Noble shuts its City coal trade desk October 17, 2011 ASIA-focused commodities trader Noble has closed its London coal trading desk while hiring heavily in the US and Asia, in the latest blow to the City’s status as a global financial hub. The desk used to trade both physical coal and coal swaps in London as part of Noble’s 120 staff employed in two UK [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 16, 2011 FINANCIAL TIMES CHOPPY MARKETS THREATEN EMI SALE Turbulent financing markets could derail Citigroup’s attempt to sell EMI, according to people close to the $3bn-plus auction who warned that the US bank could abandon the sale if it cannot squeeze higher offers from bidders. The bidding process remains fluid, with Citigroup expected to decide within two [...]
UK quarterly dividends top £20bn mark October 16, 2011 DIVIDENDS in the UK have broken through the £20bn-in-a-quarter barrier for the first time since 2008. Data for the third quarter from analysts Capita Registrars shows investors pocketed £20.1bn in dividends, a 15.9 per cent rise on the same period in 2010. Forecasts for total dividends this year have been hiked to £67bn – 18 [...]
Glencore nears refinancing deal with Bakries October 13, 2011 LONDON-LISTED commodities trader Glencore is nearing a deal to lend up to $900m (£570m) to Indonesia’s Bakrie Group to help it refinance debt of $1.35bn in exchange for additional marketing rights on coal. Under the refinancing deal, Glencore will have the option of turning the loan into an equity stake in the coal miner Bumi, [...]
Glencore close to sealing Bakrie rescue deal October 13, 2011 Glencore, the world’s biggest commodities trader, is expected to sign a deal within days for a $800m (£508m) loan to Indonesia’s Bakrie Group to help it refinance a $1.35bn facility that became unexpectedly due, sources said on Thursday. In return, Glencore will be given the right to sell more coal produced by Bakrie-controlled Bumi and [...]
Glencore in Bakrie talks over shares October 11, 2011 MINING giant Glencore is pressing the Bakrie group for more rights to sell coal and an option to buy shares in the Indonesian coal company Bumi, in exchange for refinancing a $1.34bn (£860m) short-term loan. The mining giant, which has in the past come to the rescue of cash-strapped firms in exchange for equity stakes, [...]
FTSE solid as Eurozone pledge boosts confidence October 10, 2011 The FTSE 100 opened steadily this morning as investors eyed the news that Franco-Belgian bank Dexia has been rescued while Germany and France pledged to unveil a Eurozone debt crisis plan by the end of the month. German Chancellor Angela Merkel and French President Nicolas Sarkozy said after talks in Berlin on Sunday that their [...]
Rothschild in Bakrie shares sale drama October 9, 2011 FINANCIER Nat Rothschild faces further uncertainty over the Bakrie family’s stake in Bumi, the London-listed mining company he created, as the troubled Indonesian shareholder looks to repay or restructure its debt. The Bakrie family, which owns a 47 per cent stake, could be forced to sell a significant stake in Bumi, after shares fell below [...]
Gold-related groups might bring markets to life October 3, 2011 GOLD has been one of the few winners of the recent downturn because of its safe haven status, so it should come as no surprise that companies involved in the production of the precious metal should be first in the queue to bring a ray of sunshine to the nearly dormant new issues markets. Polymetal, [...]
Short sellers aim for Next and Glencore on FTSE 100 October 3, 2011 FASHION retailer Next was the most shorted stock on the FTSE 100 in September as investors bet its share price would be dented by further pain on the high street, data from Data Explorers yesterday showed. Investors, primarily hedge funds, borrowed close to eight per cent of Next’s shares to take short positions as retail [...]