase in third-quarter profit for the >>>Omaha, Nebraska-based company. Berkshire had 2.34 >>>billion shares as of the end of 2006, the largest >>>holding after state-owned China National Petroleum >>>Corp. >>> >>>Buffett said on Oct. 24 that Chinese share prices >have >>>risen too fast. >>> >>>`Carried Away' >>> >>>``It's easy to be carried away in the stock market >>>when things are going very well,'' he said in the >>>northern Chinese city of Dalian. ``We at Berkshire >>>never buy stocks when we see prices soaring.'' >>> >>>Gains in PetroChina's shares in Shanghai may have >more >>>to do with Chinese investors seeking better returns >>>than the outlook for the company's exploration and >>>production operations, or its refining business, >known >>>as downstream, said Larry Grace, an oil analyst at >Kim >>>Eng Securities Co. in Hong Kong. >>> >>>``Production is static with limited upside for the >>>next three to four years,'' Grace said. ``As for the >>>downstream, the price controls and overall regulatory >>>trend limit the company's earnings.'' >>> >>>China controls fuel prices to shield consumers in the >>>world's most-populous nation from accelerating >>>inflation. The policy limits the ability of >PetroChina >>>and China Petroleum & Chemical Corp. to pass on the >>>burden of higher crude oil costs. >>> >>>The other Chinese companies that rank among the >>>world's 10 largest by market value are China >>>Petroleum, known as Sinopec, China Mobile Ltd., >>>Industrial & Commercial Bank of China Ltd. and China >>>Construction Bank Corp. >>> >>>``A-share prices don't reflect global benchmarks of >>>value,'' said Lorraine Tan, head of equity research >at >>>Standard & Poor's Investment Services in Singapore. >>>``There should be other measures of a company's >>>position, including revenue and profitability. Market >>>cap is not necessarily accurate.'' >>> >>>PetroChina's share surge means it beat by years a >>>Russian pledge to create the world's largest >company. >>> >>>OAO Gazprom, Russia's natural gas export monopoly, >>>would become the world's largest company by market >>>value and top $1 trillion in ``seven to 10 years,'' >>>Alexander Medvedev, the company's deputy chief >>>executive officer, said in April. Gazprom's market >>>valuation today is $296 billion. >>> >>>To contact the reporter on this story: Ying Lou in >>>Shanghai at ylou1@bloomberg.net . [ Next Thread | Previous Thread | Next Message | Previous Message ] |