Market Updates
EU to Investigate BHP, Rio Venture
Darlington Musarurwa
26 Jan, 2010
New York City
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European Union to probe Rio Tinto and BHP Billiton iron ore joint venture. NZ credit card business spending falls 1.3% in December.
[R]3:00 AM New York, 7:00 PM Sydney - European Union to probe Rio Tinto and BHP Billiton iron ore joint venture. NZ credit card business spending falls 1.3% in December.[/R]
The Australian stock market was closed today. However, gold prices rose 0.6% to $1,096 per ounce, but crude oil prices decreased 1.1% to $74.4 per barrel in international trading.
The Australian dollar fell 0.6% to 89.85 U.S. cents.
EU to probe Rio and BHP
European Union announced yesterday it will probe the Rio Tinto and BHP Billiton iron ore joint venture for “restrictive business practices.”
The European Commission will examine the effects that the iron ore joint venture deal that was signed last month will have “on the worldwide market for iron transported by sea.”
However, the commission contends that the probe must not be construed as conclusive evidence of an infringement by the two companies to competition law.
In addition, the investigation doesn’t have a binding deadline. China’s steel industry is currently lobbying against the deal.
NZ Credit Card Spending Drops 1.3% in Dec
Reserve Bank of New Zealand reported today that the country’s credit card spending fell 1.3% in December from the previous month, falling for the first time in three months.
However, spending increased 1.8% from a year ago month.
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