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PetroChina, Sinopec merger makes little sense LAUNCESTON: The market chatter over forming a giant Chinese oil major through merging PetroChina and Sinopec has ramped up again recently, but the motivations for such a deal struggle to stand up to scrutiny.The Chinese authorities are mulling joining China National Petroleum Corp, the parent of PetroChina, and China Petrochemical Corp, the parent of China Petroleum and Chemical Corp, better known as Sinopec, the Wall Street Journal reported on Feb. 18.It should be noted that even if the authorities are considering such a move doesn't necessarily mean it will happen.However, the fact that the news has made it into the public domain most likely means the possibility is being considered.It was also reported in other media that a merger between China National Offshore Oil Corp, the parent of CNOOC, with Sinochem Corp was under consideration as well.The most often cited reason for creating a mega-oil company is to give China ...

Rio Tinto CEO sees no chance of a Glencore merger MELBOURNE: Global miner Rio Tinto will not be taken over by rival Glencore because there is no value in it for shareholders and regulators will never let it happen, Rio Tinto chief executive Sam Walsh said.Rio rebuffed a takeover approach from Glencore last August to create a $160 billion mining and trading goliath and revealed the approach in October. Glencore did not rule out making a fresh attempt.Under UK rules, it could return with an ...
Australia shares extend winning streak as banks rally SYDNEY: Australia's share market rose for an eleventh straight session on Thursday to reach a fresh seven-year closing high as three of the big four local banks scaled record peaks.The S&P/ASX 200 index ended up 0.6 percent at 5,811.0, having earlier touched 5,819.1 - a high not seen since May 2008. The index has risen 9.5 percent in 11 sessions, a feat not seen in over five years.A late rally in bank stocks helped offset ...
Australia regulator says reviewing Origin proposal to buy BP gas terminal SYDNEY: Australia's antitrust regulator said on Monday it was reviewing a proposal by top energy retailer Origin Energy to buy out BP Plc's stake in the Bulwer Island gas terminal they jointly own in Brisbane.In a statement on its website, the Australian Competition and Consumer Commission said it would rule on the proposal on March 19. Origin, which already has a 50 percent stake in the Bulwer Island facility, declined comment.Origin has been expanding into ...
Australia's North West Shelf LNG launches 5-cargo tender MILAN: Australia's North West Shelf liquefied natural gas (LNG) export plant on Monday launched a tender to sell at least five cargoes from April, a source with direct knowledge of the matter said.The 16.3 million tonne per year capacity plant expects to sell the supply in two tranches with final bids for the cargoes due by Jan. 26, the source said.The unexpected tender signals a delay of around three months to reforms of how NWS ...
Australia shares extend rally in thin trade, energy & mining firms lead SYDNEY/WELLINGTON: Australian shares built on last week's rally, climbing 1.2 percent on Monday in a holiday-shortened week, led by gains in energy and mining companies after oil surged on Friday. Activity was likely to be thin this week, with many investors away for Christmas and the run-up to New Year's holiday. By 0149 GMT, the S&P/ASX 200 index was up 62.95 points to 5,401.6 in light trade. The benchmark advanced 2.5 percent on Friday, the ...
Australia's Woodside invests in LNG projects, delays Browse decision SYDNEY: Shares in Woodside Petroleum jumped on Wednesday following the Australian energy producer's decision to pay US$2.75 billion to acquire stakes in liquefied natural gas projects from US firm Apache.The deal came as Woodside delayed a decision Tuesday to invest in the Browse gas-export project off Western Australia to take advantage of lower costs for the multi-billion-dollar venture.The oil and gas giant closed 3.02 percent higher to Aus$35.50 (US$28.93) on Wednesday. It fell 2.6 percent ...


Index Closing Chg%
Arrow DJIA 18,080.14 0.12
Arrow Nasdaq 5,092.09 0.71
Arrow S&P 2,117.69 0.23
Arrow FTSE 7,070.70 0.24
Arrow DAX 11,810.85 0.74
Arrow CAC-40 5,201.45 0.44
Arrow Nikkei 20,020.04 0.83
Arrow H.Seng 28,060.98 0.84
Arrow Sensex 27,437.94 1.07

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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln