First Quantum seals deal
Canadian copper giant First Quantum Minerals has announced victory in its bid to secure a C$5.1 billion (US$4.99 billion) takeover of compatriot Inmet Mining Corp. The takeover will create a “new global leader in copper” with a portfolio including operations in eight countries on four continents, First Quantum said in a statement on Friday. First Quantum has forecast revenues of US$3.5 billion this year, while a strategic plan for the company has set a target of producing 1.3 million tonnes of copper a year by 2018. If those targets are met, First Quantum will become one of the five largest producers of copper in the world.
Jain request ‘parity’ pay cut
Deutsche Bank co-chief executive Anshu Jain requested a pay cut of almost 2 million euro (US$2.6 million) to draw level with last year’s compensation package of fellow top executive Juergen Fitschen, a German newspaper reported. Jain, who until June last year was head of investment banking at Deutsche, asked the supervisory board at the beginning of this year not to be paid parts of his bonus for last year, Welt am Sonntag cited sources close to the board as saying. In an excerpt of the article made available on Saturday, the paper said Jain did so of his own volition and that he made a point of getting equal pay with his co-chief executive officer.
EgyptAir cuts Japan routes
Egypt’s national airline says it will cease operating flights to Japan until further notice due to major economic losses and lack of support from both governments. In a statement on Saturday, the company said that several of its routes have become an economic burden, especially flights to Tokyo and Osaka. EgyptAir has operated flights to Japan for about 50 years, halting the traffic after the 2011 revolt that toppled former Egyptian president Hosni Mubarak, but resuming the flights five months ago. Earlier this month, Egypt’s civil aviation minister told parliament that the national airline’s losses had reached nearly 6 billion Egyptian pounds (US$900 million), forcing it to reduce its number of flights.
DP World eyes new markets
DP World Ltd, the world’s third-largest port operator, wants to expand in Latin America and Africa as cost of investment in the US remains high, the Dubai-based company’s chairman Sultan Ahmed bin Sulayem said in an interview on Friday. He declined to specify which countries. DP World, which operates more than 60 terminals in six continents, posted a 21 percent jump in profit last year. Gross container volumes rose 2 percent to 56 million twenty-foot equivalent units (TEUs) during the year, while consolidated throughput increased 1 percent to 27 million TEUs. Growth came from the Middle East, Africa, Latin America, and part of the Far East, bin Sulayem said.
Bank reports slow growth
China Construction Bank Corp (中國建設銀行), the world’s second-largest lender by market value, posted its slowest profit growth in six years as the slowing economy curbed demand for financial services. Net income rose 14 percent to 193.2 billion yuan (US$31.1 billion) last year, or 0.77 yuan a share, from 169.3 billion yuan, or 0.68 yuan, a year earlier, the Beijing-based lender said in a statement to the Shanghai stock exchange yesterday.