Moonpig founder hits the jackpot July 25, 2011 JUST over a decade ago, Nick Jenkins was working as a trader in the Moscow office of commodities giant Glencore. His departure, both from the firm and the country, was hastened when he found a death threat pinned to his front door, the work of a rogue supplier he had helped send to jail for [...]
FTSE steadied by Greek breakthrough July 21, 2011 The FTSE 100 started solidly this morning as it emerged that France and Germany had reached an agreement on a second bailout for Greece. Banks led the way as investors gained confidence in stocks recently buffeted by fears of exposure to the debt crisis which has engulfed the Eurozone. Leaders of the 16-country bloc will [...]
Glencore seals agreement to buy £295m Peruvian copper assets July 18, 2011 COMMODITIES giant Glencore confirmed its agreement to acquire $475m (£295m) of copper assets in Peru yesterday. The deal was struck between its subsidiary Glencore International and Hong Kong-based CST Mining and will see Glencore take a 70 per cent stake in Marcobre, the owner of the Mina Justa copper project in southern Peru. The takeover [...]
FTSE dragged down by Eurozone and US debt worries July 18, 2011 Banking shares led the FTSE 100 down this morning as the eurozone crisis drained confidence from investors while fears over the US credit rating also cast a shadow. The Greek debt crisis deepened as Eurozone leaders continued to thrash out options to save the country’s economy. Officials proposed a range of schemes for Europe’s bailout [...]
Glencore buys Peru copper assets July 18, 2011 Commodities giant Glencore is buying a 70 per cent stake in copper businesses in Peru. Marcobre, which owns the Marcona Copper property and the Mina Justa exploration and development project, had a price tag of $475m (£295m). The the acquisition is expected to be completed in October. “Mina Justa would ideally complement Glencore’s existing polymetallic [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 14, 2011 FINANCIAL TIMES LAFARGE IN TALKS TO SELL PLASTERBOARD ARM Lafarge is closing in on the sale of its plasterboard business as the French cement maker pushes ahead with its debt reduction programme and attempts to recover its investment grade credit rating. The world’s second-largest cement company by revenue said on Thursday it had entered exclusive [...]
Markets flee risk over eurozone debt contagion July 12, 2011 Fresh fears that the eurozone sovereign debt crisis could spread to states such as Italy and Spain sent shockwaves through stock markets today. The FTSE 100 fell rapidly this morning on fears that the debt contagion could engulf Italy, which is heavily indebted with a sluggish economy. It and other European markets recovered a little [...]
London’s troubled IPO market sees signs of life July 11, 2011 WHISPER it softly, but there are signs that the iciness that has characterised the London IPO market is beginning to thaw. Over the past couple of weeks, two foreign-based groups, Ophir Energy and Global Ports, have successfully raised funds in the London markets, in contrast to the many groups who have had to pull their [...]
CITY MOVES | WHO’S SWITCHING JOBS July 10, 2011 BNP Paribas Martin Egan has been appointed to the newly created role of UK head of fixed income at BNP Paribas Corporate & Investment Banking, based in London. Egan will continue his current responsibilities as global head of primary markets and origination, reporting to Ludovic de Montille, chairman of BNP Paribas Group in the UK [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 6, 2011 FINANCIAL TIMES SPOTIFY SIGNS DEAL WITH VIRGIN Spotify and Virgin Media on Wednesday announced a deal that could help the music streaming service boost numbers of paying customers and reach a wider audience. By the end of the year, Virgin Media’s 4m UK customers will be able to access Spotify’s catalogue of 13m songs through [...]