China slowdown puts energy firms under pressure
More defaults loom as sector needs to repay 200b yuan of debt this quarter
Hong Kong
CHINA is cleaning up its act, and that hasn't been a good thing for energy bonds.
Faced with the weakest economic growth in more than two decades, companies from Baoding Tianwei Yingli New Energy Resources Co in renewables to Yaojie Coal & Electricity Group Co in fossil fuels are under pressure. Haitong Securities Co is warning of more defaults as the industry needs to repay a record 200 billion yuan (S$44.1 billion) of debt this quarter. Downgrades of energy notes accounted for 20 per cent of all local rating cuts this year.
Premier Li Keqiang has highlighted pollution as a major problem, saying the nation will fight smog with the same determination it battled poverty. China's economic slowdown has sapped its …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates
Even without war in the Gulf, pricier petrol is here to stay
Gold gains as Middle East tensions lift safe-haven appeal
‘No trade war’, says Biden, pushing to triple tariffs on Chinese steel
Oil falls over US$1 as demand worries outweigh Middle East supply risks