With the ongoing rise and importance of sovereign funds around the world and the likelihood this will continue to grow, the question for Labor is what is their attitude towards sovereign fund investment in Australia? asks Matt Marks.
London Stock Exchange
Gilbertson’s foresight vindicated by BHP’s Rio move
One man who couldn’t help but feel more than a little vindicated following BHP’s long awaiting move on Rio is former Billiton boss, Brian Gilbertson, who was sacked by BHP Chairman, Don Argus, in early 2003 after going behind the board’s back and approaching Rio regarding a merger, writes Adam Schwab.
BHP and Rio = staggering $407 billion in equity
BHP-Billiton is now valued at more than $250 billion, based on yesterday’s record close of $44.60. In fact, this week’s 8% surge means that BHP’s market value now exceeds the combined value of our Big Four banks.
Morning Market Report
The highlights and lowlights of this morning’s sharemarket activity.
Here we go: Bank of England rescues lender
Just when you thought it was becoming safe to go back into a bank, whoosh, a big one bites the dust. Northern Rock, Britain’s fifth biggest mortgage lender has been rescued by the Bank of England in a dramatic late night move.
Media-shy Macquarie joins the seven media billionaires
Australia’s biggest investment banking rainmaker, Macquarie Bank’s Nicholas Moore, is a man who hates media attention, which makes his presence on the Macquarie Media board particularly ironic.
