FTSE at two-week low as banks and Reckitt fall April 14, 2011 The FTSE returned to a downward path today to close at a two-week low after household goods giant Reckitt Benckiser broke the news that its chief executive had unexpectedly stepped down. The FTSE 100 lost 46.6 points or 0.8 per cent to close at 5,963.80 as banks and miners also suffered, with fears over Asian [...]
Glencore names Simon Murray new chairman April 14, 2011 Commodities giant Glencore has announced its new chairman amid a morning of controversy that saw former BP chairman Lord Browne widely but wrongly flagged to take the position. Simon Murray, executive chairman of fund manager General Enterprise Management Services International (GEMS) and former Hutchison Whampoa group managing director, is the new non-executive chair of the [...]
Glencore hit by tax evasion complaint ahead of listing April 13, 2011 SWISS commodities giant Glencore was hit by accusations of tax evasion at its Zambian subsidiary yesterday, just hours before pressing on with its £7bn flotation in London today. Five international non-governmental organisations lodged a complaint with the Organisation for Economic Co-operation and Development (OECD) alleging accounting manipulations at Mopani Copper Mines, owned by Glencore. The [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 11, 2011 FINANCIAL TIMES ALLIANCE TRUST FORCED TO OFFER VOTE CONCESSION Alliance Trust will make radical changes to its shareholder voting system in an attempt to fend off mounting pressure from activist investors, the Dundee-based company will say today. The £2.4bn investment company, which last month fell out of the FTSE 100, is expected to introduce a [...]
Glencore hunt for chairman intensifies April 10, 2011 GLENCORE, the world’s biggest commodities trader, is narrowing down its list of candidates to take over as chairman of the company after its flotation. Simon Murray, chairman of Asia-Pacific investment firm GEMS and a director on the board of Essar Energy and Richemont, is one of the contenders, with former Lazard International chairman Ken Costa also [...]
Glencore to trade in London from 24 May April 7, 2011 Shares of global commodities trader Glencore International are set to start trading in London on May 24 and in Hong Kong on May 25, the Ming Pao newspaper reported. Glencore was expected to kick off its initial public offering in Hong Kong on May 13, the newspaper reported, citing market sources. The global commodities trader [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 5, 2011 FINANCIAL TIMES KEY INVESTORS FLOCK TO GLENCORE FLOTATION Demand from key institutional investors for shares in Glencore on its flotation has been well above the group’s expectations, particularly in Asia and the Middle East, according to bankers involved in the initial public offering. The Swiss-based company plans to allocate between 20 and 30 per cent [...]
Louis Dreyfus weighs up listing or merger April 5, 2011 Louis Dreyfus, one of the world’s top commodity firms, is considering a stock market listing, a merger or bringing in a private investor to fund future projects. Margarita Louis-Dreyfus is holding talks with the company’s minority shareholders, who can demand that the group buy them out from next year, and said that Louis Dreyfus had [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 4, 2011 FINANCIAL TIMES LIBYAN REBELS SET FOR FIRST CRUDE EXPORTS Libyan rebels are set for their first oil export as soon as Tuesday as they seek funding to sustain their uprising against Muammer Gaddafi’s rule. The Liberia-flagged Equator tanker was off Port Said, Egypt, early on Monday and is expected to dock at the Marsa el-Hariga [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 4, 2011 FINANCIAL TIMES UNITED ANGER AT EU CARBON RULE The European Union’s plan to pull almost every leading airline into its scheme to limited carbon emissions is so “beyond the pale”, that a foreign government is certain to challenge it, according to the head of the world’s largest airline by passenger traffic, the newly merged United [...]