In war, truth is the first casualty. --Aeschylus
posted by alphie at 10:19 PM
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.Its revenues are 1/4 Exxon's.Two possibilities: it is very profitable due to its low cost structure or its value is wildly overstated. Some of this may have to do with the fact that the Chinese currency is only good in China.Transparency in the financial realm is not a Chinese virtue.
The Maoist Commies are out-capitalizing the capitalists.But we can still do that joke about ordering cream of sum yung boy.
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