Clara's Feed
Jan 30, 2015

India should seize weak oil price to woo experts – Sesa Sterlite

MUMBAI, Jan 30 (Reuters) – India should take advantage of
weak oil prices and shrinking budgets among majors to attract
top flight oil services firms and improve its own skills and
technology, the head of oil and mining firm Sesa Sterlite Ltd
said on Friday.

Sesa Sterlite controls Cairn India, which is
India’s largest private crude oil producer and the operator of
more than a quarter of India’s domestic crude oil production.

Jan 15, 2015

Rate cut a start but we need more, says business

MUMBAI/DELHI (Reuters) – Businesses, saddled with crippling costs of capital, urged the RBI to move boldly after its rate cut on Thursday, with some demanding easing of a full percentage point in the next six months to fuel a recovery.

The Reserve Bank of India lowered interest rates by 25 basis points, in a surprise move weeks ahead of its own bi-monthly meeting and of the Narendra Modi government’s maiden annual budget.

Jan 15, 2015

Rate cut a start but we need more, says Indian business

MUMBAI/DELHI (Reuters) – Indian businesses, saddled with crippling costs of capital, urged the central bank to move boldly after its rate cut on Thursday, with some demanding easing of a full percentage point in the next six months to fuel a recovery.

The Reserve Bank of India lowered interest rates by 25 basis points, in a surprise move weeks ahead of its own bi-monthly meeting and of the Narendra Modi government’s maiden annual budget.

Jan 15, 2015

RBI makes surprise early rate cut, more expected

MUMBAI (Reuters) – The Reserve Bank of India (RBI) surprised markets with a 25 basis point cut in interest rates on Thursday and signalled it could do more, amid signs of slowing inflation and what it said was a government commitment to contain the fiscal deficit.

While the early move was unexpected, aggressive reductions in rates have been expected over the course of the year to help India’s economy out of a rut, with growth rates struggling to recover from their weakest levels since the 1980s.

Oct 7, 2014

Bruised Rio Tinto rebuffs Glencore takeover approach

MELBOURNE/LONDON (Reuters) – Rio Tinto has rejected a takeover approach from smaller rival Glencore Plc, snubbing a blockbuster deal that would have created a $160 billion mining and commodities trading giant.

Rio said on Tuesday that Glencore contacted it about a potential merger in July as the price of Rio’s most profitable product, iron ore, was heading toward five-year lows.

Dec 20, 2013

Gold miner Avocet tumbles after fresh trouble at Inata

LONDON, Dec 20 (Reuters) – Avocet Mining warned that
2013 gold production would fall more steeply than expected and
announced a new plan that will halve the life of its sole
operating mine, sending its stock tumbling more than 30 percent.

Avocet shares have slumped almost 90 percent since the start
of the year, hit by a sharp drop in gold prices that has hit
miners of all sizes, but also by a hefty reserve downgrade at
its key Inata mine in Burkina Faso and funding worries.

Dec 17, 2013

Shareholders in miner Bumi back split with Bakrie clan

LONDON (Reuters) – Shareholders in Indonesia-focused coal miner Bumi Plc (BUMIP.L: Quote, Profile, Research, Stock Buzz) have backed a planned split with the influential Bakrie family that co-founded the company, an important step towards a long-awaited overhaul of the group.

The divorce plan was widely expected to be approved at a shareholder meeting on Tuesday, after co-founder and major investor Nat Rothschild struck a last-minute peace deal with management last week and lent his support.

Dec 12, 2013

Anglo American says turnaround ‘basic’, but takes time

LONDON, Dec 12 (Reuters) – Anglo American warned
investors on Thursday that while its turnaround effort was “not
complex”, it would take years, with no major asset sale in the
short term and headwinds ahead.

Expectations have been high since Mark Cutifani, the
Australian former boss of bullion miner AngloGold, took
the helm at underperforming Anglo American earlier this year -
one of a new generation of mine bosses who replaced predecessors
ousted for the excesses of the boom years.

Dec 12, 2013

Investors urge caution as miners consider return to gold hedging

LONDON, Dec 12 (Reuters) – Investors in major gold miners
say a return to hedging future production after a slump in gold
prices would be a sign of financial weakness in companies and
could rob them of the chance to reap the rewards of any price
rebound.

The incoming chairman of Barrick Gold, the world’s
largest gold miner, last week rekindled the debate over the
practice of selling production forward. John Thornton, a former
senior executive at Goldman Sachs, said he would seriously
consider hedging.

Dec 10, 2013

BHP says U.S. shale business to generate cash by 2016

LONDON, Dec 10 (Reuters) – BHP Billiton, the world’s
largest miner and a top investor in U.S. onshore oil and gas,
said on Tuesday its U.S. shale business should generate cash
from 2016, contributing almost $3 billion a year to the group by
the end of the decade.

BHP, one of the largest producers outside the major
integrated oil companies, plans to spend around $4 billion a
year to expand its U.S. onshore oil and gas production.