Profits at Rio Tinto jump on high demand August 27, 2008 Bid target miner Rio Tinto posted a better-than-expected 55 per cent rise in first-half profit yesterday, boosted by its takeover of aluminium producer Alcan and strong Asian demand for commodities. The company, which bought Canada’s Alcan, for $38bn (£19bn) just over a year ago, said its pre-tax profit to the end of June rose to [...]
Imperial sells out to Indian rival for £1bn August 27, 2008 Oil explorer Imperial Energy recommended a £1.4bn takeover offer from Indian state-controlled rival ONGC yesterday. A bid battle had broken out between ONGC and China’s biggest state-owned oil company, Sinopec, which conducted due diligence on the London-listed firm but has not yet submitted a formal offer. But a counterbid from the Chinese firm cannot be [...]
Liberty surges on speculation over fierce bidding war August 27, 2008 Liberty International saw its shares receive a welcome fillip yesterday as US mall owner Simon Property Group upped its stake in the UK shopping centre specialist to 4.22 per cent, prompting speculation of a bidding war. Australian property group Westfield, the world’s largest shopping mall owner by market cap, also confirmed yesterday that it had [...]
Make money from money with the three key tactics in Forex trading August 26, 2008 Understand the basic trades and you can profit from foreign exchange, writes Phil Thornton With equity, property and bond markets going through a rough time, investors are increasingly tempted to see currency trading as a safe haven. However newcomers should remember that while the gains can be impressive, those without a clear strategy can suffer [...]
Second top executive quits troubled TNK-BP venture August 26, 2008 Russia’s third-largest oil producer TNK-BP has announced the departure of the second senior executive this month, further fuelling the crisis that has engulfed the firm. Executive vice president Tony Considine resigned yesterday after five years heading the refining, trading and marketing businesses at BP’s joint Russian venture. Considine cited personal reasons for the departure adding [...]
Lonmin boss sells shares August 26, 2008 Lonmin chairman’s vigorous opposition to a £33-a-share takeover approach from mining group Xstrata is likely to be overshadowed by revelations that he sold his personal shares in the company for only £1 more than Xstrata’s offer. Earlier this month John Craven, who has been chairman of Lonmin since 1997, defined Xstrata’s proposal as “opportunistic” and [...]
Don’t be spooked by inflation: there are ways to protect your portfolio August 15, 2008 Clever investors can protect themselves from the worst effects of rising prices, says Esther Shaw Figures out last week showed that inflation in the UK, as measured by the Consumer Price Index (CPI), jumped to 4.4 per cent in July, more than double the Government’s 2 per cent target. On other measures, the figure is [...]
Suite returns: why it’s a good time to check yourself into the hotel industry August 14, 2008 Hotel rooms are one area of property investing that are bucking the credit crunch, writes Timothy Barber If we’re thinking positive, the slowing economy presents an opportunity to get a bit creative with investments. The alternative asset market has become more and more prominent in 2008 as investors look for areas offering stable returns in [...]
ING profits hit as asset fears build August 14, 2008 ING, the Dutch bank and insurer, reported a slide in second-quarter earnings of 25 per cent yesterday, as it yielded smaller returns on its investments. Net profit fell to €1.9bn (£1.5bn) from €2.56bn a year earlier, beating market expectations but signalling a downturn in the fortunes of its investments. CEO Michel Tilman said: “We are, [...]
Growth slows for hotelier as guests skimp August 13, 2008 The world’s largest hotelier, InterContinental Hotels Group (IHG), has reported first-half operating profits of $291m (£153m), an increase of 29 per cent – despite slow second quarter growth from its US operations. Reporting in US dollars for the first time, IHG announced an increase in revenue per available room (RevPAR) of four per cent, though [...]
