London Week Ahead: All eyes on UK GDP and Fed’s minutes August 18, 2013 TRADERS will get a better glimpse into the British economy this week when a further estimate of second quarter economic growth is published at the end of the week. The Office for National Statistics will give a revaluation of the 0.6 per cent advance it recorded between April and June this year on Friday, with [...]
Glencore Xstrata shares climb after strong production update August 14, 2013 GLENCORE Xstrata’s share price rose yesterday after the miner trader unveiled a strong increase in first-half production across most of its commodities. The FTSE 100-listed firm – which is due to post its half-year earnings next week – said that copper output soared 20 per cent, while gold rose 14 per cent and coal production [...]
Glencore Xstrata announce combined production figures following merger August 14, 2013 Glencore Xstrata has announced production figures for the first half of the year as a combined basis following its merger on 2 May 2013 (report). Key highlights include a 20 per cent increase in total own sourced copper production (673,400 tonnes), primarily due to a 42 per cent boost in Africa. Own sourced gold production [...]
US regulator issues subpoenas over metals warehouse probe August 13, 2013 THE STATES-SIDE probe into the metals warehousing industry intensified yesterday, after it emerged that the US commodities watchdog has subpoenaed a number of firms including Swiss commodities giant Glencore. The US Commodity Futures Trading Commission (CFTC) sent the subpoenas last week, sources familiar with the matter said, after a letter from the regulator last month [...]
What the other papers say this morning – 13 August 2013 August 12, 2013 FINANCIAL TIMES Subpoenas issued over metals probe The US commodities watchdog has subpoenaed companies including Goldman Sachs, JP Morgan Chase and Glencore as it ramps up its probe into the metals warehousing industry. The subpoenas come amid a barrage of criticism in the US of activities in commodity markets. The CFTC requested documents by the [...]
What the analysts are saying about Chinese rebalancing and trade data August 8, 2013 What does this morning’s narrowing of China’s trade surplus and boost in imports and exports mean for the economy? This morning, it was revealed that China’s trade balance narrowed much more drastically than expected in July – to $17.818bn from $27.100bn (a fall to $26.200bn had been forecast). At the same time, Chinese imports rose [...]
Inside Track: Lord Davies still in the running for both RBS and Lloyds August 7, 2013 LORD Davies, the former trade minister and one of the City’s most distinguished bankers, is not a man who gives up easily. So it must have been galling that the share price of Lloyds Banking Group has put on a gallop in recent weeks, faster than the famous black stallion that adorns its logo. Project [...]
London Report: FTSE slumps to 4-week low on tightening fears August 7, 2013 THE FTSE 100 share index closed at a four-week low yesterday on concerns the Bank of England (BoE) and the US Federal Reserve may start tightening monetary policy earlier than expected. A day after two Fed officials suggested the US central bank may cut the pace of bond purchases as early as next month, the [...]
Glencore sells Australian malt producer Joe White to Cargill August 5, 2013 GLENCORE Xstrata yesterday said it has agreed to sell Australia’s largest malt producer, Joe White Maltings, to agriculture giant Cargill. The sale is subject to regulatory approval and is expected to close by the end of 2013. The deal value was undisclosed by Glencore in yesterday’s announcement but is reportedly worth A$420m (£244m). Joe White [...]
Luton Airport snapped up by Aena and Axa August 1, 2013 LUTON Airport is set to expand after the rights to run the airport were snapped up by Spanish infrastructure group Aena and Axa’s private equity arm. Aena has teamed up with Axa to buy the remaining 90 per cent from fellow Spanish firm Abertis in a deal worth £433m. State-owned Aena already held 10 per [...]