News

China continues to show off its influence over the London market as some of the big miners took a heavy dent on the first day when most trading desks were full after the festive celebrations.

Row with president threatens Rio Tinto Guinea project

Rio Tinto confirmed yesterday that the Guinean government had threatened to strip the company of its stake in a huge iron ore project in the West African country. The dispute centres on the miner's failure to acknowledge an earlier decision to remove part of the project from Rio's control.

James Moore: Rio falls foul of yet another government

Outlook Is Rio Tinto the most accident-prone company on the FTSE 100 (except BP, of course)? It looks that way. The miner is embroiled in yet another row with a government (this time it's in Guinea, and about iron core concessions).

Rio and BHP score points over Australian government with iron ore royalty deal

Rio Tinto and BHP Billiton yesterday agreed to pay Western Australia increased royalties if the companies' huge iron ore joint venture in the state is given the green light.

Rio Tinto shifts its stance on new tax

Rio Tinto, the mining group that analysts expect to be hardest hit by the proposed 40 per cent tax on resources groups' profits in Australia, said yesterday that it is not against a profits-based levy.

Rio Tinto chief savages Australian super tax

Rio Tinto's chief executive, Tom Albanese, broke his silence on Australia's proposed 40 per cent on profits in the mining industry yesterday, threatening to withdraw investment from the country.

China hints at imposing mining super-tax

The spectre of other resources-rich countries joining Australia in imposing extra taxes on the mining industry was raised again yesterday when an influential state-run newspaper in China urged the authorities in Beijing to impose a similar levy.

Tax worries overshadow Xstrata's increased output

Xstrata reported strong first-quarter production figures yesterday, saying it was confident about demand for metals as the recovery in the global economy gathers pace.

Rio Tinto criticises Canberra tax plans

Rio Tinto yesterday criticised a controversial new resource tax imposed by the Australian government, saying it could erode the country's competitiveness, curtail investment and limit jobs growth. Prime Minister Kevin Rudd announced at the weekend that a 40 per cent tax on profits at the big mining companies would be introduced in 2012, raising an additional A$9bn (£5.5bn) a year.

G4S employees in Afghanistan sentenced to two years for bribery

G4S became the latest British company to become embroiled in an overseas bribery case yesterday, when two employees were jailed in Afghanistan for paying local officials to release impounded vehicles.

Investment Column: There's more to come from surging Anglo

IMI; Bluebay Asset Management

US corruption investigation centres on BHP Billiton

BHP Billiton became the latest mining company to be embroiled in a corruption scandal yesterday when it admitted it has been under investigation by the US Securities and Exchange Commission (SEC) since August last year.

Rio Tinto follows iron ore rivals and kills off yearly prices

Rio Tinto has sounded the death knell for the 40-year-old practice of pricing iron ore through annual contracts, saying yesterday that it was following the world's other major producers by negotiating with steelmakers on the basis of quarterly agreements.

Vale and BHP in historic iron ore price move

Miners and steel groups agree to scrap annual pricing after decades

David Prosser: Another case for Rio Tinto to answer

Outlook: The company, having failed to spot what its staff had been up to, was quite happy to see the Chinese accused of trumping up charges against them

Clifford Coonan: Graft in China... a way of life?

The British engineer was shown a photograph of a local Communist Party official's daughter, and the cadre tapped the frame and said: "I hear you have good universities in Britain. But the American ones are good too. How will you compete when offering her a place? That's what it will take to secure the business!" The Briton lost the deal.

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