(Kitco News) It's been "a mad world" out there with record-high equities, real estate and more. But the long-awaited surge in gold and silver is coming in the next six months, said Mike Larson, senior analyst at Weiss Ratings."If you're in a world where many assets are over-valued, where real estate is extremely highly valued, stocks are extremely highly valued, and so on. What hasn't run up and r...Read More
WASHINGTON (Reuters) - A U.S. Treasury Department-led panel is set on Monday to release a hotly-awaited report on stablecoins, a fast-growing type of digital coin pegged to traditional currencies, according to an administration official with knowledge of the matter.The report by the President’s Working Group on Financial Markets will explore the risks and opportunities offered by stablecoins...Read More
(Kitco News) Gold prices ticked to daily highs as the headline manufacturing index from the Institute for Supply Management retreated in October but came in above expectations.The ISM manufacturing index was at 60.8% last month, beating the consensus forecast of 60.5%. But the monthly figure marked a 0.3 percentage-point decline from September's reading of 61.1%."This figure indicates expansion in...Read More
BEIJING, Nov 1 (Reuters) - China's search engine giant Baidu said on Monday that it named Luo Rong, former chief financial officer (CFO) of tutoring firm TAL Education Group, (TAL.N) as its new CFO.Baidu's former CFO Herman Yu was appointed as the company's chief strategy officer, the Beijing-based company said in August.Reporting by Yingzhi Yang and Brenda Goh, Editing by Louise Heavens Discla...Read More
DUBLIN, Nov 1 (Reuters) - U.S. Treasury Secretary Janet Yellen said she expected U.S. tech giants to broadly support the reallocation of taxing rights agreed to by nearly 140 countries as part of a broader deal on global taxes, saying the impact on U.S. companies should be minor.Yellen told Reuters on Sunday the support of the big global players should help foster bipartisan support among U.S. law...Read More
LONDON, Nov 1 (Reuters) - Britain gave France 48 hours on Monday to back down in a fishing row that threatens to spiral into a wider trade dispute between two of Europe's biggest economies or face tortuous legal action under the Brexit trade deal.Post-Brexit bickering over fish culminated last Wednesday in the French seizure of a British scallop dredger, the Cornelis Gert Jan, in French waters...Read More
BEIJING/HONG KONG, Nov 1 (Reuters) - China's Ganfeng Lithium Co Ltd (002460.SZ) and its unit GFL International Co Ltd have signed a contract to supply battery-grade lithium products to U.S. electric vehicle (EV) maker Tesla Inc (TSLA.O).Ganfeng, the world's top lithium company by market capitalisation, has already supplied battery-grade lithium to EV producers including Tesla.The new contract w...Read More
TOKYO, Nov 1 (Reuters) - The dollar traded near a 2 1/2-week high to major peers on Monday as quickening inflation in the United States boosted the case for earlier Federal Reserve interest rate hikes.It approached a 1 1/2-week top to the yen after the safe-haven Japanese currency weakened as a strong showing for the ruling party in weekend elections reduced political uncertainty.The dollar index...Read More
Nov 1 (Reuters) - Goldman Sachs Group Inc (GS.N) said it had been sued for alleged insider trading related to the Archegos meltdown earlier this year, flagging the lawsuits as potential legal risks in a filing on Monday.The lawsuits were filed by shareholders of three companies - Vipshop Holdings Ltd (VIPS.N), GSX Techedu Inc (GOTU.N) and Tencent Music Entertainment Group (TME.N) - and accu...Read More
BERLIN, Nov 1 (Reuters) - Workers at some Amazon (AMZN.O) warehouses in Germany began strike action on Monday, services sector union Verdi said, as part of a long-running battle with the U.S. tech giant over better pay and working conditions.Germany is Amazon's biggest market after the United States, and Verdi, a leading services sector union, has been organising strikes on and off at Amazon sit...Read More
Nov 1 (Reuters) - Goldman Sachs has brought forward its forecast by a year to July 2022 for the first post-pandemic U.S. interest rate hike, as the investment bank expects inflation to remain elevated."The main reason for the change in our liftoff call is that we now expect core PCE inflation to remain above 3% - and core CPI inflation above 4% - when the taper concludes," Goldman's chief economis...Read More
Nov 1 (Reuters) - Coca-Cola Co (KO.N) said on Monday it would buy the remaining stake in BodyArmor it did not already own for $5.6 billion, as the soda maker amps up its sports drink portfolio to take on market leader, PepsiCo Inc's (PEP.O) Gatorade.The deal, which values BodyArmor at about $6.59 billion, marks a shift in strategy for Coca-Cola that spent the last year offloading or discontinu...Read More
DUBLIN, Nov 1 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said she does not think the U.S. economy is overheating and that while inflation is higher than in recent years, it is related to disruption from the COVID-19 pandemic.Data last week showed that U.S. consumer spending increased solidly in September, which together with falling COVID-19 infections and recovering consumer c...Read More
(Reuters) - Goldman Sachs Group Inc has come up with a new offering that allows investors to bet on special purpose acquisition companies (SPACs), its latest attempt to capitalize on the dealmaking trend, people familiar with the matter said.The product is structured as a two-year bond that pays interest and gives investors exposure to SPACs without owning them, the sources said. It could appeal t...Read More
BENGALURU, Nov 1 (Reuters) - Indian shares kicked off November on a strong note as realty and metal stocks helped benchmark indexes close more than 1% higher on Monday after three straight sessions of losses, with sentiment aided by upbeat corporate results.The blue-chip NSE Nifty 50 index (.NSEI) closed up 1.46% at 17,929.65, while the benchmark S&P BSE Sensex (.BSESN) gained 1.40% to end at...Read More
(Reuters) - Brazil's Nubank on Monday lifted the veil off its filing for an initial public offering in the United States, revealing it is targeting a valuation of over $50 billion, setting the stage for one of the biggest stock market flotations this year.The company said it is offering 289.2 million shares at a price between $10 and $11 per share. At the top end of that range, the IPO will fetch...Read More
LONDON (Reuters) - Barclays chief executive Jes Staley is leaving the bank after a dispute with British financial regulators over how he described his ties with convicted sex offender Jeffrey Epstein.Staley will be replaced as CEO by Barclays' head of global markets C.S. Venkatakrishnan, who on Monday pledged to continue his predecessor's strategy.Staley's shock departure comes after Barclays was...Read More
MOSCOW, Nov 1 (Reuters) - Russia's flagship Urals oil grade is facing growing competition in its European heartlands amid rising supplies of Norway's Johan Sverdrup (JS Blend) crude and reduced opportunities for the Norwegian grade in Asian markets, traders said.Urals and JS Blend, both medium sour crudes and available from European ports, are similar in quality and logistical requirements, and ta...Read More
SHANGHAI, Nov 1 (Reuters) - Chinese homebuilder Yango Group (000671.SZ) offered on Monday to exchange some U.S. dollar bonds for new notes personally guaranteed by its chairman as it struggles to free up cash and avoid defaulting on upcoming debt payments.Yango's liquidity crunch comes against the backdrop of a crisis at larger rival China Evergrande Group (3333.HK), which has stoked concern am...Read More
(Adds details)LONDON, Nov 1 (Reuters) - Britain's BT, fresh from bolstering its defences against a possible takeover bid, said on Monday it had delivered its annual 1 billion pounds ($1.37 billion) cost savings target 18 months ahead of schedule, driving its shares higher.Britain's biggest broadband and telecoms group announced the news less than a week after a source confirmed it had also appoint...Read More