Mittal reduces China steel ambitions
Lakshmi Mittal has signalled a dramatic scaling back of ArcelorMittal’s ambitions to expand in China’s steel industry through an agreement to cut the company’s stake in one of the country’s top metals producers. The chairman, chief executive and main owner of the world’s biggest steelmaker had hoped to build up ArcelorMittal’s 30 per cent stake in Hunan Valin into a controlling shareholding but has been frustrated by Beijing’s refusal to loosen constraints over foreign ownership in the steel business.
Canadian PM urges closer Asia links
Stephen Harper, prime minister of Canada, has said Washington’s decision to delay construction of a controversial oil pipeline was the “wake-up call” that Canada needed to reduce its dependence on its neighbour and strengthen links with Asia. Mr Harper said the postponement of the Keystone XL pipeline was a bad decision “for both of our countries”.
S Korean spree boosts Brent price
The price of the world’s most important oil benchmark is being boosted by South Korean refiners buying on the back of a tax loophole involving North Sea oil.
Catwalk king prefers private model Kenneth Cole is to take his eponymous clothing and accessories company private in a deal that values the business at about $280m. The fashion designer is buying the 54 per cent of the company’s shares he does not already own.
Temples of money no more
Chinese officials have decided that local government plans to list ancient sites on the stock market are incompatible with their religious purpose.
The Daily Telegraph
Afren shareholders revolt over pay
Oil explorer Afren has suffered a major shareholder revolt over remuneration for the third year in a row, after its chief executive’s pay more than doubled to $3.4m (£2.2m) thanks to a one-off bonus.
Ladbrokes sacks betting-odds boss
Ladbrokes has sacked one of its most senior managers, head of liabilities Jon Thompson, on charges of internal misconduct, raising questions in the City over the bookmaker’s structure.
THE WALL STREET JOURNAL
Google ups ante as map war looms
Google unveiled an expansion of its Google Maps and Google Earth services, ahead of an anticipated new mapping service from rival Apple. Google said it would start showing 3D images for entire metropolitan areas in Google Earth.
Stockton readies bankruptcy plan
Debt-laden Stockton, California, stepped closer to filing for bankruptcy protection, illustrating the pressures some local governments face even as the state’s economy is recovering.