WASHINGTON, Oct 27 (Reuters) - Top advisers to U.S. President Joe Biden and Turkish President Tayyip Erdogan spoke on Wednesday about defense issues and how to resolve disagreements, the White House said, days after Turkey's leader threatened to expel U.S. and other ambassadors.Erdogan over the weekend ordered 10 envoys to be declared "persona non grata" for seeking the release of jailed philanthr...Read More
WASHINGTON (Reuters) - Some U.S. Senate Democrats on Wednesday proposed taxing billionaires’ unrealized gains from their assets to help finance President Joe Biden’s social-policy and climate-change agenda, according to the top Senate Democrat for tax policy.The billionaires tax, announced by Senate Finance Committee Chairman Ron Wyden, is part of a two-pronged legislative strategy tha...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) - Equinox Gold (TSX: EQX) todayannounced groundbreaking for full-scale construction at the Greenstone gold mine,located in Ontario, Canada, that will be held today from 2pm to 4pm EDT at themine site.The...Read More
(Kitco News) The Federal Reserve has kept its monetary policy "inappropriately" too easy for too long, triggering inflation. And now the central bank could be forced to tighten aggressively, said Danielle DiMartino Booth, CEO of Quill Intelligence."Quantitative easing is a failed experiment," Booth told Michelle Makori, editor-in-chief of Kitco News. "We have much more going on here than supply...Read More
Not much has changed withgold, silver and platinum. They are all in uptrends and are ready to run. Yes,they had a rough Tuesday and are lower this morning; however, the overallpattern has not changed. There is no question that they could reverse to shortagain and will at some point. Unfortunately, traders andinvestors want instant gratification and have no understanding of how marketswork. The min...Read More
Mr. John Williamson reportsBENCHMARK DRILLS 30 METRES OF 2.81 G/T GOLD EQUIVALENT AND DELINEATES 400 METRES STRIKE-LENGTH OF MINERALIZATION IN NEW ZONEBenchmark Metals Inc. has released new results from exploration drilling at the Marmot zone, including 30 metres (m) core length of 1.93 grams per tonne (g/t) gold and 70.33 g/t silver or 2.81 g/t gold equivalent* (AuEq) in drill hole 21MLDD004. The...Read More
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