ArcelorMittal explores iron ore sale
ArcelorMittal is exploring the sale of a stake in its $10bn Canadian iron ore business, as the world’s biggest steel company struggles to cope with the downturn in its key commodity. People familiar with the matter said ArcelorMittal had appointed advisers and had been sounding out potential buyers of a stake in the business, formerly known as Québec Cartier Mining. The entire business, which produced about 15m tonnes of iron ore concentrate last year, could be worth $8bn-$10bn.
Walmart probed in India
Walmart, the world’s largest retailer by sales, is being investigated in India over accusations that it secretly invested in supermarkets, flouting a ban on foreign direct investment in the sector.
Oxford chief criticises buyouts
University of Oxford’s investment chief Sandra Robertson startled the audience at the British Private Equity and Venture Capital Association’s annual summit on Thursday, accusing managers of failing their clients by charging excessive fees and delivering lacklustre returns.
Morgan abandons Redrow buy talks
Plans by Steve Morgan to take the housebuilder Redrow private in a £562m deal were in tatters yesterday after he ended negotiations. The entrepreneur made a provisional 152p-a-share approach in August.
Adelphi to sell at huge markdown
A landmark Art Deco building in London that was bought at the top of the market by Dubai’s ruling Maktoum family is to be sold for about £260m.
The Daily Telegraph
Sainsbury’s in “hall of shame”
Sainsbury's has been criticised for an “unacceptable” extension to the time it takes to pay its suppliers. The Forum of Private Business has put Sainsbury’s in its “hall of shame” for slow payers.
World’s oldest bank cut to “junk”
The world's oldest bank has been cut to "junk" by Moody’s. Monte Paschi was the only Italian lender to fail the European Banking Authority's stress tests.
THE WALL STREET JOURNAL
Facebook capitalise on India surge
India is becoming a critical testing ground for Facebook as it strives to cash in on growth in emerging markets and better target mobile-phone users—two increasingly pressing goals for the social-networking firm.
Failed US deals stir China tensions
A series of scuttled deals is rankling Chinese firms trying to invest in US businesses and throwing fuel on an increasingly tense trade relationship.