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 [...]
Deal drought for mining sector as prices plunge July 28, 2013 MINING deals have sunk by a third this year after tumbling commodity prices weakened interest in capital raising and acquisitions, a report out today shows. Mergers and takeovers in the global metals and mining sector – a key component of the FTSE 100 – fell 30 per cent between January and June, the third consecutive [...]
Gulf Keystone settles its spat with investors July 21, 2013 OIL explorer Gulf Keystone Petroleum has withdrawn its opposition to four directors proposed by shareholder M&G Recovery Fund, ending a row with its biggest investors over corporate governance. Gulf Keystone said in a statement over the weekend that it had reached a “constructive agreement” with shareholders regarding the shape of its board. Meanwhile, M&G Recovery [...]
Glencore starts sale process for Peruvian mine July 16, 2013 GLENCORE Xstrata yesterday announced that it has started the sale process for its Peruvian copper mine Las Bambas, as demanded by the Chinese antitrust regulator back in April in return for merger approval. “Glencore Xstrata has received numerous expressions of interest in the Las Bambas project from a diverse group of international mining companies and [...]
Glencore’s Glasenberg attacks record of mining industry CEOs February 26, 2013 IVAN Glasenberg, the billionaire boss of commodity giant Glencore, has launched a blistering attack on mining industry executives, saying they have “really screwed up”. He told investors that industry CEOs made the “catastrophic” decision to over-invest in new mines, pushing down prices at the expense of shareholder returns. “We’ve always been wanting to keep building and [...]
CLEAN SWEEP AS MINE BOSS QUITS February 19, 2013 BHP Billiton’s Kloppers is fourth industry giant to go in six months THE MINING industry was shaken by its latest change at the top last night, as BHP Billiton chief executive Marius Kloppers announced his retirement. The departure, the latest in a string of shake-ups among the FTSE 100’s mining giants, will see Andrew Mackenzie, [...]
Glencore and Xstrata post output drop February 12, 2013 COMMODITIES trader Glencore and Xstrata, in the final stages of a £56bn mega-merger, yesterday posted a drop in combined output across key metals including copper. The two companies’ combined production figures, released by Glencore yesterday, show a nine per cent annual drop in copper output in 2012, and a one per cent fall in zinc [...]
Glencore-Xstrata base metal output dips February 12, 2013 Commodities trader Glencore and Xstrata, in the final stages of a £56bn mega-merger, this morning posted a drop in combined output across key metals including copper. The two companies’ combined production figures, released by Glencore this morning, show a nine per cent annual drop in copper output in 2012, and a one per cent fall [...]