Opposition for Rio deal picks up June 9, 2009 Japanese, Chinese and European steelmakers joined forces yesterday to fight a plan by Rio Tinto and BHP Billiton to link up iron ore operations, while China called for “a fully open international market”. Steelmakers believe a tie-up between the two companies would further concentrate the industry.
Emerging market strength means luxury is down but far from out June 8, 2009 FOR a while it seemed like the luxury goods retailers would escape the global recession relatively unscathed. The rich would still remain relatively rich and any loss of custom in developed countries would quickly be replaced by growing demand in emerging markets like China. That hope has vanished in the past two weeks as the [...]
Rio under fire for BHP tie-up post Chinalco June 7, 2009 A BACKLASH began over the proposed tie-up between mining giants BHP Billiton and Rio Tinto this weekend, as steel producers worldwide expressed their dismay, saying the marriage would allow the two companies to set the world price for iron ore. Members for the industry have called on the European Commission (EC) to intervene in the [...]
GM close to Hummer sale June 2, 2009 GENERAL Motors, the mammoth US automaker undergoing bankruptcy proceedings, was last night on the verge of selling its Hummer brand to a Chinese machinery firm for between $150m (£90m) and $250m. Sichuan Tengzhong Heavy Industrial Machinery will buy the company and continue to make the outsized sports utility vehicles (SUVs) in the US for what [...]
Economic cheer sees FTSE break through 4,500 barrier June 1, 2009 THE FTSE 100 ended 2 per cent, or 88.25 points, higher yesterday at 4,506.19 as some unusually upbeat data saw optimism about the global economy rise. Mining stocks led the charge, as metal prices firmed, bolstered by hopes for increased demand particularly following bullish Chinese data. China’s official purchasing managers index for May stayed above [...]
Goldman to raise 1bn by selling part of ICBC stake June 1, 2009 GOLDMAN Sachs is selling up to about $1.9bn (£1.15bn) worth of shares in Industrial and Commercial Bank of China at a discount of between four and six per cent to the Chinese lender’s losing price yesterday. The shares represent nearly 20 per cent of Goldman’s 4.93 per cent stake in the Chinese bank, which is [...]
Markets lifted by Chinese manufacturing expansion June 1, 2009 NEWS that China’s manufacturing sector expanded in May for the third consecutive month boosted optimism and lifted world markets yesterday. China’s official purchasing managers’ index (PMI) fell to 53.1 from 53.5 in April, but remained above the critical 50 level, which separates expansion from contraction. Investors were relieved that the pace of contraction was slowing [...]
Old Mutual in China U-turn May 27, 2009 INSURER Old Mutual pulled out of buying a 49 per cent stake in China’s ABN Amro Teda Fund Management yesterday as part of a drive to streamline its businesses. Old Mutual, South Africa’s largest insurer, said in March it would scale back its expansion in Asia following a review of the company instigated by chief [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 20, 2009 FINANCIAL TIMESCANNES HIT BY CUTBACKS AND CAUTIONThere are still outward signs of glamour on the Croisette in Cannes, but economic reality has gripped the film market at this year’s 62nd film festival. Some of the biggest parties have been cancelled and, for the first time in years, it is easy to get a hotel room. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 14, 2009 FINANCIAL TIMESQINETIQ TO SELL UK UNDERWATER SYSTEMS ARM Qinetiq, the defence research group, has agreed to sell its UK underwater systems business for £23.5m as it continues to restructure its European division. Atlas Elektronik will take over the business, which makes sonar acoustic counter measures for customers such as the Royal Navy, protecting about 220 [...]