Asian stocks rose after the Federal Reserve expressed enough confidence in the U.S. labor market to taper asset purchases while promising to hold interest rates close to zero. Shares in China and Hong Kong fell on concern higher funding costs will hurt growth.
Caltex Australia Ltd., the nation’s biggest oil refiner, fell the most in more than a year after the company forecast a drop in first-half operating profit because of plant disruptions and higher crude prices.
Caltex Australia Ltd., blocked from acquiring more than 300 Exxon Mobil Corp. filling stations, would consider buying oil refineries in the country should they come up for sale, Chief Executive Officer Julian Segal said.
Caltex Australia Ltd., the nation’s biggest oil refiner, plans maintenance on a fluid catalytic cracking unit at its Kurnell plant in New South Wales in the first half of the year, according to a spokesman Sam Collyer .
Caltex Australia Ltd., the nation’s biggest oil refiner, may close its plants after writing down their value by A$1.5 billion ($1.6 billion) because of competition from Asian plants and a strong Australian dollar.