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admin on February 8, 2012 |
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Glencore International Plc is nearing an agreement to combine with Xstrata Plc (XTA), adding mines from Africa to Asia to the world’s largest listed commodity trader, said two people with knowledge of the plan. Two of the Switzerland located companies possibly will announce a treaty as early as this week, said the people, who declined to be recognized because the plans are not to be mentioned. The combined company may be valued at 52 billion pounds ($82 billion) after excluding Glencore’s 34 percent stake in Xstrata.
Combination of Zug-based Xstrata with Glencore, located two miles away in Baar, would reunite two groups which separated a decade ago when Xstrata bought Glencore’s Australian and South African assets for $2.5 billion and went public in London. A deal can create savings of as much as $704 million, Credit Suisse Group AG said in a report in October. Joining gives them that much more level to fight against some of the larger players,
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Posted by
admin on February 7, 2012 |
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Chrysler Group LLC will carry on look for loans from the U.S. Energy Department while the stoppage of companies that have borrowed from government programs may extend the process, the chief executive officer said. I’m not ready to give up,” Sergio Marchionne, CEO of Chrysler, told reporters yesterday at the National Automobile Dealers Association convention in Las Vegas. “The department has not indicated a reluctance to let somebody use.”
Chrysler, majority owned by Fiat SpA (F), continues to hold talks with the U.S. about the program, which encourages production of fuel-efficient vehicles, Marchionne said. He repeated that the quantity that Auburn, Hills, Michigan-based Chrysler may be able to make use of has been concentrated to less than the $3.5 billion the company necessary last year.
The due carefulness process that they have inside the Department of Energy is one which is reflective of a series of concerns, part of which are maybe attributable to recent events and some of the deals they’ve done.
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Posted by
admin on February 3, 2012 |
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Hong Kong’s financial system grew a less than expected 3 percent in the fourth quarter from a year previous as Europe’s debt crisis hampered exports. The development was the least in two years and compared with the 3.1 percent median forecast in a Bloomberg News survey of 12 economists. Financial Secretary John Tsang gave the number in his budget speech today. For the full year, growth was 5 percent.
Hong Kong can give focus this year on supporting growth rather than limiting the risk of real-estate bubbles as property prices fall and exports weaken. Chief Executive Donald Tsang said last week in Davos, Switzerland, that he has never been as scared about the global economic outlook, and UBS AG says the city may have a “superficial” depression in the first half. A budget surplus will “help to shore up Hong Kong’s defenses in an increasingly unstable global financial environment,” .UBS sees Hong Kong’s economy growing 1.6 percent this year, while Standard Chartered Plc predicts increase of 2.9 percent.
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