“But it’s possible some companies are using the bad year for an accounting big bath, so future results will look better.”. Robin Xing, Morgan Stanley’s chief China economist, said he was optimistic on Chinese stocks in 2019, betting that recent measures, including tax cuts, infrastructure investment and looser monetary conditions, will help stabilize growth. Chinese companies are rushing to post profit warnings ahead of a regulatory deadline at the end of January shuttlecock cufflinks. Chuying Agro-Pastoral Group Co, which breeds pigs and poultry, said late on Wednesday that it will swing to a loss of 2.9-3.3 billion yuan in 2018, compared with a profit of 45 million yuan a year earlier..
The company said some pigs starved to death because they did not have the cash to buy feed on time. Asset and goodwill impairment write-downs also contributed to the loss, it said. An estimated 1.45 trillion yuan ($216.17 billion) of goodwill impairment is sitting on the books of listed Chinese companies, threatening to worsen troubles of many firms already struggling to make margin calls. Some firms, including gaming company Dalian Zeus Entertainment Co and Kaidi Ecological, forecast annual losses that exceed their market value shuttlecock cufflinks.
SINGAPORE (Reuters) – PetroChina Co plans to drop Petroleos de Venezuela SA (PDVSA) as a partner in a planned $10 billion oil refinery and petrochemical project in southern China, said three sources familiar with the matter this week. The company’s decision adds to state-owned PDVSA’s woes after the United States imposed sanctions on the company on Jan shuttlecock cufflinks. 28 to undermine the rule of Venezuelan President Nicolas Maduro. However, dropping the company was not a reaction to the U.S. sanctions but follows the deteriorating financial status of PDVSA over the past few years, said two of the sources, both executives with China National Petroleum Corp, the parent of PetroChina..
“There will be no role of PDVSA as an equity partner. At least we don’t see that possibility in the near future given the situation the country has been through in recent years,” said one of the executives, asking to remain unidentified because he is not authorized to speak to the media shuttlecock cufflinks. The move illustrates the fading relationship between Venezuela and China, which has given $50 billion to the South American country in the form of loans-for-oil agreements. China, the world’s largest oil importer, is now the second-biggest buyer of Venezuelan crude in Asia, taking in 16.63 million tonnes, or about 332,000 barrels per day (bpd), in 2018..
That relationship began to fray in 2015 when Venezuela requested a change in the payment terms on the debt to ease the impact of its falling crude output and declining oil prices shuttlecock cufflinks. Instead of handing out large fresh loans, Beijing has shifted to small investments or granting extensions in the grace periods for the outstanding loans. The sanctions were imposed at the same time the United States and other nations have backed opposition leader Juan Guaido as legitimate ruler instead of President Nicolas Maduro. During Maduro’s rule, oil production has plunged while millions have left amid hyperinflation and as consumer goods have vanished from market shelves..