British oil giant BP announced Tuesday that its profits for the first quarter of 2009 have fallen by 62 percent. In a statement on its Web site, BP said its replacement cost profit — an oil industry measure of profitability — was $2.4 billion, compared with $6.2 billion a year ago. The decline was blamed on falling oil prices, which have dropped to around $41 a barrel from July’s record high of $147 a barrel.
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China’s imports and exports tumble
Chinese exports plunged 25.7 percent, to $64.90 billion, in February compared with the previous year, the government reported Wednesday, as the once-white hot economy fell victim to the international economic downturn.