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Rio Tinto Gets $19.5B Infusion from China

Fri, 13 Feb 2009 20:26:00 GMT

Chinalco investment gives some liquidity breathing room to a company saddled with $39 billion in debt from a prior acquisition. Stephen Taub - CFO.com | US February 12, 2009 The Aluminium Corporation of China has agreed to invest $19.5 billion in Rio Tinto, a deal that gives the mining giant desperately needed liquidity and provides China access to a major supply of natural resources. Under the deal, the Chinese company, also called Chinalco, will invest $12.3 billion in aluminium, copper, and iron ore joint ventures. In addition, Rio Tinto will issue $7.2 billion of subordinated convertible bonds. If they’re converted, Chinalco’s stakes would increase to 19 percent in the company’s U.K. operation, Rio Tinto plc, and 14.9 percent in Australian subsidiary Rio Tinto Ltd.. Combined, it would be an 18 percent ownership position. The deal “raises significant funds at a time when financial[More...]

Thursday’s Market Recap (2/12/2009)

Fri, 13 Feb 2009 04:00:00 GMT

A morning that started as a market down-spiral quickly trimmed losses as news that the government plans to subsidize troubled homeowners mortgage payments was released. The Dow Jones Industrial Average slipped -0.09% to a close of 7,932.76 while the Nasdaq and S&P gained 0.73% and 0.17% respectively moving to levels of 1,541.71 and 835.19. Crude oil benefited during trading today climbing $0.61 to $34.59 while gold lost -$7.1o to close at $941.80. Halting a six month decline, United States retailers unexpectedly reported a 1% percent gain in purchases, which reflected higher gasoline prices leading to more spending on clothing and food. The Labor Department also reported that 4.8 million people are currently collecting unemployment insurance. Treasuries headed for their first weekly gain in almost a month on speculation President Barack Obama’s plans to counter the recession will[More...]

Wednesday’s Market Recap (2/11/2009)

Thu, 12 Feb 2009 03:36:00 GMT

Markets reacted favorably as the Democratic controlled Congress and White house agreed to a compromise of the $790 billion economic stimulus bill which in turn has been designed to create the millions of jobs needed in this recession. The Dow Jones Industrial Average jumped a minuscule 0.64% closing at 7,939.53 while the Nasdaq and S&P moved 0.38% and 0.80% respectively to levels of 1,530.50 and 833.74. Crude oil and Copper also reacted favorably as they moved $0.14 and $0.16 respectively presenting them at levels of $36.08 and $1.556. The trade balance data was released today coming in at -$39.9 billion compared to analysts estimates of -$35.7 billion, but since last reporting at a level of -$41.6 billion, have shown signs of improvement. Chief executives that have received federal-government aid testified today before the House of Financial Services[More...]

Tough Times For Aussie Mining Sector As Prices Sink

Fri, 16 Jan 2009 21:31:00 GMT

First big commodity correction. They will surprise by staying strong even as the world slows. This commodity bull is secular and long term, but the next 12 months will be problematic...... For now, things are crook. "THE nation's mining industry has had one of its darkest weeks in years as the global economic crisis bit harder. More than 1000 workers were axed, or put on notice, and more than $US2 billion ($3 billion) of expansion shelved or slowed. Plummeting mineral demand has combined with the drying up of credit to force previously high-flying miners like Rio Tinto, OZ Minerals and Xstrata to take the knife to growth, production and workers. Since July, more than 5000 mining jobs, or 3.5 per cent of the nation's 140,000-strong mining workforce have been axed, with more job cuts to come in the next month. Miners, who as recently as[More...]

SEC Charges Professionals With Insider Trading

Fri, 26 Dec 2008 15:46:00 GMT

The Securities and Exchange Commission (SEC), concerned about its recent bad press, continues to prosecute insider trading through the Christmas season. Last week, the regulatory body charged seven individuals and two companies involved in an insider trading ring. The SEC alleged that Matthew Devlin, formerly of Lehman Brothers, traded on and tipped his clients and friends with confidential and non-public information about 13 impending corporate transactions. Some of these friends, who worked in the financial or legal professions, also tipped off other clients. Devlin obtained the privileged information from his wife, a partner in the NYC office of an international public relations firm working on the deals. The illicit trading occurred from at least March 2004 through July 2008, yielding more than $4.8 million in profits. Devlin was also rewarded with cash and luxury items in exchange for the information, including a widescreen TV,[More...]

Analyst Comments: FedEx, BT Group, Primedia, Rio Tinto, BASF, Kimberly-Clark, Palm, Carnival, Waddell & Reed, Kinder Morgan, General Motors

Tue, 23 Sep 2008 12:36:00 GMT

We are maintaining our Hold on FedEx Corp. (FDX), but raising our target price to $90. In line with earnings guidance provided on September 9, FDX reported 2009 fiscal first quarter (August 31) EPS of $1.23, which was up from earlier guidance of $0.80-$1, but down 23% year over year, largely due to a 66% increase in fuel costs. We are raising our fiscal 2009 (May 31) diluted EPS estimate to $5.25 from $4.90, the high end of FDX diluted EPS guidance of $4.75-5.25 and initiating our fiscal 2010 estimate at $6. Fuel surcharges will lag record high fuel costs and the weak economy will hurt LTL freight, U.S. express and copy services. Remedial actions include cost-control measures and cuts in capital spending. FDX recently increased its annual dividend rate by 10% to $0.44 per share, which provides a 0.5% yield. FDX?s long-term goals[More...]

The Week in Review: Company Profiles and Drug Advancement

Sun, 03 Aug 2008 17:15:00 GMT

In ChinaBio® Today, we profiled two China biotechs last week. One, Shenogen Pharma Group, won one of the two “Most Promising Company” awards at the recent ChinaBio® Investor Forum, The other profiled company, Beike Biotechnology, provides stem cell treatments for a variety of difficult-to-treat maladies. Bridge Labs announced plans to build a second preclinical facility in China; Lotus Pharma will construct a manufacturing plant in Inner Mongolia; Zhejiang Huahai Pharma will provide finished product, not just APIs, to Merck; Tianyin Pharma was given SFDA approval for a generic version of the statin simvastatin; CompuMed received approval from the SFDA to market its osteoporosis diagnostic software in China; Bayer and Onyx Pharmas were awarded SFDA approval for their cancer drug, Nexavar®; Huifeng Bio-Pharmaceutical remains on track to gain approval[More...]

Are Commodities Recession Proof?

Mon, 03 Mar 2008 08:06:49 GMT

Gold, oil, most of the other precious metals, and the agricultural commodities continue to make new highs. Is this a bubble? I wish I knew the answer to that. I continue to remain bullish on commodities. There are two main scenarios for why commodities will trade higher regardless of how the U.S. economy proceeds.Scenario #1U.S. Economy enters a recession. The Fed continues to cut rates, further eroding the value of the US dollar. This means it takes fewer Euro's, Yen, and just about every other major currency to purchase more commodities that are denominated in dollars. This will lead to an increase in demand for commodities.Scenario#2U.S. Economy has "bottomed," interest rates remain constant or move higher, and the U.S. GDP picks up. An increase in GDP will further increase demand for commodities. The dolla[More...]

Potash (POT) King Shows No Mercy

Mon, 28 Jan 2008 11:56:18 GMT

Thanks for 2 readers for letting me know of this article... this article states (as I've said before) why Potash (POT) has a premium valuation over Mosaic (MOS), simply the ability to expand production anytime soon. But I still think the valuation gap is[More...]

Daily Market Review 1/16/08: SPX, Nasdaq, BEA Systems,Oracle, Sun Microsystems, Alcon

Thu, 17 Jan 2008 02:28:02 GMT

Another volatile day, as investors surf the market waves cautiously. The question is: can the market come out of the crashing waves alive? The market opened lower on INTC’s disappointing earnings<[More...]

Red Cross One-Third of the Way to Reaching 2009 Major Gifts Goal

Sun, 23 Aug 2009 13:47:00 GMT

Aug. 23--The American Red Cross is about a third of the way toward achieving its 2009 Major Gifts campaign and hopes to get a big push this month before the annual United Way Campaign begins.
Debbie Heard, chapter executive director, said the organization, like most nonprofits this year, has struggled with lower contributions in a down economy while also seeing demand for services rise.
During its last fiscal year, Red Cross provided a record $44,000 worth of emergency assistance to local residents, she said.

[More...]

Colonial Bank Target of Criminal Probe, SEC Investigation and State Banking Action

Fri, 07 Aug 2009 22:46:00 GMT

Aug. 7--Colonial BancGroup confirmed Friday it is being investigated by the Justice Department for possible mortgage-related criminal violations and by the Securities and Exchange Commission for suspect accounting practices tied to its request for federal bailout money.
The Montgomery, AL-based holding company for Colonial Bank also acknowledged that Alabama state banking regulators are seeking authority to place the troubled regional bank into federal receivership.
A hearing in the matter is set for Wednesday with the Alabama State Department of Banking.

[More...]

Officials Hope Bemis Will Continue to Be Productive Community Partner

Thu, 23 Jul 2009 11:49:00 GMT

Jul. 23--Bemis Co. Inc. has a long history in Terre Haute, one that city and county officials say they hope will continue to be productive despite a strike by union employees that began late Tuesday.
The company's Polyethylene Packaging Division plant in Terre Haute began operations in May 1956.
The original Bemis Terre Haute plant was a 60,000-square-foot facility that employed 80 people, then grew to about 165 employees once operating at full capacity.

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Amman Stock Exchange: Weekly Analysis

Sun, 19 Jul 2009 15:48:00 GMT

Jul. 19--AMMAN -- By continuing to move in tandem with other international and regional indices, the Amman Stock Exchange (ASE) general index rose in the final three days of last week after reaching its lowest level since November 2004 on Monday.
Amid notably low liquidity levels, the ASE index closed last week at 2,599.14 points, 0.7 per cent higher than the closing at the end of the previous week.
We expect investors to start building new positions this week in shares of companies which will report good semiannual results as listed firms begin disclosing their second quarter performance.

[More...]

Regions Bank Gets Analyst Nod From Goldman Sachs

Fri, 12 Jun 2009 13:57:00 GMT

Jun. 12--Boosted by its plan to raise billions in new capital, Regions Financial received a thumbs-up from Goldman Sachs on Thursday as the brokerage giant upgraded Regions to a buy rating.
Regions was among a handful of regional bank stocks that landed positive ratings from Goldman analysts.
Regions and AmSouth merged two years ago to boost the Regions footprint locally.

[More...]

Big Rivers' Fate Pending: Utility Seeks Rate Hike to Pay Bills; Smelters Need to Cut Power Costs

Sun, 07 Jun 2009 09:48:00 GMT

Jun. 7--Despite losing the first round of a regulatory battle, cash-strapped Big Rivers Electric Corp. will continue seeking a 21.6 percent wholesale rate increase to try to stay afloat.
Roughly 3,500 smelting jobs hinge on holding down the cost of long-term power contracts.
Earlier this year, Big Rivers told the Kentucky Public Service Commission that it had adequate cash reserves until it made a $109.3 million payment last September to terminate a leveraged lease.

[More...]

Century Aluminum: Talks on Power Contract Fail

Sat, 30 May 2009 13:47:00 GMT

May 30--Century Aluminum announced Friday that it will be unable to move forward on a long-term power contract with Western Kentucky Energy, a subsidiary of E.ON U.S., Big Rivers Energy and Rio Tinto Alcan, because of "unfavorable business conditions."
The companies had been working for five years to "unwind" an existing contractual arrangement between Big Rivers and Western Kentucky Energy and define a new agreement that would provide long-term and affordable power to Century Aluminum and Alcan, according to a Century Aluminum press release.
Century Aluminum operates a smelter in Hawesville, and the Rio Tinto Alcan smelter is in Sebree.

[More...]

Appalachian Power Rate Hike Could Cost Jobs; Ravenswood Aluminum Plant Says 1,000 Jobs at Risk, If Increase Approved

Thu, 28 May 2009 13:49:00 GMT

May 28--CHARLESTON, W.Va.
-- Appalachian Power's proposed massive rate hike could put more than 1,000 jobs at risk at Alcan Rolled Products' aluminum plant in Ravenswood, a company executive says.
Michael "Todd" Ritchie, energy and environment director at Alcan, said the Jackson County rolling plant would "suffer substantially" if the state Public Service Commission approves the power company's electricity rate hike request, according to testimony filed with the PSC earlier this week.

[More...]

State Manufacturers Line Up Against Rate Hike Request; Alcan, Century Aluminum Latest to Join Fight

Fri, 17 Apr 2009 13:49:00 GMT

Apr. 17--CHARLESTON, W.Va.
-- Alcan Rolled Products and Century Aluminum are joining the fight against Appalachian Power's proposed $442 million rate hike.
Jackson County's largest employer with more than 1,000 workers, says the increase would devastate the company and make it impossible for the Ravenswood plant to compete, according to a filing with the state Public Service Commission.

[More...]

AME Info, Abu Dhabi, United Arab Emirates, Banking Briefs - Apr 13 2009 12:54PM

Mon, 13 Apr 2009 16:49:00 GMT

According to the bank's statement, personal finance is available from Dhs50,000 to a maximum of Dhs250,000, and can be availed over a maximum tenure of 60 months.
KUWAIT CUTS DISCOUNT RATE TO 3.5 PERCENT: Kuwait's central bank yesterday cut its benchmark interest rate by 25 basis points to 3.5 percent.
The reduction is effective today, the state-run KUNA news service cited central bank Governor Sheikh Salem AbdulAziz al-Sabah as saying.

[More...]

MTNA Continues to Gain Exposure: Presents Solutions at the 23rd Annual International Bridge Conference! June 14, 2006

Wed, 14 Jun 2006 13:38:00 GMT

Wall Street News Alert's 'stocks to watch' this morning are: Material Technologies, Inc. , Tenaris S.A. , Alcan Inc. and Freeport-McMoRan Copper & Gold Inc. .[More...]