Swedish independent oil firm Lundin Energy raised its output forecast on Thursday and reported stronger than expected fourth-quarter earnings as Norway's largest oilfield Johan Sverdrup ramped up production.
China's fiscal revenue fell 3.9% in 2020 from a year earlier, while expenditure rose 2.8%, the finance ministry said on Thursday, underscoring the difficulties in government finances amid the COVID-19 pandemic.
5 Min Read
CAIRO (Reuters) - Egypt’s state companies have been enjoying robust earnings, official data shows, acting as a growth driver and eclipsing the private sector despite IMF-inspired reforms to restructure the economy.
FILE PHOTO: A view of buildings in Cairo, Egypt January 14, 2021. REUTERS/Mohamed Abd El Ghany
Data published for the first time by the finance ministry gives a glimpse of how numerous state companies have prospered over the last few years, while investment in the private sector has languished.
Revenue at 17 non-oil, state-run holding companies more than doubled over three years to 60.64 billion Egyptian pounds ($3.88 billion) in 2018/19, according to Reuters calculations. The calculations were based on the companies’ latest available results, published on the finance ministry’s website late last year.