BHP Billiton provides update on Samarco
London’s FTSE 100 is seen starting 39 points higher than Monday’s close at 6080.
Stocks to watch
BHP Billiton's Brazilian joint venture continued the clean-up from the catastrophic Bento Rodrigues dam disaster on Tuesday, amid ongoing legal action in the country's courts.
The FTSE 100 mining company updated the market on the dam breaches at Fundão and Santarém, which occured on 5 November.
BHP Billiton and Vale each held a 50% stake in Samarco. Processing and mining operations at the site remained suspended.
The company said the legal proceedings, brought by the Brazilian federal and certain state governments, were seeking a BRL 20bn (£3.346bn) fund to cover clean-up and recovery.
"In connection with these proceedings, on 18 December 2015 the 12th Federal Court of Belo Horizonte handed down a decision on the interim injunctions requested", the company said in a statement.
Property investment company Hansteen has acquired a further 31.6m units in the Ashtenne Industrial Fund from Britel Fund Trustees Limited for £15.4m in cash, reflecting a price per unit of 0.4869p.
The price represents an effective 5% discount to Hansteen's carrying value for the fund as at 30 June 2015.
Morgan Jones, joint chief executive of Hansteen, said: "The acquisition of these units in AIF was an excellent opportunity to consolidate our holding in the fund, as we believe there is scope for further growth in both value and income.”
In the press
Apple has launched a counteroffensive against the UK’s proposed new surveillance law saying the measures risk paralysing vast reaches of the technology sector across the globe and even sparking “serious international conflicts”. The intervention from the world’s most valuable company comes amid growing anxiety from big US tech groups that the British proposals will set a dangerous precedent, as other countries seek to upgrade spying regimes for the digital age. – Financial Times
UK house prices are set to continue rising faster than incomes next year as a rebound in interest from would-be purchasers runs up against a shortage of supply. The Royal Institution of Chartered Surveyors predicts that average prices will increase 6 per cent next year. East Anglia will lead the pack with growth of 8 per cent, it suggests, with London growing at 5 per cent. – Financial Times
A string of retailers could face insolvency in the new year with tough trading on the high street in the run-up to Christmas leaving businesses fighting for survival, two influential industry bodies have warned. Widespread discounting and warmer-than-average weather have cranked up the pressure on high street retailers over the festive period. In the last few years a number of high street retailers have called in administrations either just before or after Christmas, including Woolworths, HMV, Zavvi, and Jessops. – Guardian
US close
US stocks closed higher on Monday, recouping some of the losses incurred during the two-day slump at the end of last week, as investors shrugged off weak oil prices.
The Dow Jones Industrial Average closed up 0.7%, the S&P 500 ended 0.8% higher and the Nasdaq Composite rose 0.9%.
Overall, trading volumes were a little thin, with many investors already out of the game at the start of a shorter week, with markets closing early on Christmas Eve.