Australian mining company Indophil Resources receives bid from Switzerland’s Xstrata.
Plus: Abu Dhabi Water and Electricity Authority to receive international bids for power plant and water manufacturing, while Indian sugar companies see stock prices rising. The Central Bank of Russia moves to defend currency from speculators.
Energy
An AFP report for Khaleej Times Online states: “Switzerland-based mining giant Xstrata Thursday announced a 426-million-Australian-dollar (398-million-dollar, 256.4-million-euro) bid for Australian miner Indophil Resources NL. The group said in a statement it was offering one Australian dollar per share, which it said was 28 percent higher than the scrip's closing value the previous day.” Go to article.
Also from Khaleej Times Online, Haseeb Haider submits: “Abu Dhabi Water and Electricity Authority (Adwea) will receive bids from today from international bidders for setting up a 1500 megawatt power plant and a 100 million gallon water manufacturing plant at Al Showayhat (S2) to meet the growing energy needs of the emirate. The plants, which will be ready for commissioning by 2012, will be located next to the existing power plant at Showayhat (S1).” Go to article.
Commodities
Reporters for The Economic Times write: “Equity prices of many sugar companies have surged in a range of 17-34 per cent in the past one month at Bombay Stock Exchange, which the industry says is because of a change in the outlook.” Later in the article: “’The outlook about the sugar sector is changing as people have realised that the surplus situation is not going to last forever,’ Simbhaoli Sugars Director (Finance) Sanjay Tapriya told PTI when asked to comment on the reason for the increase.” Go to article.
Currency
From RosBusinessConsulting, reporters submit: “The Central Bank of Russia will take measures to protect the national currency from foreign speculators buying rubles on the cheap. Officials hope that currency interventions will also help curb inflation. The first currency intervention worth several hundred million dollars was carried out on Tuesday, RBC Daily reports. The Central Bank plans to carry out such interventions daily, with their amount growing towards end of month, when market traders are short of rubles to make tax payments.” Go to article.
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