DUBAI, LONDON - The first bidding round aimed at attracting foreign companies to develop Iraq’s oil fields ends in failure on Tuesday, as a service agreement for the Rumalia oil field won by a BP-led group becomes the only contract awarded. ’Iraq squeezed the margins too much,’ an analyst says.
LONDON - Mining giant Xstrata’s offer to merge with Anglo American may spur consolidation in the sector, analysts say, adding that Brazil’s Vale and Aluminum Corp. of China may consider similar acquisitions. Xstrata and Anglo are seen as the last diversified mining groups that would allow an acquirer to compete with BHP Billiton, Rio Tinto and Vale.
MELBOURNE - China’s global ambitions to secure commodity supplies and guarantee its stellar growth is dealt a heavy deal, as Australia’s Rio Tinto Group rejects an investment from Aluminum Corp. of China. Debt-laden Rio Tinto will instead raise $21 billion from a share sale and an iron ore venture with rival BHPBilliton. Rio and BHPsharges both surge on news of the plan.
Asian share markets rallied and the euro surged on Thursday on tentative signs that investors are rediscovering an appetite for risk in response to global efforts to prevent the financial crisis from leading to a deep recession.
Asian share markets rallied and the euro surged on Thursday on tentative signs that investors are rediscovering an appetite for risk in response to global efforts to prevent the financial crisis from leading to a deep recession.