Petrobras Writedown May Aid Class Action Suit

By Reuters 2015-04-28 09:07:53 Brazilian oil company Petrobras’ $17 billion write-down, announced last week, may have been meant to close the accounting on a sprawling corruption scandal, but could instead provide fresh ammunition for a U.S. class action lawsuit. The case, filed in Manhattan federal court in December by a group of large investors, alleges…


BHP shelves Hedland port expansion

BHP Billiton has announced that it is slowing iron ore output and shelving a USD500 million port expansion plan at the Port of Hedland inner harbour.
In its operational review for the nine months that ended on 31 March released last week, the miner said it would go back to its 290-million-tonne

CIMC profit surges 289% in Q1

Shenzhen-listed China International Marine Containers (CIMC) posted profit of CNY497million (USD80 million) for the first quarter of 2015, surging 289% from the profit of CNY128 million in the first quarter of 2014.
The company’s revenue stood at CNY14.6 billion, up 20.4% year on year (y/y), and

Changhang Phoenix to do well in H1

Changhang Phoenix, a bulk carrier operating unit of Sinotrans&CSC, predicted on 28 April that it would remain in the black for the first half of 2015, as it seeks to resume the trading of company shares on the Shenzhen Stock Exchange.
In the first three months in 2015, the company’s profit slumped