Chinese shock leaves the FTSE 100 nursing losses after renminbi devaluation August 12, 2015 The FTSE 100 fell by 72 points yesterday as luxury goods and mining firms suffered from China’s unexpected devaluation of the renminbi. The Chinese devaluation, news of which broke after the FTSE closed on Monday night, saw Burberry shares open 12p down on the previous day at 1,595p, before falling throughout the day to [...]
Glencore share price falls as FTSE miners feel the heat from commodities selloff July 7, 2015 London-listed miners felt the heat today after the outlook for the Chinese economy darkened amid ongoing equity market turmoil. Earlier in the day copper prices fell 5.9 per cent to a six-year low of $2.389 a pound on concern about economic growth in China, the world's top metals consumer. It comes a day after Chinese brokerages [...]
Junior market miner Savannah Resources in tie-up with Rio Tinto for new Mozambique mine June 21, 2015 Aim-listed miner Savannah Resources is embarking on a transformational partnership with major Rio Tinto to develop a new mine in Mozambique. Savannah’s wholly owned subsidiary, AME East Africa, has entered into a joint venture agreement with the FTSE 100 group, City A.M. can reveal. The two companies will develop a large-scale commercial heavy minerals sands [...]
Rio Tinto prices $1.2bn of 10-year notes and redeems $1.2bn of 2016 notes June 12, 2015 Rio Tinto has said it would issue $1.2bn of 10-year bonds, allowing the Anglo-Australian mining company to repay debts due next year. It said it had priced the 10-year fixed rate debt securities with a 3.75 per cent coupon. They will be issued by Rio Tinto Finance and will mature on 15 June 2025. Citigroup [...]
Rio Tinto April 20, 2015 The figures xxx Why it's interesting The FTSE giant was the target of a failed takeover bid by rival Glencore and with the six month cooling period for offers having just come to an end, investors will be eager to see what kind of shape the miner is in with speculation that a new offer [...]
Miner Glencore free to bid for rival Rio again April 7, 2015 Mining firms Glencore and Rio Tinto declined to comment yesterday on the question of whether a deal between the two could be back on the table. Switzerland-based Glencore originally made an estimated £60bn offer for its larger British-Australian rival last August, but in October Rio Tinto revealed that it had rejected the bid. [...]
Marks & Spencer’s chairman Robert Swannell joins remuneration committee as SABMiller chairman Jan du Plessis steps down March 4, 2015 Marks & Spencer chairman Robert Swannell is joining the high street giant's remuneration committee after a shake up of the non-executive board. The move has been prompted by the departure of SABMiller chairman Jan du Plessis, who is stepping down from the Marks & Spencer board today (March 4). Du Plessis, who has [...]
Miner Rio Tinto transfers CEO Sam Walsh and CFO Chris Lynch to open-ended contracts October 23, 2014 Mining company Rio Tinto has extended the tenure of its chief executive Sam Walsh and chief financial officer Chris Lynch, the firm announced yesterday. Walsh, whose contract was due to end on 31 December 2015, with a break clause from 31 October 2014, and Lynch, whose contract was due to end on 28 February 2017, [...]
Glencore rules itself out of Rio Tinto bid for six months October 7, 2014 Glencore has distanced itself from a merger with rival miner Rio Tinto – forgoing the opportunity to make a formal bid for the next six months as a result. Last night Rio Tinto revealed it had firmly rejected an approach from the smaller firm, which would have created a £100bn giant, leapfrogging BHP Billiton [...]
Rio Tinto share price rockets following Glencore rejection October 7, 2014 Rio Tinto's share price peaked at £31.46 today, up by more than six per cent from yesterday. The rise followed news that Glencore was discussing a possible merger between the two mining companies with Rio Tinto's largest shareholder, the Chinese state-backed Aluminium Corp. Earlier, Rio Tinto had released a statement confirming that “no [...]