European shares closed mostly lower on Wednesday, with investors focused on central bank policy ahead of this week's Jackson Hole symposium.» Read More
Oct 4- Louis Dreyfus Group and a unit of JPMorgan Chase& Co have agreed to sell their jointly owned energy trading business to two investor groups, the companies said on Thursday.
Oct 3- Fitch Ratings has upgraded the Issuer Default Ratings of CF Industries Holdings, Inc.. and CF Industries Inc. to' BBB' from' BBB-'. A slump in corn production caused by this past season's drought and high temperatures have combined with speculation to push corn prices up to $7.50/ bushel from $5/ bushel last June.
MILAN, Oct 3- The troubled Italian smelter of aluminium group Alcoa will be able to continue using special contracts allowing it to buy electricity at lower prices until 2015 following a decision on Wednesday by the European Commission.
Oil firm Surgut was believed to have awarded its tender for three cargoes from the Baltic port of Primork to Shell, Repsol and Litasco with prices of the prompt cargo pegged at around dated Brent minus $1.7 per barrel. Later cargoes were believed to be sold at dated Brent minus $1.50, some 20 cents stronger than prices earlier this week.
MILAN, Oct 3- The troubled Italian smelter of aluminium group Alcoa will be able to continue using special contracts allowing it to buy electricity at lower prices until 2015 following a decision on Wednesday by the European Commission. Alcoa has decided to shut its aluminium smelter in Sardinia, blaming high power prices for undermining its competitiveness.
*Glencore bidding for shares in Xstrata not already owned. BRUSSELS/ LONDON, Oct 3- EU antitrust regulators have set a Nov. 8 deadline to decide on whether to allow trader Glencore's $33 billion takeover of miner Xstrata, after months of talks which the companies hope will help avoid forced sales or a lengthier, in-depth probe.
BRUSSELS, Oct 3- The following are mergers under review by the European Commission and a brief guide to the EU merger process:. --Private equity firms Carlyle and BC Partners to acquire U.S. industrial pumps maker Hamilton Sundstrand Industrial which is owned by United Technologies Corp.
*FTSE 100 edges up 0.1 percent, lifted by bank and mining stocks. The blue-chip FTSE 100 index was up 0.1 percent, or 4.25 points, at 5,813.70 points around midday. Signs of the index holding above the 5,800 point level-- seen by many technical traders as key to propelling further gains-- have enabled modest, short-term increases on the FTSE 100 this week.
BRUSSELS, Oct 3- EU antitrust regulators will decide by Nov. 8 whether to clear commodities trader Glencore's. $33 billion takeover of miner Xstrata, the European Commission said on its website on Wednesday.
*Britain's FTSE 100 index is seen opening 9 to 14 points lower, or as much as 0.2 percent, on Wednesday, according to financial bookmakers.
MOSCOW, Oct 3- Here are events and news stories that could move Russian markets on Wednesday. EVENTS: MOSCOW- Russia Calling VTB Capital investment conference. MOSCOW- Press conference by Aeroflot Chief Executive Vitaly Savelyev and SAP executives.
LONDON, Oct 3- Polski Koncern Naftowy Orlen SA:. *Signed spot agreement with Glencore Energy UK ltd, London, UK. *Net value of the agreement amounts to approximately USD 80 million.
Vikram Chakravarty, Partner at A.T. Kearney thinks the Glencore-Xstrata deal will come through, and explains why he thinks there is a strategic fit between the two companies.
LONDON, Oct 2- Trader Glencore has formally notified the European Commission of its $33 billion plan to take over miner Xstrata, sources familiar with the matter said, after months of preliminary talks designed to pave the way for a swift approval.
SINGAPORE, Oct 2- The Asian naphtha price extended losses on Tuesday to reach a three-session low of $966 while margins snapped four sessions of gains and fell to $124.95 a tonne as squeezed petrochemical margins overshadowed the firm gasoline prices in the West.
DIARY For South Africa corporate diary, click on For southern and South Africa diary, click on ECONOMIC EVENTS. JOHANNESBURG- The National Association of Automobile Manufacturers releases September new vehicle sales data. JOHANNESBURG- Reserve Bank Governor Gill Marcus speaks at Nordic-South African Business Association event.
In the Platts window, Eni bought an 80,000- tonne Oct 14-18 cargo in the Mediterranean from Vitol at dated Brent minus $1.80, some 20 cents weaker than prices earlier this week, traders said. Also in the Mediterranean, BP bought an Oct 19-23 Azeri Light cargo from Socar at dated Brent plus $2.05, some 45 cents weaker than offers on Monday.
LONDON, Oct 2- Glencore has formally notified the European Commission of its $33 billion plan to take over Xstrata, sources familiar with the matter told Reuters on Tuesday, setting the European regulatory clock ticking on the deal.
A new hurdle to the 27 billion pound tie-up between BAE Systems and EADS was put up by the French on Tuesday as the country's largest industrial shareholder in EADS said that the 60-40 merger terms were unsatisfactory. Stephen Hester, chief executive of Royal Bank of Scotland, has admitted the institution is a "British poster child for what went wrong in banking".
Financial Times Headlines BANKS REAP PROFITS ON MORTGAGES AFTER QE3- CALL FOR BANK BONUSES TO BE PAID IN DEBT- GOOGLE MARKET CAP TOPS MICROSOFT- XSTRATA RECOMMENDS GLENCORE OFFER- FOUR CHARGED IN INSIDER TRADING DEALING CASE- WORKDAY EYES $3.8 BLN VALUATION IN IPO- BAKRIES TO SELL ASSETS TO REPAY LOAN- FRANCE THROWS COLD WATER ON EADS DEAL- SAC PLACES TOP MANAGER ON LEAVE- Overview BANKS REAP PROFITS ON MORTGAGES AFTER QE3.