WASHINGTON (Reuters) -U.S. President Joe Biden presented a social and climate spending plan on Thursday to Congress and voters.The White House said the plan has the support of Democrats in the Senate and House of Representatives. Progressive Democrats in the House, however, have said they want to see the full text before making any deals.INCLUDED*$555 billion in clean energy tax credits*1% tax on...Read More
OTTAWA, Oct 28 (Reuters) - The Bank of Canada is right to warn that inflation will persist well into next year and to signal that interest rates are likely to start moving higher sooner than previously thought, former Canadian central banker David Dodge said on Thursday.The central bank held here its key overnight interest rate at 0.25% on Wednesday, but nudged forward its guidance on a hike to...Read More
RIYADH (Reuters) - U.S.-based energy investor EIG has been shortlisted as a potential buyer of Saudi Aramco's gas pipelines, part of a sale that could exceed $17 billion and is likely to be completed later this year, three sources familiar with the matter said.Aramco is looking to sell a significant minority stake in its gas pipelines, other sources have previously said.In addition to EIG, private...Read More
(Kitco News) Commodity supercycle or not, copper has one of the "most bullish cases" around, said Lobo Tiggre of The Independent Speculator.No matter the general sentiment around commodities, the copper supply-side ensures price gains in the future."I like copper a lot. It is one of the most solid bull cases. And even if the commodity supercycle does roll over, I could see copper keep on going," T...Read More
WASHINGTON (Reuters) - The U.S. economy grew at its slowest pace in more than a year in the third quarter as a resurgence in COVID-19 cases further stretched global supply chains, leading to shortages of goods like automobiles that slammed the brakes on consumer spending.The weaker-than-expected growth reported by the Commerce Department on Thursday also reflected decreasing pandemic relief money...Read More
Oct 28 (Reuters) - Facebook Inc (FB.O) CEO Mark Zuckerberg said privacy and safety would need to be built into the metaverse, as he opened the company's annual conference on virtual and augmented reality on Thursday.Facebook continues to battle criticism over its market power, its content moderation practices and harms linked to its social media platforms. The tech giant, which reports about 2.9...Read More
The world's largest gold miner, Newmont (TSE:NGT), said today it produced 1.45 million attributable ounces of gold during Q3. The all-in-sustaining-cost was $1,120 per ounce. The company said it generated $1.1 billion of cash from continuing operations and $735 million of free cash flow.Gold production in Q3 was the same as the prior quarter, but down from a year ago due to "... lower throughput a...Read More
Mr. Jeff Chisholm reports PAN ORIENT ENERGY CORP. OPERATIONS AND CORPORATE UPDATEPan Orient Energy Corp. has provided the following operations and corporate update.Please note that all amounts are in Canadian dollars unless otherwise stated and bopd refers to barrels of oil per day.Thailand Concession L53 (Pan Orient Energy (Siam) Ltd., in which Pan Orient has 50.01-per-cent ownership)Thailand oil...Read More
WASHINGTON (Reuters) - U.S. Trade Representative Katherine Tai said on Thursday that her engagement with China is aimed at reducing the temperature of a trading relationship between the world's two largest economies that has become dangerously heated.Tai, speaking at a meeting of the National Chicken Council, said that the U.S.-China relationship has reached a point where "it feels kind of like a...Read More
SAN FRANCISCO, Oct 28 (Reuters) - Rental car company Hertz (HTZZ.PK) said on Thursday it could expand plans to supply Tesla (TSLA.O) vehicles to Uber (UBER.N) to 150,000 during the next three years from an initial fleet of 50,000, if the partnership is successful.But Hertz added a chip shortage and other constraints could affect the plan.Hertz earlier this week said it would order 100,000 Te...Read More
(Updates throughout, adds quote, context)LONDON, Oct 28 (Reuters) - Sterling firmed on Thursday against the dollar, which lost ground after data showed weak economic expansion in the third quarter, though it slipped versus the euro following an ECB meeting which failed to dissipate bets on a 2022 rate hike.The pound has been buffeted of late by speculation over whether the Bank of England would pr...Read More
Oct 28 (Reuters) - Wall Street's main indexes rose on Thursday as upbeat quarterly earnings from Caterpillar, Merck and Ford helped investors shrug off data that showed U.S. economic growth slowed sharply in the third quarter.Ford Motor Co (F.N) jumped 11.2% after the carmaker topped third-quarter profit estimates and raised its full-year earnings forecast. read moreCaterpillar Inc (CAT.N) ad...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gold pricesare mildly higher in midday trading Thursday, on a choppy and two-sided tradingday. Solid losses in the U.S. dollar index today are prompting some buyinginterest in the precious metals mark...Read More
WASHINGTON, Oct 28 (Reuters) - U.S. President Joe Biden said on Thursday he had secured a new $1.75 trillion framework for economic and climate change spending that could pass the Senate, and expressed confidence it would win the backing of all wings of the Democratic Party."Today I'm pleased to announce after months of tough and thoughtful negotiations, I think we have, I know we have a historic...Read More
COPENHAGEN, Oct 28 (Reuters) - The current spike in energy prices was not prompted by problems with the green transition, the director of the International Energy Agency (IEA) Fatih Birol said on Thursday."Some people are trying to portray the current high energy prices as the first crisis of the clean energy transition. This is completely wrong," Birol said at a conference in Copenhagen.He warned...Read More
WASHINGTON, Oct 28 (Reuters) - U.S. President Joe Biden made a last-minute trip to Congress on Thursday to push a new $1.75 trillion framework for economic and climate change spending, after weeks of squabbling between progressives and moderates in his party.Biden, who is delaying a trip to Europe to secure an agreement on his domestic policy priorities, is confident he will win backing from b...Read More
Oct 28 (Reuters) - Microsoft Corp (MSFT.O) on Thursday said it plans to work with community colleges across the United States to fill 250,000 cybersecurity jobs over the next four years.Microsoft said it will provide scholarships or assistance to about 25,000 students and will provide training for new and existing teachers at 150 community colleges across the country. The company also said that...Read More
WASHINGTON, Oct 28 (Reuters) - U.S. President Joe Biden will push for his party and the nation to coalesce around a trimmed-down domestic spending plan on Thursday, according to people familiar with the matter.Biden is expected to sketch the outlines of a deal that he thinks can unite the Democratic Party, which narrowly controls the legislature but has struggled to agree to a deal.He plans to tra...Read More
WASHINGTON (Reuters) - Contracts to buy U.S. previously owned homes unexpectedly fell in September likely as some potential buyers delayed purchases amid higher prices.The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, decreased 2.3% last month to 116.7. Pending home sales fell in all four regions.Economists polled by Reuters had fo...Read More
MILAN, Oct 28 (Reuters) - Weak quarterly results and mixed 2022 guidance overshadowed a new business plan from Saipem (SPMI.MI) on Thursday, sending shares in the Italian energy services group down more than 8%.In the first strategy plan under CEO Francesco Caio, Saipem said it expected to start growing again next year as its offshore business and drilling bounce back from the pandemic, with cor...Read More