Author Archive: Jeremy Parkinson
Australia passes contentious mining law
After a controversial struggle with mining corporations which spanned two years, parliament has passed a law imposing a 30 percent tax on coal mine profits. The tax will affect any company that makes $75m in profits, and with 30 Australian mining companies breaking the barrier, the government believes it will raise somewhere in the region […]
Rusal hit by net profit plunge of 91.7 percent
Rusal, the world’s largest aluminium producer by volume, said on Monday that adjusted net profit results for 2011 showed a plunge of 91.7 percent due to high debt servicing outgoings and lower aluminium prices. The group posted a net profit of $237m compared to $2.87bn the year before largely because of a write-down in the […]
Chilean mining industry faces uneasy future
There is a growing concern about cost inflation in the Chilean mining industry, according to the CFO of London-listed Chilean mining group Antofagosta. The news comes amid worries about overall copper production in Chile, which recorded a down trend of almost eight percent year on year in January. Hussein Barma at the Jefferies copper conference […]
Goldman Sachs director quits “morally bankrupt” firm
An executive director at US investment giant Goldman Sachs on Wednesday resigned publicly by way of a contemptuous opinion piece in the New York Times, saying the work environment had become “toxic and destructive” at the bank. Greg Smith’s parting shocker accused Goldman in the paper of losing touch with its moral compass and being […]
Eon records €2.2bn net loss- cuts dividend
Germany’s biggest utility group, EON AG, announced on Wednesday a 50 percent profit drop due to reduced power generation earnings following the closure of its nuclear reactor, and a weakened demand in its gas business. Eon said after the announcement that it will now cut its dividend by a third to €1 a share for […]
Rusal in deep crisis, says exiting chairman
Russian billionaire Viktor Vekselberg resigned as chairman of Rusal on Tuesday, saying the company’s bad management style, led by CEO Oleg Deripaska, has brought on a debt crisis to the world’s largest aluminium producer. Vekselberg, who has an indirect stake in the company, clashed with Rusal on strategic development issues, human resources policies and matters […]
Citigroup to double China branches to 100
Citigroup has announced late on Sunday it is to increase its China presence to a hundred from the current 47 within two to three years, according to the CEO for Asian operations, Stephen Bird. Doubling the branches will help speed up its drive into China’s credit card business and an imminent securities joint venture. According […]
US Treasury to sell $6bn worth of AIG shares
The US Treasury Department late on Wednesday reached a deal with insurer AIG to sell off an estimated $6bn in stock in an attempt to gradually sell down the stake it still owns. The Department already cut its stake to 77 percent when it sold 200 million shares last May. Shares are now being offered […]
Greece puts pressure on bondholders
Greece increased the pressure on its creditors late on Tuesday, as it looks to secure a bond swap deal that will help write off an estimated 53.5 percent of the country’s privately held debt. Athens informed creditors that it is reassessing its options concerning non-payment, saying it will default on any bondholders unwilling to participate […]
Greece blames European Union for debt crisis
Greek Tourism Minister Pavlos Yeroulanos believes that the EU is responsible for Greece’s current economic situation. “People should remember that European institutions have been monitoring the Greek economy since 2004… What happened between 2004 and 2009? Either the EU was not doing its job correctly, or it knew what the situation was and hid it,” […]
