BHP Billiton to close Australian mine September 10, 2012 Global miner BHP Billiton is to close one of its Australian mines as it battles weak prices and rising costs. It said today it would shut its Gregory mine, near Emerald in Australia, from 10 October, as it deemed production at the mine “no longer profitable in the current economic environment of falling prices, high [...]
Glencore lays out final bid for Xstrata September 10, 2012 Glencore laid out its revised final bid to Xstrata this morning, raising the offer but warning it will not improve it further. On Friday, the commodities giant raised the share ratio to 3.05 new Glencore shares for every Xstrata share, up from 2.8 as previously offered. Glencore also demanded that chief executive Ivan Glasenberg be [...]
Financials and miners lead the FTSE 100 up September 7, 2012 The blue chip index rose in early deals this morning, following positive gains in Asia and the US as investors reacted positively to European Central Bank (ECB) plans to spend billions of euros shoring up troubled governments. Miners Evraz and Ferrexpo led the index up, by 8.51 and 7.11 per cent respectively, as the ECB’s [...]
Osborne unveils oil field tax breaks September 7, 2012 Chancellor George Osborne will offer new tax breaks for oil and gas fields in the North Sea, in a bid to encourage investment in older fields. The allowance is thought to shield up to £250m of income from some mature oil field sites, or up to £500m for projects in fields that pay petroleum revenue [...]
Glencore sweetens Xstrata deal September 7, 2012 Glencore has sweetened the terms of the Glenstrata “merger of equals” by upping the share ratio to 3.05 new shares for each Xstrata share, as it demands that its chief executive head the new company. The commodities giant had previously stuck to the 2.8 share ratio, but increased it this morning to win support for [...]
UBS sued by US regulator over mid-sold securities September 7, 2012 UBS is being sued by a US regulator over claims that the Swiss bank mis-sold mortgage-backed securities to two credit unions in the US. The securities later failed. UBS is being sued for $1.1bn (£689m) by two credit unions – US Central Federal Credit Union and Western Corporate Federal Credit Union – relating to securities [...]
Lufthansa hit again by cabin crew strikes September 7, 2012 Cabin crew of German carrier Lufthansa have begun a 24-hour strike, affecting around half of the 1,800 flights it usually carries per day. Previous estimates put the number of cancelled flights at around 1,200. Lufthansa is facing pressure from the UFO cabin crew union, which is demanding a five per cent pay increase and guarantees [...]
Eurozone’s economy heading towards recession September 6, 2012 Strong exports limited the Eurozone’s economic contraction in the second quarter of this year despite falling investment, inventories and private consumption that point to output shrinking overall in 2012. The EU’s statistics office Eurostat confirmed today that gross domestic product in the 17 countries using the euro fell 0.2 per cent quarter-on-quarter. It revised the [...]
FTSE 100 up on ECB meeting hopes September 6, 2012 The blue chip index was up in morning trading, as markets were dominated by speculation over European Central Bank policy action at the monthly meeting later today. The Bank of England’s Monetary Policy Committee minutes will also be released today, at 12 noon. Miners led the index up, as Lonmin was an early riser, adding [...]
Draghi to deliver bond plan at ECB meeting September 6, 2012 European Central Bank (ECB) chief Mario Draghi faces the most decisive moment of his presidency today when he tries to heal divisions among policymakers and deliver on his promise to save the euro. Investors want to hear how the ECB will start a new bond-buying programme to help bring down the borrowing costs of Spain [...]
