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NEWS
- Life insurance companies in 2023 faced increased insurance liability reserves due to declining interest rates, significantly impacting their profits.
- The "big six" life insurers drove most of the over 130 billion yuan in net profits, while many smaller firms reported losses; overall industry losses, accounting for non-disclosed companies, could exceed 100 billion yuan.
- Regulatory measures, like adjusting discount rates and premiums, provided short-term financial relief but didn't fundamentally alter underlying business challenges amidst falling interest rates.
Jun.15 2024 14:34 PM
- In 2023, global oil and gas upstream M&A exceeded $270 billion, with significant deals in the U.S. shale sector, including Exxon Mobil's acquisition of Pioneer Natural Resources for about $65 billion and Chevron's purchase of Hess Corporation for $60 billion.
- The surge in acquisitions reflects a strategic focus on energy security and the reevaluation of fossil fuels amidst challenges to renewable energy's cost, supply chain, efficiency, and stability. U.S. companies are notably aggressive in consolidating assets, particularly in the Permian Basin.
- The trend contrasts with European firms' continued commitment to carbon reduction and renewable energy investments. However, geopolitical tensions and the need for energy security are prompting a global reassessment of oil and gas assets, with potential implications for future industry consolidation both within and beyond North America.
Feb.24 2024 14:34 PM
- After the 2024 Lunar New Year, China saw an unusual activity in data release and macroeconomic policy, with January's PMI rebounding, financial data starting strong, and policies aimed at sustaining economic recovery being implemented.
- The People's Bank of China (PBoC) maintained the Medium-term Lending Facility (MLF) rates but reduced the 5-year Loan Prime Rate (LPR) by 25 basis points to 3.95%, marking a significant and unexpected move to lower long-term borrowing costs.
- Despite these monetary policy adjustments, there remains uncertainty about their impact on economic stimulation. The asymmetric interest rate cut aims to support the real economy without adjusting MLF rates due to concerns over currency exchange rates and external monetary conditions.
Feb.24 2024 12:54 PM
- Chinese state-owned banks led a third round of deposit rate cuts in 2023, followed by joint-stock banks, marking the fourth adjustment since the market-driven reform of deposit rates in April 2022. The cuts across various terms aim to prepare for potential reductions in policy interest rates and loan prime rates (LPR), amidst discussions on the appropriate scale of monetary easing to support economic demand.
- There is debate over the extent of interest rate cuts needed to stimulate demand and support the economy. Some argue for significant monetary policy easing, including rate cuts and increased liquidity, while others call for a combination of policies beyond monetary measures, such as pro-consumption fiscal policies, debt resolution efforts, and reforms to spur private investment.
- Concerns about maintaining bank profitability margins are highlighted due to their role in supporting economic growth and preparing for potential credit risks. Additionally, there is discussion about balancing internal and external factors in monetary policy decisions, particularly considering exchange rate pressures from divergent U.S. and Chinese interest rate paths over the past two years.
Dec.30 2023 14:15 PM
As foreign sanctions kick in, international companies are finding it too risky to stay
Mar.1 2022 20:13 PM
Solar panel generation misses 2021 projections though Datang reports output tripling; China steel production drops; State Power Investment in LNG Pact with BP
Dec.17 2021 06:27 AM
China issues new rules for carbon trading; Dalian Commodity Exchange revises iron ore futures contract; China approves 4 new nuclear power plants
May.21 2021 06:28 AM
Major Chinese state firms are told to keep a closer eye on their derivative trading. JD Logistics' Hong Kong IPO is coming
May.5 2021 09:30 AM
Workers at BP Guangzhou Development are among hundreds held in connection to illicit sales of lower-taxed light cycle oil, sources say
May.4 2021 20:24 PM
Bank of China files suit in Singapore Supreme Court seeking to recover assets in massive trading scandal involving allegations of fabricated oil transactions
Dec.15 2020 04:30 AM
Accelerated rollout of stations for juicing up EVs supports ambitious goals for electrifying the vehicle fleet
Oct.17 2019 05:30 AM
Corporate giants form new joint venture building infrastructure to power China’s new energy dreams
Aug.1 2019 19:59 PM
Oil major quits Sichuan projects, after executives described ‘great challenges’ due to geology
Apr.12 2019 20:26 PM
India will likely eclipse China in energy consumption, development midway through next decade but China will remain world’s biggest market until 2040, BP predicts
Feb.15 2019 19:53 PM
Buying out CEFC’s stake in massive Abu Dhabi project expands volume of crude available to state-owned petroleum venture
Dec.11 2018 04:23 AM
Removal of limits on foreign ownership in sector will give outsiders chance to take on state-owned incumbents
Aug.22 2018 17:50 PM
Investment is part of a strategic partnership between oil major and electric car startup to tap new-energy market
Jul.26 2018 02:21 AM
‘Negative list’ rollback of restrictions will allow foreign enterprises to own more than 30 locations, opening China to more global competition
Jun.30 2018 10:38 AM
China National Petroleum Corp. aggressively boosts shale gas capacity in Sichuan basin as nation seeks to reduce reliance on coal
Jun.27 2018 05:56 AM
Oil giant’s expansion to challenge foreign rivals Shell, Exxon Mobil, Total
Jun.21 2018 19:15 PM
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