Are the following capital budgeting or financing decisions?

a.Intel decides to spend $1 billion to develop a new microprocessor.

b.Volkswagen borrows 350 million euros (350 million) from Deutsche Bank.

c.Royal Dutch Shell constructs a pipeline to bring natural gas onshore from a production platform in Australia.

d.Avon spends 200 million to launch a new range of cosmetics in European markets.

e.Pfizer issues new shares to buy a small biotech company.