Chris started his career as a researcher in BBC Television’s documentaries department and then became a financial journalist. He was previously Investment Banking Correspondent and Senior Corporate Reporter at the Financial Times, Financial Editor of The Independent and a companies writer at the Investors Chronicle. Chris has also worked at communications consultancy Financial Dynamics (now FTI), as an Associate Partner.
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The $80 bln trader-miner is returning $1 bln of cash and has set out a framework for capital management, with wiggle room. That makes sense – miners need flexibility on M&A and capex. Glencore’s owner-manager ethos gives credibility to its broad commitment to shareholder returns.
Property asking prices in England and Wales are falling, led by the capital. London may now revert to underperforming, while nationwide house-price inflation settles to a safe level. The Bank of England could keep rates low and encourage price rises where they’re needed.
The miner’s shares rose on news its demerger idea is nearer fruition. A split won’t transform the business, and it’s hard to see the separated $12 bln-plus unit being bid for. But simplicity is in vogue. So creating stocks for distinct investor bases can create shareholder value.
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