Glencore eyes bid for South African miner

Peru to impose extra tax on mining groups

Impala Platinum says Zimbabwe ownership law blocks $10bn investment

China’s banks fail to dispel bad loan fears

India economic growth could slow further

DP World buoyed by strong container trade

Kazakhmys plans $250m buy-back

Aggreko raises guidance after energy boom

Markets, mixed

Glencore eyes bid for South African miner
Glencore is eyeing a bid for Optimum Coal, the South African miner, as the world’s largest commodities trading house plans to use the current market turmoil for bargain-hunting, taking advantage of the recent falls in resource stocks, the FT reports. The plans for purchases came as Glencore, which sold nearly $10bn in stock in May in a landmark initial public offering in London and Hong Kong, unveiled a 57 per cent rise in first-half profits to $2.45bn.

Peru to impose extra tax on mining groups
Peru’s government is to wring an extra $1.1bn of taxes from the country’s mining sector, making the Andean country the latest resource-rich nation to demand a greater share of the commodities boom, the FT reports. The decision, announced by prime minister Salomón Lerner in a speech to Congress on Thursday, brings to an end two months of hard-fought negotiations between mining companies and the new government.

Impala Platinum says Zimbabwe ownership law blocks $10bn investment
Impala Platinum Holdings, the world’s second-largest producer of the metal, may invest as much as $10bn in Zimbabwe to expand production if the government backs down on a demand that its business there be controlled by black citizens of the country, Bloomberg reports. Zimbabwe, which has the world’s largest platinum reserves after South Africa, passed a law earlier this year to force foreign companies to cede at least 51 per cent of their local assets to black Zimbabweans.

China’s banks fail to dispel bad loan fears
Chinese banks have again produced sparkling results, though they were unable to dispel concerns that their good fortune might yet turn to trouble because of non-performing loans and a slowing economy, the FT reports. The story for much of the past year has been the divergence between Chinese banks’ record results and the unshakeable doubts in the market that the bill for their past lending excesses has yet to come due.

India economic growth could slow further
India’s economic growth may slow further because of the recent global troubles, and the government may miss its budget-deficit target, the central bank said Thursday, adding that taming inflation remains its top priority, the WSJ reports. Maintaining “low and stable inflation remains a dominant policy objective,” the Reserve Bank of India said in its annual report for the year ended June 30.

DP World buoyed by strong container trade
Dubai’s DP World, one of the largest container terminal operators, underlined the continued strong growth in many markets on Thursday when it announced first-half container volumes up 11 per cent on last year and underlying net profit close to record 2008 levels, the FT reports. DP World’s announcement struck a very different note from recent announcements by its container shipping line customers, many of which slipped into loss in the first half as a worldwide ship surplus hit earnings.

Kazakhmys plans $250m buy-back
The chief executive of Kazakhmys said the market was “irrational and the share price particularly low” as the London-listed copper miner announced plans to buy back $250m of its shares, the FT reports. The Kazakhstan-based miner was hard hit in this month’s sharp sell-off of mining stocks, as investors pulled out of shares seen as dependent on industrial growth.

Aggreko raises guidance after energy boom
The boom in energy demand across much of the developing world prompted Aggreko to lift profit forecasts after the FTSE 100 power generator rental group secured a fresh batch of contracts from Kenya to Indonesia, the FT reports. The Glasgow-based company, whose shares have risen 540 per cent over the past five years, raised expectations for full-year profit before tax and amortisation from £305m to £315m ($497m to $513m).

Emerging Markets
MSCI Emerging Market Index up +0.09% at 973.93

Europe
FTSE down -0.65% at 5,098
RTF up +0.39% at 1,590
Wig Index down -0.36% at 39,574
FTSE 300 Eurotop down -0.85% at 917.20

Americas
DJIA down -1.51% at 11,150
S&P 500 down -1.56% at 1,159
Bovespa down -1.57% at 52,953

Asia
Nikkei 225 up +0.29% at 8,798
Topix up +0.57% at 756.07
Hang Seng down -0.86% at 19,583
Shanghai Composite down -0.12% at 2,612
MSCI Asia ex-Japan down -0.15% at 488.61
S&P CNX Nifty Index down -1.90% at 4,748

Currencies
€/$ 1.44 (1.44)
$/¥ 76.96 (77.46)

Commodities
Brent Crude (ICE) down -0.30 at 110.32
Light Crude (Nymex) down -0.36 at 84.94
100 Oz Gold (Comex) up +29.20 at 1,789

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