Morning, I’m Chloé Meley from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. Move over BHP , there might be a new mining behemoth in town. Glencore and Rio Tinto are in talks to create the world’s biggest mining company , with a combined market value of more than $200 billion. Rio’s London-listed shares fell as much as 2.5% early Friday, while Glencore...
Morning, I’m Chloé Meley from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. Move over BHP , there might be a new mining behemoth in town. Glencore and Rio Tinto are in talks to create the world’s biggest mining company , with a combined market value of more than $200 billion. Rio’s London-listed shares fell as much as 2.5% early Friday, while Glencore jumped nearly 10%. This latest effort to merge comes a little over a year after initial talks failed over valuation disagreements, and has been fuelled by deal fever in an industry that can’t get enough of copper. The metal – a crucial component for electric vehicles, electronics and data centers, making it an essential part of both the energy transition and the AI boom – has hit new record highs since the start of the year. In addition to growing demand, a series of mine disruptions and a rush to stockpile copper in the US ahead of possible tariffs have contributed to the rally. There are some hurdles. Glencore is one of the world’s biggest coal producers, a business that Rio previously exited to focus on iron ore and copper. Markets Today’s Sam Unsted discusses more of the challenges below. What’s your take? Ping me on X , LinkedIn or drop me an email at cmeley@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. What We’re Watching Sainsbury’s reported weaker-than-expected sales in the latest quarter, following in the footsteps of Tesco yesterday as it becomes clearer that inflation-squeezed consumers might have preferred Aldi and Lidl for their festive shop. More Brits face losing their jobs than at any point in almost three years, Insolvency Service data shows, pointing to a worsening labour market post-budget and putting pressure on the Bank of England to cut rates further. Jamie Dimon’s cockroaches could venture here if not careful, according to some lawmakers. A report from the House of Lord...
Deal would create world’s largest mining company and come almost a year after previous discussions failed Business live – latest updates Rio Tinto and Glencore have restarted talks over a merger that would create the world’s largest mining company. The talks come almost a year after previous discussions between the two mining companies collapsed. If a deal is agreed, it would create a global minin...
Deal would create world’s largest mining company and come almost a year after previous discussions failed Business live – latest updates Rio Tinto and Glencore have restarted talks over a merger that would create the world’s largest mining company. The talks come almost a year after previous discussions between the two mining companies collapsed. If a deal is agreed, it would create a global mining business with an enterprise value of more than $260bn (£193bn). Continue reading...
The volume of Venezuelan crude floating at sea has spiked to the highest level in more than three years after the US seized the country’s leader, Nicolas Maduro, and asserted control over its energy resources. More than 29 million barrels of Venezuelan oil are now on vessels stationary at sea, up from about 20 million barrels earlier this week, according to data from Kpler. Most of the increase ha...
The volume of Venezuelan crude floating at sea has spiked to the highest level in more than three years after the US seized the country’s leader, Nicolas Maduro, and asserted control over its energy resources. More than 29 million barrels of Venezuelan oil are now on vessels stationary at sea, up from about 20 million barrels earlier this week, according to data from Kpler. Most of the increase has been seen in waters in Asia, where China has long been the largest importer of the South American nation’s output. “Chinese teapots are already bracing for the possibility that the barrels now in transit will be their last,” said Muyu Xu , a senior crude analyst at Kpler, referring to independent Chinese processors. The oil market has been rocked this week by the US intervention into OPEC member Venezuela, which sits on the world’s largest proven crude reserves. The Trump administration has said it plans to control future sales of Venezuelan oil and hold the proceeds, with the new arrangement to last “indefinitely,” according to Energy Secretary Chris Wright. It has also maintained a naval blockade on flows, although US-bound cargoes have been allowed. The upheaval has cast doubt on where the Venezuelan oil that’s now in transit or floating storage will end up. Still, Wright also said Washington would not prevent China from accessing Venezuelan oil, according to comments to Fox News. “ We’re not going to cut off China ,” he said. “The illicit trade in oil with Iran and Russia, the illegal gun-running stuff, that’s going to be cut off.”