Bloomberg This year’s cryptocurrency crash has saddled bulls with billions of dollars in losses, but the world’s largest virtual currency exchange is still making money hand over fist. Binance expects a net profit of $500 million to $1 billion in 2018, according to its chief executive officer. First half revenue was about $300 million, Changpeng Zhao said. Average daily turnover ...

Bloomberg Energy companies long-spu-rned by institutional investors are crawling back into favour. After declining for most of the past decade, energy made up just 6.4 percent of institutional investors’ holdings at the end of the first quarter, Royal Bank of Canada analysts wrote in a May note, citing company filings. That’s beginning to turn around with US benchmark crude up ...

Bloomberg China National Petroleum Corp plans to help complete a refinery in Rio de Janeiro that already cost Brazil’s state-controlled oil company Petrobras $14 billion before it was halted amid a widespread graft investigation. CNPC, as the Chinese producer is known, signed a letter of intent adding the Comperj refinery to a partnership the two companies signed last year. The ...

Bloomberg Saudi Arabia’s sovereign wealth fund is considering a plan to inject up to $300 million into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter. The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40 percent by buying new shares and converting debt to equity, the ...

Bloomberg BP Plc has emerged as the front-runner to buy BHP Billiton Ltd.’s onshore oil and gas operations in the US, acco- rding to a person familiar with the matter. The London-based oil major has made the highest offer for the assets, which BHP prefers selling in a single package, said the person, who asked to not be identified because ...

Bloomberg Trump or no Trump, the European Union (EU) is set to spur businesses to do more to meet the Paris climate accord goals. Taking a long view and encouraging companies to front-load actions to cap future costs will be among the thrusts of the climate push for the bloc’s executive suites. In its longer-term strategy to be presented in ...

Bloomberg American oil producers may find a new friend in India as they brace for a trade war with China that could curb US shipments. Refiners in China were the top buyers of American crude oil in May, and have been regular importers since the US revived domestic output and exports in recent years. But sales may slow amid a ...

Bloomberg Escalating trade conflict between the US and China has sent industrial metals to oversold territory. Invesco Ltd.’s Jason Bloom is counting on President Donald Trump’s playbook to reverse those losses. Bloom isn’t alone. Citigroup Inc. metal analyst Max Layton is optimistic that the standoff could end within months. Economists at ING Bank are hopeful Trump’s rhetoric will calm down ...

Bloomberg It’s not just Theresa May who’s worried about being toppled. Pound investors say the threat of Conservative party turmoil is one more reason to avoid the UK currency. Amid reports that the British Prime Minister faces ministerial resignations if she fails to achieve a solution to a Brexit deadlock, strategists warn sterling could fall as low as $1.25 if ...

Bloomberg Mexico’s next president, Andres Manuel Lopez Obrador, plans to fight tax evasion and boost revenue by clamping down on companies that take advantage of special rules for cooperatives to avoid paying tax, according to his pick for finance minister. The next government will put an end to use of cooperatives by “unscrupulous people” to evade tax, Carlos Urzua told ...