News

The newly forged iron ore-to-copper empire Glencore Xstrata was forced to slash the value of its assets by $8.5bn (£5.4bn) in the first set of results since the merger that created it.

Falling prices and high costs hit BHP Billiton's profits

BHP Billiton, the world's biggestmining company, saw profits fall by 57 per cent in the six months to December, as falling commodity prices and high operational costs took their toll.

The Week Ahead: Commodities slide puts BHP Billiton in a hole

It was a monumental week for the big miners as Rio Tinto sold assets, it admitted that it may have to turn to shareholders for extra capital, and talks emerged over a multi-billion investment by Chinalco, while Xstrata said it was to raise £4.1bn in a heavily discounted issue. This was against a background of weaker commodity prices which saw the sector drag down the FTSE 100 at the end of the week.

Is Argus set to tunnel his way out of mining giant BHP Billiton?

Speculation is rife that Don Argus, the long-time chairman of mining giant BHP Billiton, could announce his departure as early as this week.

Rio mulls rights issue to pay down $10bn debt

Mining giant aims to slice a quarter off its $40bn debt and still considers job cuts

Rio struggles to sell assets to cut debt burden

Rio Tinto, the miner struggling with a $40 bn debt mountain of which about a quarter is due to be paid back in October, has shortlisted companies including buyout firms Apollo and Bain to buy its borates and talc business, which it is trying to sell for as much as $1 bn. The firms are among five on the list, including one more buyout firm, a Chinese bidder and a European company, which are undertaking due diligence and plan to make firm bids for the unit at the end of February, said sources familiar with the matter. The sale of its talc and borates business is one of several auctions the company is conducting. The London and Sydney-based miner put its engineered products and packaging units up for sale early last year. But neither has yet been sold as both processes have stalled.

Jeremy Warner: Unfinished business at Rio for Skinner

Outlook The oil giant BP has spent months wooing Paul Skinner to take over from Peter Sutherland as chairman, and finally it seems to have bagged its man, with news yesterday that Mr Skinner will be quitting as chairman of Rio Tinto in April. With an accomplished history in the oil industry, albeit with BP's big rival Shell, Mr Skinner ought to fit the position hand in glove. Yet first, he must deal with a little unfinished business.

Rio Tinto boss steps down amid talk of move to BP

Paul Skinner, the chairman of the mining group Rio Tinto, is to step down amid speculation that he is set to take the same role at the oil giant BP.

Market update - 30 December

The London market continued to rally this morning, with the FTSE 100 rising to 4352.12, up 32.77 points, and the FTSE 250 advancing by 34.55 points to 6385.11 at 11:35 am. Volumes dwindled, however, with a mere 253 million shares changing hands in early trading.

Banking giants hit by M&A collapse

Investment bankers working on mergers and acquisitions, must be hoping the restructurings and forced disposals anticipated next year come on tap soon after a one-third fall in M&A in 2008.

The Market in 2008: Year of turmoil brought City grandees low

With two and a half trading days to go before Christmas, this week, instead of looking ahead, we are peering over our shoulders to work out who fared the best and was left behind in the London market in 2008.

Market update - 15 December

The FTSE 100 was up 32.17 points at 4312.52 while the FTSE 250 climbed to 6233.08, up 60.1 points, at 11.49am.

Rio Tinto to cut 14,000 jobs in the face of $40bn debt

Rio Tinto is cutting 14,000 jobs and slicing more than $5bn (£3.4bn) out of its capital expenditure plans for next year as plunging commodities prices and a collapsing share price raise rumours of a rights issue.

Jeremy Warner: Rio Tinto hunkers down

Outlook It seems like only yesterday that the mining finance houses were still riding the crest of the wave, with booming demand, commodity prices at record levels, deal making galore and talk of a twenty year "supercycle". And indeed it was virtually. In little more than six months, the industry's dreams have turned to dust, and share prices with them.

Market update - 10 December

The FTSE 100 was up 8.11 points at 4389.37 while the FTSE climbed to 6251.08, up 99.45 points, at noon.

Rio Tinto to axe 14,000 jobs

Mining giant Rio Tinto said today it planned to axe 14,000 jobs as part of its response to weakening global demand.

Latest stories from i100
Career Services

Day In a Page

A
Independent Travel
Pompeii, Capri & the Bay of Naples
Seven Cities of Italy
Burgundy, the River Rhone & Provence
Prague, Budapest and Vienna
Lake Garda
Minoan Crete and Santorini
Prices correct as of 1 May 2015
General Election 2015: Ed Miliband's unlikely journey from hapless geek to heart-throb

Miliband's unlikely journey from hapless geek to heart-throb

He was meant to be Labour's biggest handicap - but has become almost an asset
Amr Darrag: Ex-Muslim Brotherhood minister in exile still believes Egypt's military regime can be replaced with 'moderate' Islamic rule

'This is the battle of young Egypt for the future of our country'

Ex-Muslim Brotherhood minister Amr Darrag still believes the opposition can rid Egypt of its military regime and replace it with 'moderate' Islamic rule, he tells Robert Fisk
Why patients must rely less on doctors: Improving our own health is the 'blockbuster drug of the century'

Why patients must rely less on doctors

Improving our own health is the 'blockbuster drug of the century'
Sarah Lucas is the perfect artist to represent Britain at the Venice Biennale

Flesh in Venice

Sarah Lucas has filled the British pavilion at the Venice Biennale with slinky cats and casts of her female friends' private parts. It makes you proud to be a woman, says Karen Wright
11 best anti-ageing day creams

11 best anti-ageing day creams

Slow down the ageing process with one of these high-performance, hardworking anti-agers
Fishing for votes with Nigel Farage: The Ukip leader shows how he can work an audience as he casts his line to the disaffected of Grimsby

Fishing is on Nigel Farage's mind

Ukip leader casts a line to the disaffected
Who is bombing whom in the Middle East? It's amazing they don't all hit each other

Who is bombing whom in the Middle East?

Robert Fisk untangles the countries and factions
China's influence on fashion: At the top of the game both creatively and commercially

China's influence on fashion

At the top of the game both creatively and commercially
Lord O’Donnell: Former cabinet secretary on the election and life away from the levers of power

The man known as GOD has a reputation for getting the job done

Lord O'Donnell's three principles of rule
Rainbow shades: It's all bright on the night

Rainbow shades

It's all bright on the night
'It was first time I had ever tasted chocolate. I kept a piece, and when Amsterdam was liberated, I gave it to the first Allied soldier I saw'

Bread from heaven

Dutch survivors thank RAF for World War II drop that saved millions
Britain will be 'run for the wealthy and powerful' if Tories retain power - Labour

How 'the Axe' helped Labour

UK will be 'run for the wealthy and powerful' if Tories retain power
Rare and exclusive video shows the horrific price paid by activists for challenging the rule of jihadist extremists in Syria

The price to be paid for challenging the rule of extremists

A revolution now 'consuming its own children'
Welcome to the world of Megagames

Welcome to the world of Megagames

300 players take part in Watch the Skies! board game in London
'Nymphomaniac' actress reveals what it was really like to star in one of the most explicit films ever

Charlotte Gainsbourg on 'Nymphomaniac'

Starring in one of the most explicit films ever