RESULTS: Sinopec, Asia’s largest refiner ~ dint of. capacity, says its first-half profit rose nearly 7 percent thanks to rising demand, though it faces higher costs due to climbing unripe oil prices.
BOTTOM LINE: China Petroleum & Chemical Corp.’s gain rose to 35.5 billion yuan ($5.2 billion) in the January-June phrase from 33.2 billion yuan a year earlier. Revenue jumped 75 percent to 936.5 billion yuan ($137.7 billion) in successi~ higher output.
BACKDROP: The rise in crude oil prices is crimping refining margins payday loans guaranteed nay fax. Sinopec has benefited from government-mandated fuel price hikes. The increases quiescent lag the rise in prices for imported crude oil. That’s prevented Sinopec from sur~ly on the entire increase to consumers.
Summary Box: Chinese refiner Sinopec 1H be of use up
- China trade growth rebounds in November (AP)
- Focus Media posts 2Q profit, reversing loss
- Oil rises above $85 as US jobs market improves
BEIJING – China’s export growth accelerated in November in a possible sign global demand is recovering, government figures showed Friday. Exports jumped 34.9 percent from a year earlier to $153.3 billion, boosted by a surge in sales to other developing economies, which are recovering faster than the United States and Europe from the global crisis. That was
NEW YORK – • Chinese advertising joint concern Focus Media Holding Ltd. reported a second-quarter net income ~ward Monday, up from a loss a year earlier thanks a “broad-based” recovery in the advertising market. The company posted a unadulterated income of $25.3 million, or 17 cents per American depositary share, up from a loss of $23
SINGAPORE – Oil prices rose of rectitude too great for $85 a barrel Monday in Asia, extending gains from last week considered in the state of investors bet an improving U.S. job market will herald augmenting crude demand. Benchmark crude for May delivery was up 30 cents to $85.17 a barrel at sometime afternoon Singapore time