Rio Tinto in $3.1bn expansion October 20, 2010 Global miner Rio Tinto approved a $3.1bn (£1.9bn) iron ore expansion, 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 Australia [...]
Let your hair fly back like the Wind October 19, 2010 It’s fair to say that most people, even trainspotters like motoring columnists, don’t get too excited about car roofs. People don’t usually queue to buy a specific car because of its roof but Renault’s new Wind coupé-roadster may be about to change that. Traditionally, sports car design and practicality are at odds with each other. [...]
Rio Tinto and BHP Billiton to abandon iron ore joint venture October 18, 2010 BHP Billiton and Rio Tinto yesterday confirmed they were ditching a plan to form the world’s biggest iron-ore joint venture, in a victory for steelmakers that could prompt both miners to step up competing expansions. The announcement marked the second failed attempt in three years by BHP chief executive Marius Kloppers to buy into Rio’s [...]
FTSE 100 bounces back after a strong performance from the financial sector October 18, 2010 Britain’s top shares rebounded yesterday after falls in the past two sessions, boosted by oils and banks, with better-than-expected results from Citigroup and hopes of more US economic stimulus improving sentiment. The FTSE 100 index ended 39.15 points, or 0.7 per cent, higher at 5,742.52 after falling last Thursday and Friday. The index is up [...]
THE TIPSTER October 18, 2010 HOME Retail Group has seen its share price underperforming the market and its sector this year: the share price is down a whopping 30 per cent year-to-date. Wednesday’s interims, however, should provide us with some good news and investors might look favourably on the stock as the Christmas period approaches. Capital CFDs quotes 219.2p-219.9p. Euro-dollar [...]
BHP Billiton and Rio Tinto ditch joint venture October 18, 2010 BHP Billiton and Rio Tinto scrapped their proposed $116bn (£72.6bn) iron-ore joint venture as expected, caving in to opposition from regulators, steelmakers and major investors 16 months after unveiling the plan. The collapse of the deal marks top global miner BHP’s second failed attempt to grab a piece of Rio Tinto’s superior iron ore assets [...]
Crunch time for BHP and Rio venture October 17, 2010 BHP BILLITON and Rio Tinto’s $116bn (£72bn) iron ore joint venture is hanging by a thread after the European Commission has told the companies it will object to the deal. The EU’s competition commissioner Joaquin Almunia is preparing to send a list of objections to Rio and BHP this week, which will ask the world’s [...]
Coal India set for £2bn float October 17, 2010 THE INDIAN government is due to open the country’s largest ever initial public offering (IPO) today, in which it hopes to raise 150bn rupees (£2.1bn) by selling a 10 per cent stake of state-owned Coal India. The company is the largest coal miner in the world, producing 80 per cent of India’s coal in 471 [...]
Sinochem abandons Potash bid October 15, 2010 CHINA’S Sinochem Corp has abandoned efforts to make a rival offer for Potash Corp as part of plans to spoil BHP Billiton’s $39bn (£24.35bn) bid for the Canadian fertilizer maker, sources told Reuters. The Chinese state-owned chemicals group was not expected to formalise its decision but three sources said it had given up on efforts [...]
Global regulators set to stop Rio and BHP venture October 14, 2010 BHP BILLITON and Rio Tinto’s $116bn (£72bn) joint venture in Australia hit another serious stumbling block yesterday when regulators in Germany and Japan moved to block the deal. The German federal cartel office said yesterday it intends to formally object to the venture next week, and the Japanese fair trade body said it was concerned [...]