A boom commodity two years ago as speculators rushed to take positions in a world expected to be increasingly powered by electricity stored in long-life batteries, the recent performance of lith...Read More
The Democratic Republic of Congo gave two groups of investors a four-week deadline to submit a joint proposal on the development of the multi-billion dollar Inga 3 hydropower plant.The government signed an accord with Chinese and Spanish consortia this week to advance the 11,000-megawatt facility, the first time it's formally appointed entities to draw up plans to develop Inga 3 since the project...Read More
Jacobs Engineering Group Inc. agreed to sell its energy, chemicals and resources unit to Australia's WorleyParsons Ltd. for $3.3 billion to focus on its higher growth and margin aerospace and infrastructure businesses.Jacobs will get $2.6 billion in cash and about 58.2 million WorleyParsons shares, worth around $700 million and equal to about 11 percent of its stock, the Dallas-based company said...Read More
RIO DE JANEIRO, Oct 22 - Brazilian pension fund Previ, one of iron ore miner Vale SA's largest shareholders, will not sell part of its stake before the year ends, its chief executive officer said on Monday.Speaking on the sidelines of a conference in Rio de Janeiro, CEO Jose Mauricio Coelho said the fund intended to reduce its stake in the miner over the medium term. Previ had previously announced...Read More
Glencore chief executive officer Ivan Glasenberg is said to be planning to retire from the commodities trader and miner in three to five years, and has even begun training a small group of front runners to take over the post.Glasenberg (62), whose strategic brilliance has made Glencore's - and his own - prodigious fortune, is coaching three to four people to succeed him in the job, Bloomberg repo...Read More
Investing.com - Market players are likely to stay focused on global supplies in the week ahead, after oil prices suffered their second consecutive weekly loss, driven lower by indications of swelling U.S. crude stockpiles.U.S. oil inventories climbed 6.5 million barrels last week, almost triple the amount analysts had forecast, the U.S. Energy Information Administration said on Wednesday.It was th...Read More
* Washington prepares to reimpose sanctions on Iran* Mnuchin dismisses concerns about rise in oil prices* U.S. in talks with SWIFT on disconnecting Iran* U.S. adamant no sanctioned transactions occurBy Lesley WroughtonJERUSALEM, Oct 21 (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Sunday it will be harder for countries to get waivers on Iran oil sanctions than during the Obama adminis...Read More
Investing.com - This week precious metals traders will continue to watch developments in equity markets and monitor geopolitical risks after gold prices notched up a third week of gains.Investors will also be focusing on Friday’s data on U.S. third quarter growth, while monetary policy decisions from the European Central Bank and Bank of Canada will also be closely watched.The GDP data is ex...Read More
Two-time Vale president Eliezer Batista diesLeadershipLook beyond market approach to project valuations: van ZylLeadershipGalan Lithium scores coup in Argentina's 'Pilbara of lithium'SPONSOREDgalan lithiumKasbah on cusp of tin riches at world-class AchmmachSPONSOREDkasbah resources The headline intercept measured 513.9m from 33m at 0.64% copper and 0.8g/t gold, or 2.15g/t gold-equival...Read More
The Yukon Minister of Energy, Mines, and Resources Ranj Pillai said this week at the provincial legislature that Yukon Zinc might sell its Wolverine Mine very soon.According to Pillai, his office has been backing a weeks-long process that involves the sale of the zinc, silver, copper, lead and gold asset to an undisclosed buyer. The mine is located southeast of Ross River. It has been closed since...Read More
BENGALURU/NEW DELHI Oct 20 (Reuters) - HDFC Bank Ltd HDBK.NS has reported record profit for the three months ending Sept. 30 broadly in line with expectations, helped by higher interest and fee income.Net profit rose to 50.05 billion rupees ($682.16 million) for the quarter ended Sept 30, from 41.51 billion rupees a year ago, India's biggest lender by market capitalisation said in a statement.Fi...Read More
Oct 20 (Reuters) -For other diaries, please see:Top Economic EventsM/DIARYEmerging Markets Economic Events EMRG/DIARYGovernment Debt AuctionsD/DIARYPolitical and General NewsPOL/DIARYU.S. Federal ReserveFED/DIARYToday in WashingtonWASH/DIARY ----------------------------------------------------------- This Diary is filed daily. ** Indicates new events -----------------------------------------------...Read More
* Italian 10-year debt yield hits 4.5-year high of 3.783 percent* Euro rallies after falling to 10-day low* World stock index posts fourth straight week of losses* Oil up but posts weekly loss on stock build, trade tensions (Updates after U.S. market close)By Rodrigo CamposNEW YORK, Oct 19 (Reuters) - Stocks dipped on Friday, dragging a global index into a fourth consecutive weekly loss, while the...Read More
(Adds detail on market reaction, background, comment)By Suvashree Choudhury and Promit MukherjeeMUMBAI Oct 19 (Reuters) - The Reserve Bank of India on Friday eased lending norms related to certain non-banking finance companies (NBFCs) as liquidity concerns in the sector persist and markets continue to question the viability of some of the firms following the IL&FS debacle.The central bank on F...Read More
* NSE index down 1.4 pct, BSE index 1.3 pct* Both indexes end the week lower* Reliance Industries down over 4 pctOct 19 (Reuters) - Indian shares fell over 1 percent for the second consecutive session on Friday, dragged by Reliance Industries Ltd RELI.NS after its second-quarter performance failed to please investors, while non-banking finance companies continued to face selling pressure.The ben...Read More
* Crude falls for second straight week* U.S. rig count highest since March 2015 -Baker Hughes* China refinery throughput hits record high in Sept* WTI in contango as Cushing stockpiles expected to rise (Updates with CFTC data)By Stephanie KellyNEW YORK, Oct 19 (Reuters) - Oil prices rose on Friday on signs of surging demand in China, the world's No. 2 oil consumer, although prices were headed for...Read More
BRUSSELS, Oct 19 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:APPROVALS AND WITHDRAWALS-- U.S. software company Microsoft Corp MSFT.O to buy privately held coding website GitHub Inc (approved Oct. 19)-- Irish investor aircraft and asset manager ORIX Aviation Systems Limited to acquire 30 percent of Irish aircraft leasing...Read More
Investing.com - Gold prices were flat on Friday as the U.S. dollar was volatile despite expectations of another interest rate increase this year and falling equities.Comex gold futures for December delivery inched down 0.07% to $1,229.30 a troy ounce as of 4:45 AM ET (8:45 GMT), not far from an earlier session high of $1,232.70.Rising interest rates are likely remain a concern for gold prices. Int...Read More
Amerigo MVC plant ramp-up on courseSPONSOREDamerigo resources Waterton said Friday in an open letter to the Hudbay board it would put to shareholders a resolution blocking the ailing copper producer until the 2019 annual meeting from approving new material transactions, transactions that were dilutive on a cash-flow-per-share basis or that involved issuing 5% or more of the company's common share...Read More
Private equity firm Waterton Global Resource Management, which now owns about 7% of Hudbay Minerals (TSX, NYSE: HBM) said Friday it would call a special shareholder meeting of the Canadian base and precious metals miner after it refused its proposal for board changes.Waterton is asking Hudbay to replace some members of its board, as well as agree to a moratorium on acquisitions.Waterton is asking...Read More