Glencore chief under pressure over dividend policy

Glencore chief executive Ivan Glasenberg will come under pressure to clarify the company’s dividend policy on Thursday when he faces analysts and investors for a strategy update. The miner-cum-trader suspended its dividend just over a year ago as part of a wide-ranging deleveraging plan that involved a $2.5bn share sale, cost cutting and divestments. Boosted by a sharp rebound in…

Oil currencies poised to get a boost if Opec secures output cut

The oil price has been unsurprisingly choppy in the lead-up to Opec’s meeting in Vienna on Wednesday. Will a deal to curb or cut production be reached? Perhaps more importantly, will any deal be adhered to? Sceptics expect “yes” for the former and “no” for the latter. But forex strategists at UniCredit think there is a greater chance of positive…

Opec heavy hitters scramble for deal

Opec’s most powerful members scrambling to rescue a supply deal designed to end the longest oil price slide in a generation. Saudi Arabia, Opec’s largest producer, and its arch rival Iran have both set out their positions ahead of Wednesday’s ministerial meeting, with Riyadh hinting it could walk away from a deal if its conditions are not met and Tehran…

Opec heavy hitters scramble to rescue supply deal

Opec’s most powerful members were scrambling on Tuesday to rescue a supply deal designed to end the longest oil price crash in a generation. Saudi Arabia, Opec’s largest producer, and its arch rival Iran have both set out their positions ahead of Wednesday’s ministerial meeting in Vienna, with the kingdom hinting it could walk away from a deal if its…

Rio Tinto faces US probe over $3bn Mozambique coal writedowns

The US Securities and Exchange Commission is examining the timing of $3bn of impairment charges that Rio Tinto booked on a disastrous Mozambique coal deal, sources close to the company have confirmed. The Anglo-Australian miner was already facing scrutiny from US regulators when it contacted law enforcement authorities this month about a questionable payment made to a consultant operating in…

European stocks hovering under Italian nerves, waning US momentum

Stock markets in Europe are stuck in the mud after Wall Street retreated from record highs as the rally on hopes for a Trump-led US economic boost shows signs of losing momentum. US index futures suggest the S&P 500 will recover 2 points to 2,204 when trading gets under way later in New York, having retreated 12 points on Monday…

Hunt for yield pushes more investors into riskier assets

Pension funds and insurance companies have increasingly embraced riskier assets in their hunt for higher returns over the past five years. Alternative assets such as property, infrastructure, private equity and hedge funds have been bought up by institutional investors in a world where yields on safer government bonds have hit rock bottom. Total assets managed by the 100 largest alternative…

Pound enjoys respite as Brexit risk looms

A surging US dollar on the foreign exchange market, has encounter one obstacle in the form of pound sterling. The UK currency has held firm in November, rising nearly 2 per cent versus the dollar and set for its best monthly performance since January 2009. The Bank of England’s effective exchange rate index, which measures the value of the pound…

Markets digest news of China capital controls over lunch

Investors may keep a cautious eye on Chinese markets this afternoon following reports Beijing is poised to tighten capital controls and restrict the flow of outbound investment from the mainland. Further restrictions could have implications for companies and individuals keen to purchase assets offshore. The likes of Anbang, HNA Group, Fosun and Dalian Wanda have spearheaded an overseas shopping spree…

China clamps down on foreign M&A in battle against capital flight

China’s government is poised to impose new restrictions on outbound foreign investment in a bid to curb capital outflows that are putting downward pressure on the renminbi and draining foreign exchange reserves, according to sources. The State Council, China’s cabinet, will ban outbound investment deals worth more than $10bn or mergers and acquisitions above $1bn if they are outside the…