Welcome to the morning meeting, Streetwise's daily compendium of news you can use first thing in the morning.
Ivanhoe: Our mine is worth $16-trillion. With a T.
Robert Friedland has never been known as a master of the art of understatement Now, the mining entrepreneur's Ivanhoe Mines has put quite a value on its Oyu Tolgoi project in Mongolia: $16.08-trillion (U.S.). Oh, and that's after-tax. Bloomberg News reported that Ivanhoe Chairman Robert Friedland made the claim in a statement at the Diggers and Dealers conference in Kalgoorlie, Western Australia.
Ivanhoe later said that the proper number is $16.08-billion, and Bloomberg corrected its story.
XStrata Plc is open to a deal
Mining behemoth Xstrata Plc is open to deal making that could see the company combined with Glencore International AG, reports The Globe and Mail's European business correspondent Eric Reguly, who has followed Xstrata closely for years. Glencore is said to prefer a premium-free merger of the two companies. Alternatively, it could list its shares on the stock market through an initial public offering, followed by a takeover offer launched at a premium for Xstrata, Mr. Reguly writes.
Ally Financial preparing for IPO
Ally Financial, the consumer loan company rescued and rebranded by the U.S. government, is tidying up its numbers in preparation to go public. Reuters reported that Ally made money in its most recent quarter, and that its auto-lending business alone could fetch a $30-billion valuation.
Russian oligarchs feud over nickel
The New York Times reports that the board of Norilsk Nickel is riven by a feud between Oleg Deripaska, well known in Canada for his ties to Frank Stronach of Magna International, and Vladimir Potanin. At stake is the future of the world's largest nickel producer, and that's likely to move global metal markets, the paper says.
BP moves step closer to permanent seal
It isn't a deal, but it's at the root of a lot of energy deals: BP Plc is moving closer to a permanent solution for the Gulf of Mexico well that blew out and caused environmental carnage. BP is holding a yard sale in the meantime to pay for cleanup costs.
Lloyds Banking makes a profit
Britain's biggest mortgage lender is back to profitability well before the market expected as loan losses fell by half, which may signal a ray of light for that country's troubled economy. Britain's property market is starting to bounce back from its bottom.
Options traders bet on Kinross rally
Players in the options markets are betting that investors will soon get their heads around the company's initially unpopular proposal to buy Red Back Mining. Even as the stock was hammered Tuesday, trading of call options on Kinross shares jumped to a record as buyers bet on a rally in the stock by September, Bloomberg reports.
Connecticut looks to steal New York hedge funds
The competition is on to lure New York hedge funds who want to avoid a looming tax on their industry in that state. Connecticut's governor hosted officials from 15 New York firms to try to draw them to Connecticut, which is already home to a big chunk of the industry. The feast included crab cakes, filet mignon and and open bar at a steakhouse in the state, the New York Post reported.