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HANOI / Reuters Tension in the South China Sea will hurt PetroVietnam’s offshore exploration and exploitation activities this year, the state-run oil and gas group said on Tuesday, weeks after the Southeast Asian nation suspended a project under pressure from China. Vietnam and China have been embroiled in maritime disputes in parts of the busy waterway, where China claims 90 ...

HONG KONG / Reuters CEFC China Energy has been hit by legal action from a creditor, even as the cash-strained conglomerate’s biggest financial backer, China Development Bank (CDB), is attempting to dissuade lenders from taking action, sources said. State-backed China Everbright Bank Co has filed multiple lawsuits against CEFC (Shanghai) International Group Co, a CEFC subsidiary, in a Shanghai court ...

LONDON / Reuters The United Nations has blacklisted a North Korean ship for receiving oil in an October transfer that breached UN sanctions, as first revealed by Reuters. Reuters in December reported that Russian tankers had supplied fuel to North Korea, which relies on imported fuel to keep its struggling economy functioning, by transferring cargoes at sea. European security sources ...

Bloomberg An Indonesian cabinet member has threatened to shut down Facebook Inc. if there is any evidence the personal data of citizens is being harvested or the social media giant fails to crack down on “fake news” during upcoming elections. Amid continuing fallout over revelations the data of 50 million Facebook users was obtained by a firm that helped US ...

Bloomberg India invested a record 1.16 trillion rupees ($18 billion) in the financial year ended in March, to develop highways and improve road connectivity across the nation, according to a statement from Ministry of Road Transport and Highways. Prime Minister Narendra Modi’s administration spent 44 percent more than a year ago on building roads. The government plans to construct 83,677 ...

Bloomberg China will respond to any tariffs imposed by the US against alleged violations of intellectual property rights with the same proportion, scale and intensity, said its US ambassador Cui Tiankai. Cui’s comments, in an interview with state-run CGTN English news channel on Tuesday, are the first to indicate that China will retaliate on a scale that matches US plans ...

Bloomberg Toshiba Corp. is sticking with its plans to sell its memory chip unit despite regulatory hurdles, said Nobuaki Kurumatani, who took over as the chief executive officer and chairman of the Japanese electronics maker this month. It would take “substantial material” changes for the company to invoke its right to terminate its sale agreement with a group led by ...

Bloomberg China’s trial programme for encouraging technology giants like Alibaba Group Holding Ltd. to list their shares at home is drawing positive early reviews, a sign their stocks may soon be available in the world’s most populous country. Lei Jun, co-founder and chief executive officer of smartphone maker Xiaomi Corp., voiced support for the effort to allow companies to issue ...

Bloomberg John Flannery’s reshaping of General Electric Co. is getting underway. After taking the helm in 2017, the chief executive officer promised to shed businesses from lighting to locomotives in a bid to simplify the beleaguered manufacturer. Complexity, he said, was at the root of many of GE’s problems. He started following through April 2 when one of the company’s ...

Bloomberg The Trump administration announced that fuel-efficiency regulations for cars and light trucks are too stringent and must be revised, beginning a process sought by the US auto industry to pare anti-pollution targets. The EPA also said it was considering whether to revoke the waiver that allows California to set its own, tougher emissions rules. The national greenhouse gas emission ...