FTSE 100 made modest gains in early trades as hopes grow for progress in the Ukraine and Russia peace talks. Oil prices fell and some of the stocks worst hit by the conflict rallied. London’s blue-chip index was up 25 at 7,181.
Rio Tinto announced a US$2.7bn offer to buy the 49% interest it does not already hold in Canada’s Turquoise Hill with the aim of moving forward the Oyu Tolgoi copper project in Mongolia. Turquoise Hill’s main asset is its stake in Oyu Tolgoi.
Bond prices in the UK and US are expected to fall this week as interest rate hikes are expected from both countries’ central banks. Worries about rising inflation have prompted the banks to act, said economists.
UK shoppers meanwhile will face tighter ID checks when buying online to prevent fraud. They will need to prove identity via two of what they know, who they are and something they have.
Eco (Atlantic) Oil & Gas has struck a deal to acquire JHI Associates Inc which owns an interest in a key offshore licence in Guyana which is being explored by ExxonMobil. A cashless US$52mln deal will see Eco increase its shareholder to 100% and become the sole-owner of JHI's US$15mln cash balance and its 17.5% WI in the Canje Block.
EQTEC has launched a French subsidiary and entered into a collaboration with French company SEPS to develop contaminated waste treatment plants. It comes after a letter of intent was signed between EQTEC and SEPS in December and follows a series of successful tests on contaminated plastics.
Gold miner Pan African Resources has secured five prospecting concessions in north-eastern Sudan. The area covers roughly 1,100 square km, with the company being issued a licence for three years.