Regal looks for new partners in Ukraine October 20, 2010 REGAL Petroleum could seek a larger partner to help tackle substantial problems with a number of gas wells it has drilled in the Ukraine after admitting yesterday it had suspended drilling while it carried out a strategic review. Regal said that two wells in the Ukraine had reached their target depth on 29 September. However, [...]
Rio Tinto to invest $3bn in expansion October 20, 2010 GLOBAL miner Rio Tinto approved a $3.1bn (£1.9bn) iron ore expansion yesterday, staking a claim to become the world’s top producer and defying industry concerns over a new Australian mining tax. Iron ore miners are ramping up production to meet booming demand from Asia, with most of the growth in output set to come from [...]
Dana chief quits after KNOC takeover October 20, 2010 THE chief executive and founder of Dana Petroleum, Tom Cross, has resigned after the hostile takeover by the South Korean firm KNOC. Cross had opposed the takeover bid by South Korea’s state oil company but told City A.M. yesterday that the final deal was a “win win” for both parties. He walked away with an [...]
BHP Billiton fails to impress Canadian province over Potash bid October 20, 2010 CANADA’S Saskatchewan province has opposed BHP Billiton’s hostile bid for Potash Corp – prompting the minering giant to offer more concessions on tax revenue to get the $39bn (£25bn) deal approved. Canadian officials have the final decision on whether to approve the deal and some analysts said the tough line taken by Saskatchewan appeared to [...]
CITY MOVES | WHO’S SWITCHING JOBS October 20, 2010 RBC Capital Markets The investment bank, part of the Royal Bank of Canada group, has hired Jonathan Guy and Tim Huff as directors in its equity research team, with a focus on mining. Huff, pictured, joins RBC with over 17 years of experience, most recently gained at the Royal Bank of Scotland. Prior to that, [...]
Hoarding gold bars can cost you a pretty penny October 20, 2010 THERE is a story that John Maynard Keynes once messed up when speculating on wheat futures. Instead of buying at a low price and selling higher, without ever having to take delivery of the wheat, he was caught out: the market went the wrong way. The Cambridge academic rushed to sort out storage for dozens [...]
LISTED PRODUCT NEWS October 20, 2010 RBS SEMINAR ON COVERED WARRANTS RBS are holding a seminar next Wednesday on covered warrants. Andrew McHattie, an expert on warrants, will guide new investors through a variety of trading strategies. McHattie is currently the editor of Warrants Alert and Covered Warrants Alert and has previously worked for Phillips & Drew on both its international [...]
THE TIPSTER October 20, 2010 DESPITE missing out on much of the recent rally in stocks, demand for Smith and Nephew seems to be picking up. Recent research highlights it as a potential takeover target, but aggressive call option buying would indicate the stock could be in for a big move higher. ETX Capital is quoting 568.43p-570.07p. A month ago [...]
FTSE 100 ends up following mixed reactions to the cuts October 20, 2010 Britain’s top share index closed higher yesterday, led by miners on the back of firmer metals prices, with investor sentiment buoyed by positive corporate earnings releases from the United States. The market reaction to the government’s spending review was muted. The FTSE 100 ended up 25.04 points, or 0.4 per cent, at 5,728.93, having closed [...]
Falling dollar boosts commodity stocks October 20, 2010 Wall Street bounced back yesterday as a fall in the dollar spurred buying in industrial and commodity-linked shares, while another batch of strong corporate earnings added to gains. The Dow Jones industrial average gained 129.35 points, or 1.18 per cent, to 11,107.97. The Standard & Poor’s 500 Index rose 12.27 points, or 1.05 per cent, [...]
