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Glencore shares shoot up on zinc cut announcement
Shares in mining giant Glencore (LON:GLEN) shot up nearly 6 percent this morning, after the company announced plans to slash its zinc production in an effort to cut costs.
Glencore shares have fallen nearly 30% over the last few months. To counteract this, the company are cutting 500,000 tonnes of zinc production; the equivalent 4% of the world’s total supply. They will be closing their Lady Loretta mine in Australia and Iscaycruz mine in Peru.
Glencore’s announcement sent both its share price and the price of zinc up 6%. In a statement, Glencore said: “We remain positive about the medium and long term outlook for zinc, lead and silver, however we are taking a proactive approach to manage our production in response to current prices.” Glencore is currently trading up 6.7 percent, at 128.84 pence per share. (0938GMT)Bank of England vote to keep rates at 0.5 percent
The Bank of England voted 8-1 on Thursday to keep Britain’s interest rates at the record low of 0.5 percent.
Only one committee member, Ian McCafferty, dissented. UK interest rates have now remained unchanged for more than six years.
In a statement made yesterday, the Bank of England governor Mark Carney reiterated yesterday that Britain will not necessarily wait for the Fed to move first. “The exact timing of the Fed move is not decisive for the timing of the move by the Bank of England. “We will take our responsibilities. We will determine the timing for the start of the process of monetary policy normalization.”Former Bank of England policymaker Andrew Sentence has also spoken out on the subject, telling the BBC’s Today programme that central banks in the UK and the US “need to be courageous” and raise interest rates, and that the banks are focusing too much on short term factors such as falling oil prices.
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InBev makes third bid for SABMiller
The world’s biggest beer maker, Anheuser-Busch InBev, has made a third bid for rival SABMiller.
The Belgian giant has announced an offer of 42.15 pence a share, following bids of 38p and 40p. The combined group would be worth more than £180 billion. With InBev brewing Budweiser, Stella Artois and Corona, and SAB brews Peroni and Grolsch, the combined group would produce one-third of the world’s beer. Carlos Brito, Chief Executive Officer of Anheuser-Busch InBev, said in a statement: “Both companies have deep roots in some of the most historic beer cultures around the world and share a strong passion for brewing as well as a deep seated tradition of quality. “By bringing together our rich heritage, brands and people we would provide more opportunities for consumers to taste and enjoy the world’s best beers.” SABMillers biggest shareholder, the tobacco group Altria, has come out in support of the bid. InBev brews Budweiser, Stella Artois and Corona, while SAB brews Peroni and Grolsch, among others. InBev (NYSE:BUD) is currently trading down 1.07 percent, with SABMiller (LON:SAB) ip 1.5 percent. (1116GMT)Tesco see more disappointing results
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