No iron ore deal for BHP, ArcelorMittal

Arcelormittal, the world's biggest steel-maker, and No 1 miner BHP Billiton have scrapped plans to combine their iron ore assets in West Africa. The two announced in January that they hoped to create a joint venture in neighbours Guinea and Liberia in order to cut costs on infrastructure. They said yesterday that they had ended talks after failing to reach a commercial agreement. - Reuters

NUM says Northam strike will continue

THE National Union of Mineworkers said yesterday that the wages strike at Northam Platinum could go on for months if the company failed to meet its demands. Northam has offered workers an 8% wage increase in a two-year deal. The union is demanding 15%. - Reuters

Luxury goods sales up on forecasts

SWISS luxury goods group Richemont's five-month sales jumped 37%, beating forecasts and confirming a rebound in the sector as wealthy Asians splash out again on top-end watches and jewellery. Richemont said yesterday that net profit for its first half to September should be significantly higher than last year. But the strong Swiss franc would lead to a higher cost of sales in the second half for the maker of Cartier watches, Montblanc pens and Chloe handbags. - Reuters

Metalworkers' union rejects wages offer

THE National Union of Metalworkers of SA yesterday rejected an offer of a 10% wages increase by the motor industry and called on its members to continue striking until a settlement was reached. - Reuters