Glencore beats forecasts with £7.9bn earnings March 4, 2014 INTEGRATED miner-trader Glencore Xstrata yesterday pleased investors and analysts with consensus-busting earnings, in its first full-year results since the completion of its merger. Adjusted earnings of $13.1bn (£7.86bn) were flat but beat company-compiled estimates by seven per cent and Barclays forecasts by five per cent. Core profit from Glencore’s trading arm rose 17 per cent, [...]
Glencore chief Glasenberg took no bonus or pay rise last year March 18, 2014 GLENCORE Xstrata’s chief executive Ivan Glasenberg took no bonus or pay rise last year, having waived his bonus entitlement for 2013 and 2014. In its annual accounts, the newly-merged commodities trader showed that he could have taken up to £3.5m dependent on hitting performance targets, but he decided to take his basic salary and pension [...]
Miners weigh on FTSE as demand for metal drops – London Report December 11, 2014 BRITAIN’S top share index slipped to a six-week low yesterday, as mining shares fell sharply on concern that metal demand was weakening, while some stocks traded without the attraction of their latest dividend payouts. The mining companies put pressure on the blue chip FTSE 100 index, which closed 0.6 per cent lower at 6,461.70 points. [...]
Glencore Xstrata upbeat about 2014 after 2013’s weaker prices March 4, 2014 Glencore Xstrata has confirmed that it saw broad production growth over 2013. Copper increased 26 per cent, despite a reasonably challenging year for the metal, and reported revenue rose nine per cent to an astonishing $233bn last year. On a pro forma basis, revenue crept up just one per cent to £239bn, showing that, like others, the [...]
Fears over Ebola contagion puts airlines in a spin – London Report October 7, 2014 BRITAIN’S top share index fell back yesterday, with travel and leisure companies hit by concerns that the spread of Ebola outside Africa could hurt air travel and the tourism business. Sentiment was also hit by a set of poor data, including an unexpected four per cent month-on-month drop in German industrial production in August. Analysts had [...]
Glencore enjoys surge in copper production as zinc and lead disappoint February 11, 2014 Mining giant Glencore has reported a surge in copper production of 26 per cent to 1.5m tonnes, while coal output rose four per cent in the year to 31 December. The strong performance of copper and coal helped offset weaker results from zinc and lead. Zinc output fell by nine per cent while lead suffered [...]
Vince Cable puts pressure on companies over all-male boards October 8, 2014 Vince Cable is taking aim at some at a host of British companies that have no women on their boards. Cable is planning to write to the chairman of close to 30 FTSE 350 firms that have all male boards voicing his concern that they have failed to embrace diversity, Sky News reports. Companies that [...]
Business is on the side of open minds – Editor’s Letter October 30, 2014 IT IS great news that Tim Cook has chosen to declare that he is proud to be gay. Unfair discrimination is abhorrent, and such high-profile statements can only help to end any lingering sense that public homosexuality is incompatible with a senior position in business life. At the same time, we should not be surprised [...]
Manufacturing figures point to slower growth – London Report November 2, 2014 MANUFACTURING figures due out today are likely to show a loss of momentum in the UK economy’s growth. The manufacturing purchasing managers’ survey for October is forecast to sit at 51.5, the same as for September and weaker than the rates of 52.2 in August and 54.7 in July. A reading of 50 shows no [...]
Why one bank’s watching Glencore Xstrata this year January 13, 2014 2013 was a tough year for miners, with metal prices falling and several companies suspending projects and cutting costs. What's more, the instrumental Chinese economy saw a slowdown over the year. But despite a persistently bad performance in global equities for the sector, Saxo Bank has upped its view to 'positive' on miner Glencore Xstrata. [...]