Tinkler’s desperate moves

Embattled coal magnate Nathan Tinkler approached more than four financiers in a last, desperate bid for one of his private companies to be able to pay $A28.4 million owed to coal developer Blackwood Corp and avoid legal action, according to the Australian Financial Review.

Blackwood forced Tinkler’s Mulsanne Resources into liquidation late last year after Mulsanne failed to go ahead with a deal to buy a one-third stake in Blackwood for $28.4 million.

Tinkler, who is due to front the NSW Supreme Court on Thursday to be grilled about his personal finances, asked Credit Suisse, Noonday Asset Management, EIG Global Energy Partners and Jefferies as well as other longstanding supporters of the Tinkler Group to keep Mulsanne Resources from going bust last spring.

China 'needs ore futures market'

A senior regulator is urging the Chinese government to develop an iron ore futures market to help the nation control the rising price of the commodity, according to The Australian.

China is the world's largest consumer of iron ore and last year bought almost 60% of the total global output.

We complied with anti-corruption laws, says BHP

BHP Billiton said its activities surrounding the sponsorship of the 2008 Beijing Olympics complied with “all applicable law”, according to the AFR.

There is a joint US-Australian investigation into possible bribery over alleged inducements, hospitality or gifts given to foreign officials, including during the Beijing Olympics.

BHP would not comment on whether it had been asked specifically about the Olympics by authorities, but said: “As previously disclosed BHP Billiton has been co-operating with the relevant authorities in an investigation into possible violations of anti-corruption laws.”