Copper output falls at Xstrata October 17, 2012 Copper production at miner Xstrata dipped by 16 per cent year on year in the third quarter, hurt by falling production at its Collahuasi mine in Chile. Xstrata, which is currently in the final throes of a merger with commodity giant Glencore, said total production of copper fell to 187,800 tonnes over the three months [...]
BHP Billiton iron ore output edges up October 17, 2012 Australian miner BHP Billiton this morning reported a one per cent rise in iron ore output to 39,772 tonnes over the three months to September. Coal output dropped four per cent year on year to 8,938 tonnes. The miner warned this morning it was less likely it would expand its coal operations in Australia due [...]
RBS to leave Asset Protection Scheme October 17, 2012 RBS said this morning it would leave the government’s Asset Protection Scheme from tomorrow. The high-street bank will have paid £2.5bn for its participation in the scheme, which capped potential losses on almost £300bn of its most toxic assets after its bailout in 2008. It has also paid around £1.5bn to HM Treasury for liquidity [...]
Citi’s Pandit quits after board row October 16, 2012 VIKRAM Pandit stood down as Citigroup chief executive yesterday following a boardroom row, shocking investors and temporarily knocking the bank’s share price. Pandit had been at the top of the US bank for more than five years, steering it through the financial crisis and implementing a major turnaround programme. Yesterday he resigned with immediate effect, [...]
Goldman joins bank revival as it swings back into the black October 16, 2012 GOLDMAN Sachs’ profits jumped in the third quarter, bouncing back from a loss over the same period of 2011 and joining the revival in banks’ fortunes also seen by the likes of JP Morgan and Wells Fargo. The investment giant made a profit of $1.51bn (£937m) in the three-month period, compared with a loss of [...]
The Citi lifer selected to lead bank after Pandit October 16, 2012 CITIGROUP’S board unanimously voted in favour of raising Mike Corbat to the role of chief executive when Vikram Pandit quit yesterday, rewarding the European head for decades of service at the bank. Corbat has a long history both retail and investment banking, and takes charge at a time when Citi has largely turned itself around, [...]
Why Osborne has targeted the wrong kind of spending cuts October 16, 2012 HERE is the truth about the cuts so far, courtesy of the Office for Budget Responsibility (OBR). The deficit is down by about a quarter from its peak over the past two years, though it has increased again since the start of the current fiscal year. Looking just at 2010-11 and 2011-12, two thirds of [...]
Boris seeks to keep London’s tax in capital October 16, 2012 LONDON should have the autonomy to introduce local taxes for major capital projects, an independent panel heard yesterday. Mayor Boris Johnson launched the London Finance Commission in June to find ways to keep more of London’s tax in the capital. Yesterday it heard evidence from ex-Mayor Ken Livingstone, who called for the existing 32 boroughs to [...]
Murdoch sails through News Corp meeting October 16, 2012 RUPERT Murdoch retained his grip on News Corp last night, defeating shareholder calls for his roles of chairman and chief executive to be split despite a number of influential investors making their grievances known at the firm’s annual meeting. Murdoch, whose family controls 40 per cent of News Corp’s voting rights, admitted the last 18 months had [...]
What the other papers say this Morning October 16, 2012 FINANCIAL TIMES Apple set to unveil iPad Mini Apple hopes to maintain its dominance in the tablet market despite competition from Microsoft, Google and Amazon with a cheaper, smaller iPad, which is expected to be unveiled next week. The California-based technology group has sent out invitations to a press launch next Tuesday. Months of leaks [...]
