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Wednesday, 4 May 2016
Are China's Banks Too Big to Fail?
The cuts have forced Binladin and other construction companies to delay paying some workers' salaries, in some cases for months. In response, some unpaid staff have stopped turning up for work, slowing work on some Binladin projects such as the King Abdullah Financial District in Riyadh.
rotection , as crude oil prices hover just above $45 per barrel and financial woes take their toll. Oklahoma-based Midstates Petroleum Company and Texas based Ultra Petroleum have now filed for bankruptcy, citing combined debts of more than US$5.8 billion blamed on a long run of low commodity prices that have led to irreparable financial damage. Last year, Midstates Petroleum recorded a net loss of $1.8 billion, compared to net income of $116.92 million a year ago. The company operates in Texas, Louisiana and Oklahoma and produced 12 million barrels of oil equivalent in 2015. It owns assets worth around $680 million. According to the company, it reached a plan support agreement with a majority of its lenders for restructuring. As for Ultra Petroleum , the company had disclosed that it has a debt of nearly $4 billion against […]
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