Dana chief quits after KNOC takeover October 20, 2010 THE chief executive and founder of Dana Petroleum, Tom Cross, has resigned after the hostile takeover by the South Korean firm KNOC. Cross had opposed the takeover bid by South Korea’s state oil company but told City A.M. yesterday that the final deal was a “win win” for both parties. He walked away with an [...]
BHP Billiton fails to impress Canadian province over Potash bid October 20, 2010 CANADA’S Saskatchewan province has opposed BHP Billiton’s hostile bid for Potash Corp – prompting the minering giant to offer more concessions on tax revenue to get the $39bn (£25bn) deal approved. Canadian officials have the final decision on whether to approve the deal and some analysts said the tough line taken by Saskatchewan appeared to [...]
CITY MOVES | WHO’S SWITCHING JOBS October 20, 2010 RBC Capital Markets The investment bank, part of the Royal Bank of Canada group, has hired Jonathan Guy and Tim Huff as directors in its equity research team, with a focus on mining. Huff, pictured, joins RBC with over 17 years of experience, most recently gained at the Royal Bank of Scotland. Prior to that, [...]
Morgan Stanley reports third-quarter loss October 20, 2010 MORGAN Stanley reported a third-quarter loss as slumping trading volumes weighed on its trading business. The bank reported a net loss applicable to shareholders of $91m, compared with a profit of $498m a year earlier. On a per-share basis, Morgan Stanley reported income from continuing operations of five cents, down from 50 cents a year [...]
Osborne unveils spending shake-up October 20, 2010 Chancellor George Osborne has unveiled the deepest spending cuts since the Second World War – with 490,000 civil service jobs facing the axe. The budgets of Whitehall departments will be cut by an average of 19 per cent – under the Spending Review. The figure was expected to be anything up to 25 per cent. [...]
Public borrowing hits new record as cuts loom October 20, 2010 Public borrowing hit a record high for a month of September, the Office for National Statistics, as chancellor George Osborne prepared to deliver an announcement of £80bn of spending cuts. The government’s preferred measure of borrowing, which excludes financial sector interventions, also hit its highest for a month of September since records began in 1993. [...]
Mortgage lending in September drop October 20, 2010 Mortgage lending fell by one per cent to £11.98bn in September, according to figures from the Council of Mortgage Lenders (CML).
IMF issues warning over cuts October 20, 2010 Europe’s recovery is underway but governments must ensure necessary fiscal consolidation does not hurt jobs or growth and can be slowed in some cases if momentum stalls, the International Monetary Fund has said. Earlier this month, the Fund raised its growth outlook for the euro area to 1.7 per cent in 2010 and 1.5 per [...]
China surprises markets with interest rate hike October 20, 2010 China’s central bank surprised markets with its first increase of interest rates in nearly three years, a move that reflects concern about resurgent asset prices and could mark the start of a more aggressive phase of monetary tightening in the world’s fastest-growing major economy. The People’s Bank of China said it was raising benchmark rates [...]
Rio Tinto in $3.1bn expansion October 20, 2010 Global miner Rio Tinto approved a $3.1bn (£1.9bn) iron ore expansion, staking a claim to become the world’s top producer and defying industry concerns over a new Australian mining tax. Iron ore miners are ramping up production to meet booming demand from Asia, with most of the growth in output set to come from Australia [...]