News Column

Daily Mail, London, business briefs column

June 3, 2014

Daily Mail, London



June 03--RIO Tinto has sold its controlling stake in the Clermont coal mine in Australia for pounds sterling 610m to a joint venture led by commodities giant Glencore.

The miner sold its 50.1pc stake to GS Coal, which is jointly owned by Glencore and Japana's Sumitomo Corporation. Glencore will take over management of the mine, which produces thermal coal in Queensland.

Rio Tinto (up 63p to 3120p) said the sale proved its 'disciplined approach to allocating capital', as miners cut spending due to low commodity prices.

AT A GLANCE

ANOTHER strong performance could come from Cluff Natural Resources, which Panmure Gordon believes could more than treble in 12 months. The broker initiated coverage of the underground coal group with a target price of 13p, suggesting a huge rise from the current price of 3.75p.

GOOGLE HIT AS SAMSUNG DITCHES ITS SOFTWARE

GOOGLE'S dominance in the mobile market was challenged yesterday after its biggest customer ditched its software.

Samsung, the world's biggest mobile phone maker, unveiled a model that uses its own operating system rather than Google's Android technology. The move could spark a major split between the two companies.

Android is the world's most widely used phone operating system, and is favoured by handset makers including HTC, Sony and LG. Nokia, recently bought by Microsoft, has even released a phone that uses the technology. But Samsung accounts for 65pc of global Android sales – making Google reliant on the South Korean giant's products.

Now Samsung has announced its next phone, the Samsung Z, will run on its own Tizen platform. It said this would give consumers more choice.

The move also enables Samsung to break away from Google's mobile programs that include Gmail and Google Maps.

SERCO FIGHTBACK

RECOVERING Serco landed its second major public sector contract win in a week yesterday after striking a pounds sterling 1.2m deal.

The outsourcing group, which has been hit by a string of scandals, has seen its work at Wattisham Air Station extended for another three years.

The contract sees it provide a host of administrative and management services at the helicopter airbase, where it has been working since 1995. The award comes days after it won the pounds sterling 800m contract to run the Caledonian railway from Scottish Highlands to London.

Shares rose 2.4p to 374p.

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Source: Daily Mail (London, England)


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