BEIJING (Reuters) -China's ruling Community Party turned its sights on the country's vast financial sector this month, kicking off a new round of a years-long campaign to uncover corruption and illegal dealings.The country's top anti-graft watchdog has started a roughly two-month inspection of more than 20 institutions including the central bank, the banking and insurance regulator, stock exchange...Read More
BEIJING, Oct 12 (Reuters) - Authorities from Beijing to Chennai scrambled to fill a yawning power supply gap on Tuesday, triggering global stock and bond market wobbles on worries that rising energy costs will stoke inflation and curtail an economic recovery.Power prices have surged to record highs in recent weeks, driven by shortages in Asia, Europe and the United States, with an energy crisi...Read More
WASHINGTON (Reuters) - The International Monetary Fund's executive board on Monday expressed its full confidence in Managing Director Kristalina Georgieva after reviewing allegations that she pressured World Bank staff to alter data to favor China.But Treasury Secretary Janet Yellen put Georgieva on notice that she would closely monitor the IMF's follow-up and evaluate any new facts or findings, a...Read More
Mr. Marco Roque reportsCASSIAR GOLD REPORTS HIGH-GRADE INTERCEPTS AT CASSIAR SOUTH: 4.8 M OF 35.1 G/T AU, INCLUDING 0.4 M OF 270.0 G/T AU AND 0.5 M OF 105.0 G/T AU; AND 6.4 M OF 12.6 G/T AU, INCLUDING 2.95 M OF 25.7 G/T AUCassiar Gold Corp.has released initial results from a continuing 2021 diamond drilling program at its flagship Cassiar gold property located in British Columbia, Canada. Assay r...Read More
HONG KONG (Reuters) - Debt-saddled Chinese property firms took heavy fire in bond markets on Tuesday, after the poster child of the sector"s woes, Evergrande Group, missed its third round of bond payments in as many weeks and others warned of defaults.A wave of developers face payment deadlines before the end of the year and with Evergrande"s fate looking increasingly bleak, fears are mounting of...Read More
LONDON, Oct 12 (Reuters) - The world's multilateral development banks need to "up their ambition" in terms of the financing provided for climate-related projects, United Nations climate envoy Mark Carney said on Tuesday.Speaking in a podcast with Reuters BreakingViews editor Rob Cox, Carney said groups such as the World Bank and other development finance institutions should focus on backing inves...Read More
LONDON, Oct 12 (Reuters) - India's government bonds are likely to gain inclusion in global indexes in 2022, bringing potential inflows of between $30 billion and $40 billion, HSBC analysts estimate.HSBC said an announcement about India's inclusion in the Bloomberg Global Aggregate Index (BGAI) and JPMorgan's GBI-EM Index (GBI-EM) could happen before the end of 2021, with inclusion to follow in 202...Read More
WASHINGTON, Oct 12 (Reuters) - White House officials, scrambling to relieve global supply bottlenecks choking U.S. ports, highways and railways, warn Americans may face higher prices and some empty shelves this Christmas season.The supply crisis, driven in part by the global COVID pandemic, not only threatens to dampen U.S. spending at a critical time, it also poses a political risk for U.S. Pre...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 steady to slightly lower in early U.S. trading Tuesday, giving up modestovernight gains as the U.S. dollar index has moved to its daily high and theU.S. stock indexes have done the same...Read More
Oct 12 (Reuters) - Plume, a Silicon Valley-based startup aiming to give consumers a better WiFi experience, on Tuesday said it raised $300 million mostly from SoftBank Group Corp Vision Fund 2, and is now valued at $2.6 billion.The latest funding round comes only eight months after Plume raised $270 million. It has roughly doubled its valuation since then.Plume also has extended its technology to...Read More
NEW DELHI, Oct 12 (Reuters) - Indian automaker Tata Motors has raised 75 billion rupees ($994 million) from private equity firm TPG's Rise Climate Fund and Abu Dhabi's ADQ to expand its passenger electric mobility business, the company said on Tuesday.Tata will form a separate electric mobility unit in which TPG and ADQ will get between 11% and 15% share against compulsorily convertible shares, va...Read More
BENGALURU, Oct 12 (Reuters) - India’s annual retail inflation eased to 4.35% in September from 5.30% in the previous month, government data released on Tuesday showed.Analysts in a Reuters poll had predicted annual inflation at 4.5%.COMMENTARYRADHIKA RAO, ECONOMIST, DBS BANK, SINGAPORE"The scale of moderation in the September CPI inflation was along expected lines, providing transient relief...Read More
LONDON (Reuters) - Britain has launched a review into speeding up how listed companies can raise funds on stock markets, its latest move to keep London at the forefront of global financial centres after Brexit.Britain's markets raised 30 billion pounds ($41 billion) in new equity last year as companies sought to shore up their finances during the pandemic, but most businesses chose to raise funds...Read More
WASHINGTON (Reuters) - The Democratic-controlled U.S. House of Representatives is expected on Tuesday to give final approval to a Senate-passed bill temporarily raising the government's borrowing limit to $28.9 trillion, putting off the risk of default until early December.Democrats, who control the House by a mere four-vote margin, were expected to maintain party discipline and pass the hard-foug...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) - Bitcoin-U.S. dollar are abit weaker Tuesday on a normal pause in an uptrend. Prices this week hit afive-month high and the Bitcoin bulls have the solid overall near-termtechnical advantage. That sugges...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) - Silver has in a bit of a consolidation phase on the 4-hour chartbelow. The price has now been stuck just below the red shaded resistance areafor around 25 days. If the bulls are to get a hold of this m...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) - International Broker ED&F Man has filed a $284 million lawsuitagainst two Hong Kong corporations, alleging that they knowingly providedfraudulent warehouse receipts for nickel stored in Asia, court doc...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 and silver have both risen overnight. Both major precious metals are around half a percent higher leading into the European open. Elsewhere in the commodities complex, copper is 1% lower while spo...Read More
Key PointsAccording to Moody's, global investment banks could see their profitability come under greater pressure over the next 12 to 18 months.The inverted yield curve, according to Moody's, is another risk for banks.The research further states that slow economic growth and high levels of corporate debt could lead to higher costs for investment banks.Shannon Stapleton | ReutersRatings f...Read More
President Donald Trump raised his demands Monday on the Federal Reserve, calling for the central bank to cut interest rates by a full percentage point and to restart its crisis-era money-printing program.In a pair of tweets again aimed at getting easier monetary policy, the president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis po...Read More