The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
The South China Sea is expected to hold billions of barrels of oil and trillions of cubic feet of gas, but some energy firms are tentative about exploring the region. And for now at least, they seem likely to stay that way.
Energy analysts are cautioning companies to stay away from the highly contested body of water that lies between China, the Philippines and Vietnam. China claims to have energy rights over a much larger section of the sea—more or less all of it—than is recognized internationally, and it has put forth an increasingly assertive physical presence in the region this year.
"I advise companies not to take that risk now," said Chris Nevin, research director of IDC Energy Insights. "It's a question of, 'Is there a better place to dig for oil?' At least in the Middle East, you know what you're getting into. In the South China Sea, you don't even know who owns the area you're drilling in. "
The South China Sea, including areas near Malaysia, Brunei, and Taiwan, is estimated to hold between 5 billion and 22 billion barrels of oil, and between 70 trillion and 290 trillion cubic feet of gas, according to the Energy Information Administration. Research firm IHS points out that those estimates are considerably lower than in other areas like the Antarctic.
But many firms remain wary about the region. Chevron, the second-largest U.S. oil company, has been in talks with other firms to sell its stake in an offshore project with PetroVietnam off Vietnam's southern coast. Those talks are ongoing.
Filipino oil company Philex Petroleum, the majority owner of London-based Forum Energy, sought a partnership with China's state oil firm China National offshore Oil Corp. (CNOOC) to explore the disputed Reed Bank area, but the chairman of Philex told the Associated Press last month that it's received no response from CNOOC. The executive, Manuel Pangilinan, noted that the project has failed to draw other investors because of conflicting claims on the region.
"It really depends on their ability to absorb risk and if they are in a position to antagonize China or work with them in a politically unstable situation," said Lilac Nachum, professor of international business at Baruch College.
Some smaller firms have entered into cooperation agreements with local companies that are exploring disputed parts of the territory. But Rachel Calvert, Asia-Pacific manager for Petroleum Sector Risk at IHS, said exploration largely remains on hold in much of the area.