Xstrata to review relationship with trader after results mishap June 14, 2011 XSTRATA is reviewing the status of its relationship with Glencore, City A.M. understands, after Glencore’s maiden results prompted a three per cent drop in the miner’s share price due to a “negative read-across” by analysts. Glencore, which owns 34 per cent of Xstrata, published its first quarterly results since listing yesterday, including a net income [...]
THREE WISE MEN: THE ELDER STATESMEN OF BUSINESS June 14, 2011 Rupert Murdoch, 80, takes a very active role at the top of the media empire he has built. The octogenarian is still regarded as one of the most influential men in politics. At 74-years old, Winterflood Securities founder – now its life president – Brian Winterflood is still an ever-present figure in the City. Simon [...]
Oil companies and banks help to push the FTSE 100 higher June 14, 2011 Britain’s top share index rose yesterday, with oil majors and banks gaining as above-forecast data from the United States and signs that the Chinese economy could avoid a hard landing boosted appetite for riskier assets. Britain’s FTSE 100 ended 29.67 points higher, or 0.5 per cent at 5,803.13 points, after inching up 0.1 per cent [...]
FTSE climbs as risk appetite returns June 14, 2011 London stocks are gaining ground this morning after heartening economic data from China led Asia to a positive finish overnight and boosted commodities. Energy and metals prices are rising after data showed China’s inflation rate remains high at 5.5 per cent. That rate was better than some expected, though, while retail sales data also showed [...]
Glencore profits up 45 per cent June 14, 2011 Newly-listed commodities group Glencore has posted a 45 per cent leap in its operating profit in the first quarter of its financial year in its maiden interim management statement. Revenues rose 39 per cent to $2bn in the quarter compared with the same period in 2010, while adjusted operating profit – earnings before interest and [...]
London’s not alone in feeling the heat on IPOs June 13, 2011 IT isn’t just London that’s having a sticky time with its new issues market. On Friday in Madrid Spanish telecoms giant Telefonica cancelled the planned IPO of its Atento call centre unit. The decision to pull the deal came after much prevaricating, including a lowering of the price range by close to 10 per cent [...]
ENRC shares lead FTSE on Glencore talk June 13, 2011 SHARES in Eurasian Natural Resources Corporation (ENRC) jumped 4.65 per cent yesterday following rumours that Glencore is planning a £12bn takeover bid. The Kazakh miner was the biggest riser in the FTSE 100 after reports that Glencore held talks in recent weeks with ENRC’s three billionaire shareholders Alexander Mashkevitch, Patokh Chodiev, and Alijan Ibragimov, who [...]
Miners lift FTSE amid talk of ENRC takeover June 13, 2011 MINERS dug deep to help lift Britain’s FTSE 100 share index marginally yesterday, as bid talk swirled around Kazakh miner ENRC. ENRC rose 4.7 per cent, outperforming a 0.2-per cent rise on the British mining index, after the Sunday Times said commodities trader Glencore was considering a £12bn takeover bid. ENRC shares have been savaged [...]
Glencore unlikely to move soon on ENRC June 12, 2011 GLENCORE yesterday played down suggestions it would launch a takeover bid for Kazakh miner ENRC, but sources close to the firm would not rule out making an offer in the future. Top executives at ENRC, which last week sacked two of its directors and saw two more stand down in a row over corporate governance, [...]
THE WEEK AHEAD in association with GFT June 12, 2011 COMPANIES ● Today, the recently listed Glencore will release its first quarter trading statement to 31 March. On the same day, Majestic Wine and Advanced Computer Software will announce for the year. ● Carphone Warehouse and Oxford Instruments will announce on Tuesday. The latter was the first commercial spin-out company from Oxford University. Investors will [...]