Glencore share price rises as mining giant gives $1bn buyback to shareholders August 20, 2014 Mining and commodities giant Glencore kept to its commitment to reward shareholders as it announced a $1bn share buyback yesterday, with shares rising on the news and strong first-half results that saw its profits rise above expectations. The Switzerland based firm, founded in 1974, saw its underlying profit rise by eight per cent to [...]
Analyst Views: What do you make of Glencore’s results and major share buyback? August 20, 2014 MARC ELLIOT | INVESTEC With the key share buyback to return cash to shareholders, we note Glencore is the first of the diversifieds to make such a firm commitment. Operationally, marketing activities put in a solid performance, marginally ahead of expectations, as did industrial activities. CHRISTOPHER LAFEMINA | JEFFERIES Glencore reported slightly better-than-expected financial results [...]
Glencore reveals $1bn share buyback as earnings increase 8pc August 20, 2014 Glencore has revealed an eight per cent increase in adjusted earnings alongside plans to pay out up to $1bn of cash to shareholders through a share buyback programme. The news means Glencore will return capital to investors before mining competitors BHP Billiton and Rio Tinto, with the company saying the buyback will run to March [...]
London Report: Putin’s Crimea comments help to calm FTSE August 14, 2014 THE FTSE yesterday rose after being bolstered by apparently conciliatory comments from Russian President Vladimir Putin on a visit to Crimea, as well as expectations for a continuation of ultra-loose monetary policy. On a trip to Crimea, the Ukrainian region annexed by Russia in March, Putin said his country would stand up for itself but [...]
Glencore share price slides after a mixed first-half output report August 13, 2014 Commodities powerhouse Glencore saw its share price slump over three per cent yesterday on a mixed half-year production report. The integrated miner trader said production of copper – the metal it makes almost half its profit from – rose 13 per cent to 741,000 tonnes. But the FTSE 100 company, which completed a $40bn (£23.9bn) merger [...]
London Report: FTSE is bolstered by doveish Bank data and thin trading August 13, 2014 THE FTSE yesterday ended slightly higher in thin trade, boosted by a doveish message from the Bank of England. Britain’s leading index closed 24.26 points higher, or 0.4 per cent, at 6,656.68 points after a choppy session marked by low trading activity. Shares in G4S, the world’s biggest security company, led advances, up 5.3 per [...]
London Report: UK labour data and inflation report to form rates outlook August 10, 2014 LABOUR market data and the Bank of England’s quarterly inflation report due this week will point to the likelihood of rate rises in the near future. “Latest labour market data is likely to show a further marked drop in unemployment but still muted earnings growth,” said Howard Archer, of IHS Global Insight. “A further marked fall [...]
Simon Murray joins forces with ex-UBS chair for advisory venture July 27, 2014 Two of the biggest names in the City, former Glencore chair Simon Murray and ex-Abbey National chief executive Luqman Arnold, have joined force to launch a boutique advisory business. Murray and Arnold will be joined by three other partners – ex-UBS vice-chairman Ken Anderson, former chief information officer at Deutsche Bank Mitchel Lenson and founder [...]
London’s King of Mining Ian Hannam forced to pay £450K fine July 22, 2014 City heavyweight Ian Hannam must pay his £450,000 fine for insider dealing by 7 August, the Financial Conduct Authority (FCA) ruled yesterday. Former JP Morgan rainmaker’s fall from grace sent shockwaves through the square mile when he was accused of wrongly disclosing confidential information to Iraqi Kurdistan’s oil minister, relating to client oil firm Heritage in 2008. [...]
Linklaters’ profits rise to £557.3m July 7, 2014 Law firm Linklaters saw its pre-tax profits increase in the latest financial year, up by 6.8 per cent to £557.3m. The group’s income rose to £1.255bn in the year to the end of April, a rise of five per cent on last year’s figures, which were particularly strong, following the Magic Circle firm’s assistance of [...]