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Australia passes contentious mining law

After a controversial struggle with mining corporations which spanned two years, parliament has passed a law imposing a 30 percent tax on coal mine profits. The tax will affect any company that makes $75m in profits, and with 30 Australian mining companies breaking the barrier, the government believes it will raise somewhere in the region…

Rusal hit by net profit plunge of 91.7 percent

Rusal, the world’s largest aluminium producer by volume, said on Monday that adjusted net profit results for 2011 showed a plunge of 91.7 percent due to high debt servicing outgoings and lower aluminium prices. The group posted a net profit of $237m compared to $2.87bn the year before largely because of a write-down in the…

Chilean mining industry faces uneasy future

There is a growing concern about cost inflation in the Chilean mining industry, according to the CFO of London-listed Chilean mining group Antofagosta. The news comes amid worries about overall copper production in Chile, which recorded a down trend of almost eight percent year on year in January. Hussein Barma at the Jefferies copper conference…

Eon records €2.2bn net loss- cuts dividend

Germany’s biggest utility group, EON AG, announced on Wednesday a 50 percent profit drop due to reduced power generation earnings following the closure of its nuclear reactor, and a weakened demand in its gas business. Eon said after the announcement that it will now cut its dividend by a third to €1 a share for…

Rusal in deep crisis, says exiting chairman

Russian billionaire Viktor Vekselberg resigned as chairman of Rusal on Tuesday, saying the company’s bad management style, led by CEO Oleg Deripaska, has brought on a debt crisis to the world’s largest aluminium producer. Vekselberg, who has an indirect stake in the company, clashed with Rusal on strategic development issues, human resources policies and matters…

Citigroup to double China branches to 100

Citigroup has announced late on Sunday it is to increase its China presence to a hundred from the current 47 within two to three years, according to the CEO for Asian operations, Stephen Bird. Doubling the branches will help speed up its drive into China’s credit card business and an imminent securities joint venture. According…

How to Launch a Cloud Computing Initiative

Small businesses have had a rougher road than larger enterprises during the past three years.  Credit markets have withdrawn their support, although recent studies suggest that the situation is “thawing”, especially among community banks.  Cash flows have slowed, as the majority of clients have been forced to be “slow pays” to meet current demands, and…