BRUSSELS, Feb 13 (Reuters) – The United States and the
European Union agreed on Wednesday to push for the launch by the
end of June of talks to create the world’s biggest free trade
alliance, which could be a benchmark for global competitors to
Such a deal would be most ambitious attempted since the
founding of the World Trade Organisation (WTO) in 1995,
encompassing half the world’s economic output and a third of
global trade flows.
BRUSSELS, Feb 13 (Reuters) – Heineken, the world’s
third-largest brewer, beat expectations for 2012 profit and said
Africa, Asia and the Americas should drive continued volume and
revenue growth, offsetting weak European markets.
Europe’s largest beer maker also said on Wednesday that
savings that should outweigh rising costs.
BRUSSELS, Feb 12 (Reuters) – EU ministers and the European
Commission urged ArcelorMittal on Tuesday to postpone
planned capacity cuts until they firm up proposals to
reinvigorate Europe’s steel sector.
Industry Commissioner Antonio Tajani said the world’s
largest steelmaker should delay restructuring in Europe until
the Commission produced an action plan by June.
BRUSSELS, Feb 7 (Reuters) – Belgian speciality materials
group Umicore forecast a further decline in operating
profit this year, warning of a squeeze in its recycling business
and no marked improvement in other activities.
Its shares dropped to their lowest level in six months.
The recycling business, including recovery of precious
metals from old computers and mobile phones, delivered 28
percent of Umicore’s sales and 61 percent of operating earnings
in the past year and was the only business not to suffer a
decline in profit in the second half.
BRUSSELS (Reuters) – ArcelorMittal (ISPA.AS: Quote, Profile, Research, Stock Buzz), the world’s largest steelmaker, forecast improving demand and earnings this year, after a wretched 2012 in which sliding European consumption and a Chinese slowdown drove it to a deep net loss.
The Luxembourg-based company said global steel consumption – a gauge of the world economy – would grow by 3 percent in 2013 after a 2 percent increase last year, driven by faster growth in Brazil and China, while Europe would not weaken as much.
BRUSSELS, Feb 6 (Reuters) – ArcelorMittal, the
world’s largest steelmaker, forecast improving demand and
earnings this year after a wretched 2012 in which sliding
European consumption and a Chinese slowdown drove it to a deep
The Luxembourg-based company said on Wednesday that global
steel consumption would grow by 3 percent this year after a 2
percent increase last year, with accelerating growth in China
and Brazil while Europe would not be as weak as before.
BRUSSELS (Reuters) – Anheuser-Busch InBev (ABI.BR: Quote, Profile, Research, Stock Buzz) could salvage its plan to take full control of Grupo Modelo (GMODELOC.MX: Quote, Profile, Research, Stock Buzz) by keeping its sights on the lucrative market in Mexico and letting others brew Corona destined for the United States.
AB InBev got half of Mexican brewer Modelo with InBev’s 2008 acquisition of Anheuser-Busch. By taking full control it ensures a greater share of a growing market, while developed markets shrink, a global brand in Corona and the chance to cut costs.
BRUSSELS, Jan 15 (Reuters) – The European Commission has
concluded China illegally subsidises steel producers and wants
EU members to back punitive tariffs, which could anger the
bloc’s second largest trading partner, trade sources said.
The conclusion would address blame at China itself, rather
than Chinese companies. China has in the past accused the
European Union of protectionism and has filed its own complaints
against the bloc with the World Trade Organisation.
BRUSSELS (Reuters) – Having danced to the credit rating agencies’ tune to no avail, ArcelorMittal (ISPA.AS: Quote, Profile, Research), the world’s largest steelmaker, looks likely to ignore the chorus for more debt cuts, reconciled to its “junk” status for now.
It should already have done enough to hit a mid-year net debt target of $17 billion, down from $22 billion at end-December; less than two weeks into 2013, it has raised $4 billion issuing stock and convertibles, $1.1 billion selling a Canadian mining stake, and has half a billion dollars coming from the sale of a manganese venture in South Africa.
BRUSSELS (Reuters) – ArcelorMittal SA (ISPA.AS: Quote, Profile, Research), the world’s largest steelmaker, will issue $3.5 billion (2.1 billion pounds) of shares and convertible notes to sharply reduce the heavy debts that led to a cut in its credit rating to “junk” status.
The company said on Wednesday the issue, the exact make-up of which is yet to be determined, would help to reduce its net debt to about $17 billion by the end of June from an expected $22 billion at the end of 2012.