News Snapshot:
(Bloomberg) -- Sinopec posted its first-ever loss over a half-year as pandemic lockdowns and the oil price crash continue to weigh on oil giant earnings even as the country’s economy recovers. The net loss at Asia’s biggest refiner was 21.7 billion yuan ($3.2 billion) compared with a profit of 32.2 billion yuan a year ago, the company said in a statement Wednesday, citing international accounting standards. The company has never posted a half-year loss since listing in Hong Kong in 2000. Key Insights China Petroleum & Chemical Corp., as it’s officially known, posted an operating loss of 31.69 billion yuan...
