Miners agree Australian tax July 1, 2010 THE AUSTRALIAN government has settled a long-running spat with mining firms over the introduction of a mining super-profits tax. Prime minister Julia Gillard announced this morning that profits on iron ore and coal mining in the country will be taxed at 30 per cent, down from the 40 per cent mooted by her predecessor Kevin [...]
European shares slide after weak China data July 1, 2010 European shares tumbled in early trade – retreating for the seventh time in eight sessions, after tepid Chinese macro data raised concerns about the global recovery. The FTSEurofirst 300 index of top European shares was down 1.2 percent at 981.94 points, while Euro STOXX 50, the euro zone’s blue chip index, fell 1.5 percent at [...]
Still no deal for miners on Aussie tax bill June 30, 2010 A SECOND day of intense negotiations has stopped short of producing a deal between mining companies and the new Australian administration for a resources super profit tax. The country’s new deputy Prime Minister Wayne Swan said he and finance minister Martin Ferguson were preparing to continue into a third day of talks with mining companies. [...]
China growth fears hammer mining shares June 29, 2010 SIX of the FTSE 100’s top ten fallers yesterday were mining companies as traders took fright from a sharp downwards revision to a leading economic index for China. Natural resources stocks and cyclical plays plunged as the US Conference Board moved its April indicator for the Asian powerhouse from 1.7 per cent to just 0.3 [...]
The boss of the world’s number one caterer is drawing up plans to grow June 28, 2010 It is no exaggeration to say that Compass and its chief executive Richard Cousins has elevated the term low-key into something of an art form. A modest three-storey red brick building in Chertsey, Surrey, is home to the biggest caterer in the world. Cousins, a 51-year-old father of two who rarely gives interviews, is the [...]
Gillard calls for tax truce June 24, 2010 THE Australian government signalled last night that it was now open to renegotiating the 40 per cent headline rate of its proposed mining tax, which has angered resource companies. New Australian Prime Minister Julia Gillard made no promises about changes to the tax but her pledge to open negotiations prompted positive statements from the two [...]
Australian mining tax could be axed after PM is ousted June 23, 2010 AUSTRALIAN Prime Minister Kevin Rudd stood down this morning after calling a surprise leadership ballot, throwing negotiations on a new mining supertax in the country into jeopardy. Rudd’s deputy, Julia Gillard, will become Australia’s first female Prime Minister after Rudd resigned before the ballot of Labor party MPs at 9am local time (midnight BST). Gillard [...]
Two-week low for the FTSE as metals and miners tumble June 23, 2010 BRITAIN’S top share index hit a near two-week closing low yesterday as retreating metals prices and downbeat broker sentiment pressured mining stocks and with investors’ moods darkened by weak US homes sales data. The FTSE 100 index closed down 68.46 points, or 1.3 per cent, at 5,178.52, its lowest close since 11 June, having lost [...]
Renminbi awakens bulls June 21, 2010 WORLD stockmarkets began the week with a bounce as traders digested China’s decision to allow its currency, the renminbi, to appreciate modestly against the US dollar. Believing the move makes the prospect of a trade spat between Washington and Beijing less likely and increases China’s buying power in dollar terms, investors piled into equities and [...]
Chinese Yuan news boosts the FTSE 100 but BP and defence stocks decline June 21, 2010 BRITAIN’S top shares rose yesterday, boosted by China’s move to allow a flexible yuan which lifted investors’ risk appetite and bolstered the demand outlook for commodities, underpinning gains in miners and banks. The FTSE 100 ended 48.27 points higher, or 0.9 per cent, at 5,299.11, after it closed 0.1 per cent lower on Friday to [...]