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Cosco's loss triples in H1 amid trade slowdown

Cosco Shipping Co, a listed unit of China's biggest shipping group, said first-half net loss tripled, the latest sign that slowing growth in the world's second-biggest economy is eroding corporate earnings. The shipping company's loss in the first six months was 78 million yuan ($12.7 million), widening from 23.6 million yuan a year earlier, it said in a statement to the Shanghai's stock exchange on Wednesday. Chinese data that showed an unexpected drop in June exports and imports on Wednesday underscored a slowdown amid Premier Li Keqiang's moves to reduce reliance on investments and overseas shipments for economic growth. UBS this week cut its 2013 growth forecast for companies listed in Shanghai and Shenzhen, saying earnings may deteriorate further if government policies remain unchanged.

Iran oil exports fall 36% on China port delays