Bloomberg China’s creating the world’s largest power company. The government of President Xi Jinping approved the merger of Shenhua Group Corp., the country’s top coal miner, with China Guodian Corp., one of the largest power generators, the State-owned Assets Supervision and Administration Commission said in a one-sentence statement posted online on Monday. The new entity, with assets of 1.8 trillion ...

Bloomberg China Petroleum & Chemical Corp., the world’s biggest oil refiner, posted 40 percent growth in first-half profit amid better earnings from its chemicals business as well as a narrower loss from producing oil and gas and lower financing costs. Net income rose to 27.9 billion yuan ($4.2 billion) in the six months ended June 30, the Beijing-based company known ...

Bloomberg Gasoline surged to the highest in two years and oil declined as flooding from Tropical Storm Harvey inundated refining centers along the Texas coast, shutting more than 10 percent of US fuel-making capacity. Motor fuel prices rose as much as 6.8 percent, while New York oil futures slipped 0.9 percent. Harvey, the strongest storm to hit the US since ...