https://www.scmp.com/rss/268450/feed Xstrata is a Swiss mining group, producing coal copper, nickel, primary vanadium and zinc. Originally founded in 1926 focusing on infrastructure, Marc Rich + Co AG became its majority shareholder in 1990 and it moved into mining. Glencore is bidding to acquire Xstrata, seeking to marry its coal, copper and zinc mines, with Glencore’s trading prowess. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com New York’s financial regulator has asked 20 non-US reinsurers whether they conducted business with entities linked to Iran, as part of a review of these companies’ ability to comply with a new US sanctions law that becomes effective Monday. The New York’s Department of Financial Services wrote to the companies after learning that three insurers had issued coverage that applied to trades with Iran, according to a copy of the letter seen by Reuters. The three firms could not be identified. The... https://www.scmp.com/business/companies/article/1273790/ny-regulator-asks-foreign-reinsurers-about-iran-links?utm_source=rss_feed https://www.scmp.com/business/companies/article/1273790/ny-regulator-asks-foreign-reinsurers-about-iran-links?utm_source=rss_feed Tue, 02 Jul 2013 04:39:32 +0000 Australian coal miners are steeling themselves for years of production cuts, job reductions and asset sales as swelling shipments from international rivals lower hopes of a recovery in prices for coal. Prices have slumped around 30 per cent since their peak two years ago as coal flooded global markets, especially from the United States where cheap gas has cut domestic demand and led to a nearly 50 per cent jump in thermal coal exports last year. Even robust Chinese and Indian demand growth is... https://www.scmp.com/business/companies/article/1244894/australia-coal-firms-dig-years-mine-closures-job-cuts?utm_source=rss_feed https://www.scmp.com/business/companies/article/1244894/australia-coal-firms-dig-years-mine-closures-job-cuts?utm_source=rss_feed Fri, 24 May 2013 03:24:02 +0000 Glencore Xstrata's head of aluminium, Gary Fegel, is set to leave the company, sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this month. Fegel's departure from one of the most powerful jobs in the global aluminium market will come as a surprise to many since he was reconfirmed in the post just weeks ago, and aluminium is one of the few areas of Glencore's mining portfolio that has no overlap with Xstrata. The specific... https://www.scmp.com/business/companies/article/1243754/glencores-aluminium-chief-shock-exit?utm_source=rss_feed https://www.scmp.com/business/companies/article/1243754/glencores-aluminium-chief-shock-exit?utm_source=rss_feed Wed, 22 May 2013 16:00:00 +0000 John Bond, the chairman of Glencore Xstrata, the world's largest exporter of power-station coal, was deposed by his shareholders yesterday, with the former chief executive of BP, Tony Hayward, appointed as interim chairman in his place. Bond stepped down at the start of Glencore's annual meeting in Zug, Switzerland, saying he did not have enough support. Shareholders voted 80.85 per cent against his selection, Glencore said in a statement later. The company is seeking candidates and consulting... https://www.scmp.com/business/companies/article/1239325/glencore-shareholders-dump-chairman-bond?utm_source=rss_feed https://www.scmp.com/business/companies/article/1239325/glencore-shareholders-dump-chairman-bond?utm_source=rss_feed Thu, 16 May 2013 16:00:00 +0000 Budget filibuster efforts resume Lawmakers resume hostilities in a debate over the budget, with radicals promising to continue their filibuster unless the government pledges to implement a universal pension scheme. Members of People Power and the League of Social Democrats have tabled multiple amendments and say they will continue speaking to them unless the government changes its mind. A total of 710 amendments to the bill are to be debated.   Commission on Poverty meets The government body... https://www.scmp.com/comment/insight-opinion/article/1227784/talking-points?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1227784/talking-points?utm_source=rss_feed Wed, 01 May 2013 16:00:00 +0000 US$37.3b quota set for short-term foreign debt China's foreign exchange regulator has set a quota of US$37.3 billion on the short-term foreign debt banks and companies can borrow this year. Of the total, the quota for selected Chinese banks will be US$11.6 billion, while that for qualified foreign banks operating on the mainland will be US$15.3 billion, the State Administration of Foreign Exchange said. Reuters   S&P must compensate Australian towns An Australian Federal Court judge ordered... https://www.scmp.com/business/china-business/article/1167518/business-digest-march-2-2013?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1167518/business-digest-march-2-2013?utm_source=rss_feed Fri, 01 Mar 2013 16:00:00 +0000 Australia’s Altona Mining may sell its Roseby copper project or seek to merge itself with another firm after global miner Xstrata decided not to buy into the copper project in the state of Queensland, Altona’s managing director said on Monday. Xstrata chose not to exercise an option to buy a 51 per cent stake in the project after seeing the valuation put on it by an independent party, an Xstrata spokesman said. Altona and Xstrata did not disclose the price. Credit Suisse is advising Altona on... https://www.scmp.com/business/commodities/article/1127874/altona-considers-roseby-sale-or-merger?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1127874/altona-considers-roseby-sale-or-merger?utm_source=rss_feed Mon, 14 Jan 2013 08:24:23 +0000 Korean rocket countdown … again South Korea's rocket scientists will be working out whether they should dare to launch the nation's first domestically produced rocket from the new Naro Space Centre off the southern tip of the Korean peninsula. A window of opportunity opens tomorrow. The rocket is due to deploy the STSAT-2C Science and Technology Satellite. The third attempt had been scheduled for October 26, but it was scrubbed at the last minute due to a fuel leak.   Marilyn Monroe stars in... https://www.scmp.com/comment/insight-opinion/article/1077334/talking-points?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1077334/talking-points?utm_source=rss_feed Wed, 07 Nov 2012 16:00:00 +0000 Foxconn, GCL-Poly in solar-power venture Foxconn Technology and GCL-Poly Energy will build and jointly operate a solar-power plant in Shanxi province. They will share revenue from selling electricity to the government from the 310 megawatt plant, which will use GCL's solar cells, to be assembled by Foxconn, Shu Hua, executive president of Hong Kong-listed GCL, said. Bloomberg   EU sets deadline for Xstrata deal ruling European Union antitrust regulators have set a November 8 deadline to decide... https://www.scmp.com/business/china-business/article/1053383/briefs-october-4-2012?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1053383/briefs-october-4-2012?utm_source=rss_feed Wed, 03 Oct 2012 16:00:00 +0000 Xstrata's board has recommended that shareholders back a US$33 billion sweetened takeover offer by Glencore International after gaining assurances on board composition and de-linking votes on the bid and bonus payments. Shareholders will be asked to consider two resolutions. One was to approve the takeover along with £144 million (HK$1.8 billion) of retention bonuses and a second excluded the pay question, Xstrata said yesterday. This meant the deal could proceed even if the incentive payments... https://www.scmp.com/business/companies/article/1051810/glencores-offer-gets-xstrata-board-nod?utm_source=rss_feed https://www.scmp.com/business/companies/article/1051810/glencores-offer-gets-xstrata-board-nod?utm_source=rss_feed Mon, 01 Oct 2012 16:00:00 +0000 Lan Kwai Fong to build complex in Wuxi Lan Kwai Fong Holdings will expand into Wuxi city in Jiangsu province as the mainland's growing middle class demands more entertainment choices. The developer signed a memorandum of understanding with the city's government to jointly build a 140,000 square metre retail and restaurant complex, chairman Allan Zeman said. Bloomberg   Nomura slashing jobs in Europe, Africa Nomura, Japan's biggest brokerage, began eliminating about 30 per cent of jobs at its... https://www.scmp.com/business/china-business/article/1042709/business-digest-september-22-2012?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1042709/business-digest-september-22-2012?utm_source=rss_feed Fri, 21 Sep 2012 16:00:00 +0000 Glencore International, the world's largest publicly traded commodities supplier, says its merger offer to swap each share of Xstrata that it does not already own for 3.05 Glencore shares will not be raised further. It also says Mick Davis, the current boss of Xstrata - a global metals miner - will become the chief executive of the combined group for up to only six months. After he steps down, he will be succeeded by Glencore chief executive Ivan Glasenberg. Switzerland-based Glencore has a 34... https://www.scmp.com/business/commodities/article/1033732/glencore-puts-its-cards-table?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1033732/glencore-puts-its-cards-table?utm_source=rss_feed Mon, 10 Sep 2012 16:00:00 +0000 National education petition goes to school A group of alumni will hand a petition with 1,000 signatures against national education to management at Baptist Lui Ming Choi Primary School and hand out black ribbons to parents and pupils. The school is due to announce an update to its policy on the controversial subject. Across the city, people will wear black in protest at the subject.   Xstrata vote on Glencore takeover bid Shareholders in mining giant Xstrata vote on a takeover bid by rival... https://www.scmp.com/comment/insight-opinion/article/1031141/talking-points?utm_source=rss_feed https://www.scmp.com/comment/insight-opinion/article/1031141/talking-points?utm_source=rss_feed Thu, 06 Sep 2012 16:00:00 +0000 Ivan Glasenberg, Glencore International's billionaire chief executive, has a week to decide on his biggest bet yet - whether to raise his US$31 billion offer for Xstrata or see his five-year effort to create the fourth-biggest mining company disintegrate. Qatar's sovereign wealth fund, which has 12 per cent of Xstrata, ruled out accepting Glasenberg's current bid on Thursday. That means Glencore's takeover probably will fail unless Glasenberg raises the offer in time for a shareholder vote... https://www.scmp.com/business/commodities/article/1027297/glencore-has-week-decide-sweeter-offer-miner-xstrata?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1027297/glencore-has-week-decide-sweeter-offer-miner-xstrata?utm_source=rss_feed Fri, 31 Aug 2012 16:00:00 +0000