PetroChina has announced its earnings, forecasts and future planning for cutting down production on Wednesday in Hong Kong. Around 67% decrease in net profit and 12-year low oil price has apparently prompted the oil and gas company to reduce output by 2.7%.
Industry
The Booming Cannabis Entrepreneurship
Marijuana entrepreneurship is almost in every parts of the world, legal or illegal, for leisure or for medical purposes. Others see it as helpful but others see it as deadly. Pot is hot and the booming business seems to be unstoppable as other states began to legalize it.
Volkswagen and Porsche Call Back 800,000 SUVs Over Potential Pedal Problem
Volkswagen and Porsche identified a potential problem in their Cayenne and Touareg model from 2011 to 2016 and are calling back 800,000 SUVs to undergo a service to address the issue. The companies said this is a precautionary move, as a U.S. judge demanded that the companies come up with a plan immediately.
Colorado's Crumbling Coal Mine Industry Urge Residents to Reconsider Marijuana Business
Coal mines in Colorado are shutting down one by one. Most of the folks no longer have jobs and are now looking at the marijuana economic growth that could provide them income. Officials however, are worried about the peacefulness of the place and how the chaos if ever, could be handled by such few authorities.
The World is Facing Sugar Shortage Until at Least 2017, Caused by El Niño
El Niño is hitting on cane productions especially in Asia, leading to a global shortage and the rise in prices. This would be the first year of sugar shortage after years of surplus. The shortage is projected to be prolonged to at least next year.
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Markets of iron ore and gas have been hit hard due to over supply and decreasing demand and Japanese trading house Mitsui & Co. also follow trait. The Japanese trading house is going to embrace loss for the first time since its establishment in current form in 1947.
Toscana Energy said that Anand Ramnath has been named as chief financial officer with effect from March 18, 2016. Ramnath, with more than 19 years of experience in financing and accounting, has been the acting chief financial officer of Toscana from July 31, 2015.
After the killing of David Byrne in a shootout at Dublin's Regency Hotel, it's reeling under severe pressure as losses amounted to €217,000. Regency Hotel has applied for indemnity to its insuring company Aviva for over €217,000.
Stocks in the Asian market faced a steep decline for the second day following the drop in oil to less than $40 per barrel. In addition to the oil price drop, investors were curious about the US financial policy.
State-run media broadcasts indicated that the Chinese government is turning against the country’s most successful e-commerce company Alibaba. However, the company didn’t seem to take much damage from the reports in terms of sales and shares.
Contrary to a notion that oil rout is impacting everyone in the industry, there are few bosses at energy companies making more money based on their performance. Few top managers are excelling in meeting targets and getting hefty paychecks.
CEO Tidjane Thiam determine to pursue further restructuring in Credit Suisse. The Swiss bank will cut more 2,000 jobs and cut more of its business.
The company recalled another 47,000 defective SUV due to problem in its fuel pump. Nissan also introduces its new mobility concept car this week.
Sherwin Williams doesn’t claim to have vast track record in acquisition and possesses experience of getting blocked in deals by the antitrust authorities. Its recently announced acquisition deal has been questioned by the analysts centering accusations of over valuation. Following the announcement, Valspar stock has been witnessed to soar while that of Sherwin Williams to tumble during extended hours trading on Monday.
