Glencore’s Australia mine expansion ‘threatens sacred sites’ March 2, 2021 Expansion at an Australian mine run by Glencore puts several sacred Aboriginal sites at risk, an inquiry heard on Tuesday. The head of a Northern Territory oversight authority said that a range of locations including a historical quarry were in danger. Glencore’s McArthur River Mine received approval from the territory’s mining minister last year to [...]
Anglo American profit tumbles but metal prices keep earnings steady February 25, 2021 Mining giant Anglo American this morning said that profit slipped 40 per cent in 2020, falling from $3.5bn to $2.1bn, as the coronavirus dried up demand for commodities around the world. However, its earnings – Anglo American’s preferred metric – came in at $9.8bn, ahead of the $9.4bn predicted by analysts. That’s just short of [...]
FTSE 100 tumbles as inflation concerns mount February 22, 2021 London’s FTSE 100 tumbled 0.68 per cent today by midday, as higher commodity prices sparked fears of a spike in inflation. The fall was led by declines in consumer staples and industrials stocks, as investors awaited Boris Johnson’s plan for a phased easing of business restrictions. The prime minister will plot a path out of [...]
Are we heading into a new commodities ‘supercycle’? February 20, 2021 Since the beginning of the year commodity prices have been surging, leading a number of banks to declare the start of a new “supercycle” for the assets. Bankers at Goldman Sachs were the first off the line, declaring that the Covid-19 had created the right structural conditions for the same kind of multi-year price growth [...]
Copper touches highest levels since 2012 as metals rally continues February 16, 2021 Copper prices hit their highest levels in nearly a decade today as Chinese demand and the global economic recovery extended the red metal’s rally. For the third session in a row London Metal Exchange copper hit fresh multi-year peaks, having rallied by 93 per cent since last March. LME copper pushed up 0.3 per cent to $8,416.50 [...]
Glencore reinstates dividend after slimming down debt February 16, 2021 Glencore today said it will reinstate its dividend for the full year after improved second-half trading helped the mining giant trim its debt pile. The London-listed firm, which last year slashed its dividend in a bid to reduce debt, has proposed a payout of $1.6bn (£1.1bn) for 2020, or $0.12 per share. It follows an [...]
FTSE 100 bounds ahead despite housebuilders taking a tax hit while US stocks soar February 10, 2021 FTSE 100 bounds ahead despite housebuilders taking a tax hit
Exclusive: City law firm boss on the rise of US-style class action suits in Britain February 4, 2021 In a wide-ranging, two-part interview, City A.M. sits down with Natasha Harrison, the Chancery Lane-based managing partner of global law firm Boies Schiller Flexner, which has around 400 staff in 11 offices around the world. Yesterday, Harrison zoomed in on the impact of Brexit on Britain’s legal landscape, while today she discusses the rise of class action [...]
The week ahead, 1-5 February: FTSE heavyweights front up to third lockdown January 31, 2021 After a turbulent opening to 2021, with new Covid-19 lockdowns around the world, spats over “vaccine nationalism”, and chaos on both Wall Street and Pennsylvania Avenue, a slew of FTSE heavyweights are set to update the market in what will be a crunch week for London’s indices. Despite a strong opening week, the FTSE 100 [...]
Shell ordered to pay damages for oil spill in Nigeria January 29, 2021 Shell must pay damages to four Nigerian farmers for two oil spills back in 2008, a Dutch court has ruled today. The court found that the Nigerian subsidiary of Shell was liable for two pipeline leaks that occurred in the Niger Delta 13 years ago. The plaintiffs argued that the oil spill meant that their [...]