Rio, Chinalco ink JV for Simandou project
19th Mar 2010 07:01
Miner Rio Tinto and Chinese-run aluminium firm Chinalco have signed a memorandum of understanding (MoU) to establish a joint venture covering the development and operation of the Simandou iron ore project in Guinea. The deal is the latest sign that the two companies have patched up the differences
Read moreDeparting Serco chairman sells most of his stake
18th Mar 2010 16:37
Departing chairman Kevin Beeston has sold nearly all his remaining shares in outsourcing group Serco. Alastair Lyons will take up the chairmanship of the company after the Annual General Meeting on 11 May. Lyons has been non-executive chairman of Admiral Group since 2000. Beeston's departure mark
Read moreChina and Australia exchange warnings over Rio trial
18th Mar 2010 13:13
China has warned Rio Tinto against politicising the trial of four Rio Tinto executives, which is due to start on Monday. The warning came after Australian Prime Minister Kevin Rudd said the 'world will be watching how this particular court case is conducted' and foreign minister Stephen Smith compl
Read moreThursday newspaper round-up: UBS, British Airways, ITV
18th Mar 2010 06:15
Four banks were charged with fraud on Wednesday for their roles in a €1.7bn ($2.3bn) financing package for the Italian city of Milan in a case that will fuel the global debate about the use of complex derivatives. UBS, JP Morgan Chase, Deutsche Bank and Germany's Depfa will face trial in Milan aft
Read moreLondon close: Gains pared at the close
17th Mar 2010 16:48
London's gains were trimmed just before the close as traders took a few profits before heading off to celebrate St. Patrick's Day. Nevertheless, it was the highest close for the Footsie since the middle of 2008. Mining stocks led the advance, despite conflicting views in the broking community on th
Read moreLondon afternoon: Brokers in miners disagreement
17th Mar 2010 14:29
A firm opening by Wall Street gave UK shares an additional fillip over the lunchtime trading session. Miners are leading the advance, despite conflicting views in the broking community on their merits. Societe Generale is in the bearish camp, cutting sector giants BHP Billiton and Rio Tinto from 'b
Read moreWednesday paper round-up: US rates, Shell, Honda
17th Mar 2010 06:38
The dollar fell yesterday after the Federal Reserve repeated its pledge to keep interest rates low for a long period and the White House warned that American unemployment was likely to remain high for some time. A statement from the central bank's rate-setting committee was generally more positive
Read moreRio and Chinalco make up and sign up
16th Mar 2010 11:40
Miner Rio Tinto and Chinese-run aluminium firm Chinalco have seemingly patched up the differences caused by last year's collapse of their planned tie-up and are set to agree a $12bn joint venture in Guinea. The news comes just a day after China officially exonerated Rio from any blame for the break
Read moreLondon midday: London lethargy lingers
15th Mar 2010 12:10
With the glut of end-2009 results announcements out of the way London looks in the mood to put its feet up and take a rest. In terms of hard news relating to FTSE 100 companies that is restricted to distribution group Bunzl and mining stock Rio Tinto. Distribution and outsourcing group Bunzl has
Read moreLondon open: Footsie drifts lower
15th Mar 2010 08:48
It's a quiet start for Footsie with little company news and buyers again largely sitting on the sidelines. British Telecom and Cable & Wireless are pushing on helping to offset a dull morning for the miners. Xstrata, Vedanta and Kazakhmys are the worst affected. BSkyB is down after Friday's excite
Read moreLondon pre-open: Dull start in store
15th Mar 2010 07:44
London looks set to get the week off to a quiet start with City traders predicting the FTSE 100 will open around 10 points lower than it's closing level on Friday. Investment trust giant Witan’s investment performance beat its benchmark index in 2009 after calling the bottom of the market a month e
Read moreRio Tinto cleared over Chinalco deal
15th Mar 2010 07:10
Rio Tinto has been cleared of wrong doing over the collapse of its proposed tie-up with aluminium group Chinalco by an internal Chinese investigation, which instead blamed naivety, poor PR and soaring metal prices for its breakdown. Chinalco's plan to by 18% of Rio Tinto fell apart because commodit
Read moreMonday paper round-up: Barclays/Lehman, British Airways, Rio Tinto
15th Mar 2010 06:38
Further damaging revelations about the collapse of Lehman Brothers are being held up in the US courts by Barclays. A 2,200-page examiner's report into the collapse of the 158-year old institution, published last week, uncovered in forensic detail evidence that Lehman used "balance sheet manipulatio
Read moreLondon close: Miners pull index lower
11th Mar 2010 17:02
London bounced off 5,600 despite a weak start on Wall Street but still closed in the red on a poor day for miners. Falling commodity prices and China inflation concerns prompted profit taking in Fresnillo, Randgold, Rio Tinto, ENRC, Kazakhmys, BHP Billiton and Xstrata. Speculation rose that Chin
Read moreExperian non-exec improves his finances
10th Mar 2010 16:52
Experian non-executive director Roger Davis has raised just over £700,000 from the sale of shares in the credit checking firm. Davis sold 110,199 shares at 638.5p each. This leaves him with 110,000 shares in Experian. Davis joined the Experian board at the beginning of 2007. He has an army backg
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