Oct 27 (Reuters) - Defense contractor General Dynamics Corp (GD.N) posted a 3% rise in third-quarter profit on Wednesday, boosted by higher sales in the unit that makes U.S. Navy ships and its aerospace division, which makes Gulfstream business jets, but trimmed its annual revenue target by $400 million."This quarter revenues decrease will impact the year, and we now expect revenue to be around...Read More
STOCKHOLM, Oct 27 (Reuters) - Spotify Technology SA (SPOT.N) beat Wall Street estimates for third-quarter revenue as more paid subscribers signed up for its premium service and advertisers lined up to air ads in between music and podcasts.Premium subscribers, which account for most of the company's revenue, hit 172 million, just beating analysts' expectations of 171.7 million.Total monthly activ...Read More
By Dmitry Zhdannikov and Clara DeninaLONDON, Oct 27 (Reuters) - For investors seeking to burnishsustainable portfolios, coal mines are an anathema.That sits well with top global miner and trader Glencore , whose purchase of a major coal mine in Colombia willgenerate a bonus of hundreds of millions of dollars before thedeal has even been completed.The miner bought the 66% shares in the Cerrejon the...Read More
MILAN, Oct 27 (Reuters) - Continental Europe's $35 billion ceramics industry thought the worst was over when sales jumped more than 10% in the first half of the year and order books began to fill up after the damage inflicted by the pandemic.But surging gas prices have caught out companies in an energy-intensive business, leaving them to choose between passing on higher costs to customers and scal...Read More
(Kitco News) The Bank of Canada (BoC) ended its quantitative easing while holding its key interest rate steady on Wednesday. Gold priced in Canadian dollars reacted with a double-digit drop, last trading down $20 on the day. The BoC held its overnight rate at 0.25% while stating that it is ending quantitative easing. The Bank added that it is entering the reinvestment phase. Previously, the QE pro...Read More
ZURICH, Oct 27 (Reuters) - Credit Suisse on Wednesday made a raft of senior asset management appointments, as divisional executive Ulrich Koerner brought in a former UBS colleague while the bank continues its overhaul.Credit Suisse began revamping its asset management unit in April, when it brought in Koerner to lead the newly separated division following the collapse of $10 billion worth of suppl...Read More
(Adds price band details, background)BENGALURU, Oct 27 (Reuters) - Indian digital payments leader Paytm has boosted the size of its initial public offering to 183 billion rupees ($2.44 billion) from 166 billion rupees, as existing shareholders look to sell more stake ahead of the country's largest stock market listing.Paytm was likely to target a price band of 2,080-2,150 rupees per share for the...Read More
Oct 27 (Reuters) - BrokerTec, a unit of leading financial derivatives firm CME Group, will launch a market-making programme on Nov. 1 for EU recovery fund bonds, a top executive told Reuters, in a move aimed at boosting transaction flows in the fast-growing debt programme.Building liquidity in the bonds, which are being issued to finance the European Union"s effort to aid member states" post-pande...Read More
Oct 27 (Reuters) - Brazilian digital lender Nubank, which is backed by Warren Buffett's Berkshire Hathaway Inc, said on Wednesday it had confidentially filed for an initial public offering in the United States.Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The...Read More
LONDON, Oct 27 (Reuters) - Finance minister Rishi Sunak said stronger economic growth and lower borrowing would allow him to increase public spending as Britain emerges from the COVID-19 pandemic, and he vowed to protect households from rising inflation.Sunak said in a half-yearly budget statement on Wednesday that the economy was likely to grow by 6.5% in 2021, a lot faster than a forecast of 4.0...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 prices are trying to hold on to modest gains following therelease of economic data that shows momentum within the U.S. manufacturingsector is holding steady.Fridaythe Commerce Department said that...Read More
(Adds detail, comment, background)MOSCOW, Oct 27 (Reuters) - Russia needs to toughen monetary policy to slow inflation and lower inflation expectations, Central Bank Deputy Governor Alexei Zabotkin said on Wednesday, days after the bank sharply raised the key rate to curb growing prices.Last Friday, the central bank, which targets inflation at 4%, raised rates for the sixth time this year to 7.5%...Read More
FRANKFURT (Reuters) - Deutsche Bank is gingerly hiring new staff at its investment bank, which has become its biggest revenue generator here, as it pursues new revenue opportunities.In the first year-on-year increase in front-office staff at the investment bank since Germany's largest lender embarked on a restructuring in 2019, Deutsche said on Wednesday the number had risen in the third quarter...Read More
SHANGHAI/BEIJING (Reuters) -Ping An Insurance Group Co of China Ltd, the country's largest insurer by market value, posted a 31.2% fall in third-quarter net profit on Wednesday as its premium income shrank on a weak economy and profit was dented by losses on investment assets.Net profit fell to 23.6 billion yuan ($3.7 billion) in the three-months ending September 30, compared with 34.4 billion in...Read More
(Recasts, adds details and comment, updates prices)Oct 27 (Reuters) - Germany's 10-year bond yield fell to the lowest in more than a week and its yield curve flattened on Wednesday.After a brief pause, government yield curves across developed markets are back to flattening over the last two sessions.That is a move which analysts say may reflect concern that central banks, particularly the Bank of...Read More
(Repeats story published on Oct. 26 with no changes to text.)ORLANDO, Fla., Oct 26 (Reuters) - Insatiable demand for bitcoin is forcing U.S. regulators to walk an increasingly fine line between opening up the booming market to investors, and shielding them from what is still a highly speculative, volatile and risky asset.By authorizing the first-ever bitcoin futures exchange-traded funds last week...Read More
LONDON, Oct 27 (Reuters) - Finance minister Rishi Sunak was expected to announce multi-billion-pound public investments alongside tight controls on day-to-day outlays in a budget speech and three-year spending plan on Wednesday.Below are highlights of Sunak's speech in parliament:Employment is up. Investment is growing. Public services are improving. The public finances are stabilising. And wages...Read More
HONG KONG (Reuters) - Bottled water, vaccine development, short video platform TikTok and electric vehicle technology propelled the big earners on China's rich list this year, as embattled property moguls and others facing regulatory scrutiny slipped down the rankings.Zhong Shanshan was No. 1 on the Hurun China Rich List 2021 published on Wednesday, with personal wealth of $60.6 billion thanks to...Read More
BEIJING/HONG KONG (Reuters) - Some Chinese property developers have proposed extending their offshore bond maturities or undertaking a debt restructuring to regulators, sources said, as an increasing number of defaults shakes investor confidence in the sector.The developers made the proposals at a meeting jointly held by the National Development and Reform Commission (NDRC) and the State Administr...Read More
BERLIN (Reuters) - The pandemic-induced loss in working hours in 2021 will be equivalent to 125 million full-time jobs, the International Labour Organization (ILO) said on Wednesday, in a sign that the global labour market is not recovering as expected this year.That number is 25 million higher than what the ILO predicted in its last report in June, affected primarily by the disparities in vaccine...Read More