Glencore Xstrata strengthens its grip on Lonmin with board hires September 9, 2013 FTSE 250-listed platinum miner Lonmin yesterday said it has appointed two non-executive directors to join its board, who both come from its largest shareholder Glencore Xstrata. Gary Nagle, chief executive of newly-merged miner trader Glencore Xstrata’s alloys division and Paul Smith, head of strategy and communications at the FTSE 100-listed firm, will join Lonmin with immediate [...]
The Nominations: A very warm welcome to the shortlists for the City A.M. awards 2013 September 8, 2013 TODAY we kick off the countdown to this year’s City A.M. Awards with the first of the shortlists for an event that has rapidly established itself as a highpoint in the annual calendar. Our awards, now in their fourth year, celebrate all of the City’s main sectors and the people that make sure London remains [...]
London Report: Syria weighs on FTSE amid oil trade scramble August 28, 2013 THE UK’S top share index fell yesterday, pressured by the risks of possible Western military action against Syria, but with energy stocks supporting the market after an oil price spike. The FTSE 100 was down 10.91 points, or 0.2 per cent, at 6,430.06 points at the close as the United States and its allies appeared [...]
Glencore Xstrata writes down £4.9bn in assets August 20, 2013 FTSE 100-listed Glencore Xstrata yesterday revealed that it had taken a $7.7bn (£4.9bn) writedown on Xstrata’s mining assets, as it posted a nine per cent fall in half-year earnings to $6bn, due to low commodity prices that continue to weigh down on the sector. The miner trader attributed a large part of the writedown to [...]
Bottom Line: Mining shares set for rollercoaster ride August 20, 2013 AS EVER, mining stocks yesterday gave a pretty clear picture of how investors were feeling. But this time – in addition to the ever-present spectre of Fed uncertainty and slowdown in Chinese material demands – there were more tangible reasons for their concern. BHP Billiton and Glencore Xstrata fell 1.7 per cent and 1.6 per cent [...]
London Report: Weak earnings reports fuel drop in FTSE shares August 20, 2013 BRITAIN’S top share index edged lower yesterday as gloomy earnings reports fuelled profit-taking on some basic material and energy stocks and investors cut positions in expectation of less US monetary stimulus. Shares in miners BHP Billiton and Glencore Xstrata fell 1.7 per cent and 1.6 per cent respectively as the former announced a lower-than-expected profit [...]
Glencore Xstrata drags on FTSE as merger costs exceed expectations August 20, 2013 Newly formed megaminer Glencore Xstrata has announced a $7.6bn (£4.9bn) post-merger writedown (release). That number is at the top of the consensus range. The firm said that the May merger meant that "little synergy benefits" have been recognised in the first half of the year, but these are "now flowing strongly". Mike van Dulken, Head [...]
Caracal cheers strong start as it joins the FTSE August 19, 2013 OIL EXPLORER Caracal Energy said yesterday it has enjoyed a “transformational” start to the year as it pressed on with production and joined the London stock market. The Chad-focused firm, which is based in Canada but has gained approval for its shares to be included in the FTSE UK index, said it ended the second [...]
London Report: Fall in copper price hits mining stocks August 19, 2013 ADROP in major mining stocks pushed Britain’s benchmark share index lower yesterday, while persistent concerns about an expected reduction in US monetary stimulus also weighed on the market. The blue-chip FTSE 100 index closed down 0.5 per cent, or 34.26 points, at 6,465.73 points, continuing a pull-back that saw it dip 1.3 per cent last [...]
Bottom Line: When making a brand new start of it doesn’t work August 18, 2013 WHEN Edwards’ planned London flotation was cancelled in April 2011, the markets barely even feigned surprise. The vacuum technology firm’s pulled initial public offering (IPO) came amid a period of market volatility and – Glencore aside – little appetite for new listings. It was hardly surprising that investors didn’t clamber over each other to [...]