Business News in Brief: Anglo American to sell Scaw’s South African assets

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The Independent Online

The FTSE 100 miner Anglo American is expected to sell off the South African assets of steel maker Scaw Metals in the latest phase of its disposal programme.

Anglo has already sold Scaw's international assets this year to Australian group OneSteel for $932m. The South African assets are expected to fetch less and attract fewer bidders. On Friday, US coal group Drummond received the latest bids for its operations in Colombia, which are thought to be worth more than $6bn.

Hotel's £675m refinancing looms

Debt secured against Claridge’s is due to be refinanced next Thursday. The National Asset Management Agency (Nama) tried to transfer £675m of debt owed by the luxury Maybourne Hotel Group, which also owns the Connaught and Berkeley hotels, in the summer. The money had been lent by Anglo Irish and Bank of Ireland. Maybourne shareholder Paddy McKillen is challenging the transfer of his loans to Nama in the Supreme Court on Wednesday.

Leaders' summit to debate the debt crisis

The European Union leaders' summit this Thursday and Friday will be dominated by the debt crisis spreading across the continent. The European Financial Stability Facility can raise up to E440bn in bonds as part of an overall E750bn to help bailout struggling member states, but there are fears this might not be enough. EU lawmakers and governments are also split over how much the EU budget should rise next year, particularly as many states like the UK have implemented tough austerity cuts.

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