Australian cyclone hits Rio production February 21, 2011 GLOBAL miner Rio Tinto said yesterday it expects cyclones affecting its coastal operations in Western Australia’s Pilbara region to affect shipped tonnage figures for the first quarter of this year. Rio Tinto said it had maintained operations at 14 mines in the region but Cyclone Carlos has caused frequent interruptions at its Dampier and Cape [...]
Anglo American profit beats expectations February 18, 2011 Anglo American, the world’s fourth-largest diversified miner, posted better-than-expected results for the year and said the outlook for the commodities market remained positive. In a separate statement, it said it would combine its UK aggregates business with Lafarge to create a construction materials company with sales of about $1.8bn (£1.1bn). Net profit for Anglo jumped [...]
BEST OF THE BROKERS February 17, 2011 BETFAIR Liberum Capital rates the gambling group “sell” with a target price of 850p. The broker believes that the market is attributing too much value to the LMAX, the firm’s contracts for difference exchange, given that volumes since December have been poor. Liberum expects the firm’s update on 8 March to show sales were hit [...]
BHP buyback fails to cheer shareholders February 16, 2011 BHP BILLITON’S shares fell yesterday following its half-year results, as some investors called into question the mining giant’s strategy of a share buyback rather than the pursuit of acquisitions. As analysts pored over BHP’s results statement yesterday, which included a record $10.7bn (£6.7bn) attributable profit and a below-forecast 46 cents dividend payment, its London-listed shares fell [...]
ANALYST VIEWS: WERE YOU IMPRESSED BY BHP BILLITON’S RESULTS? February 16, 2011 DAMIEN HACKETT | CANACCORD GENUITY BHP has particularly impressed me with its confidence in extending the share buyback. This is a firm that doesn’t need to put padding round its balance sheet. NIK STANOJEVIC | BREWIN DOLPHIN It was a bit mixed. This is a company that makes phenomenal profits, but some were expecting more [...]
Hopes of revival for financial sector drives the FTSE higher February 16, 2011 BRITAIN’S leading share index rallied yesterday, powered by banks, on hopes for further upbeat earnings in the sector after Barclays and French peer Societe Generale set the standard. HSBC gained 2.8 per cent, Royal Bank of Scotland rose 4.3 per cent and Barclays, which reported results on Tuesday, was up 1.0 per cent. Societe Generale [...]
BHP Billiton in £39bn expansion plan February 16, 2011 BHP Billiton, the world’s biggest miner, plans to pour $80bn (£49bn) into expansions over the next five years rather than chase ambitious takeovers, after nearly doubling first-half profits to a record on booming demand for iron ore and copper. The Anglo-Australian company, which is cash rich, also said it would more than double its share [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 15, 2011 FINANCIAL TIMES JERSEY AND ISLE OF MAN OFFER TAX SOP TO BRUSSELS Jersey and the Isle of Man have announced changes to their corporate tax regimes in an effort to neutralise criticism from Brussels. Both crown dependencies said they were withdrawing laws that aim to stop local shareholders from avoiding personal income tax by rolling [...]
BHP Billiton to hand $10bn to investors February 15, 2011 MINING giant BHP Billiton revealed last night that it almost doubled its half-year profit last year thanks to booming iron ore and copper prices, and offered shareholders an olive branch in the form of a $10bn (£6.2bn) buyback during this year. The Anglo-Australian miner announced in Melbourne that attributable profit jumped 71.5 per cent to a [...]
Disappointing economic data keeps markets in the red February 15, 2011 The FTSE has spent the day in the red and closed down 0.38 per cent at 6,037.08 after disappointing US economic data and news. Miners were also led down by news from China, where an above-target 4.9 per cent increase in inflation raised the prospect of further interest rate rises. Banks were buoyant, though, [...]