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China's financial clout locks in energy supplies
Wednesday February 18, 3:53 am ET
By Elaine Kurtenbach, AP Business Writer
China Inc. uses financial clout to lock in energy, resource supplies, despite slowdown
SHANGHAI (AP) -- Call it planning ahead.
While China's exports plunge and millions of laid-off workers hunt for jobs, the country's big state companies are spending billions of dollars securing access to oil and other scarce resources the country will need in coming decades.
The $25 billion energy agreement signed late Tuesday by China and Russia was the biggest of several deals signed this month, with state financial backing, that are expanding Beijing's overseas resources base at a time when most banks elsewhere are not lending and most governments are barely scraping by.
"Obviously, now, those are holding cash can speak louder than those who have resources," said Qiu Xiaofeng, an analyst at China Merchant Securities, in Shanghai.
"The global economic crisis has given China a rare, good opportunity to trade our abundant currency reserves for other countries' oil resources," Qiu said.
NEW YORK (MarketWatch) -- U.S. Bancorp (USB:us bancorp del com new
USB 12.58, -0.52, -4.0%) said Wednesday that it cut its quarterly common dividend by 88%, to five cents a share from 42.5 cents a share previously. "It is important for our shareholders to know that we are not reducing the dividend and preserving capital from a position of weakness, but from a position of strength and a desire to continue to invest in and expand our business," Chief Executive Officer Richard Davis said.
"I hope you're confident about our economy. I am. We've got some short-term issues to deal with. Fourth quarter growth slowed to .6 percent. In other words, there are signs that our economy are slowing." Jan. 30 at the Robinson Helicopter Co. in Torrance, Calif.
"The economic team reports that our economy has a solid foundation, but that there are areas of real concern. Our economy is still creating jobs, though at a reduced pace. Consumer spending is still growing, but the housing market is declining. Business investment and exports are still rising, but the cost of imported oil has increased." Jan. 18, urging Congress to quickly pass an economic-stimulus plan.
"This economy of ours is on a solid foundation, but we can't take economic growth for granted." Jan. 4 after meeting with the President's Working Group on Financial Markets.
"It is important for our shareholders to know that we are not reducing the dividend and preserving capital from a position of weakness, but from a position of strength and a desire to continue to invest in and expand our business," Chief Executive Officer Richard Davis said.
PNC backs further off stocks after Nov. lows undercut
Investment committee changes call, likes TIPS, munis
By Laura Mandaro, MarketWatch
Last update: 3:55 p.m. EST March 4, 2009
SAN FRANCISCO (MarketWatch) -- For PNC's Bill Stone, the fact that an improvement in credit markets couldn't keep U.S. stock indexes from sinking through November lows means U.S. investors need to add a few more sandbags to their investment fortress.
PNC's chief investment strategist said Wednesday the firm was recommending clients further pare their foreign stock holdings and increase their bond exposure. The U.S. stock market's sell-off over the past two weeks triggered a review of the bank's expectations that credit markets should help the economy, and stocks, stabilize.
"We had to raise the probability of a longer and perhaps deeper downturn than we would have liked," Stone said. "Credit markets have improved, but we didn't hold our November lows. That's what caused us to revisit our thesis."
PNC's call is one example of how market sentiment has fed on itself, leading stock indexes to rapidly push through new lows and driving safehaven assets higher.
Textron Inc. (NYSE: TXT) is one of the world's largest and most successful multi-industry companies. Founded in 1923, we have grown into a network of businesses with total revenues of $14.2 billion, and approximately 42,000 employees in 28 countries, serving a diverse and global customer base. Headquartered in Providence, Rhode Island, U.S.A.,Textron is ranked 202nd on the FORTUNE 500 list of largest U.S. companies. Organizationally, Textron consists of numerous subsidiaries and operating divisions, which are responsible for the day-to-day operation of their businesses ("Textron businesses").
While we take great pride in our long history, we are even more excited by the future. Our vision is to be the premier multi-industry company, recognized for our powerful brands, world-class enterprise processes and talented people. By placing customers first in everything we do, Textron continues to grow as an industry leader with strong brands such as Bell Helicopter, Cessna Aircraft, Kautex, Lycoming, E-Z-GO and Greenlee, among others.
Originally posted by Hx3_1963
reply to post by projectvxn
She wasn't singing that song on that CNBC townhall special the other day...