Hong Kong’s Minmetals Resources is planning to purchase Equinox Minerals Limited, already having offered 6.5 billion dollars for the deal, in an attempt to gain control of its copper assets in Zambia and Saudi Arabia as it plans to expand its business in this specific metal. Minmetals Resources is a subsidiary of China Minmetals Corporation, the largest Chinese metals and mineral trading company.
Posts Tagged ‘ investors ’
Bank of Ireland shares have risen more than 36 percent after the stress test on the Irish banking system indicated that the government wouldn’t have to take a majority stake in the firm.
A health report which is to be filed to the Food and Drug Administration by Wednesday suggests that menthol cigarettes should be banned to improve public health, but U.S. investors seem to think that the FDA won’t go for such a decision, this being reflected by the fact that the shares of top menthol cigarette maker Lorillard Inc jumped nearly 10 percent on Friday.
WeatherBill is a weather insurance start-up founded by ex-Google employees David Friedberg and Siraj Khaliq and consists of a team of software engineers and climatologists who collate weather data from various sources.
American businessman Warren Buffett is looking for ways to deploy his 38 billion dollar fortune, being interested in new acquisitions. The legendary investor announced his intentions in his annual letter to Berkshire Hathaway Inc shareholders on Saturday.
Stocks on the New York Stock Exchange rebounded on Friday after a three-day sell-off as oil prices stabilized, but worries about the situation in Libya persist. The S&P 500 lost 1.7 percent for the week, being its first drop in three weeks, but it’s still up 25.8 percent since the start of September, making analysts demand a correction in stocks.
According to some rumors, Nasdaq exchange is taking into consideration a rival bid for NYSE Euronext, instead of letting it merger with Germany’s Deutsche Boerse in a 10.2 billion dollar deal.
The turmoil in Libya was certain to have repercussions in the financial markets around the world, and fears that the situation might spread to other oil producers in the area have made investors seek safety. This in turn has made the Swiss franc reach an all-time high against the U.S. dollar on Thursday, while the Japanese yen also gained considerably.
As violence continues in OPEC producer Libya, oil has reached a price of 100 dollars a barrel on Wednesday, representing a 28-month high. Fears grow among investors that other oil exporters in the area might be affected by similar situations in the near future.
The stocks rush continues in the United States as investors seem to race one another, even though the market is believed to be overbought and might undergo correction. This is the largest action of its kind since the Great Depression and the S&P 500 is now up 6.8 percent for the year and more than 20 percent in just six months, after Wall Street has posted its third consecutive week of gains.