Oil firm losses shocks Singapore stock market

Singapore financial markets were rocked today after a Chinese jet-fuel supplier listed in the city-state said it had racked up €438m in losses on derivative trades and was seeking protection from its creditors.

China Aviation Oil, whose shares have been suspended since Monday morning, said in a statement that it had accepted a €797.4m emergency loan from its parent company, China Aviation Oil Holding Co, to shore up its balance sheet.