EU is pushed to act on iron ore prices March 31, 2010 EUROPEAN steel industry body Eurofer urged European Union regulators to prevent unfair competition and excessive pricing of iron ore yesterday, saying it could hamper economic recovery in Europe. Eurofer said market concentration by three companies controlling almost three quarters of the world market had resulted in unbalanced pricing power and a high degree of market [...]
Miners cheer at prospect of higher prices March 30, 2010 ANNUAL iron ore fixed-price deals look to be teetering on the edge of extinction following BHP Billiton and Vale’s completion of a shorter quarterly contract with Asian steelmakers. The quarterly contracts were settled at $110-$120 (£72-79) a tonne next quarter, a substantial increase from the 2009-10 annual contracts, which were settled at around $60. Steelmakers [...]
Miners and Vodafone help FTSE 100 book gains as Carphone goes it alone March 29, 2010 BRITAIN’S top share index ended 0.1 per cent higher yesterday as gains in miners on the back of firmer metals prices and a stronger Vodafone outpaced falls in banking stocks. The FTSE 100 closed 7.64 points higher at 5,710.66 after falling 0.4 per cent on Friday. The index has gained more than 12 per cent [...]
Weaker dollar is behind the mining sector rally March 29, 2010 IT IS a sign of the optimism flooding the mining sector at the moment that Rio Tinto’s share price was able to rise yesterday even as a Chinese court jailed four of its staff for between seven and 14 years for taking bribes and stealing commercial secrets. The heavyweight miner was able to shrug off [...]
LISTED PRODUCT NEWS March 17, 2010 BASIC RESOURCES ETF OUTPERFORM Basic resource-related ETFs issued by ETF Securities saw fantastic performance last week as investors regained their appetite for risk. The ETFX Dow Jones STOXX 600 Basic Resources Fund rose by over 9 per cent last week and the ETF is up 130.9 per cent on this time last year. The ETFX [...]
Rio four spying trial this month March 17, 2010 The trial of four Rio Tinto staff charged with commercial spying in China will begin on 22 March in a Shanghai court, Australia’s foreign affairs department said yesterday. The four employees of the Anglo-Australian miner, including Australian citizen Stern Hu, have been in Chinese custody since July over accusations of illegally obtaining commercial secrets. The [...]
FTSE slips on caution over banking stocks and falling commodity prices March 15, 2010 FALLING commodity prices dented miners and energy stocks and banks fell, pushing Britain’s top share index 0.6 per cent lower yesterday, with investors cautious before central bank policy meetings later in the week. The FTSE 100 index ended 31.80 down points at 5,593.85, having risen 0.5 per cent last week. Miners, sensitive to shifts in [...]
Put your foot down this summer March 9, 2010 WHAT’S the best way to experience the great British countryside? Some might say it’s in a country pub, with a flagon of frothing ale and a ploughman’s lunch before you. Others might say that it’s in a national park, enjoying a sandwich while perched on top of a mountain and surveying the spectacular scenery spread [...]
Supercars go green March 9, 2010 FOR the last few years, the supercar brands largely ignored the move towards greener motoring. Instead they have continued to produce products and concepts that followed the traditional performance car development trajectory – they got faster, more powerful and generally more obnoxious. Only smaller carmakers including Koeniggsegg and Fisker Cars felt the need to experiment, [...]
Oil and minerals bolster FTSE index despite banking and drugmaker lows March 8, 2010 BRITAIN’S top share index hit an 18-month closing high yesterday, led by oil stocks and miners, while drugmakers fell with AstraZeneca pressured after its cancer drug failed in trials. The FTSE 100 ended up 6.96 points, or 0.1 per cent, at 5,606.72, its highest close since 2 September 2008. The index gained 4.6 per cent [...]