Word: stakes
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...buys all of its crude on the open market and is therefore exposed to sharp price rises. The way to do that is to invest in exploration and development in countries that have oil fields but lack the capital or technology to exploit them. Once Chinese companies have a stake in oil coming out of the ground, even if it originates abroad, they'll have secured long-term supplies independent of the world's fickle prices. The process of overseas exploration began in 1997, when Premier Li Peng encouraged state-run oil concerns to look outside China's borders...
...such as India, which like China has a bustling economy and a growing oil habit to satisfy. Earlier this year, ONGC Videsh, the overseas investment arm of India's largest oil-and-gas producer, was on the verge of completing a deal that would have given it an 11% stake in a proven oil field in Sudan. While the company waited for the necessary approval from India's Cabinet, CNPC swooped in with an offer that was reportedly 17% higher, and snatched the oil deal for China. "The Chinese are definitely very aggressive in the price they are willing...
...arguing that even the President would qualify as one, thanks to investment income. Kerry had a basis in fact, although an obscure one. Bush reported $84 in income in 2001 from an entity called Lone Star Trust, whose main business was oil and gas; it later listed a stake in a timber company...
Even Helmut Lang, who last week sold the remaining stake in his company to majority owner Prada, went commercial, with a collection of fresh cotton suits and sexy draped and knotted jersey dresses inspired by Greek togas. Viktor & Rolf, the Dutch duo who launched their first perfume, Flowerbomb, with the cosmetics giant L'Oréal, gave the safari jacket and the tuxedo a feminine edge with ribbon trim...
...second panel addressed the domestic policy issues at stake in the upcoming Presidential election. A video produced by the BBC preceding the discussion argued that the American electorate has drifted to the right since September 11th, focusing too much on national security and too little on issues like health care and the economy...