Glencore gets lift from coal and copper November 17, 2011 GLENCORE International said third-quarter trading in its marketing arm was “solid” as it posted a jump in metals output and announced it had become an oil producer yesterday. The trading update calmed the jitters of some investors, who feared the company could be hit by the market turmoil that triggered a quarterly loss at rival [...]
FTSE falls as debt turmoil intensifies November 17, 2011 BRITAIN’S top share index retreated yesterday, with nervous investors ditching riskier assets such as banks and retailers, as corporates showed signs of stress in the face of the intensifying debt contagion in Europe. London’s blue chip index shed 85.88 points, or 1.6 per cent to 5,423.14, with the FTSE volatility index, up 10.2 per cent [...]
FTSE hit by soaring bank yields November 17, 2011 The FTSE 100 fell in early trading today as yields on a Spanish bond auction soared to almost seven per cent – a level considered unsustainable by economists. A warning from ratings agency Fitch that the outlook for US banks could deteriorate if the Eurozone sovereign debt crisis is not resolved also took its toll. [...]
Glencore says marketing arm solid despite uncertain economy November 17, 2011 Commodities giant Glencore (GLEN.L) said trading within in its marketing arm remained “solid” over the third quarter despite economic uncertainty, as it posted a jump in copper and gold output and announced it had produced first oil ahead of plan. The news is likely to come as a relief to investors fretting Glencore’s key marketing [...]
Liberum’s quest to borrow a big balance sheet November 14, 2011 THERE can be no doubting that the long-expected consolidation in the small to mid-cap broker market has well and truly begun. In the past few weeks there have been deals to buy Ambrian (RFC), Arbuthnot Securities (Westhouse), Evolution (Investec) and Merchant Securities (Sanlam). Such deals follow an earlier transaction in February of last year when [...]
Russian IPOs in spotlight as FTSE probes free float November 1, 2011 COMPANIES that float only a small proportion of their shares in London could be barred from FTSE stock indices in future under new proposals from the index group yesterday. FTSE is to consult on whether to make UK-based firms list at least 25 per cent of shares, rather than the current 15 per cent, to [...]
Bakrie in $1bn Bumi sell-off November 1, 2011 INDONESIA’S Bakrie group has announced a $1bn (£626.5m) deal to sell half its stake in London-listed coal miner Bumi – its venture with Nat Rothschild (pictured) – to help tackle its debts. The stake is being bought by Indonesian rival Borneo Lumbung Energi and will allow Bakrie to avoid a default on $1.35bn of loans [...]
Bakrie close to debt deal October 31, 2011 INDONESIA’S Bakrie Group is poised to announce a deal with Renaissance Capital which will see it averting a default on a $1.345bn (£839.7m) loan. The deal was reached after Bakrie’s talks with commodities giant Glencore hit the buffers. Renaissance Capital, led by Indonesian investor Samin Tan, is expected to provide financing to reduce the debt [...]
Bakries seek more Bumi loan options October 30, 2011 INDONESIA’S billionaire Bakrie family is believed to have approached China Investment Corporation (CIC), the Chinese sovereign wealth fund, as it looks to refinance a $1.35bn (£870m) loan held against its stake in the FTSE 100 coal mining firm Bumi. Bumi, in which the Bakrie family hold the largest stake of 47 per cent, was brought [...]
Merkel helps send FTSE into retreat October 25, 2011 MINERS and banks retreated as Britain’s FTSE 100 fell yesterday after comments from the German chancellor led to concerns over how far European leaders would go to solve the region’s debt crisis. Chancellor Angela Merkel said Germany opposes a phrase in a draft conclusion for today’s EU summit that calls for the European Central Bank [...]