The City roundup video: Glencore looks for merger, victory for Serious Fraud Office and Adnams name ex-cleaner as executive

Video: Jim Armitage provides a run-down of the day's major news from the City

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The Independent Online

Don't miss out on the goings on in the business world, with our daily roundup of the biggest news from the City.

News of a potentially massive merger in the world of mining and trading has emerged from the Square Mile today after the billionaire boss of giant Glencore has announced plans for a $160bn merger with rival Rio Tinto. Glencore head honcho, Ivan Glasenberg, approached Rio’s chairman in July with an offer but, as Rio said this morningAccording to reports, it has been rejected. However, Glasenberg is not one to take no for an answer, so he has now changed tact, approaching Rio’s biggest shareholder, a Chinese aluminium producer, to see if they like the sound of it.

It is unclear as of yet whether the aluminium maker Chinalco thinks of the deal but City investors this morning were predicting that this is one deal where Glasenberg might not get his way.

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Elsewhere, the Serious Fraud Office scored a victory in its prosecutions of those traders who allegedly conspired to manipulate the Libor interest rate benchmark. Today, a banker, who we can’t name for legal reasons, pleaded guilty to conspiracy to defraud down at Southwark Crown Court. It’s the first criminal conviction over the affair, and 11 more stand charged and await trial.

And a rags-to-riches story to finish off with. Karen Hester has been appointed appointed to Adnam Brewery's board as a top executive director. Hester started her career at the company as a part-time cleaner when she left the Army in 1988, and after working her way up she has now landed a job as one of the company's highest-ranking executives.