Mining tax headache returns September 7, 2010 AUSTRALIAN Prime Minister Julia Gillard secured a wafer thin parliamentary majority yesterday, ending a political impasse but hardly cheering investors worried about the fragility of her government and its plans to tax mining profits. Gillard’s Labor Party, which was punished by voters in 21 August inconclusive elections despite a robust economy, secured enough support from [...]
A car that’s easy to live in September 7, 2010 WHEN I was a kid, we spent every summer with family in Cornwall, and every year my father’s car used to break down, extending what was a gruelling journey into an epic, Herculean trial. Fortunately for me, motoring has moved on, and I’ve just done more than twice the distance in about the same time [...]
Weak market rocks profits at Macquarie September 6, 2010 AUSTRALIAN banking giant Macquarie Group yesterday slapped investors with a shock profit warning, admitting that its earnings will fall around a quarter over the first half of the year due to torrid market conditions. Macquarie, which has in the past been nicknamed the “millionaires’ factory” due to the sizeable pay packets awarded to its star [...]
Betting on merger deals demands nimble trading September 6, 2010 WITH global mergers and acquisitions (M&A) on the rise and 2010 already being hailed as a blockbuster year, it might seem easy to benefit from sudden equity gains on the back of deals. But despite the impressive stock swings in response to M&A news, traders should be wary. Betting on deals that might not happen [...]
Chinese bid to block BHP Billiton tie-up September 5, 2010 CHINESE officials have ordered state companies to meet investment bankers to explore ways to block BHP Billiton’s $39bn (£25.3bn) bid for Potash. In response to the directive, sources say Sinochem is holding meetings with several banks, including Citigroup, HSBC and Morgan Stanley. The order from Beijing underscores the seriousness with which China is taking the [...]
Three stop losses to protect profit September 5, 2010 THE markets are going through a volatile period, offering opportunity to spread betters, but also dangers. Traders should not be deterred by the risks but this is a good moment to revisit the tools that can help. Stop losses are an essential insurance policy, guarding against runaway losses if the market suddenly swings against you. [...]
Chinese approach pension fund over Potash bid September 3, 2010 Chinese investors have approached a Canadian pension fund about a possible rival bid for the fertiliser giant Potash Corporation. Alberta Investment Management said it was not interested in a rival bid and did not name the investors involved. But the approach provides further evidence that the Chinese are trying to derail a $40bn (£25.8bn) hostile [...]
Goldman leads M&A tables September 2, 2010 GOLDMAN Sachs is the most sought after financial adviser globally on merger and acquisitions, after landing a role on three mammoth takeover deals last month. The Wall Street giant pushed its way to the top of Thomson Reuters’ M&A adviser rankings after taking a pole position on the highest valued deals since January. In that [...]
Canada fund approached on Potash bid September 2, 2010 POTASHCORP’S best hope of escaping BHP Billiton’s $39bn (£25bn) hostile takeover bid has received a blow from a local government minister. Leo de Bever, chief executive of Alberta Investment Management (AIMCo) said yesterday that a variety of parties have approached the fund manager about entering into a rival takeover bid for PotashCorp, but that participating [...]
China is set to probe BHP’s bid for Potash Corp September 1, 2010 CHINA plans to launch an antimonopoly probe into BHP Billiton’s $39bn (£25.2bn) bid for Canada’s Potash Corp. The probe is another indicator that China, as the world’s biggest importer of fertiliser, is wary of further concentration in the market, following BHP Billiton’s launch of a hostile bid for Potash Corp last month. But it was [...]