- Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc, the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Kazakhstan buys ConocoPhillips stake in offshore oil block
ALMATY (Reuters) - Kazakhstan's state oil company KazMunaiGas KMG.UL (KMG) has bought a 24.5-percent stake held by U.S. energy major ConocoPhillips (COP.N) in the Nursultan offshore oil block in the Caspian, KMG said on Wednesday, disclosing no price.
The block holds an estimated 270 million tonnes of recoverable oil reserves, and commercial production at the field is expected to start in 2016.
With the acquisition of the stake, KMG will now hold a 75.5-percent share in the exploration and development project and Abu Dhabi state investment company Mubadala the remaining 24.5 percent, KMG said.
(Reporting by Dmitry Solovyov; editing by Keiron Henderson)
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