A round-up of the key stories across the specialist financial media, including news that Glencore and Xstrata are in talks over an $80 billion merger that could reshape the mining industry
Glencore and Xstrata close to $80 billion deal
Glencore and Xstrata are in advanced talks over a nearly $80 billion merger that could reshape the mining industry, combining the world’s largest commodities trading house with one of the largest miners of thermal coal and copper.
Facebook launched the process for its highly anticipated stock market debut, filing papers for a $5 billion initial public offering that will turn key shareholders into billionaires, most notably Mark Zuckerberg, the 27-year-old chief executive and co-founder.
Wealthy investors aren’t clamouring for a piece of Facebook's initial public offering because some own the stock through private transactions while others shy away from risky technology deals, according to advisers.
Exclusive: Mortgage deal would give states enforcement clout
A proposed settlement to resolve mortgage abuses by top US banks will give states broad authority to punish firms that mistreat borrowers, according to documents seen by Reuters on Wednesday.
In a rare criminal prosecution to emerge from the financial crisis, two former Credit Suisse traders admitted on Wednesday to conspiring to manipulate the value of about $3 billion in subprime mortgage-backed securities to hide losses as the US real estate market began to collapse in 2007.
