Hints and tips:
...London’s FTSE 100 fell 1.8 per cent, also its worst day in nine months, as declines in Europe were led by energy groups, banks, and miners, which are over-represented in the commodity-heavy index....
...Glencore on Wednesday dangled the possibility of an improved offer if the Canadian miner was willing to hold talks....
...“They don’t like having to explain to their kids what they do,” said Kay McCall, a former private equity energy investor who now heads the non-profit Renewable Energy Alliance....
...“We have significant exposure to gold miners,” says Alasdair McKinnon, manager of the Scottish Investment Trust....
...In March, retail giant Signet Jewelers, which owns Kay Jewelers and Zales, became the S&P 500’s worst performer so far this year....
...One attendee compared the conference to Levis Strauss, which sold jeans to miners during the California gold rush. While most miners never found gold, Levis got rich....
...The Bermuda-based retailer, which operates Kay Jewelers and Zales, reported adjusted earnings of $3.63 per share, ahead of analysts’ expectation for $3.59....
...In 2015, it was easy for them to beat the benchmark in UK equities by making one key choice at the start of the year — not to buy commodities and miners....
...Kay Priestly and David Klinger were chief executive and chairman respectively of Turquoise Hill, the Canadian-listed subsidiary that controls two-thirds of Oyu Tolgoi....
...Related links: Scenes from the 21 Inc pitch book – FT Alphaville Meet the company that wants to put a bitcoin miner in your toaster – FT Alphaville...
...In this excellent book, Kay, a fellow columnist on the FT, explains how this came about and what to do about it....
...“Significant progress” had been made, said Kay Priestly, Turquoise Hill’s chief executive. Sam Walsh, Rio’s chief executive, said the miner “remained keen to proceed”....
...Among the top 100 listed companies in the industry, only one is led by a woman – Kay Priestly at Canada’s Turquoise Hill....
...Markets: Asian equities put in a mixed performance, with Australian stocks declining as miners tracked iron ore prices lower while Chinese markets edged up amid speculation the central bank may create easier...
...While the gold miners can only hope that it doesn’t keep going, the base metal miners are, at last, embarking on some self-help after the excesses of the boom....
...(Financial Times) An explosion and fire in a coal mine in western Turkey claimed the lives of at least 151 miners, injured a further 75 and trapped more than 200 below ground, according to officials....
...Recent controversy has centred on the listing in London of companies, such as Bumi, the Indonesian miner, and Eurasian Natural Resources Corporation, the Kazakh miner....
...There have also been concerns that some companies, such as Indonesian miner Bumi and Kazakh miner Eurasian Natural Resources Corporation, have undermined the reputation of London as a centre to list as they...
...(Financial Times) Rio Tinto pledges to cut capex by at least $6bn in two years in an attempt to woo back investors dismayed by the miner’s misguided investments during the resources boom....
...(Bloomberg) - The 1m Ghanaian miners suffering from gold’s downfall. (Bloomberg) - Chinese billionaire waits for go-ahead from Iceland’s new government....
...However, some miners have struggled because of a drop in foreign investment last year and a slowdown in neighbouring China, which is Mongolia’s biggest customer for coal and copper....
...In October, Ulan Bator sent a letter to Turquoise Hill requesting fresh discussions over the investment agreement, a request the miner rejected....
...(Wall Street Journal) - John Kay: The only sustainable answer to the issue of systemically important financial institutions is to limit the domain of systemic importance....
...(Financial Times) - John Kay: Why Sony didn’t invent the iPod. (Financial Times) - Shell’s US Arctic difficulties are deterring other oil companies from working there....
...In the same way, it seemed more sensible to meet the demands of striking miners than to contemplate the shutdown of large sections of British industry....
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