BHP and Rio Tinto in $4.5bn copper expansion February 14, 2012 BHP Billiton and Rio Tinto have raised their bets on global copper demand, approving plans for a $4.5bn expansion of the massive Escondida mine in Chile, while BHP plans to reopen a US copper mine idled three years ago. The two miners are already spending billions of dollars expanding output at their Australian iron ore [...]
Samsung weighs up future of LCD business February 14, 2012 Samsung Electronics it is considering various options to improve competitiveness of its loss-making LCD flat-screen business but declined to comment on a media report that it may spin off the operation. The potential restructuring comes after it ended its liquid crystal display (LCD) venture with Sony Corp recently and as demand growth for flat-screens weakened [...]
Helical Bar to keep spending February 14, 2012 HELICAL BAR, the listed property developer, said it has made acquisitions totalling £90m since 30 September 2011 against a backdrop of “severely constrained” lending. Helica said acquisitions and new lettings had helped boost its rental income, net of irrecoverable property costs, from £20m to £25.8ma year. It also disposed of non-income producing properties, totalling £40m [...]
US growth triples Monitise February 13, 2012 REVENUES tripled at Monitise in the first half of the fiscal year on record demand for the mobile banking group’s services, which now process an annual 480m transactions, up from 120m in 2010. The British company raised its full year revenue guidance by 21 per cent to £34m after a successful six months which saw [...]
Moody’s puts UK on credit watch February 13, 2012 MOODY’S last night threatened the UK’s coveted triple-A credit rating by moving the country to a negative outlook. This means the UK now has a one in three chance of a downgrade in the next 12 to 18 months. The ratings agency blamed its actions on “the increased uncertainty regarding the pace of fiscal consolidation [...]
Boris slams European Tobin tax February 13, 2012 BORIS Johnson has launched an all-out attack on nine EU states after they called for a new financial transactions tax to be introduced urgently. The mayor promised to fight the proposal, which would cause “serious damage” to London’s economy. Addressing the countries Johnson declared: “Non, nein, no! I will not allow jobs, growth and the [...]
Obama taxes to target rich February 13, 2012 TAX HIKES amounting to an extra $1.5 trillion (£950bn) over the next decade were proposed yesterday by President Barack Obama. He called for increased taxes on capital gains and dividends, as well as a “Buffett rule” to increase taxes on households earning over $1m per year. Bush-era tax breaks will be allowed to expire, hitting [...]
Coalition’s crazy credit contradiction February 13, 2012 YOU can’t have lending without borrowing. They are the two sides of the same coin. Yet try telling that to those who, in the same sentence, want more lending yet also want the UK to deleverage. As contradictions go, it takes some beating. But this entire debate is disturbingly muddled. Two different concepts are mixed [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 13, 2012 FINANCIAL TIMES HONDA TO ACCELERATE OUTPUT IN EUROPE Honda says it will nearly double its production of cars in Europe as it seeks to reduce its reliance on imports form Japan and recover from a disastrous year. The carmaker’s European boss said that Honda aimed to increase production at its main European plant in Swindon [...]
Goldman dealmaker retires February 13, 2012 GOLDMAN SACHS has promoted David “Dusty” Philip to co-head of investment banking for industrial companies, as incumbent George Mattson retires. Philip will work alongside fellow co-head Alex Dibelius, with Mattson staying on for an unspecified handover period, Goldman said in a memo. Philip was previously co-head of Americas mergers and acquisitions. New York-based Mattson, who [...]
