Rio Tinto signs deal to explore low-carbon aluminium project in India
April 17 (Reuters) - Australian miner Rio Tinto (RIO.AX), opens new tab on Thursday said it has inked a memorandum of understanding (MOU) with India-based AMG Metals & Materials to assess the viability of a low-carbon aluminium project powered by renewable energy in India.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
3 hours ago
- Daily Mail
BP battles for its independence amid takeover talk
BP is determined to preserve its status as an independent UK-listed oil company amid speculation that a sinking share price and uncertainty over leadership could push it into an unwanted merger. The firm's shares have plunged 22 per cent over the past year (see chart). With a market value of just £56 billion, it is seen as a tempting bid target for one of the US oil giants or a British bid from Anglo-Dutch rival Shell. Predators see the temporary power vacuum caused by the impending departure of chairman Helge Lund as a vulnerability. An urgent hunt for a strong replacement is being led by Amanda Blanc, BP's senior non-executive director, who is also boss of the insurer Aviva. BP is seeking to convince investors that it can dial down the radical green transition led by former boss Bernard Looney by embracing an aggressive drilling and cost cutting agenda. Chief executive Murray Auchincloss, former finance director, is seeking to restore the company's stock market rating by focusing on capital spend and cost cutting. He has so far failed to convince activist investor Elliott Management, which has built a 5 per cent stake in BP, that the company can drill its way out of difficulty and that his cost cuts are sufficient. However, BP has long history of successful exploration and production, and has recently secured valuable drilling rights in India and Azerbaijan, where it has become the leading oil company. Since taking over as chief executive last year, Auchincloss has consulted 70 per cent of the company's shareholding base. It is thought that long-standing British owners, such as insurer Legal & General, which controls 38 per cent of the stock, would be deeply unhappy if BP were to be taken over. It is also thought that the UK Government is supportive of BP as a national champion which is developing the country's biggest electric vehicle network of charging stations with Marks & Spencer. A bid by Shell for BP, favoured by some investment bankers, is seen as much harder to accomplish than generally thought. Both companies, as international explorers, have large trading operations and a deal would almost certainly cause competition problems. Some 35 per cent of the two London-listed firms' operations are understood to overlap. US rivals Chevron and Exxon Mobil, mentioned as possible bidders for BP, have in recent times virtually withdrawn from exploration beyond the Americas, unlike the two big London-listed players. They have instead focused on the riches of the Permian Basin in Texas and Guyana in South America. Chevron is seeking to complete its $53 billion merger with US group Hess. Oil mergers are seen as notoriously tricky to navigate. A quarter of a century after BP, then led by John Browne, took over Amoco, the group is still wrestling with integration of complex accounting systems. BP believes that if it can lift its annual cashflow from $8 billion in 2024 to $14 billion by 2027, it can raise the value of the group, securing its status.
Reuters
9 hours ago
- Reuters
UK and India discuss 'counter-terrorism' cooperation after Pakistan ceasefire
NEW DELHI, June 7 (Reuters) - Britain and India on Saturday discussed expanding their "counter-terrorism" collaboration following recent fighting between India and Pakistan, Britain's foreign minister told Reuters after meeting Indian Prime Minister Narendra Modi. British foreign minister David Lammy is the highest-profile Western official to have visited both New Delhi and Islamabad since the South Asian neighbours agreed to a ceasefire last month after their worst fighting in nearly three decades. The latest tensions began in April after the killing of 26 men in Indian Kashmir that New Delhi blamed on "terrorists" backed by Pakistan, a charge Islamabad denied. India then attacked what it called "terrorist infrastructure" in Pakistan, leading to escalation from both sides until a May 10 ceasefire. "We want the situation to be maintained, but of course we recognise fragility, particularly in the backdrop of terrorism, terrorism designed to destabilise India," Lammy said in an interview at the residence of the British High Commissioner in New Delhi. "We are keen to continue to work with our Indian partners on counter-terrorism measures." He said he discussed the next steps with both Modi and Indian Foreign Minister S. Jaishankar, but gave no specifics. Last year, India and Britain discussed, opens new tab combating the financing of terrorism, cooperation between law enforcement and judicial bodies and information sharing. Lammy said he also discussed boosting trade between the world's fifth and sixth largest economies. The countries concluded talks for a free trade deal early last month. "I know that Prime Minister Keir Starmer is very much looking forward to coming to India very soon to sign the free trade agreement," Lammy said. "There is so much that our two nations can continue to do together."
Edinburgh Reporter
13 hours ago
- Edinburgh Reporter
Brand Scotland – UK Government signs agreement with Scottish Chambers of Commerce
A Brand Scotland overseas trade missions initiative was signed on Friday by the Scotland Office and Scottish Chambers of Commerce (SCC) in a partnership agreement. This collaboration will be supported by UK Government funding of up to £100,000 for 2025/26 which will help to promote Scottish trade and is aimed at attracting foreign direct investment into Scotland. Brand Scotland is part of the UK Government's Plan for Change boosting economic growth by promoting Scottish products and services while attracting international inward investment. The initiative will include a series of trade missions all designed to showcase Scottish businesses across the globe. Ian Murray and Liz Cameron signed the agreement at the UK Government's Queen Elizabeth HQ in Edinburgh. Scottish Secretary Ian Murray said: 'This agreement will help give Scotland a global platform to sell everything our brilliant country has to offer – from whisky and seafood to our world class services. 'The trio of trade deals secured by the Prime Minister in recent weeks is a huge opportunity for Scotland's economy – with the most populous country in the world, the richest country in the world and our most important market. This partnership with the Scottish Chambers of Commerce will create valuable opportunities for Scottish firms and help kickstart economic growth as part of our Plan for Change. 'I have already been to Norway, Singapore, Malaysia, and the United States to bang the drum for Scotland and with this partnership we will take businesses to even more markets. The Scotland Office will be Scotland's window to the world.' Scottish Chambers of Commerce Chief Executive and Director Dr Liz Cameron, CBE, said: 'Delivering impactful trade missions that will sell Brand Scotland and our innovative and dynamic businesses will strengthen our global presence. This partnership with the Scotland Office is vital for economic growth and will help more businesses trade internationally and encourage more inward investment. 'The world wants our quality products and services and this significant investment in Brand Scotland will create even more opportunities to sell our nation internationally. Our businesses continue to successfully engage with SCC overseas missions and now by combining forces between SCC and the Scotland Office, we can drive our economy further by providing valuable platforms and alliances for more exporters to sell their fantastic products and services to new global markets. 'Scotland is open for business and we welcome Brand Scotland's support to allow us to trade with confidence on a world stage.' Leading entrepreneurs from a variety of sectors have also welcomed the agreement. Founder & CEO of Greenock-based PG Paper Dr Poonam Gupta, OBE, said: 'At PG Paper, international trade is the backbone of our business. We have built a multi-million pound business by connecting with over 60 countries. This partnership between the Scottish Chambers of Commerce and the Scotland Office sends a clear message: Scotland is ambitious, outward-looking, and ready to lead. The Scotland Office initiative will help businesses like ours expand our international reach, forge high-value connections, and drive economic impact both at home and abroad. This is exactly the kind of bold, collaborative action Scotland needs to accelerate exports and inspire the next generation of entrepreneurs.' CEO of Aberdeen-based PCL Group Dr Jeanette Forbes, OBE, said: 'As a global IT and energy tech company operating in over 27 countries, we know first-hand how critical international trade is to business growth and innovation. Trade missions are strategic enablers that unlock new markets, foster long-term relationships, and elevate Scotland's global standing. The collaboration between Scottish Chambers of Commerce and the Scotland Office is exactly the type of public-private partnership needed to amplify Scotland's voice on the world stage and grow our economies.' Details of trade missions will be confirmed later. The Secretary of State for Scotland, Ian Murray, (with his younger daughter) and Liz Cameron, CBE Like this: Like Related
