Rio Tinto, one of the world's largest mining firms rejected on Wednesday a sweetened mega merger bid from BHP Billiton worth 147 billion US dollars. If the two companies had merged, a company would have been created that controlled one third of the world's iron-ore market.
The head of the Chinese company that recently bought a chunk of mining giant Río Tinto said yesterday it was a strategic investment, and hinted his company would consider selling to BHP Billiton if the price was right.
On 1 February 2008 the contract between Falkland Islands Government (FIG) and Cable and Wireless South Atlantic Ltd (C&W) was signed thereby confirming that work will proceed on the installation in Camp of a new and modern telephone service, offering Broadband. The installation is expected to be complete by April/May 2009.
Concerns about wind turbines interfering with military radar are threatening ambitious Government plans of £ 200 million windfarm development.
China has teamed up with US aluminum giant Alcoa to buy a 12% stake in Anglo-Australian miner Rio Tinto for 14 billion US dollars. The state-owned Aluminum Corp of China (Chinalco) said the purchase was the largest Chinese investment overseas.
Two young Chilean agronomists, one of them having worked in Falkland Islands Stanley Growers, are setting up a similar hydroponics business in Puerto Natales with the purpose of providing fresh vegetables to Punta Arenas and in the near future to the cruise industry.
Xstrata Plc, the world's fourth- largest copper producer, rose to a three-week high in London trading after newspaper reports that Brazil's Cia. Vale do Rio Doce may agree to buy the company within the next few days.
Foreign direct investment in Brazil reached a record 34.6 billion US dollars (almost double the 18.7 billion of 2006) reported the Brazilian Central Bank. FDI this year is expected to topple 28 billion US dollars with an estimated record 4.5 billion in January.
Port William outside of Stanley Harbour is proving a popular option with the Falkland Islands business community for a future deep-water port, however environmentalists are less enthusiastic.
Chile's foreign direct investment in 2007 reached its highest level in the past 10 years, according to the Santiago Chamber of Commerce (CCS). Of 4.689 billion US dollars in Chilean capital invested outside Chile, 26%, or 1.236 billion dollars, ended up in Peru.