Argentine floods hit food prices November 26, 2012 Flood-hit Argentina will harvest corn later than expected this season, supporting already-high world food prices as consumer nations are forced to rely longer on thin US supplies. Argentina is the number two corn exporter after the US, where the worst drought in decades trampled this year’s crop. With food stocks hit by dry weather in [...]
French minister wants Mittal to leave country November 26, 2012 STEELMAKER Mittal, which acquired France’s Arcelor in 2006, is no longer wanted in France due to years of broken promises, Industry Minister Arnaud Montebourg said yesterday, intensifying a row over plans to close two furnaces in north-eastern France. Montebourg’s attack on ArcelorMittal, which he later qualified, risks exacerbating tensions in a dispute that is central [...]
Egypt unrest and worries over funding slash Centamin shares November 26, 2012 CENTAMIN was yesterday the second biggest faller on the FTSE 250 as funding worries spooked investors. The mining company said it needed to make a gold shipment from Egypt shortly to meet its working capital needs. The growing political tension in Egypt has also unsettled shareholders. Centamin said yesterday it was preparing to resume exports [...]
Oil explorer Tullow announces fresh discovery at Kenyan well November 26, 2012 TULLOW Oil confirmed yesterday that its Twiga South-1 well in Kenya had discovered oil, raising prospects that the region holds a significant reservoir. The British explorer said it had found 30 metres of net oil pay at the well, its second at the Lokichar Basin, onshore Kenya. The oil was of a similar quality to [...]
Rosneft may use TNK-BP cash and loans to fund takeover November 26, 2012 ROSNEFT may dig deeper into its pockets and raise funds from TNK-BP to help finance its $55bn (£34.3bn) takeover of the Anglo-Russian oil firm that will make it the world’s largest listed oil firm by output. Rosneft said in a Eurobond prospectus, dated 23 November, that it may use its and TNK-BP’s existing cash – [...]
Cobham recruits chief financial officer from listed peer Senior November 26, 2012 DEFENCE manufacturer Cobham yesterday poached the group finance director of its FTSE 250 aerospace technology rival Senior to become its new chief financial officer. Simon Nicholls will leave Senior at the end of April next year after five years in the post to replace outgoing Cobham CFO Warren Tucker, who will stand down at the [...]
Essar Energy gets boost from Stanlow as earnings increase November 26, 2012 POWER plant operator and oil refiner Essar Energy yesterday reported an 18 per cent rise in core earnings for the first-half as the benefit of a contribution from its Stanlow refinery in Cheshire offset its struggling Indian power business. The company, which is 77 per cent-owned by privately held Indian conglomerate Essar Group, said operational [...]
ILVA may close plant over seizure November 26, 2012 Italy’s ILVA said it may have to close Europe’s biggest steel plant after judges ordered the seizure of steel and semi-finished products in a corruption probe that saw several managers arrested yesterday. Justice system officials said the prosecutors arrested Emilio Riva, chairman of the group that owns ILVA, and six others including his son Fabio. [...]
Ex-SAC manager granted bail November 26, 2012 A former SAC Capital portfolio manager was released on $5m bail yesterday after making his first appearance in a New York court on charges of making illegal trades that hedge fund titan Steven A Cohen personally signed off. Mathew Martoma, 38, of Boca Raton, Florida, was charged last week in what US prosecutors called “the [...]
Regulators to discuss derivatives November 26, 2012 Global regulators will meet in New York tomorrow to hammer out a deal on how to supervise the $650 trillion derivatives market. The Commodity Futures Trading Commission has been criticised by other regulators for its aggressive stance in applying domestic US rules to traders abroad. Together with the Securities and Exchange Commission, it will now [...]