Rio loses key mine rights August 5, 2008 Bid target Rio Tinto has lost control of one of its most important iron-ore projects that could generate annual sales of more than $10bn (£5bn), it was revealed yesterday. The Government of Guinea has told Rio that its licence to mine Simandou, one of the world’s largest undeveloped iron-ore deposits, has been rescinded. The company’s [...]
UK industry is modern, high-tech and a good bet for savvy investors July 25, 2008 Funds and ETFs can help get you exposure to an area that promises to flourish, writes Phil Thornton Barely a day goes by without a new portent of doom and gloom for some part of the UK economy, whether for financials, retailers or housebuilding. But one sector may offer a glimmer of hope during a [...]
The perfect storm July 16, 2008 Higher than expected inflation figures and growing concerns about the banking sector knocked London’s FTSE 100 index of leading stocks down 2.4 per cent yesterday to under 5,200. The benchmark index has now fallen 23 per cent since a June 2007 high and is in clear bear market territory. Bank stocks, unsettled by fears that [...]
Treasury committee to probe speculators over oil price surge July 14, 2008 The Treasury Select Committee will tomorrow examine the role of speculators in driving oil prices to record levels. Deputy chair of the influential committee Michael Fallon said: “We need to understand how much speculation is influencing that international market and what, if anything, governments can do about it.” Brent crude hit a new all-time high [...]
Rose survives protest vote on double role July 10, 2008 Marks & Spencer boss Sir Stuart Rose has kept his job after a planned shareholder revolt at the retailer’s annual meeting yesterday turned into no more than a whimper. Over 94 per cent of the grey-haired army that braved the rain to descend on the Royal Festival Hall on London’s South Bank yesterday afternoon to [...]
Goodbye to carrots: the stick is back July 9, 2008 Businesses are going to find new ways to motivate staff, says Jeremy Hazlehurst The City’s bonus culture has come in for a lot of criticism recently. The Governor of the Bank of England Mervyn King said that he found the idea of massive bonuses “unattractive”, while Alistair Darling, the Chancellor of the Exchequer, also said [...]
FTSE 100 flirts with bear market July 9, 2008 London’s leading blue chip share index lurched into official bear market territory yesterday before recovering to end the day lower, but temporarily out of the danger zone. The FTSE 100 index fell below 5,385 points in early trading, 20 per cent below its June 2007 peak of 6,732, putting it in official bear territory, defined [...]
Money can still be made during bear market slump July 9, 2008 Even as the market yesterday dipped its toe into official bear territory, there’s still money to be made. Equities may be falling out of favour but currencies, commodities and good old-fashioned cash are still in demand as investments likely to weather the current financial storm. “Depending on your time scale, banking stocks look cheap if [...]
Russia’s Sibir Energy races towards FTSE July 8, 2008 London-listed mid-sized Russian oil company Sibir Energy said yesterday its full-year pre-tax profit trebled to $344m (£172m) due to higher output at its Siberian unit and strong margins from refining and retail. Sibir said its crude oil production rose 80 per cent in the year to 17.8 million barrels. Most of the output, 15.3 million [...]
Phoenix to rise to the occasion July 4, 2008 Tomorrow’s Coral-Eclipse looks an ultra competitive contest with no superstar entries like in the last two seasons, but two horses who look the type to have a very good second half of the season. Phoenix Tower is definitely the form pick with a very good second at Royal Ascot to Duke of Marmalade, while Mount [...]