As global markets splutter towards the end of 2011, fearing the worst from Europe, Rio Tinto has thrown cold water on the idea of bidding for Ivanhoe Mines now that it’s won arbitration proceedings. It’s highly likely that Rio will now creep to majority ownership of Ivanhoe and the prospect of forking out a few billion dollars in this environment probably isn’t a good idea in the first place. Meanwhile, it looks like another Nine Entertainment lender has offloaded its stake to the hedge funds, giving CVC Asia Pacific more reason to be nervous. Elsewhere, market uncertainty doesn’t seem to scare Nathan Tinkler, whose thoughts are turning international. Finally, Morgan Stanley has won the financial adviser job for the NSW Port Botany privatisation and Queensland’s coal port ambitions have swollen.