Basic Resources Sector News

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  • The European Union successfully launched two navigation satellites into Earth's orbit late on Friday, restarting a flagship project after a botched deployment in August that cost millions of euros to fix. The Galileo satellites, which blasted off from Europe's space port in French Guiana aboard a Soyuz rocket at 6.46 p.m. …

  • Proposals made to the Mongolian government by global mining giant Rio Tinto (Xetra: 855018 - news) last November to restart the long-delayed Oyu Tolgoi copper mine were the firm's "best and final offer" and won't be changed, Rio's chief executive said. Rio submitted the proposals to resolve some outstanding issues, including …

  • A Liberian body that advises the country on corporate transparency on Friday named dozens of companies for failing to disclose tax payment records to it and warned that the government could revoke operating licences as a result. The Liberia Extractive Industries Transparency Initiative (LEITI), which is part of a global …

  • An oil well pump jack is seen at an oil field supply yard near Denver

    Oil tumbled 5 percent on Friday, erasing the previous session's gains, as Yemen's conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more supply on the market. Oil prices still notched their second straight weekly …

  • The chairman of Produce Investments bought some new shares showing confidence in the group after disappointing first half of the year.

  • Greece, Yemen keeps European stocks jittery

    Europe's main stock markets closed mixed, with London's benchmark FTSE 100 index ending the day down 0.58 percent at 6,855.02 points

  • A top index of pan-European shares was set for its biggest weekly drop of the year on Friday, although it snapped a sharp two-day losing streak following a surge in Danish pharmaceuticals firm Novo Nordisk. By the close, the FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,576.86 points, but down 2.1 …

  • The deal will make smaller rival Olin the world's largest producer of chlor-alkali, which is used to make chlorine and caustic soda. Shares of Dow Chemical, which will designate three directors to Olin's board, rose 5 percent to $48.84 on Friday.

  • UK stocks extended their losing streak into the fourth day on Friday as a sell-off in iron ore and a stronger dollar hit share prices in the mining sector.

  • A man walks past the London Stock Exchange in the City of London

    Britain's main equity index fell for a fourth day on Friday, pulled down by commodity stocks as iron ore prices plunged and as a stronger U.S. dollar weighed on mining shares. Energy shares such as BP and Royal Dutch Shell dipped too with lower oil prices, although cruise ship company Carnival rose 7.2 percent after posting …

  • Britain's main equity index fell for a fourth day on Friday, pulled down by commodity stocks as iron ore prices plunged and as a stronger U.S. dollar weighed on mining shares. Energy shares such as BP ...

  • Next week is set to be a busy one for financial markets in London with investors having to digest a flurry of global economic data and corporate results from a number of prominent UK retailers.

  • EU recommends two people at all times in cockpits Reuters - UK Focus - 20 hours ago

    The EU's aviation regulator on Friday urged all European airlines to ensure that two crew members are in the cockpit of passenger planes at all times following the suspected suicide crash of a Germanwings airliner. The move, plans for which were first reported by Reuters, came shortly after Germanwings owner Lufthansa …

  • Carnival topped the risers as strong first-quarter results prompted a lift in full year earnings guidance. It boasted that advance bookings for the remainder of 2015 were steaming ahead of the prior year ...

  • Britain's main equity index fell for a fourth day on Friday, pulled down by commodity stocks as iron ore prices plunged and a stronger U.S. dollar also weighed on mining shares. Energy shares such as BP ...

  • A top index of pan-European shares was set for its biggest weekly drop of the year on Friday, although it snapped a sharp two-day losing streak following a surge in Danish pharmaceuticals firm Novo Nordisk. At 1446 GMT, the FTSEurofirst 300 index of top European shares was up 0.4 percent at 1,580.73 points, but down 1.9 …

  • Vedanta Resources Plc said it would file a notice of claim related to a tax demand of about 205 billion Indian rupees its unit Cairn India Ltd received from the Indian government this month. The notice ...

  • European stocks diverge ahead of Greek deal announcement

    Europe's main stock markets diverge on Friday as dealers await news on a deal over Greece's finances next week and track unrest in Yemen

  • An Indian court on Friday said there was "absolutely no evidence" of collusion in the low winning bids for three of the 33 coal mines put up for auction by the government over the past two months. The government earlier rejected four winning bids -- three from Jindal Steel and Power Ltd and one from aluminium maker BALCO …

  • Ocado Group PLC (LON:OCDO), Premier Foods plc (LON:PFD), BG Group PLC (LON:BG), and Rio Tinto plc (LON:RIO) are under the spotlight.

  • European stocks diverge ahead of Greek deal announcement

    Europe's main stock markets diverge on Friday as dealers await news on a deal over Greece's finances next week and track unrest in Yemen

  • Spot iron ore prices hit new record lows on Friday while futures in China and Singapore slid as much as 4 percent before paring losses, on worries that global producers would continue to lift output in ...

  • COLUMN-Forrest's iron ore cap "harebrained" or clever tactics?: Russell Reuters - UK Focus - Fri, Mar 27, 2015 12:00 GMT

    --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, March 27 (Reuters) - What's the real thinking behind Andrew Forrest's remarkable call for iron ore miners to cap production in order to boost prices? It's easy to dismiss the comment by the Fortescue Metals (Hamburg: FVJ.HM - news) Group founder and chairman …

  • FOREX-Dollar bounces back on 2015 rate hike bets; Yellen to speak later Reuters - UK Focus - Fri, Mar 27, 2015 11:50 GMT

    The dollar rose across the board on Friday, extending a rebound begun the previous day after Federal Reserve officials signalled they were still on track to raise interest rates this year. At separate events on Thursday, two senior Fed policymakers said a move away from ultra-loose monetary policy might be needed in light …

  • Novo Nordisk surge buoys European shares after two-day slide Reuters - UK Focus - Fri, Mar 27, 2015 11:39 GMT

    PARIS/LONDON, March 27 (Reuters) - European stocks rose on Friday, halting a sharp two-day retreat and helped by a surge in Novo Nordisk and a renewed fall in the euro, which supported exporters. Denmark's Novo Nordisk jumped 13 percent after the pharmaceutical firm said it would submit interim data from a clinical trial …

  • Russia's NLMK sees flat Q1 after Q4 earnings fall Reuters - UK Focus - Fri, Mar 27, 2015 09:47 GMT

    Russian steelmaker NLMK expects profitability to be flat in the first quarter compared with the fourth quarter of 2014, when its earnings were hit by lower steel prices and an impairment charge related to the weaker rouble. NLMK has received a boost to exports from the lower rouble, which has fallen about 40 percent against …

  • UK FTSE eyes 2 pct weekly fall as basic resources weigh Reuters - UK Focus - Fri, Mar 27, 2015 09:30 GMT

    Iron ore futures in China and Singapore slid as much as 4 percent on worries global producers would continue to lift supply in a glut-hit market. The head of Rio Tinto (Xetra: 855018 - news) , the world's second-largest iron ore miner dismissed as "harebrained" a suggestion by smaller rival Fortescue Metals Group that …

  • Europe shares snap two-day slide; Novo Nordisk rallies Reuters - UK Focus - Fri, Mar 27, 2015 08:36 GMT

    Denmark's Novo Nordisk featured among the top gainers, up 13 percent after the pharmaceutical firm said it would submit interim data from a clinical trial of its crucial new insulin drug Tresiba to U.S. regulators within the next month. At 0827 GMT, the FTSEurofirst 300 index of top European shares was up 0.6 percent at …

  • Russia's NLMK says Q4 net profit down 17 pct q/q Reuters - UK Focus - Fri, Mar 27, 2015 07:36 GMT

    Russian steelmaker NLMK said on Friday its fourth-quarter net profit was down 17 percent quarter-on-quarter to $232 million due to non-cash losses from impairment of financial investments. Its earnings ...

  • Iron ore slump set to shrink China's mining capacity Reuters - UK Focus - Fri, Mar 27, 2015 07:26 GMT

    A slide in iron ore prices is turning the screw on China's fragmented mining sector, paving the way for closures and consolidation with three-quarters of the country's mining capacity operating at a loss, industry officials said on Friday. More mine closures in China, the biggest consumer of the steelmaking commodity, …

  • Germanwings co-pilot had serious depressive episode - Bild newspaper Reuters - UK Focus - Fri, Mar 27, 2015 07:10 GMT

    The pilot who appears to have deliberately crashed a plane carrying 149 others into the French Alps received psychiatric treatment for a "serious depressive episode" six years ago, German tabloid Bild reported on Friday. Prosecutors in France, after listening to the cockpit voice recorders, offered no motive for why Andreas …

  • Russian coking coal miner Raspadskaya said on Friday it would not pay dividends on its 2014 results. The company, controlled by steelmaker Evraz, is scheduled to release financial results for the fourth ...

  • China's Baosteel criticises call for iron ore output cap Reuters - UK Focus - Fri, Mar 27, 2015 05:01 GMT

    Any action that is contrary to the law is unwise, and is not good for fair competition," Baosteel Chief Financial Officer Zhu Kebing told an online briefing on Friday. Baosteel's criticism of Fortescue's suggestion came a day after the head of Rio Tinto , the world's second-biggest iron ore miner, called it a "harebrained …

  • Swiss Franc banknotes and a one kilogramm gold bar are displayed in a Swiss bank in Bern

    Gold eased on Friday as traders booked profits after a seven-day rally and as the dollar rebounded on strong U.S. data, but the metal looked set to post its second straight weekly gain on expectations U.S. interest rates will stay low for longer. Tensions in the Middle East after Saudi Arabia and its allies launched air …

  • -Rio Tinto to cut M&A headcount in saving drive - sources Reuters - UK Focus - Fri, Mar 27, 2015 00:06 GMT

    Anglo Australian miner Rio Tinto plans to cut jobs in mergers and acquisitions and business development, three sources said, to cut costs as it battles a slump in commodity prices. The plan signals diminished interest in dealmaking at the world's second-largest mining company, which rebuffed a takeover approach by rival …

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