WTF.......Chinese firms buys IBM's PC Business

[Fla Dem]

This is a selling of America. This benefits no one in the US, but makes the Chinese much more competitive. US employees will be working for the Chinese.

:argh: :argh: :argh:


IBM sells PC business for $1.25B

China's Lenovo to become world's No. 3 manufacturer; Big Blue to focus on services, software.
December 8, 2004: 1:13 PM EST


HONG KONG (Reuters) - IBM is selling its PC-making business to China's largest personal computer company, Lenovo Group Ltd. for $1.25 billion, marking the U.S. firm's retreat from an industry it helped pioneer in 1981.

The deal, which forms the world's third-largest PC maker, is the largest overseas acquisition by a Chinese company and the latest example of a mainland firm buying a Western brand to make its mark on the world stage.

<snip>

IBM will hold an 18.9 percent stake in Lenovo, which will relocate its PC headquarters from Beijing to New York and possibly list shares on the Nasdaq or the New York Stock Exchange. Stephen Ward, IBM senior vice president, will become Lenovo's chief executive.

<snip>

"Chinese companies want to have a bigger part of the value chain," said William De Vijlder, chief investment officer at Fortis Investments. "We will see that in the future, that Chinese companies who have been very successful, who are cash-rich, will use their financial states -- their financial health -- to buy stakes in other companies."

<snip>

Lenovo will hire 10,000 PC IBM employees, including about 2,300 in the United States -- mostly in product design, marketing and sales. The remaining 7,700 are mostly in the Great Wall venture in China.

more.....

http://money.cnn.com/2004/12/07/news/international/lenovo_ibm.reut/index.htm

[Anakin Skywalker]

1. All Right! The Economy is Strong, Baby!

Well, according to Creepers anyway. They all preach and practice Bush 3:16.

[Career Prole]

2. Shrub has put us so much into hock

the Chinese can buy what they want here.
A couple of weeks ago some Chinese official said China was thinking of reducing it's U.S. dollar holdings. What happened? Near panic on the strength of a rumor.

LONDON (AFP) - The enfeebled dollar tumbled to record depths against the euro for the fourth day in a row, and hit multi-year lows against the yen and Swiss franc on reports China is selling US government bonds.

<snip>

"This has now been denied, but the implications are worth considering. At a time when concerns about the willingness of foreign investors -- especially increasingly important official investors (mainly Asian central banks) -- to fund the current account deficit are growing, the story will fuel fears of a dollar collapse."
http://news.yahoo.com/news?tmpl=story&u=/afp/20041126/ts_afp/forex_europe_041126113435

This was only the beginning.
"You know, if you don't sell us Raytheon we'll have to sell some of those U.S. treasuries in order to pay for groceries...hope the dollar can handle it."

[lectrobyte]

3. They (China) have to do something with all those dollars we

send them for all the stuff we buy.

[canuckforpeace]

4. China is on a buying spree, economic takeover of the world?

Yet the chequebook is out, for instance, at China's biggest carmaker, Shanghai Automotive Industry Corp, which wants to buy 70 per cent of MG Rover, the last volume carmaker in Britain. And, in Canada, China Minmetals, which is also state-owned, is in negotiations to take over Canadian mining company Noranda, for US$5.5 billion.

On November 30, China Petrochemical (Sinopec Group), China's biggest oil refiner, was reported to be in talks to buy all or part of a controlling stake in Canada's Husky Energy from Hong Kong's Li Ka-shing.

http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=52813&intcatid=2