ANALYST VIEWS: WERE GLENCORE’S RESULTS ON TRACK? August 25, 2011 GRANT SPORRE |DEUTSCHE BANK In our assessment, Glencore’s share price, along with many of its peers, is factoring in a cautious view on commodities. Although market expectations, including our own, are fairly modest for the H1’11 period, a solid result for the marketing division will begin to build investor confidence in the sustainability. MICHAEL SHILLAKER [...]
Glencore half year profits jump 50pc August 25, 2011 Commodities trader Glencore met forecasts with a 50 per cent rise in first-half profit thanks to rising commodity prices and rosy oil trading conditions in the first months of the year, and said it remained optimistic on global growth. “The short term volatility caused by renewed bearishness on sovereign debt in developed markets is of [...]
Optimum Coal confirms unit of Glencore has bought stake August 29, 2011 SOUTH Africa’s Optimum Coal said yesterday that a unit of Glencore, the world’s largest commodity trader, had bought a 14.1 per cent stake in it. The announcement comes after Optimum, South Africa’s sixth-largest coal producer, confirmed last Friday that it had received takeover approaches. “A consortium comprising Piruto BV, a wholly owned subsidiary of Glencore [...]
FTSE dips as Greece D-Day arrives February 6, 2012 The FTSE 100 slipped as the deadline for Greece to accept a new bailout or face a default which could trigger financial shockwaves across the globe arrived. Greece must tell the European Union by the end of today whether it accepts the stringent terms of a new bailout deal amid reports of divisions within the [...]
PROFILE: IAN HANNAM April 4, 2012 EVER since Andrew Osborne quit Bank of America Merrill Lynch after being fined for a market abuse case in December, there have been rumours that Ian Hannam, one of the City’s top deal-makers, was being scrutinised by the Financial Services Authority. Nevertheless when Xstrata announced its proposed £56bn merger with rival Glencore in February, Hannam’s [...]
Just because it’s not called SG Warburg, don’t write off UBS May 14, 2012 In one’s head, it’s very easy sometimes to write off investment banks’ chances of being successful in advisory work and begin to think they’re not the powerhouses they once used to be, that they don’t have the star names they once did and that they’ve even dropped the names that once meant so much. How [...]
BEST OF THE BROKERS January 23, 2012 WEIR GROUP JP Morgan Cazenove has downgraded the engineering group from “overweight” to “neutral”, and says it expects uncertainty about near-term development in demand for fracking equipment to weigh on its share price. The company has been in the top three share price performers over the last two years. The broker expects continued growth this [...]
FTSE slides as miners hit by China’s cut in growth targets March 5, 2012 BRITAIN’S FTSE 100 fell yesterday, as weakness in miners and engineers outstripped strength in defensive stocks after China cut its growth forecasts, while mixed economic data in Europe and the United States dimmed the outlook for global growth. London’s blue chip index shed 36.31 points or 0.6 per cent to 5,874.82, although it held within [...]
Top rainmaker hit by fine for market abuse April 4, 2012 ONE of the City’s most senior rainmakers was taken out by the FSA yesterday, as JP Morgan Cazenove’s Ian Hannam was fined for “market abuse” and quit his job to appeal the decision. The FSA said that although Hannam “did not set out to commit market abuse” and no trading had taken place as a [...]
BarCap’s role in £56bn deal is challenged February 8, 2012 BARCLAYS Capital’s last-minute inclusion in the adviser list for the Glencore-Xstrata merger, which has lifted its place in the Thomson Reuters league table for M&A worldwide, has been challenged by one of its rivals. Thomson Reuters, which has lifted BarCap from eighth to sixth following the bank’s declaration that it is an adviser on the [...]