BHP Billiton tried to block Rio’s China deal, says cable

first_img whatsapp MINING firm BHP Billiton pressured the Australian government to prevent rival Rio Tinto teaming up with Chinese company Chinalco, according to a diplomatic cable released to the Australian media at the weekend. The country’s then-treasurer Wayne Swan told US diplomats last year that BHP had lobbied the government to delay any decision on the $19.5bn (£12.3bn) investment, according to the Wikileaks cable. “BHP has been lobbying extensively to block the deal, highlighting concerns about Chinese investment and the possibility that seats on the Rio board would give the Chinese representatives important insights into the producer side of the annual iron ore price negotiations,” the cable reportedly said. “Treasurer Wayne Swan’s chief of staff has told us on several occasions that BHP has played its cards with consummate skill, in part due to the increasing marginalization of BHP CEO Marius Kloppers as BHP chairman Don Argus has taken the lead in lobbying.” State-owned Chinalco blamed Rio when its plan to buy around 18 per cent of the company collapsed last year, claiming that disagreements over board members and a bond issue thwarted its plans. Swan said yesterday that the report might not be accurate, telling reporters: “Just because there is reportage of conversations and they are contained in cables, doesn’t necessarily mean those cables are accurate, well grounded or in context.“Because it was a commercial matter it wasn’t a matter that ultimately came to government for decision,” he added.In a separate cable, diplomats discussed claims that Rio Tinto privately gave the Chinese government information on former staff during a corruption investigation.According to media reports on the cables, Rio found small amounts of cash on several employees that it could not vouch for, and passed this information on to China’s public security bureau.The FTSE-listed company publicly backed its staff before their convictions last year, describing the allegations as “wholly without foundation”. Several ex-Rio staff are still serving jail terms in China. Neither company commented on the cables. Tags: NULL BHP Billiton tried to block Rio’s China deal, says cable KCS-content center_img Share Sunday 12 December 2010 11:01 pm whatsapp Show Comments ▼last_img read more

Credit Suisse profits higher than forecast

first_img CREDIT Suisse delivered a solid first-quarter performance yesterday only marred by a large debt writedown that pulled profits down 45 per cent. Strong revenues in its investment banking division and healthy fund inflows generated group pre-tax profit of SwFr1.6bn Swiss francs (£1.1bn), higher than the consensus forecast for SwFr 1.5bn.However, its profit was down from the SwFr2.9bn recorded in the same quarter in 2010 as it wrote off SwFr617m from its own debt and related derivatives after issuing and selling about £6.5bn of contingent convertible (co-co) bonds in the quarter. The strength of the Swiss franc against the dollar and euro also hindered the bank’s performance – BNP Paribas analyst Olivia Frieser pointed out that the 25 per cent fall in group profit would have been 15 per cent in dollar terms.“In a quarter marked by significant market uncertainty we have maintained our strong momentum with clients, gaining market share and generating SwFr19.1bn net new assets,” said chief executive Brady Dougan.Credit Suisse’s investment banking arm turned in a strong performance, generating a SwFr1.3bn pre-tax profit on revenues of SwFr4.9bn. While profit fell 25 per cent compared with the same quarter in 2010, it beat market expectations of SwFr1.2bn, while revenues fell only six per cent.“Underwriting, advisory and equities were below expectations, but fixed income, currency and commodities (FICC) above,” said Frieser. Pre-tax profit at its private banking division fell eight per cent to SwFr855m from SwFr892m in 2010, while its asset management arm saw profits rise four per cent year-on-year to SwFr172m from SwFr166m in 2010. Show Comments ▼ KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Sharecenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHero WarsThis game will keep you up all night!Hero WarsTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastGundry MD Total Restore SupplementWhat Rice Does to the Human BodyGundry MD Total Restore SupplementLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsFilm OracleHer Love Triangle Inspired 3 Of The Most Popular Songs Ever WrittenFilm OracleBlood Pressure For LifeWhy Doctors May No Longer Prescribe Blood Pressure MedsBlood Pressure For LifeLiver Health1 Bite of This Melts Belly And Arm Fat (Take Before Bed)Liver HealthThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramiCanAnswerThat.comThe New Volkswagen Atlas Is The Car Of Your Dreams.iCanAnswerThat.com Credit Suisse profits higher than forecast Tags: NULL Wednesday 27 April 2011 8:29 pmlast_img read more