Business

PetroChina reports 70% drop in 2015 profits

China’s biggest state-owned oil and gas producer, PetroChina, has reported a near 70% fall in net profits for 2015, in line with earlier guidance. Like many other major oil companies, PetroChina’s profits have been hit by the fall in oil prices over the past year. Net profits were 35.51bn yuan ($5.46bn; £3.85bn) in 2015, down… Continue reading PetroChina reports 70% drop in 2015 profits

Business

Online gambling chief charged with insider trading

The chief executive of Amaya- the world’s largest online gambling firm – has been charged in Canada with insider trading. David Baazov was charged with using “privileged information” when trading Amaya shares between December 2013 and June 2014 Mr Baazov denied the charges and said he would “vigorously contest” them. The alleged insider trading occurred… Continue reading Online gambling chief charged with insider trading

Business

‘Flash crash’ trader Navinder Sarao faces US extradition

Navinder Sarao, the trader accused of helping to trigger the US “flash crash”, can be extradited to face trial, a court has ruled. Mr Sarao, 37, is accused of contributing to events on 6 May 2010, when the Dow Jones share index briefly fell more than 1,000 points. Mr Sarao traded on the Chicago Mercantile… Continue reading ‘Flash crash’ trader Navinder Sarao faces US extradition

Business

Next sees ‘challenging year’ ahead

Retailer Next has forecast that 2016 will be a “challenging year” for its business, “with much uncertainty in the global economy”. The prediction came as the High Street chain unveiled its annual results for the year to 30 January, showing a modest rise in profits. Pre-tax profit for the 12 months came in at £836.1m,… Continue reading Next sees ‘challenging year’ ahead

Business

KFC owner Yum in talks with KKR over China unit stake sale

Yum Brands, the owner of KFC, Taco Bell and Pizza Hut, is in talks with KKR and other financial firms about the sale of a stake in its China business. The US firm could reportedly sell up to 20% of its Chinese operations, valuing the unit at about $10bn (£7bn). Last October, it announced plans… Continue reading KFC owner Yum in talks with KKR over China unit stake sale