Glenstrata completion date pushed back January 18, 2013 Commodities giant Glencore has pushed back the completion date for its tie-up with rival Xstrata as it waits for regulatory approval from South Africa and China. Last month, the miners announced the extension of the “long stop date” for the £56bn merger from 31 December to 31 January. As regulatory processes in South Africa and [...]
Rio Tinto drags FTSE 100 down January 17, 2013 Mining giant Rio Tinto weighed heavily on the FTSE 100 this morning, trading down around 3.5 per cent. This morning it said chief executive Tom Albanese would step down following a $14bn impairment charge relating to several acquisitions. Charles Gibson, head of mining at Edison Investment Research, said this morning: “When a company writes off [...]
Tui Travel and German parent in merger talks January 16, 2013 TUI TRAVEL is in talks to merge with its German parent Tui AG, it announced yesterday, sending its shares up four per cent. However, analysts have raised concerns that the nil-premium merger will not be enough to entice Tui’s UK shareholders. FTSE 100-listed Tui Travel, the group behind holiday companies Thomson and First Choice, said [...]
First Quantum takes Inmet bid to shareholders January 9, 2013 CANADIAN mining giant First Quantum Minerals has taken its bid for fellow miner Inmet hostile, as it yesterday sent takeover documents for its C$5.1bn (£3.2bn) offer directly to Inmet shareholders. Vancouver-based First Quantum, which has assets in Africa, Australia, South America and Europe, last month sweetened its offer for Canadian miner Inmet, offering C$72 in [...]
Mining heiress made to reveal secret accounts January 7, 2013 ONE of the world’s richest women, mining heiress Gina Rinehart, has caved in to regulatory pressure and finally revealed the full extent of her business empire. Rinehart, executive chairman at Australian mining company Hancock Prospecting, has published two years’ worth of business accounts after giving up the fight with Australian financial watchdog the Australian Securities [...]
Markets fly but hangover feared January 2, 2013 MARKETS around the world rallied yesterday after the US agreed an eleventh-hour deal to limit fiscal cliff tax increases and spending cuts, giving equities a much needed boost. The deal averted sharp rises in income-tax for a majority of Americans, but failed to reach any conclusion over cutting the budget deficit, leading analysts to warn the [...]
FTSE 100 rallies on US fiscal cliff deal January 2, 2013 Investors welcomed in the first trading day of the new year with a sharply higher blue chip index this morning, as the FTSE 100 rose around 90 points in early trading as US policymakers approved a deal to prevent the so-called fiscal cliff. Miners led the rally, with Eurasian Natural Resources, Rio Tinto, Anglo American [...]
Thank you for reading us in ever greater numbers in 2012 December 20, 2012 The common complaint about City A.M. in its infancy was that it was hard to pick up outside the City, Canary Wharf and Mayfair. Readers generally loved the paper but wanted to read it on their way into work rather than when they arrived at their destination. So, over the past couple of years we [...]
Russian business stereotypes need to be consigned to the distant past December 19, 2012 BRITISH statesman Lord Curzon once famously said that every Englishman enters Russia a Russophobe, and leaves it a Russophile. Though time has passed since the Great Game of Rudyard Kipling, the saying is still relevant. According to a recent Economic Intelligence Unit survey of 200 international senior executives, less than 15 per cent would view [...]
Commodity trading giant Trafigura mulls London float of Puma December 16, 2012 COMMODITY trading giant Trafigura is mulling plans to join its Swiss-based rival Glencore and float part of its business on the London Stock Exchange. Trafigura, a top three oil trader and the second biggest metals trader behind Glencore, yesterday said it was still weighing up an initial public offering of its oil subsidiary Puma Energy [...]