Category Archives: Business

Is it time for Twiggy to play his Chinese joker?

  Michael Sainsbury The price of iron ore is still falling, with Fortescue Metals Group facing total wipeout. But there may be a way to save the company — look to the East … Down and down and down it goes (taking Australia’s terms of trade with it); where it stops, nobody knows. As the benchmark iron

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Twiggy’s ‘cartel’ won’t turn Fortescue around — not for all the steel in China

Michael Sainsbury A combination of inaccurate economic forecasting, a demand-side slump, and erratic behaviour from its chairman, Andrew “Twiggy” Forrest, has left iron ore miner Fortescue Metals Group in dire straits. Andrew Forrest and his company Fortescue Metals Group are staring into the abyss. The corporate undertakers have their tape measures out; they are beginning

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Fortescue’s future uncertain after Twiggy’s failed debt financing

Michael Sainsbury Fortescue Metals Group’s share price is down again — and there is no relief in sight. The sheer ineptitude of Fortescue Metals Group — ably advised by Swiss investment bank Credit Suisse, it’s well worth noting — failing not once, but twice, in two weeks to tap the markets for US$2.3 billion not only beggars belief, but raises serious

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When Henry met Rio

John Garnaut Fairfax Digital, March 29, 2015 American statesman Henry Kissinger pocketed close to US$5 million ($6.4 million) for guiding mining giant Rio Tinto to wash its hands of its jailed China chief, Australian citizen Stern Hu, and build relations with Bejing. Fairfax can reveal that the 92-year-old former US secretary of state made clear

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Fortescue Metals moves to rescue falling share price, but too late?

   Michael Sainsbury Crikey, crikey.com.au, March 13, 2015. Andrew “Twiggy” Forrest’s Fortescue Metals Group will need to move soon if it’s to avoid serious financial strife caused by the ongoing downturn in the global iron ore market. The world of Fortescue Metals Group can be a strange place. It is seeking to raise $2.3 billion

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