UPDATE: Australia PM Rudd Fights For Survival In Party Revolt
23rd Jun 2010 16:57
(Recasts, combined stories, adds context, analysis) By Rachel Pannett Of DOW JONES NEWSWIRES CANBERRA (Dow Jones)--Australia's Prime Minister Kevin Rudd is fighting for his political life after a mutiny broke out in his governing party Wednesday that could see the once-popular leader rep
Read moreFTC Starts Review Of BHP, Rio Tinto Iron Ore Tie-Up -Nikkei
23rd Jun 2010 15:42
TOKYO (Nikkei)--The Japan Fair Trade Commission has begun its antitrust review of a plan by BHP Billiton Ltd. (BHP, BHP.AU) and Rio Tinto Ltd. (RIO.AU) to merge their Australian iron ore mining operations, commission Secretary-General Takahide Matsuyama told a news conference Wednesday, The Nikkei r
Read moreLondon afternoon: Stocks dip in quiet trading
23rd Jun 2010 14:24
London had an up and down lunch time session with the Footsie ending the period more or less where it started it, in the red. Trading is a bit sluggish, however, and the suspicion is that traders are more interested in this afternoon's crunch World Cup match between Slovenia and England than in th
Read moreMARKET TALK: Miners Rise As Australian PM Reportedly Quits
23rd Jun 2010 13:25
1225 GMT [Dow Jones] Miners are on the rise in London after Sky TV reports that the Australian Prime Minister has agreed to resign from his post. Traders note that miners with links to the region are rallying hard. BHP Billiton is +0.6% and Rio Tinto is +0.8%. Furthermore, the FTSE 350 mining sector
Read moreLondon midday:Attempted rally falters
23rd Jun 2010 11:58
Mining stocks are weighing the Footsie down as London follows Wall Street's lead and heads south. American investors took flight following weak housing data and Asian markets followed suit this morning. Reflecting that, miners are down with recently floated FTSE 100 new boy African Barrick Gold lea
Read moreLondon open: Dull start after US dip
23rd Jun 2010 08:52
Last night's late sell-off in the US has hit London this morning though selling has been selective rather than widespread American investors took flight following weak housing data and Asian markets followed suit this morning. Reflecting that, miners are down across the board led by heavyweights Xs
Read moreGuinea Threatens Rio Tinto Over More Rights To Simandou-Report
23rd Jun 2010 08:25
LONDON (Dow Jones)--The government of Guinea has raised the stakes in its dispute with Rio Tinto PLC (RTP) by threatening to strip the Anglo-Australian mining group of more of its rights to one of the world's largest undeveloped iron ore deposits, The Financial Times reports Wednesday citing a gover
Read moreRio Tinto Says Aluminum Markets To Recover But Still Cautious On Short Term
23rd Jun 2010 02:17
MELBOURNE (Dow Jones)--Rio Tinto Ltd. (RTP) said Wednesday it believes aluminum markets are set to continue to recover thanks to strong long-term fundamentals but the company remains cautious on the short-term outlook. Rio Tinto Alcan Chief Financial Officer Phillip Strachan said prices were set
Read moreMARKET TALK: Aussie Resources Could Add 5% If RSPT Dumped-Trader
23rd Jun 2010 00:08
2308 GMT [Dow Jones] Major Australian resources stocks like BHP (BHP.AU), Rio (RIO.AU) could rise as much as 5.0% today if the proposed resources super profits tax were to be dumped by the Federal Government. Australian PM Kevin Rudd faces party leadership challenge from Deputy PM Julia Gillard, wit
Read moreAustralia Government Planning A$4 Bln Resource Tax Fix - Report
22nd Jun 2010 22:27
SYDNEY (Dow Jones)--The Australian government is planning to use about A$4 billion in savings from axed rebates to refashion its contentious resource super profits tax, say government sources according to a report in Wednesday's Australian Financial Review. The report says the government will di
Read moreBaosteel: First 'Very Large' Iron Ore Carrier In Operation
22nd Jun 2010 08:45
BEIJING (Dow Jones)--Baosteel Group Corp., China's second-largest steelmaker, said in a statement Tuesday it has put into operation the first of what will be a strategic fleet of "very large" iron ore carriers. The new ship has a capacity of 230,000 deadweight tons, it said. Built as part of
Read moreTuesday newspaper round-up: Budget, Sainsbury's, Jupiter
22nd Jun 2010 06:28
George Osborne will claim today that the harshest Budget for 30 years will squeeze the rich more than it hits the poor. The Chancellor will seek to sell his package of record spending cuts and tax rises as being stamped by fairness as he tries to win public support for a four-year austerity drive.
Read moreMARKET TALK: Resources To Benefit From Yuan Rise -Trader
22nd Jun 2010 02:50
0149 GMT [Dow Jones] Resources stocks likely the strongest beneficiaries of further yuan appreciation today, says Southern Cross Equities Director Charlie Aitken. "China has embarked on a slow and steady appreciation of the yuan," says Aitken. "I think in a few months time it will be 5.0% higher and
Read moreMARKET TALK: S&P/ASX 200 Bounces On Yuan Appreciation
22nd Jun 2010 02:35
0135 GMT [Dow Jones] S&P/ASX 200 down 0.3% at 4597.0, up from 4582.0 as AUD/USD spikes to 0.8832 from 0.8767 after China set USD/CNY central parity at 6.7980 vs 6.8275 Monday, down 0.43% and the lowest central parity in the modern era. BHP (BHP.AU) has turned up 0.3% to A$40.04 from A$39.56 low and
Read moreMARKET TALK: Macquarie Lifts BHP, Rio Weights In Aussie Portfolio
22nd Jun 2010 02:07
0107 GMT [Dow Jones] Macquarie Equities has lifted the weighting of BHP (BHP.AU) and Rio (RIO.AU) in its model Australian equities portfolio because BHP and Rio, in particular, are trading near their lowest valuations seen over the past two decades, at a time when their earnings growth outlooks rema
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