Avocet Mining buys back 20% of its gold hedge book to boost exposure

(ChinaPost.com.tw) – West African-focused Avocet Mining said it bought back 20 percent of its gold hedge book to give it greater exposure to the metal’s record high prices at a time when its costs of production are rising.

Clorox rejects Carl Icahn’s buyout proposal as ‘inadequate’: statement

(ChinaPost.com.tw) – Clorox on Tuesday rejected the latest buyout offer from billionaire investor Carl Icahn, after he raised his bid for the cleaning-products company last week. “Our board has carefully considered Mr. Icahn’s revised proposal and concluded that it is inadequate and unlikely to be completed,” Clorox’s lead director Gary Michael said a statement.

US government close to deal on fuel economy with automakers: sources

(ChinaPost.com.tw) – Officials say the Obama administration is close to a deal with automakers to boost fuel economy. Officials familiar with talks between the White House and automakers say recent changes to make it easier for light trucks to become more fuel efficient have lowered the proposal to 54.5 miles per gallon (23.17 kilometers per liter) by 2025. Last month, the administration floated a 56.2 miles per gallon (23.89 kilometers per liter) target.

French autmaker Peugeot Citroen reports profit rise but shares slump

(ChinaPost.com.tw) – French auto group PSA Peugeot Citroen reported a first-half net profit rise of 5 percent on Wednesday but its outlook for the year disappointed the market and the shares fell by 6.14 percent to 27.69 euros.

Steelmaker ArcelorMittal profit dips; outlook remains positive for 2nd half

(ChinaPost.com.tw) – ArcelorMittal said Wednesday that second-quarter net profit fell 11 percent from a year earlier, mostly due to a year-earlier gain, but the world’s largest steelmaker maintained a positive outlook for the second half of 2011.