Exclusive: China’s ‘big four’ banks raise billions for Belt and Road deals – sources

Trucking News
21 Aug by

Exclusive: China’s ‘big four’ banks raise billions for Belt and Road deals – sources

Exclusive: China's 'big four' banks raise billions for Belt and Road deals - sources

China's largest state-owned commercial banks are raising tens of billions of dollars to fund the country's Belt and Road investment push, according to people familiar with the matter, bolstering Beijing's ambitions as private capital pulls back. The people said China Construction Bank Corp (CCB), the country's second-biggest bank by assets, was raising at least 100 billion yuan (11.6 billion pounds) for a fund to specifically finance Belt and Road investment. The people added CCB was raising cash onshore and offshore, and has already been running roadshows with investors.


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Trucking News
Trucking News
21 Aug by

China has more room to tackle debt – if it wants to

China has more room to tackle debt - if it wants to

HONG KONG/BANGALORE (Reuters) - Rising corporate profits are providing Chinese policymakers with room to do more to tackle the country's growing debt problems without inflicting major damage on the economy. Although it is far from certain the government will tighten credit conditions further, some economists expect policymakers to move that way once President Xi Jinping consolidates power at a key five-yearly Communist Party Congress later this year. "There's more room to experiment (with tightening credit) ... It is the right timing and moment to do so against this backdrop of a strong growth momentum," said Andrew Fennell, the main sovereign analyst for China at Fitch Ratings.


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Trucking News
21 Aug by

BHP to quit U.S. shale business as annual profit surges

BHP Billiton, the world's largest miner, reported a surge in underlying full-year profits on Tuesday and said it would exit its underperforming U.S. shale oil and gas business, pleasing disgruntled shareholders who had called for a sale. The Anglo-Australian mining giant, which is under pressure from U.S. hedge fund Elliott Management to rethink its investment in oil and boost shareholder returns, was buoyed by a recovery in industrial commodities markets. Underlying profit of $6.7 billion was below expectations for $7.4 billion, according to Thomson Reuters I/B/E/S, but the market focused on the lower debt and the company's determination to exit U.S. shale, pushing its shares up 1.2 percent.


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Trucking News
Trucking News
Trucking News
21 Aug by

Oil prices edge up on signs of gradually tightening market

Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. Brent crude futures, the international benchmark for oil prices, were at $51.83 per barrel at 0340 GMT, up 17 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.53 a barrel, up 16 cents, or 0.3 percent.


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