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Australian coal miners are steeling themselves for years of production cuts as swelling shipments from international rivals lower hopes of a recovery in coal prices.
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Private equity firm Blackstone Group on Monday denied speculation that it is planning a counterbid for Rio Tinto with a consortium believed to include China's sovereign wealth fund.
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Rio Tinto Chief Executive Tom Albanese said on Friday BHP Billiton's $140 billion takeover proposal to assemble super mining house was now "dead in the water."
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China's Baosteel group has no plan to bid for mining giant Rio Tinto and does not have the financial strength for such a bid, official Chinese media quoted Baosteel chairman Xu Lejiang as saying.
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European shares gained 1.7 percent on Wednesday, snapping a two-day losing streak as banks and commodity stocks rose and a series of U.S. data releases soothed some concerns over the outlook for economic growth.
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Top China steelmaker Baosteel is weighing a bid to counter BHP Billiton's $125 billion takeover offer for Rio Tinto, Baosteel Chairman Xu Lejiang told a Chinese business newspaper.
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BHP Billiton is confident its proposed merger with rival Rio Tinto will not be derailed by big customers, such as China, who fear a merged mining giant would dictate metals prices.
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Apple CEO Steve Jobs, the man behind the popular iPod, is the world's most powerful businessman, according to Fortune Magazine's list of the 25 most influential executives.
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European shares ended down on Monday as fresh credit concerns hit banking shares, while technology stocks rallied as investors sought alternatives to the financial sector.
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Rio Tinto will spend $2.4 billion on new mines, raise its dividend and generate billions of dollars from asset sales as it seeks to fend off a $120 billion takeover proposal from larger rival BHP Billiton.
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BHP Billiton's proposed takeover of Rio Tinto will likely not affect several billion dollars' worth of planned aluminum investment that Rio inherited when it took over Alcan this year, analysts say.
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China's new sovereign wealth fund denied on Monday it may team up with local steel makers to bid $200 billion for Rio Tinto, blocking a rival offer by BHP Billiton.
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The chief of BHP Billiton called on the offices of China's top steelmaker on Wednesday as BHP presses its case for a takeover of rival Rio Tinto amid a mounting chorus of opposition to the merger from its customers.
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Eurofer, the lobby group for the European steel industry, said on Tuesday it will ask the European Commission to block BHP Billiton's plans to buy rival Rio Tinto due to competition concerns.
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Markets at the close ending at the lows again. Fourth 200 point decline in the Dow this month. More than 300 stocks at the NYSE hit new lows today, the highest level since the August lows. Technicals have now become very important, with the S&P slipping below last week's low.
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Is it time to throw in the towel on this underperformer? Cramer finds out.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
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Mining giant BHP Billiton, whose multi-million-dollar takeover plan has been rejected by Rio Tinto's management, may consider taking an offer directly to Rio's shareholders in the future, BHP's chief said on Saturday.
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Banking stocks led European shares to a two-month closing low on Friday as concern grew the sector could be faced with further problems stemming from the meltdown in the US subprime mortgage market.
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Watch for momentum to come back in tech stocks, Cramer said. Also, the new oil services king and more. Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
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BHP Billiton on Monday mapped out its plan for acquiring rival Rio Tinto , promising to hand shareholders $30 billion via a share buyback if the deal goes through, in the hope of drawing Rio's board into talks.
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BHP Billiton, the world's biggest mining group, is considering the sale of one of its largest units, BHP Petroleum, to help finance a hostile takeover of Rio Tinto, the UK Sunday Times newspaper said.