BP boosts FTSE as miners, telecoms and banks surge July 30, 2009 BRITAIN’S top share index ended close to a seven-month high yesterday, as better-than-expected earnings from the likes of BT boosted sentiment, lifting miners, banks and telecoms firms. The FTSE 100 closed up 1.9 per cent, or 84.08 points at 4,631.61 points, the highest level since January 6. The index is up 9 per cent so [...]
BHP Billiton smashes tradition and agrees iron ore spot pricing July 29, 2009 BHP BILLITON yesterday claimed a victory in its campaign to change the way iron ore is priced, as it announced that almost 30 per cent of its sales this year will be determined by prices on the spot market. The world’s largest miner broke over 40 years of industry tradition – where iron ore prices [...]
FTSE 100 hangs in there as investors regain confidence July 29, 2009 THE FTSE 100 rose yesterday as gains from financial stocks, boosted by strong numbers from the UK arm of Spain’s Banco Santander, and positive broker comment, outweighed a weak mining sector. The index closed 18.69 points, or 0.4 per cent, higher at 4,547.53, after ending 1.3 per cent lower on Tuesday when it failed to [...]
UK stocks keep on rallying buoyed by energy climbers July 27, 2009 BUOYANT energy stocks and miners helped Britain’s top share index rise for a record-equalling 11th straight session, though gains were limited by falls on Wall Street after corporate earnings disappointed. The FTSE 100 was up 9.52 points, or 0.2 per cent at 4,586.13, hitting its highest closing level since 5 January. The index has risen [...]
FTSE 100 books 11th day of gains July 27, 2009 THE FTSE 100 rose for the 11th session in a row yesterday as investors remained optimistic over the recent flow of strong corporate news and reassuring economic data. The index matched its longest sustained run on record, last seen between late December 2003 and early January 2004. The FTSE 100 was up 9.52 points, or [...]
Anglo unveils restructure July 26, 2009 ANGLO AMERICAN boss Cynthia Carroll is set to unveil a cost-cutting programme this week, which is expected to show that over 10,000 jobs have been slashed at the mining giant over the past six months. Most of the cuts have been at Anglo Platinum, its subsidiary, where capacity has been cut, and production costs have [...]
Meet the deal-maker extraordinaire who hopes the crisis will end in 2010 July 26, 2009 It is hard to escape the feeling that Slaughter and May’s Nigel Boardman is ever so slightly bored. Given that he is London’s top mergers and acquisitions (M&A) lawyer, and that we are still in the midst of a bitter recession which has led to a dramatic reduction in deal-making, this is not exactly surprising. [...]
Pharmaceuticals inject more life into the FTSE 100’s rise July 22, 2009 THE FTSE 100 added 0.3 per cent yesterday, extending its winning streak to eight sessions thanks to modest gains on Wall Street and solid second-quarter results from drugs giant GlaxoSmithKline. At the close, the index was 12.56 points higher at 4,493.73, up 8.2 per cent over the past eight sessions. Drug maker Shire was the [...]
BHP reports a mixed quarter July 22, 2009 BHP Billiton said yesterday that its fourth-quarter petroleum output reached a new record, with the company logging a four per cent rise year-on-year. BHP logged 37.56m barrels, or 408,000 barrels per day, in the three months to the end of June, largely driven by the start up of a new project in the Gulf of [...]
CHIP’S DOWN July 21, 2009 SINGAPORE’S Temasek yesterday said Charles (Chip) Goodyear, the former boss of BHP Billiton, had decided not to become chief executive of the state investment firm due to differences over strategy. The shock announcement, less than six months after Goodyear accepted the post, comes after severe criticism of the fund which has been hammered by its [...]