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That didn’t take long
The Reserve Bank of Australia cut rates by the largest amount since 1992
The Reserve Bank cut interest rates by 100 basis points today, in a bid to shield the Australian economy from the global wreckage.The bigger-than-expected reduction in official rates to 6.00 per cent was the largest cut in rates by the Reserve Bank since May 1992. The stock market, which had been battered earlier by a rout on northern hemisphere bourses overnight, rallied into positive territory after the shock move. Reserve Bank governor Glenn Stevens said conditions in international financial markets took a “significant turn for the worse” last…
8Oct2008 | The Real Deal | Comments Off | ContinuedIron Ore Proves to be the Most Coveted Commodity in the Pacific
There has been little said about BHP Billiton Ltd.’s (BHP) attempted takeover of Rio Tinto PLC (RTP) in recent months, but the proposal is far from dead. In fact, rumors that BHP may increase its bid have brought about even more speculation that China’s largest steelmakers will further enter the fray.
Rio Tinto Group, the world’s third-largest mining company, rose in London trading yesterday (Tuesday) on speculation BHP Billiton Ltd. will increase its $179 billion hostile bid for the company.
“The rumor doing the rounds is that BHP will increase its bid to 3.8 shares for each Rio share,” Manoj Ladwa,…
14May2008 | Money Morning | Comments Off | Continued
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