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.

David Prosser: China cannot afford to be vengeful

Outlook China must be careful as the fall-out from the collapse of the deal between Rio Tinto and Chinalco continues to rain down, not least on those still trying to negotiate on a market price for iron ore.

Market Report: BHP Billiton bucks weak market trend

BHP Billiton managed to stay afloat despite weakness in the wider market last night, as Investec weighed in, moving its recommendation on the stock to "buy" from "hold".

BP appoints new chairman - at last

BP's two-year hunt to fill one of Britain's most prestigious corporate jobs ended today with the appointment of Carl-Henric Svanberg as chairman.

Anglo shares soar after Xstrata seeks talks

Shares in Anglo American jumped as much as 12 per cent today after rival Xstrata sought talks about a merger of equals to better compete in a consolidating mining sector.

Market Report: Logica advances as broker turns positive

Logica bucked a weak market trend last night, rising by almost 5 per cent after a leading broker weighed in with some words of support.

David Prosser: China is not so naive after all

Outlook That it is possible to patronise what is the world's third largest economy seems faintly odd somehow, but this is exactly what has been happening in the 10 days or so since the deal between Rio Tinto and Chinalco collapsed.

Jeremy Warner: Rio Tinto ditches its Chinese connection

Outlook Now do keep up. A year is a long time in politics, to misquote Harold Wilson's famous remark, but it seems to be a positive aeon in the mining industry. Fast back 12 months and the commodities sector was still booming, with prices at record highs and Rio Tinto confident in its rejection of a generously valued bid from BHP Billiton.

Rio slashes iron ore prices by a third

Rio Tinto has agreed to slash its iron prices by a third for Japan's steel mills, putting the miner on a collision course with Chinese customers fighting for a much larger discount.

Rio deal takes another turn as Chinalco reviews its options

Rio Tinto's tempestuous tie-up with Chinalco took another turn yesterday as the dual-listed miner's Australian shareholders called for changes to the controversial deal and sources claimed the Chinese group was close to a new plan.

Rio Tinto shareholders cast longing eye at BHP

Major Rio Tinto shareholders would prefer a tie-up with its rival BHP Billiton to the miner's controversial $19.5bn (£12.8bn) deal with the Chinese state-owned Chinalco.

Market update - 21 April

The FTSE 100 was 30.57 points weaker at 3960.29 while the FTSE 250 lost 21.38 points to 6995.3 at around 12.27pm.

Rio Tinto plans £8bn contingency rights issue

Anglo-Australian mining group Rio Tinto has drawn up plans to ask shareholders for as much as £8bn in a rights issue if its controversial planned capital injection from Chinalco, the state-owned Chinese aluminium producer, is voted down.

Small Talk: We're all at sea, says marine radio chief

One truism of this recession is that everyone is blaming everyone else for the utter mess we are in. The ordinary Joes blame the spivs and bankers, the bankers blame the markets and regulators (and, rather oddly, the consumers who are now paying their salaries) and the Government tends to blame a different group each day, making sure it stresses constantly that it is not just a British problem.

Jeremy Warner: Right way forward for Rio, or another Chinese takeaway?

Outlook In attempting to address its short-term financing needs, Rio Tinto seems to be selling its soul. With credit about as scarce as hen's teeth, lots of companies are facing a similar dilemma – sell choice assets for bottom-of-the-market prices, or go down.

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