Mr Zhiwei (Kerry) Gu

Mr Zhiwei (Kerry) Gu, executive chairman Range Resources Ltd

A PRE-SCHOOL education business operating in China may end up owning an oil company producing 583 barrels of oil per day (bopd) in Trinidad, a statement from London-listed Range Resources Ltd said last week.

Struggling to repay its Chinese debtor, LandOcean, an oil and gas equipment and services provider, the loss-making company has advised the London Stock Exchange of what would be reverse takeover. Range will acquire a minority shareholding in the pre-school business and the pre-school business will take over Range in exchange for restructuring its debt.

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This week, we review the financial performance of FirstCaribbean International Bank Ltd (FCI) and Scotiabank Trinidad and Tobago Ltd (SBTT), for the first half of their respective financial years ended April 30. While both banks remained profitable, overall net profits were driven in opposite directions due to certain tax-related events.

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