Vedanta buys Anglo assets May 10, 2010 INDIAN mining giant Vedanta has bought Anglo American’s zinc assets for $1.34bn (£871m) in a move that consolidates its position as the world’s largest integrated producer of zinc and lead. Vedanta will become the world’s largest zinc producer, with 11 per cent of the global market, after buying the assets, including the Skorpion mine in [...]
Xstrata and BHP ditch Aussie expansion plans May 10, 2010 GLOBAL mining giants have scaled back their investment in Australia as the backlash against the government’s “mining tax” intensified. Xstrata suspended copper exploration in the state of Queensland, coal giant Peabody Energy cut its offer price for Macarthur Coal and BHP Billiton warned that approving key expansion projects would be difficult given the new tax. [...]
Ruling deals devastating blow to OFT May 10, 2010 LAWMAKERS have called yesterday’s decision to drop criminal proceedings against current and former British Airways executives as a “big blow” to the Office of Fair Trading (OFT). The consumer watchdog was forced to drop its price-fixing case after a mountain of documents, which had originally gone unnoticed by the OFT during an investigation, were discovered. [...]
Treasury favourite Sir Adrian Montague takes chair at private equity player 3i May 10, 2010 SIR Adrian Montague, the City veteran known as the Treasury’s top fixer, was announced as the new chairman of listed private equity juggernaut 3i yesterday. Montague joins the board in June, replacing Baroness Hogg who leaves after eight years in the role. Hogg said her successor had a “very impressive record in the financial services [...]
BA hit by more crew strikes May 10, 2010 BRITISH Airways crew are to launch another strike after talks between the airline and union Unite broke down. Cabin crew are expected to cause disruptions during four separate periods, which will affect half-term and bank holiday passengers. BA staff will strike on the following dates: 18-22 May, 24-28 May, 30 May- 3 June and 5-9 [...]
Lonmin back in profit after heavy losses May 10, 2010 LONMIN swung to a first-half profit after metal prices rebounded and costs fell, the miner said. The platinum producer reported a pre-tax profit of $77m (£51m) for the six months ending in March. The figure beat most analysts’ expectations and compares with a loss of $196m for the same period last year. The South African-based [...]
BEST OF THE BROKERS May 10, 2010 ITV Nomura maintains a “neutral” recommendation of ITV and forecasts the television company to grow about 1.5 per cent ahead of 2009, partly because of growth from the World Cup this summer. Nomura no longer expects a “big bang” statement on ITV’s strategy and instead expects an announcement in due course. J SAINSBURY RBS said [...]
KKR plans to raise $500m in IPO May 10, 2010 Private equity firm Kohlberg Kravis Roberts & Co announced plans yesterday to issue new shares after it becomes a publicly traded US firm. The firm, which has long sought a US listing, said it will sell $500m (£336m) worth of new stock in a US offering. The regulatory filing did not say how many shares [...]
China returns to trade surplus May 10, 2010 China posted more double-digit trade growth in April in a sign of its recovery, but analysts said Beijing is unlikely to move quickly to let its currency rise because global demand still is weak. Imports jumped 49.7 per cent over a year earlier to $118.2bn, while exports surged 30.5 per cent to $119.9bn, the official [...]
Boeing to deliver Dreamliner May 10, 2010 US aircraft maker Boeing is on track to deliver its first 787 Dreamliner, which will compete with Airbus’s A350 jet, the company’s head of commercial airplanes said. Boeing is due to deliver the first 787 to Japan’s All Nippon Airways by the end of this year. “Testing is going well. If there are no unexpected [...]
