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.

Deripaska plans new $1.5bn float in Hong Kong

Oleg Deripaska is set to launch a $1.5bn (£950m) stock market flotation of his electric power business, despite the recent collapse of several high profile flotations.

Iron ore miners 'have begun price talks with Chinese'

The world's biggest iron ore producers have opened negotiations aimed at setting the annual price of the commodity, according to reports from China yesterday.

New BP chairman to announce 80% rise in profits

BP chairman Carl-Henric Svanberg, will on Tuesday report his first results since taking over the hot seat, and they are set to please investors.

BHP, Rio Tinto face Euro competition inquiry

European competition authorities today opened an investigation into BHP Billiton and Rio Tinto’s huge iron ore joint venture in Western Australia.

Market Report: Weak dollar drives up metals specialists

The mining industry helped to support the FTSE 100 last night, with Eurasian Natural Resources Corporation advancing by almost 4 per cent as metals prices improved.

Steel industry fights Rio's tie-up with BHP

Eurofer, the European steel industry body, last night called on the European Union to block BHP Billiton and Rio Tinto's iron ore joint venture in Western Australia, arguing that the tie-up between the two mining giants will lead to "market concentration".

Business Diary: 05/12/2009

The issues that really worry our MPs

In these difficult times for the world, what is Cheadle MP Mark Hunter most worried about? Global warming, the recession or even knife crime?

OECD 'holds key to commodity prices'

BHP Billiton’s chief executive sounded a cautionary note at the group’s annual general meeting yesterday, saying that it will be the middle of next year before the world’s biggest mining group would know if demand for commodities had stabilised. Marius Kloppers said Chinese demand had largely accounted for the growth in commodity prices in the last six months, but while Chinese stockpiling was largely complete, he said, growth in 2010 depended on demand from OECD countries.

BHP's Kloppers gets 51% rise as profits sink

Despite saying that the past 12 months were among the toughest on record for the mining industry, Marius Kloppers, the chief executive of the resources giant BHP Billiton, received a 51 per cent pay rise last year. The increase comes amid falling profits, the recession and the company's failure to pull off the takeover of rival Rio Tinto.

Rio Tinto posts big profit drop but pays down debt

Rio Tinto unveiled a record 64 per cent drop in first-half profits yesterday, saying it was "cautious" about the short-term outlook for commodities.

Rio Tinto to sell Alcan packaging to Amcor for $2bn

Rio Tinto is set to sell its Alcan packaging business to Australia's Amcor for $2bn (£1.2bn) as the miner continues the divestment programme stalled by the global credit crunch.

Investment Column: Watch China before a punt on BHP Billiton

Our view: Cautious hold

Share price: 1555p (+27.5p)

For some time now, plenty of companies, both in the mining sector and elsewhere, have pinned their hopes on the emerging markets, specifically China and India.

Hope of freedom for orang-utans dashed

248 endangered primates left in cages after mining company pulls out of rescue

Market Report: GKN draws strength from rights issue

A positive rights issue result, and some words of support from a leading broker, boosted GKN, the engineering group, which rose by 6.8 per cent last night.

World commodities demand shows signs of rebalancing

Developed economies are following China's lead and restocking their inventories
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