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PetroChina Co Ltd

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  • SAO PAULO, May 4- Recent setbacks for prosecutors in a huge corruption scheme at Brazil's state-run oil company Petroleo Brasileiro SA suggest they will struggle to win as many convictions as they seek. The Supreme Court's decision last week to release from jail nine executives at construction companies suspected of paying bribes in the scheme, and put them...

  • China rivals vie for state backing to buy HP unit Wednesday, 29 Apr 2015 | 6:00 PM ET

    BEIJING, April 30- The bidding for a controlling stake in Hewlett-Packard Co's data-networking business in China, worth more than $2 billion, has thrown up a rare tussle between two Chinese state-backed firms who are wrangling over which has Beijing's backing. On Feb. 15, China's National Development and Reform Commission approved Shanghai- based Huaxin to bid...

  • Brazil's Petrobras names new board members Wednesday, 29 Apr 2015 | 5:37 PM ET

    RIO DE JANEIRO, April 29- Shareholders of Petrobas, Brazil's state-run oil producer, elected new members to the board of directors on Wednesday, outgoing board member Silvio Sinedino told Reuters. Murilo Ferreira, chief executive of miner Vale SA, will take over as chairman of the board at Petrobras, or Petroleo Brasileiro SA, Sinedino added.

  • Hong Kong shares end flat, oil giants slump Tuesday, 28 Apr 2015 | 4:22 AM ET

    April 28- Hong Kong stocks ended flat on Tuesday as strength in financial shares was offset by a slump in oil giants PetroChina and Sinopec Corp.. After a surge early this month that was triggered by Beijing's move to let mainland mutual funds buy Hong Kong shares through a key cross-border investment scheme, the Hong Kong market has entered a period of...

  • China stocks ease off seven-year highs, but banks firm Tuesday, 28 Apr 2015 | 3:15 AM ET

    SHANGHAI, April 28- China stocks ended lower on Tuesday, easing off a new seven-year high, as a tumble in start-up board ChiNext soured investor sentiment despite strength in banking stocks. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.4 percent, to 4,741.86, while the Shanghai Composite Index lost 1.1 percent, to 4,476.21...

  • China stocks ease as small caps slump, Hong Kong slips Tuesday, 28 Apr 2015 | 1:03 AM ET

    SHANGHAI, April 28- Chinese shares fell early on Tuesday led by a tumble in small-cap stocks, but banks surged amid speculation that China's central bank is considering buying commercial bank assets. The People's Bank of China could offer more funds for state banks to buy local government bonds, some analysts suggested, a move that would be targeted more at...

  • PetroChina profit down 82 percent on low oil price Monday, 27 Apr 2015 | 10:47 PM ET

    BEIJING— State-owned PetroChina Ltd., Asia's biggest oil and gas producer, says its quarterly profit declined 82 percent from a year earlier due to a sharp decline in oil prices. PetroChina, one of the world's most valuable companies by market capitalization, cited a "significant drop of prices of crude oil and refined oil," slower Chinese economic growth and a "...

  • Hong Kong stock up on HSBC, state firm merger hopes Monday, 27 Apr 2015 | 4:19 AM ET

    April 27- Hong Kong stocks advanced to fresh seven-year highs on Monday, led by Chinese state-owned giants on expectations that Beijing will accelerate mergers among state-owned enterprises. The market was also bolstered by index heavyweight HSBC Holdings Plc, which jumped 3.6 percent after Europe's biggest bank ordered a review into whether it should...

  • SHANGHAI, April 27- Stocks in China and Hong Kong rose to fresh seven-year highs on Monday morning, led by heavyweight Chinese state-owned enterprises on expectations that Beijing will accelerate mergers in the underperforming sector. "We don't see a slowdown in money inflows, so more liquidity will likely push stock indexes higher," wrote Sun Jianbo,...

  • RIO DE JANEIRO, April 24- Petrobras' decision to take a massive $17 billion write-down to account for overvalued assets and corruption-related costs is only the start of a broad overhaul needed to revive Brazil's troubled state-owned oil company. While many have focused on the $2.1 billion, or 12 percent of the write-down, related to money siphoned off in a...

  • RIO DE JANEIRO, April 24- Petrobras' decision to take a massive $17 billion write-down to account for overvalued assets and corruption-related costs is only the start of a broad overhaul needed to revive Brazil's troubled state-owned oil company. While many have focused on the $2.1 billion, or 12 percent of the write-down, related to money siphoned off in a...

  • SHANGHAI, April 24- China's yuan was flat against the dollar on Friday as a wave of dollar demand by big state-owned Chinese banks and oil companies helped to offset a three-month high midpoint, traders said. The People's Bank of China set the midpoint rate at 6.1241 per dollar prior to market open, the yuan's strongest level since Jan. 20, or 0.07 percent firmer than...

  • BRASILIA, April 23- Royal Dutch Shell Plc has taken into account the risks presented by the Petrobras graft scandal to its expanding operations in Brazil and is confident the Brazilian state-run oil company will emerge stronger, Shell's CEO said on Thursday. Van Beurden briefed Brazilian President Dilma Rousseff for 1-1/ 2 hours on Thursday on his company's...

  • RIO DE JANEIRO, April 23- Shares in Brazil's state-run oil company Petrobras fell 5 percent on Thursday, a day after it reported the largest loss ever on $17 billion in charges, giving investors a deeper look at the fallout from a huge corruption scandal. Preferred shares pared losses after a sharp opening selloff in Sao Paulo as traders weighed the greater...

  • RIO DE JANEIRO, April 22- Brazilian state-run oil company Petrobras reported its biggest-ever loss on Wednesday, the result of a 50.8- billion-real write-down in the wake of a massive corruption scandal. A widening international probe of contract fixing, bribery and political kickbacks at the company, formally called Petroleo Brasileiro SA, led to lengthy...

  • RIO DE JANEIRO, April 22- Brazil's state-run oil company Petroleo Brasileiro SA, which has been dogged by a wide-spread corruption scandal, reported on Wednesday a 2014 net loss of 21.6 billion reais after taking 50.8 billion reais in charges. Petrobras had delayed its results for several months to address issues related to its operations, including refining...

  • RIO DE JANEIRO, April 22- Brazil's state-run oil company Petroleo Brasileiro SA said on Wednesday that it lost 26.6 billion reais in the fourth quarter after taking a write-down of 50.8 billion reais because of corruption and other impairments.

  • SINGAPORE, April 23- Earnings growth at China- listed companies is likely to be the slowest in three years in 2015, in line with an economy the government expects to expand at the weakest rate in a quarter of a century. Brokerages have seen commission income rocket due to high trading volume, and are likely to benefit further when Hong Kong investors start buying...

  • Judge Sergio Moro also convicted black-market money dealer Alberto Youssef for laundering bribe money and sentenced him to nine years and two months in prison. It was initially the arrest of Youssef and then of Costa in March last year that set off the multibillion-dollar political kickback scandal, Brazil's biggest ever. Since the arrests of Youssef and...

  • LAUNCESTON, Australia, April 20- Nothing shows the changing nature of the global liquefied natural gas market than the creation of super-sized producers and buyers. The $70 billion merger of Royal Dutch Shell and BG and the joint fuel procurement venture between Japan's top utilities, Tokyo Electric Power Co and Chubu Electric Power Co, are flip sides of the...