Glencore Xstrata strengthens its grip on Lonmin with board hires September 9, 2013 FTSE 250-listed platinum miner Lonmin yesterday said it has appointed two non-executive directors to join its board, who both come from its largest shareholder Glencore Xstrata. Gary Nagle, chief executive of newly-merged miner trader Glencore Xstrata’s alloys division and Paul Smith, head of strategy and communications at the FTSE 100-listed firm, will join Lonmin with immediate [...]
Women now make up one fifth of top UK boardrooms March 25, 2014 THE NUMBER of women in Britain’s biggest company boardrooms now stands at more than 20 per cent, with just 48 more women needed on FTSE 100 boards before the government’s 25 per cent target is met. Women now make up 20.7 per cent of all FTSE 100 boards, according to the latest Cranfield Female FTSE board report, leaving [...]
Inside Track: Banks in clover as new issues continue to defy critics June 19, 2014 Far from being on its uppers as some of the moodier fund managers have predicted, London’s new issues market continues to show resilience as we come up to the half-way point in the year. Mid-June is when the City’s big investment bank houses conduct their mid-year reviews and on the whole they make for positive [...]
BHP mulls sale of its Australian nickel business May 14, 2014 BHP BILLITON yesterday said it was considering selling off its nickel business in western Australia, as the miner pushes ahead with plans to streamline its portfolio. “The review is considering all options for the long-term future of Nickel West, including the potential sale of all or parts of the business,” said the firm. The asset [...]
What the other papers say this morning – 08 May 2014 May 7, 2014 FINANCIAL TIMES Former chancellors slam Help to Buy Three former chancellors of the exchequer have urged George Osborne to rethink his Help to Buy programme, with the OECD also calling on the government to scale back the mortgage support scheme. Lord Lawson, Lord Lamont and Alistair Darling – all predecessors of Osborne at the Treasury [...]
Linklaters partner joins Fresnillo board as Lord Cairns steps down April 14, 2014 A SENIOR partner at magic circle law firm Linklaters will join the board of Mexico-focused miner Fresnillo, replacing Lord Cairns. Cairns plans to step down at the FTSE 100-quoted miner’s annual meeting in May. “I should like to take this opportunity to thank Lord Cairns for his significant contribution to the board over the past [...]
London’s King of Mining Ian Hannam forced to pay £450K fine July 22, 2014 City heavyweight Ian Hannam must pay his £450,000 fine for insider dealing by 7 August, the Financial Conduct Authority (FCA) ruled yesterday. Former JP Morgan rainmaker’s fall from grace sent shockwaves through the square mile when he was accused of wrongly disclosing confidential information to Iraqi Kurdistan’s oil minister, relating to client oil firm Heritage in 2008. [...]
Penne for your pasta? Glencore Xstrata to sell off US third largest pasta company September 16, 2013 Glencore Xstrata has confirmed that it's to sell the Dakota Growers Pasta Company. (Release) The company, part of the grain and oilseed marketer and handler Viterra, is being bought by Post Holdings for $370m in cash. The sale is expected to close in January 2014. Dakota Growers is the third largest pasta manufacturer of [...]
Glencore Xstrata writes down £4.9bn in assets August 20, 2013 FTSE 100-listed Glencore Xstrata yesterday revealed that it had taken a $7.7bn (£4.9bn) writedown on Xstrata’s mining assets, as it posted a nine per cent fall in half-year earnings to $6bn, due to low commodity prices that continue to weigh down on the sector. The miner trader attributed a large part of the writedown to [...]
Glencore Xstrata drags on FTSE as merger costs exceed expectations August 20, 2013 Newly formed megaminer Glencore Xstrata has announced a $7.6bn (£4.9bn) post-merger writedown (release). That number is at the top of the consensus range. The firm said that the May merger meant that "little synergy benefits" have been recognised in the first half of the year, but these are "now flowing strongly". Mike van Dulken, Head [...]