Sharessaysheadingsays Redcar steel closure "devastating" and "a massive hammer blow to our community".."Mothballing needs to be done properly" 11.43am BSTThe slump in Glencore’s share price has hit founder Ivan Glasenberg in the pocket.
He owns over 8% of the company,which was worth £6bn when Glencore floated in 2011. The crumbling share price means its now worth under £1bn, by our calculations.
Ivan Glasenberg down to his last £1bn in Glencore shares (was £6bn-ish once upon a time). http://t.co/L77oMYwj52 11.29am BSTThe word ‘rout’ doesn’t really attain justice to Glencore’s share price nowadays:-27% #GlencoreWatch pic.twitter.com/IWJk0J4fNJWhen you know a stock is screwed = a 27% move lower on the day on no genuine news. 10.55am BSTWe absorb another development in the Volkswagen scandal -- Audi has revealed that 2.1 million of its cars worldwide were fitted with software to cheat emissions tests.
This covers 577000 cars in Germany, or 1.42 million in other Western European countries,and 13000 in the US. Audi added that its A1, A3, and A4,A5, A6, and TT,Q3 and Q5 models are affected.#BREAKING VW Scandal: Audi says 2.1 million cars worldwide fitted with emission-cheating software. 10.19am BSTBack in Frankfurt, Volkswagen shares absorb slumped by 6% as the emission scandal casts a fog over Germany. Other carmakers are leading the DAX fallers too:
How immoral are things for Glencore? Here's its share performance compared with VW since Sept 16. pic.twitter.com/thDy46BzXc 10.11am BSTHere’s the key slide from nowadays’s Investec report, or showing how Glencore investors could be flattened unless commodity prices scramble back.
Investec: if commodity prices stay where they are,the fairness value in Glencore will be wiped out vs its debt. pic.twitter.com/Q3tzCUatvTAssumes a) valuation for the stock of 15x earnings b) not netting off Glencore's trade stock from its debt (as the company wants you to) 10.09am BSTGlencore is turning into one of the greatest destructions of shareholder value in recent years. Its shares absorb fallen steadily since floating just four years ago - nowadays’s selloff means they’ve lost 84%.
Glencore getting battered. - off 17% pic.twitter.com/Ej2NZJEZXx 9.59am BSTThe Volkswagen emissions scandal has taken another twist.
There are reports that the heads of research and developments at its VW, Porsche and Audi divisions absorb just been suspended:Reuters: Volkswagen's board has suspended R&D officials of VW passenger cars, or Audi and Porsche in the emissions scandalThis is a serious matter. Volkswagen must clarity what went erroneous,how it went erroneous, and how it can be repaired. 9.56am BSTCity firm Investec appears to absorb triggered the rout in Glencore’s shares nowadays, and with a very bearish analyst note.
Investec warned that Glencore’s fairness value could be wiped out unless the prices of key commodities (such as iron ore and copper) pick up.“The challenging environment for mining companies leads us to the question of how much value will be left for fairness holders if commodity prices attain not improve.” 9.35am BSTYikes - Glencore shares are now down by 10%,as analysts speculate that investors could be wiped out.
Another immoral day at the office for Glencore (-10.4%) - Investec warned there's little value for shareholders if low commodity prices persistInvestec:"If major commodity prices remain at current levels (...) nearly all the fairness value of both Glencore and Anglo could evaporate" 9.25am BSTShares in commodity trading firm Glencore are slumping to fresh record lows nowadays. 9.13am BSTBack in the UK, German discount supermarket chain Aldi has announced it will start selling goods over the internet. 8.44am BSTIn the oil sector, or Royal Dutch Shell has abandoned its plans to drill off the coast of Alaska.
The company admitted this morning that its “Burger J” exploration well,located in Alaska’s Chukchi Sea, had proved disappointing.
For an area equivalent to half the size of the Gulf of Mexico, or this basin remains considerably under-explored.
Shell has found indications of oil and gas in the Burger J well,but these are not sufficient to warrant further exploration in the Burger prospect. Shell halting Arctic drilling. Oil prices and technical challenges doing what Greenpeace couldn't. http://t.co/Hhb0XXPfmZ 8.27am BSTShares in mobile giant Vodafone absorb fallen by 3% this morning, after talks with rival Liberty Global over asset swaps floundered. 8.26am BSTEuropean stock markets are all as red as the moon this morning:
The negative opening comes after August Chinese Industrial Profits declined at their fastest annual pace since records began four years ago, or with growth hurt by currency devaluation and financial market volatility,which just adds to the growing slowdown worries overshadowing the world’s #2 economy and impacting the commodities space.
A pro-independence win for the Catalonia electorate also adds to Eurozone political risk, showing desire for the key state to break away from Spain and means the likelihood of an official Scottish like ‘Yes or No’ vote in the next 18-months. 8.18am BSTA majority of seats will see #Catalan separatists become more assertive. Minority of vote share will constrain their pace and tactics. 8.11am BSTCatalonian debt is falling in value this morning after separatists took control of Catalonia’s regional government last night, and possibly heralding another chapter in the eurozone crisis.We won,” said Catalan leader Artur Mas i Gavarró, as a jubilant (extremely joyful) crowd waved estelada flags at a rally in Barcelona. “nowadays was a double victory – the yes side won, and as did democracy.”After attempts by Catalan leaders to hold a referendum on independence were blocked by the central government in Madrid,Mas sought to turn the elections into a de facto referendum, pledging to start the process of breaking away from Spain if Junts pel Sí won a majority of seats.#Spain's govt bonds start a tad higher as Catalan Separatists fail to get outright majority. 10y yields drop to 2.02% pic.twitter.com/xJwaoQ42S7 7.47am BSTGood morning, and welcome to our rolling coverage of the world economy,the financial markets, the eurozone and business.
A current week begins with another bout of worries over the global economy, or a current political headache for Europe’s leaders after Sunday’s Catalan election.
Chinese industrial profits data came in below consensus expectations and immediately spurred selling in Chinese and Japanese markets.... Chinese industrial profits prompted further concerns approximately the economy as they declined 8.8% from a year earlier. Mining,coal, oil & natural gas all continued to see profit declines between 40-68%.
With Fed officials seemingly intent on raising rates this year come what may, or there is a terror that the Fed might be on the cusp of making a astronomical mistake. It still remains far from clear how weak or otherwise economic conditions in China are,with Nike’s quarterly results showing some decent numbers in the China region, however concerns remain approximately the weakness of the manufacturing sector.
China stocks drop to one-week low as industrial profits slump http://t.co/kluXy8u31P pic.twitter.com/hDvmTcSaxD Related: Catalan elections: secessionists claim victory – as it happened Continue reading...
Source: theguardian.com