First Reserve equity deal lifts Glencore September 8, 2011 GLENCORE rose to its highest level in five weeks in London trading yesterday after First Reserve International swapped its bonds in the commodities giant and bought shares, in a move that was seen by the market as a vote of confidence in the company. US private equity giant First Reserve confirmed yesterday that it had [...]
Sale is a sign of some much-needed faith September 8, 2011 LIKE a proud parent whose faith in its wayward child never falters, First Reserve has believed in Glencore since day one. When the then-privately held commodities giant issued its debut $2.2bn convertible bond in December 2009, First Reserve was one of the biggest investors, snapping up $800m of notes. Now it’s swapped those notes for [...]
Oil and gas companies lead a volatile FTSE to further gains September 8, 2011 BRITAIN’S leading shares ended higher after a volatile session yesterday, as investors emerged for beaten-down growth stocks to put a floor under the market. By the close the FTSE 100 was up 0.4 per cent at 5,340.38 points, taking a rally into a third straight day after an intraday trading range of 100 points, or [...]
Glencore reveals record fatalities September 7, 2011 Commodities group Glencore released its first sustainability report yesterday, showing it paid $780,000 in major environmental fines last year and had 18 fatalities. This compares with three deaths for Rio, five at BHP Billiton and 26 at India-focused Vedanta Resources during its 2010-2011 financial year to the end of March. The 106-page report said the [...]
FTSE sees modest rise on solid company news September 6, 2011 Stocks have moved higher this morning following heavy selling in the US and Asia overnight, but markets remain under pressure over fears of a global recession. Positive trading updates from a number of companies have given UK shares a modest lift this morning after yesterday’s 189-point slump. But in a warning sign that investor sentiment [...]
Manchester United might score in Singapore September 5, 2011 MANCHESTER United’s attempt to float in the far east is being monitored carefully in the City. After all, there are not many IPOs going on in the moribund London market right now. A number of football club boards will be looking on to see if United, led on the financial advisory side by Credit Suisse, [...]
Glencore in fuel deal with Libya’s NTC September 5, 2011 COMMODITIES trader Glencore has signed its first contract to deliver fuels to Libya’s interim council, industry sources said, in a further sign that rival Vitol is losing its place as top supplier to the rebels who now rule the country. The National Transitional Council (NTC) has gained broad international recognition as Libya’s legitimate government and [...]
Glencore and consortium eye $1bn deal September 1, 2011 SOUTH AFRICA’S Optimum Coal has confirmed a consortium including a unit of commodity trading giant Glencore and prominent local politician-turned-tycoon Cyril Ramaphosa was interested in buying it for about $1bn (£618m). This would be Glencore’s most significant purchase since its record share listing, when it sacrificed its fiercely protected privacy to gain the balance sheet firepower [...]
Glencore moves to buy S.Africa’s Optimum Coal September 1, 2011 Commodity trading giant Glencore has confirmed it aims to take a controlling stake in South African coal miner Optimum Coal Holdings with its local partner, prominent local politician-turned tycoon Cyril Ramaphosa. The deal would be worth around $1bn (£613m) at OCH’s current share price. This would be Glencore’s most significant purchase since its record share [...]
FTSE 100 ends August on a high despite economic fears August 31, 2011 BRITAIN’S top share index climbed 2.4 per cent yesterday as poor economic data in Britain and abroad fuelled expectations of further economic stimulus but it still recorded the worst monthly performance since February 2009. The benchmark FTSE 100 index closed up 125.87 points or 2.4 per cent at 5,394.53, on the final trading day in [...]