Rio profits plunge but optimism holds August 20, 2009 RIO TINTO, the world’s second-largest miner, yesterday blamed the collapse in metal prices for plummeting pre-tax profits, but was cautiously confident about the future. London and Sydney-listed Rio reported first-half pre-tax profit was 56 per cent lower than the same period in 2008, at $4.3bn (£2.6bn). But the miner said that it had eased its [...]
BEST OF THE BROKERS August 19, 2009 BHP BILLITONBHP Billiton’s full-year results emphasised its balance sheet derived resilience, according to Evolution Securities, which was also impressed by the margin performance that the group extracted from its oil and gas divisions. The broker also said that revenues came in ahead of expectation. It upgraded its target price from 1,025p to 1,200p but retained [...]
Eurasian leads the miners higher while Lloyds shines August 19, 2009 THE FTSE 100 share index inched higher yesterday, helped by oil producers, which gained on firmer crude prices as US demand recovered, but banks fell after HSBC traded ex-dividend. The index closed up by 3.89 points, or 0.1 per cent, at 4,689.67, after trading as low as 4,625.44 earlier in the day. Volumes on the [...]
A car for all seasons August 18, 2009 EPIC is the word. For a person who doesn’t much care for heights, I’m doing pretty well. I’ve just scaled the terra-pod, a 200ft metal version of a hill-climb. Despite the nerves, I made it to the top, having been told that it’s the best view ever when you get up there. But then it [...]
IRON ORE WOES August 16, 2009 MINER BHP Billiton yesterday called for greater transparency in iron ore pricing, and slammed the current system of negotiation. The comments come after China detained four workers at BHP’s rival Rio Tinto, which has been accused of bribery. BHP’s chief financial officer Alex Vanselow said a pricing mechanism used for negotiating a copper price could [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 13, 2009 FINANCIAL TIMES YANZHOU DIGS DEEP IN BID FOR FELIXChina’s largest takeover bid for an Australian company was formally launched yesterday when Yanzhou Coal Mining made a recommended cash offer for Felix Resources worth just over A$3.5bn (£1.78bn). The offer is pitched at A$16.95 a share, valuing Felix at A$3.33bn, but shareholders will also receive A$1 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 12, 2009 FINANCIAL TIMES BHP CALLS FOR MARKETS TO SET IRON ORE PRICESBHP Billiton, the world’s biggest miner, has made a plea for the “emotion and anxiety” to be taken out of the iron ore business with a shift to market-based pricing like oil or coal. The plea by Marius Kloppers, chief executive of BHP, came a [...]
Collapse in commodities ends BHP’s record run August 12, 2009 BHP Billiton, the world’s largest miner, yesterday reported a 30 per cent slide in annual profit excluding writedowns, its first fall in seven years, pummelled by a slump in metals prices and demand. It said there were emerging signs of demand improving in North America, Europe and Japan, but said it was too early to [...]
Large cap index back on the up as sentiment stays high August 12, 2009 THE FTSE 100 closed up by 1 per cent yesterday, as investors took their positions ahead of last night’s Federal Reserve statement on US growth prospects. The index ended 45.42 points higher at 4,716.76, after closing down 1.1 per cent on Tuesday, its biggest fall in a fortnight after hitting 2009 highs on Friday. “Great, [...]
Rally ends as weak miners nudge FTSE down slightly August 10, 2009 THE FTSE 100 edged down yesterday, with investors booking profits from hefty gains in miners and banks last week, while the market searched for direction as the earnings season tailed off. The index ended down 0.2 per cent, or 9.36 points at 4,722.20, not far from a 10-month closing high of 4,731.56 on Friday. A [...]