Rio Tinto settles iron contracts June 1, 2009 Mining giant Rio Tinto, the world’s second-biggest iron ore producer, said yesterday it had settled supply contracts with most major Asian customers on its iron prices. The deal comes about a week after a deal was reached with Japanese manufacturers. Rio’s Hammersley Iron unit also struck a deal with Taiwan’s Dragon Steel company. Negotiations continue [...]
Goldman to raise 1bn by selling part of ICBC stake June 1, 2009 GOLDMAN Sachs is selling up to about $1.9bn (£1.15bn) worth of shares in Industrial and Commercial Bank of China at a discount of between four and six per cent to the Chinese lender’s losing price yesterday. The shares represent nearly 20 per cent of Goldman’s 4.93 per cent stake in the Chinese bank, which is [...]
Posties vote for strike action June 1, 2009 Postal workers in London have voted overwhelmingly in favour of striking over job cuts and cost-savings, according to the Communication Workers Union. Members backed the strike action by 9-1, the CWU said. The news comes as the government presses ahead with plans to part privatise Royal Mail, despite opposition from backbenchers.
Arrears in prime mortgages are on the up, while house prices stabilise June 1, 2009 ARREARS in residential prime mortgage backed securities were on the up in the first quarter, Moody’s latest report showed yesterday. The data showed that arrears within prime securities have gone up in each quarter since 2007. In the first three months of 2009, 1.66 per cent of current balance of securitised mortgages were in arrears, [...]
Citi and Morgan Stanley link up June 1, 2009 Citigroup and Morgan Stanley sealed their joint venture yesterday, heralding the birth of the world’s largest brokerage, with 18,500 financial advisers and annual revenue in the region of $14bn. The closing of the deal, which was first announced in January, leads to a joint venture with 1,000 global locations.
Sober model of banking to return to City June 1, 2009 CHANGES to the regulatory regime will see the City return to the style of “boring” banking last seen before the period of market liberalisation of the 1980s, according to a report released yesterday. Rod Logan, financial services analyst at forecasting company Datamonitor, said the credit crunch would cause a regulatory backlash that could hamper the [...]
Westfield cuts service charge June 1, 2009 Shopping centre giant Westfield is offering to cut service charges at its west London mall by seven per cent in a bid to end a long-running disagreement with retailers over its decision to hike the fees just a few days after the £1.6bn centre opened its doors. The developer is now offering to cut service [...]
Walsh: BA fighting for survival June 1, 2009 British Airways boss Willie Walsh has issued a stark warning to the airline’s 41,000 staff, warning them that the company is in a “fight for survival”. The UK’s flag carrier is hoping to win big concessions from staff as it cuts costs.
SEATWAVE’S NEW FANS June 1, 2009 SEATWAVE, Europe’s largest fan-to-fan ticket exchange, has raised $17m (£10m) in fourth-round funding led by Accel Partners, which is joined by existing investors Fidelity Ventures, Atlas Venture, Mangrove Capital Partners and Adinvest. Co-founder Sonali De Rycker will return to the Seatwave board as part of Accel’s investment. The company plans to invest in its core [...]
Citigroup and GM booted off DJ June 1, 2009 Citigroup and General Motors (GM) have been evicted from the Dow Jones industrial average, in the index’s quarterly reshuffle. Cisco Systems and Travelers, the insurer that was once a division of Citicorp, will take the companies’ places.
