China’s dominant oil firms have loosened their investment purse strings, apparently confident that profits will climb on rebounding crude prices following last year’s dry spell, Caixin reports. The Big Three – CNPC, CNOOC and Sinopec – recently committed to ambitious investment schedules for 2017 by announcing plans to spend around 371 billion yuan ($54 billion) […]
Category: Commodities
Investment in China’s “Belt and Road Initiative” (BRI) declined last year, according to several measures, raising doubts about whether commercial enterprises are committed, according to the Financial Times. The BRI has become the centerpiece of Chinese economic diplomacy, but some hard data suggest the hype surrounding BRI may exceed the substance. Foreign direct investment from […]
The price of iron ore in Dalian led a charge lower by China commodities on Thursday as short-term borrowing costs on the mainland continued to rise, the Financial Times reports. Iron ore futures were down as much as 8% on the Dalian Commodity Exchange at Rmb485 ($70.33) per tonne. Copper contracts on the Shanghai Futures […]
China’s industrial companies saw their combined earnings growth slow in March, as moderation in commodity prices hit profits in upstream sectors. Profits of industrial enterprises increased by 23.8% year-on-year in March to 688.7 billion yuan ($100 billion), down from a gain of 31.5% in the January-February period, according to figures released Tuesday by the National Bureau of […]
BP has agreed to sell one of its biggest investments in China to Sinopec for $1.68bn, as it seeks to raise up to $5.5bn from disposals this year to help pay for the 2010 Deepwater Horizon disaster in the US, the Financial Times reports. The UK oil major is to sell its 50% stake in the […]