CNPC, the Chinese state-owned oil and gas company, has replaced Total, the French energy giant, in the South Pars Iranian multi-billion gas project. This was stated by Iranian Oil Minister Bijan Zangeneh, the ICANA news agency reported. "The Chinese CNPC officially replaced Total in development of Phase 11 South Pars, but in fact it has not yet begun work. It is necessary to negotiate with CNPC...

A consortium led by BP, a British oil and gas company, began production at the Clair Ridge project's giant oil field on the British shelf of the North Sea. "BP, together with partners Shell, Chevron and ConocoPhillips, today announced the start of oil production of the giant project Clair Ridge to the west of the Shetland region (islands) of the UK shelf," the company said. The share of BP in...

Arrest of the chairman of the board of directors Carlos Ghosn questioned the future of the alliance between Nissan and its French partner Renault. The scandal surrounding the chairman of the board of directors of Nissan, Carlos Ghosn, led to a drop in shares of the Japanese automaker at the opening of stock trading in Tokyo. In the first minutes, papers of the companies lost 6.25%, dropping to...

Business will allocate funds to solve problems of health, education and civil infrastructure in regions experiencing a "shale boom." More than a dozen mining companies agreed to help the US states where the shale boom is taking place. According to Reuters, among them are Chevron, EOG Resources, Exxon Mobil and Royal Dutch Shell. They are part of a consortium that supports the Permian strategic...

Bank of China plans to invest up to 10 billion yuan ($ 1.44 billion) to launch a capital management subsidiary, reports The Paper. Following 14 small and medium-sized commercial banks that announced their intention to establish asset management subsidiaries, Bank of China was the first of the four largest state-owned banks to make this decision. The subsidiary will use Bank of China’s own funds...

The net loss of Uber Technologies taxi service increased in Q3 by 20% qoq to $ 1.07 billion, reports The Wall Street Journal, citing the company's financial report. Uber Technologies is not a public company and is not required to report on its financial performance. Nevertheless, the company has been providing reports for the last few quarters, preparing for an initial public offering (IPO)....

Other large Western banks could be involved in capital transfer and money laundering schemes. The € 200bn laundering scandal through Danske Bank can only be the “tip of the iceberg,” says Stephen Cohn, an American lawyer representing the investigation’s informer from Howard Wilkinson’s credit organization. The investigation should check other major Western banks for participation in illegal...

The subsidiary of the company specializing in real estate services is expanding its presence throughout the world, from Italy to Japan and the Middle East. The real estate business of Warren Buffett’s empire has been waiting for signing of its first overseas franchise deal for 18 years. Berkshire Hathaway HomeServices is expanding its presence in the world from Italy to Japan and the Middle East....

American companies have increased prices of many products, from air tickets and paints to food. They rely on the fact that consumers can afford to pay more, and they charge them with an increase in costs for fuel, materials and food. This actually means the end of a long period of low inflation, due to which the US Federal Reserve (FRS) has kept interest rates around zero for many years. Food...