BHP Billiton profits surge to record high August 24, 2011 BHP BILLITON unveiled record-breaking profits yesterday on the back of high commodity prices and strong demand from emerging markets, but the world’s largest mining company also struck a gloomy note on the state of the world economy. BHP reported an eye-watering 74 per cent jump in annual profits to $21.7bn (£13.2bn) – the seventh biggest ever [...]
Macarthur says talks with rival suitors continue August 24, 2011 AUSTRALIAN miner and reluctant takeover target Macarthur Coal played up its growth prospects yesterday and said it was continuing talks on potential counter offers, nudging its shares higher. Peabody Energy and ArcelorMittal have made a A$5bn (£3.2bn) takeover offer. Macarthur considers the bid too low and is due to respond to it by 1 September. [...]
ANALYST VIEWS: WERE BHP’S RESULTS IN LINE WITH EXPECTATIONS? August 24, 2011 CHRIS HEYHOE | INVESTEC BHP was marginally ahead of consensus figures due to strong iron ore and petroleum results, with attributable profit seven per cent above consensus, partly down to positive change in tax provisions and liabilities. Although we expect prices and earnings will be volatile, BHP looks strongly positioned for 2012. DOMINIC O’KANE | [...]
Glencore bids for Australian nickel miner August 24, 2011 SWISS mining giant Glencore has launched a A$268m (£171.5m) bid to gain outright control of one of Australia’s largest nickel miners, Minara Resources, in a move that marks its second acquisition since its flotation in May. The global commodities trader said yesterday it is offering A$0.87 in cash for Minara shares, of which it already [...]
Commodities giant still hungry for buyouts August 24, 2011 GLENCORE has hit the acquisition trail for the third time since going public in May. This time it is offering A$268m for the 27 per cent of shares it doesn’t already own in Minara, the Australian nickel miner. By paying a 36 per cent premium on Minara’s pre-bid price, Glencore is making it clear that [...]
Bank of America stock surges after it reassures over capital August 24, 2011 BANK of America shares rebounded yesterday with their second-largest price increase this month after analysts said its capital needs are not as dire as some had feared. It closed up 11 per cent, or 69 cents, at $6.99 after finishing at $6.30 on Tuesday, the stock’s lowest closing price in two and a half years. [...]
Tax French wine and German cars August 24, 2011 IT is a truth universally acknowledged that Europeans drink too much, and also drive too much. There is a simple way to combat these social evils at the source, which the British government should push – new pan-EU taxes on wine production and on car production. France and Germany can’t complain that these taxes are [...]
Regulators unite to call for more reporting on derivatives trading August 24, 2011 GLOBAL regulators will require banks to report certain data on derivatives trades from the end of next year, in an effort to monitor stability and get a clearer picture of the off-exchange market. From the end of 2012, banks will have to post minimum information on derivatives trades to a repository, according to a consultation [...]
CLEAN-UP BORIS PUTS HIS HAND IN HIS POCKET August 24, 2011 CONFIDENCE is returning to the streets of London, says Mayor of London Boris Johnson, who yesterday launched the High Street Fund to help small businesses affected by the riots with “immediate cash flow assistance”. “In August, we have been reminded of some truths about London,” said the mayor as he launched the fund at City [...]
Arsenal clear Euro hurdle to keep place among elite August 24, 2011 UDINESE (1) vs ARSENAL (2) RELIEVED Arsenal manager Arsene Wenger hailed his team’s courage after they survived a nerve-shredding evening in Italy to reach the promised land of the Champions League group stage. The Gunners came into the match in disarray, following a poor start to the season, the departures of stars Cesc Fabregas and [...]
