FTSE slides as miners hit by China’s cut in growth targets March 5, 2012 BRITAIN’S FTSE 100 fell yesterday, as weakness in miners and engineers outstripped strength in defensive stocks after China cut its growth forecasts, while mixed economic data in Europe and the United States dimmed the outlook for global growth. London’s blue chip index shed 36.31 points or 0.6 per cent to 5,874.82, although it held within [...]
FTSE pegged back by China growth fears March 5, 2012 Uncertainty over global growth dragged on investor sentiment in early trading along with a a renewed surge in oil prices. Brent crude climbed back up near $124 a barrel as another refiner announced cuts to Iranian imports, feeding fears of a supply crunch as the West presses ahead with sanctions on Tehran. Copper prices, however, [...]
Glencore says Xstrata deal fair as its profits rise March 5, 2012 Commodities trader Glencore, which has agreed to a $37bn takeover of miner Xstrata, said the deal was “fair” for all shareholders at current levels, brushing aside hopes of a hint the offer could be sweetened. It made the comments as it said in its 2011 preliminary results that revenue during its first year as a [...]
The week ahead: Oil, gas, defence and UK interest March 4, 2012 Today Petrofac, a solutions provider to the oil and gas industry, announces full year results today. The first set of results after a restructuring exercise in 2011 could see a hike in profits. Petrofac has recently been awarded an Iraqi oilfield project, building on its presence in the region. Glencore is announcing its full-year numbers [...]
Goldman M&A stalwart retires February 23, 2012 GOLDMAN Sachs M&A banker Luca Ferrari, an adviser to mining group Xstrata on its potential mega-merger with Glencore, is retiring after 12 years with the firm, according to a company memo. Ferrari is currently responsible for the northern European mergers and acquisitions business and became a partner in 2006. Prior to Goldman, he spent nine [...]
Glencore reveals exec stakes February 16, 2012 Commodities trader Glencore detailed the stakes held by some of its top execs yesterday, with its head of aluminium Gary Fegel emerging as one of the largest individual shareholders with a stake worth just over $1bn at current prices. Others with significant holdings disclosed yesterday include Stuart Cutler, who runs the ferrochrome division after the [...]
Weir stock is most shorted on FTSE 100 February 15, 2012 ENGINEERING firm Weir has become the most shorted stock on the FTSE 100, as investors bet the company’s share price will be dented by weak demand for specialist mining equipment. Information provided by Data Explorers showed that 13.48 per cent of shares are out on loan – double the amount that were shorted only three [...]
Swiss are global leaders for 2012 cross-border takeovers February 13, 2012 SWISS corporations have taken a global lead in international acquisitions during 2012 and are responsible for 16 per cent of cross-border takeovers this year. The relative strength of the nation’s financial sector has allowed Switzerland to surge the top of the M&A rankings, with outbound acquisitions by Swiss firms totalling $12.8bn (£8.1bn) in 36 deals [...]
FTSE breaks through 5,900 mark on Greek bailout deal February 13, 2012 BRITAIN’S leading shares index closed higher yesterday, led by commodity and financial stocks, after Greece moved a step closer to securing an international bailout and avoiding a messy default. At the close, the FTSE 100 index was up 53.31 points, or 0.9 per cent, at 5,905.70, in volume just 70 per cent of the 90-day [...]
FTSE hits six-month high fuelled by Greek deal February 13, 2012 The FTSE 100 climbed 0.9 per cent to a six-month high of 5,905.7 as investors’ confidence was buoyed by Greek politicians finally approving a new set of austerity measures. However, the move triggered civil unrest on the streets of Athens with the most violent clashes since the country’s disastrous financial situation was laid bare. The [...]