Glencore in debt for equity swap with Russneft March 11, 2015 Mining firm Glencore is finalising a purchase of a 49 per cent stake in Russian oil refinery firm Russneft. The companies are preparing a deal to convert $900m (£604m) of debt into equity, which will see Glencore take on a 49 per cent holding in the producing side of the Russian firm. Glencore, which is [...]
Property shares weigh on FTSE due to bond rise – London Report March 9, 2015 Britain’s top share index yesterday extended its retreat from record highs, pulled down by property shares as a rise in gilt yields eroded the appeal of interest rate-sensitive stocks. The blue chip FTSE 100 index closed down 0.5 per cent at 6,876.47 points, extending Friday’s decline and pushing the FTSE further away from a record [...]
FTSE climbs in late rally as BA owner IAG soars – London Report March 4, 2015 BRITAIN’S top share index rebounded late yesterday, helped by a surge in British Airways owner International Airlines Group (IAG) due to strong traffic figures and by rallies in broadcaster ITV and bank Standard Chartered. The FTSE 100 snapped a three-day losing streak to end 0.4 per cent higher at 6,919.24 points after trading as low [...]
Trading division helps Glencore weather prices March 3, 2015 COMMODITIES powerhouse Glencore yesterday revealed that a 15 per cent jump in earnings for its trading division had partially shouldered the financial hit sustained from falling commodity prices. The offset allowed the Anglo-Swiss multinational to finish the year two per cent down in core profit. The company posted 2014 adjusted earnings before interest, tax, depreciation [...]
FTSE dragged by Smith & Nephew – London Report March 3, 2015 BRITAIN’S blue chip share index gave up early gains for a third straight session yesterday and dropped back from record highs as prospects for a takeover of Smith & Nephew dimmed and its shares slumped. The FTSE 100 index was down 51.51 points, or 0.7 per cent, at 6,889.13 points at the close, not far [...]
Housing data shows lending and price rises – London Report March 1, 2015 HOUSING data due this week is likely to show increases in both prices and the number of mortgages being taken out. Bank of England mortgage approval figures, out today, are forecast to show that the number of housing loans rose modestly for a second month running in January after falling for five successive months to [...]
Glencore scales back exports February 26, 2015 GLENCORE said today it planned to cut coal exports from its Australian mines by about 15 per cent in 2015 to ensure the mines remain profitable as coal prices languish near five-and-a-half-year lows. The world’s biggest exporter of coal for power stations said it would cut exports by 15m tonnes. It will carry out the [...]
Greece and miners’ rally help London surge to record high – London Report February 24, 2015 Britain’s top equity index yesterday hit a record high as a rally in mining companies helped the three-decade-old blue chip index to surpass its previous high, set in late 1999. Reports that Greece had secured a lifeline from its creditors and increasing belief that the UK’s economic recovery was gaining momentum also helped the index [...]
Children’s Fund gets 6.7 per cent of Spanish airport operator Aena February 18, 2015 The Children’s Investment Fund Management (TCI) took a 6.7 per cent stake in Spanish airport operator Aena in the company’s listing last week, stock market data revealed yesterday. The move sees TCI, run by British hedge fund manager and philanthropist Sir Christopher Hohn, become the Aena’s second largest investor after the Spanish government, which holds [...]
Rio Tinto announces capital return, buys back $2bn in shares February 12, 2015 The figures Rio Tinto shareholders are waking to the news they had been waiting for: the miner will conduct a $2bn (£1.3bn) share buyback. In the miner's full year results, published today, Rio Tinto revealed its underlying earnings had dropped to $9.3bn for the 12 months ending 31 December 2014, down from $10.2bn in 2013. [...]