Vale board members in a ‘state of war’ over CEO succession — report
Last week, consulting firm Russell Reynolds delivered a list of 15 potential successors for Eduardo Bartolomeo.
Two reports out on Thursday suggest that iron ore is far from being merely a relic of the industrial revolution and still plays a central role in the world economy and the commodities markets.
Reuters reports top investment bank Goldman Sachs is preparing to enter the physical iron ore market and the FT says the so-called commodities bible – Cyclope’s World Commodity Yearbook – just published in English is a testament to how the pricing of iron ore from secretive negotiations and annual contracts to prices linked to the spot market constitutes a “true revolution”.
Reuters reports growing liquidity levels in the iron ore swaps market attracted many banks to invest in it and some have also decided to set up physical iron ore desks to strengthen their positions.
The Globe and Mail quotes from Cyclope’s World Commodity Yearbook: “Even in our ‘post-industrial’ economies we live surrounded by steel products, whether rebars for construction or sheet iron for the automobile industry.”
In June MINING.com reported how investment banks burned by sub-prime, are turning to the resource sector for profits and how the likes of Goldman Sachs and JP Morgan are raking in record revenues of almost $1bn/month in commodity and other trading revenue.
