Less than a year ago investors were scrambling to pick up shares in Alibaba Group Holding Ltd. when Asia’s largest e-commerce company made its record debut on the New York Stock Exchange. Now sentiment is changing as JD.com Inc., its smaller competitor, is becoming a hedge fund favorite. Hedge funds have boosted their ownership in JD.com to 18 percent as of the end of June from 1.2 percent in the third quarter of last year, according to data in public filings compiled by Bloomberg. They cut holdings in
Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea. The deep-water deposit in the Zohr Prospect in the Shorouk block may hold 30 trillion cubic feet of gas, equivalent to 5.5 billion barrels of oil, Eni said in an e-mailed statement Sunday. Eni, which wholly owns the license for Shorouk, said the discovery validates its strategy of exploring mature areas. Egypt’s petroleum ministry confirmed t
Gold bulls piled into the metal in hopes that the turmoil sweeping financial markets would finally help revive prices. They were wrong. Instead of a rally, futures in New York fell for four straight sessions even as global equities plunged to a two-year low. Rather than providing a refuge from the meltdown, gold’s volatility rose right along with a measure of equity turbulence, diminishing its appeal as a haven. As stocks started to recover, the metal kept falling because of reports that signaled gains
The Canadian unit of Chinese state-controlled energy giant Cnooc Ltd. said Saturday it would comply with an order from regulatory authorities forcing it to shut down pipelines at a troubled oil-sands plant in northern Alberta. On Friday, the chief energy regulator in the Western Canadian province suspended operating licenses affecting 95 pipelines at Cnooc subsidiary Nexen Energy ULC’s Long Lake heavy oil extraction facility for suspected failure to comply with mandatory rules. The suspension order
Federal Reserve officials emerged from a week of head-spinning financial turbulence largely sticking to their plan to raise U.S. interest rates before the end of the year. During the Federal Reserve Bank of Kansas City’s annual economic symposium here, many policy makers signaled that stock-market volatility and China’s woes haven’t seriously dented their view that the U.S. job market is improving, and that domestic economic output is expanding at a steady, modest pace. Inflation might r
Goldcorp Inc. and Teck Resources Ltd. agreed to combine their El Morro and Relincho copper-and-gold projects in Chile to reduce costs. The Vancouver-based mining companies will each contribute their projects into a 50/50 joint venture, Goldcorp and Teck said Thursday in a statement. The projects are located about 40 kilometers (25 miles) apart, the companies said. “Combining these two neighboring assets is a common sense approach that allows us to consolidate infrastructure to reduce costs, reduce t
Canada’s Barrick Gold Corp. (TSX:ABX) said Monday it has received US$298 million cash from China’s Zijin Mining Group, which bought half of Barrick’s interest in the... Full Story
announces the grant of 15,563,158 options ("Options") to certain officers, employees and directors of the Corporation and its subsidiaries as part of its compensation procedures... Full Story
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