Oil and commodities prices: Mining firms drag the FTSE down as commodity prices drop November 15, 2017 Commodity prices tumbled this morning, dragging miners and oil firms down and causing Britain’s blue-chip index to dip. Metals including copper, nickel, zinc and aluminium came under pressure as concerns mounted over weaker economic data in China. Chinese industrial production fell to 6.2 per cent in October, missing estimates of 6.3 per cent growth and [...]
Queen and US commerce secretary Wilbur Ross among prominent figures featured in Paradise Papers November 5, 2017 A massive trove of leaked legal documents from an offshore law firm has exposed financial arrangements of well known public figures ranging from the Queen to a key member of Donald Trump’s cabinet. The documents, which were obtained by German newspaper Suddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ), reportedly contain [...]
Irish government confirms plans to float €12bn-valued Allied Irish Banks in London and Dublin May 30, 2017 The Irish government has confirmed it will be floating state-owned Allied Irish Banks (AIB) in London and Dublin. The initial public offering (IPO) will see the government dispose of a 25 per cent stake in the lender. It is thought the float deal could value the bank at €12bn, which would make it London’s biggest [...]
Sterling rises to four-month high as Prime Minister Theresa May announces General Election for 8 June April 18, 2017 Sterling rebounded to a four-month high after Prime Minister Theresa May announced a snap General Election on 8 June. The pound had sunk prior to May’s pledge, as uncertainty surrounded the scheduled statement. But cable recovered after the PM revealed her plan for an election. Late on Tuesday night the pound was trading above $1.28, [...]
FTSE 100 closes at a new record high as miners surge on Anglo American stake purchase March 16, 2017 The FTSE 100 closed at a new record high of 7,415.95 as Anglo American shares surged and markets breathed a sigh of relief on the Dutch election results. London’s blue chip index reached a high of as much as 7,423.20 points in morning trading as the mining sector surged, with a rally in oil and commodity prices [...]
Glencore is reportedly making a move on Mexico’s fuel-stations business March 13, 2017 Glencore will move into Mexico's fuel-stations business with a 15-year supply deal and a $200m (£164m) investment in a joint venture, according to reports. Sources told Bloomberg the Switzerland-based commodity producer will supply 180,000 barrels per day of gasoline and diesel to 1,400 stations, which is nearly 10 per cent of the county's total. It will also spend $200m over the [...]
Glencore boss says the firm “has never been so well positioned as it is today” after strong 2016 results February 23, 2017 Miner and commodities trader Glencore said it has never been better positioned financially as core earnings increased 18 per cent and commodity prices rebound. The figures The Anglo-Swiss miner said adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were up 18 per cent at $10.27bn (£8.24bn), while EBIT increased 81 per cent to $3.93bn – 14 [...]
Mongolia agrees terms for $5.5bn IMF-backed loan February 19, 2017 The IMF and its partners have come to an agreement to provide Mongolia with an economic stabilisation package worth $5.5bn (£4.43bn). Rapid growth in Mongolia’s commodities sector had resulted in a fast pace of economic growth, reaching double digit figures between 2011-2013. A sharp decline in commodity prices, plus a fall in foreign direct investment, [...]
Glencore’s copper output to suffer due to African production troubles February 19, 2017 Mining giant Glencore is expected to announce adjusted earnings before interest, tax, depreciation and amortisation (ebitda) of $3.07bn (£2.47bn) for 2016 on Thursday when it reveals its full-year results. In a production report released earlier this month, the FTSE 100 company said it expected ebitda for 2017 to stand at $14bn. According to forecasts by [...]
Glencore in $960m deal with Fleurette for copper and cobalt in Democratic Republic of Congo February 13, 2017 Commodities company Glencore has bought up the remaining stake in Fleurette's Mutanda mine in the Democratic Republic of Congo and has increased its stake in Katanga Mining Limited for a total $960m (£766m). The assets are key sites for the production of copper and cobalt, two commodities which are performing particularly strongly due to the global demand for electricals. [...]