Sunday, October 16, 2011

BHP Billiton Shopping in Brazil

Australian natural resource megafirm BHP Billiton is considering a three billion dollar U.S. bid for Brazilian miner Ferrous Resources do Brasil LTDA.BHP already has an extensive iron ore portfolio.Mid-tier miner stocks were doing well Monday morning in Sydney in response to this merger and acquisition prospect.
The MSCI Asia Pacific Index rose 1.11% early Monday,bolstered by hopeful news out of Europe as the G20 finance ministers promised to have a plan for the Euro debt crisis finalised in a week.
The New Zealand services sector grew more slowly than expected in September.
The dollar/yen was flat on Monday morning,while the euro/dollar fell.
At the Canton Fair in China,the world's largest trade expo,exporters pleaded for the U.S. to stop demanding that the Chinese currency,the yuan,appreciate further.It is at the breaking point for exporters now,one vendor remarked.Any further appreciation would mean no more cheap goods for U.S. retailers and a lot less sales for Chinese suppliers.Everyone would be hurt.
South Korean golfer Na Yeon Choi,soon to turn 24,won the Sime Darby LPGA Malaysia in Kuala Lumpur on Sunday.Taiwan's Yani Tseng,22,the world number one in the Rolex rankings,finished second.It was Choi's fifth career victory on the LPGA Tour,and the 100th win by a woman of Korean descent on the Tour,Choi pointed out.
It was 63F in Sydney on Monday under partly cloudy skies.The wind was S at 16 mph,and the humdity was 48%.
BHP Billiton Ltd.(BHP)

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