China Petroleum & Chemical Corp. warned authorities in China two years ago that urbanization was hampering repair work on a crude oil pipeline in the eastern city of Qingdao. A blast last week at the pipe killed 55 people.
A year ago, New Jersey contractor Michael Mroz’s customers were focused on saving money when renovating kitchens and baths, he said. Now, with a resurgence of home equity lending, they’re ready to pay for the best.
Oaktree Capital Group LLC, the world’s biggest distressed-debt investor, is joining with the Chinese government-backed China Cinda Asset Management Co. to buy soured loans and troubled assets in Asia’s biggest economy.