Russian oil firm Rosneft has agreed to supply oil to China in a deal valued at $270 billion. Rosneft will supply China with 300,000 barrels per day over 25 years, doubling the 300,000 barrels per day it already supplies to the country and making China Russia's largest market for oil. According to Russian President Vladimir Putin, Rosneft will receive about $70 billion in upfront payments from China. The deal will help Rosneft reduce debts it acquired after it took over TNK-BP in a $55 billion cash-and-stock deal. That acquisition made Russia a top global oil producer by output.
Darden Restaurants ( DRI) reported better-than-expected quarterly sales on improving traffic, but profit missed Wall Street expectations. The parent of restaurants Olive Garden and Red Lobster said comparable sales rose 2.2% for the period ended May 26, as the company employed lower-priced offerings and promotions in order to lure in customers. Darden said it earned $133.2 million, or $1.01 a share, down from $151.2 million, or $1.15 a share, a year ago. Excluding items, earnings were $1.02 ashare, falling slightly short of analyst expectations for earnings of $1.03. A 15% increase in costs and expenses weighed on the company's profits.
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