NEW YORK, Oct 27 (Reuters) - The largest U.S. manufacturers including General Motors, General Electric, 3M and Boeing face logistics headaches and higher costs due to global supply bottlenecks that are likely to persist into next year but agreed the hit to profits can be mitigated by charging higher prices for their goods.Companies across the globe sounded the alarm on supply issues months ago tha...Read More
WASHINGTON, Oct 27 (Reuters) - Chief consumer finance watchdog Rohit Chopra told U.S. lawmakers on Wednesday his agency wants to minimize foreclosures on struggling American homeowners and make consumer lending more competitive.The Consumer Financial Protection Bureau (CFPB) will also scrutinize the efforts of technology giants to gain greater control over the flow of money in the economy; these "...Read More
BRUSSELS, Oct 27 (Reuters) - Nvidia (NVDA.O) suffered a setback on Wednesday as EU antitrust regulators opened a full-scale investigation into its $54 billion bid for British chip designer ARM on concerns the deal could lead to higher prices, less choice and reduced innovation.Britain's competition agency is also probing the deal for the country's most important technology company, warning that...Read More
By Marco AquinoLIMA, Oct 27 (Reuters) - Peru's leftist government onWednesday asked Congress for authorization to overhaul thecountry's tax code with a focus on raising taxes on the miningsector, funds the administration wants to use on socialprograms.The government wants to "perfect the mining sector's fiscalregime," according to a copy of the document filed withCongress. Specifically,...Read More
By Marcelo RochabrunLIMA, Oct 27 (Reuters) - Peruvian residents living near MMGLtd's Las Bambas copper mine agreed on Wednesday tolift a road blockade affecting the company's metal shipments,following a public meeting with Prime Minister Mirtha Vasquez.At the meeting, Vasquez said Las Bambas would begintransferring tax funds to the region where the mine is locatedin January, a key demand from resi...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) - Central banks are at a perilous crossroads as they must deal withrising inflation pressures and make sure that the global economy remains strong.In a recent report, Thorsten Polleit, chief economist at...Read More
WASHINGTON, Oct 27 (Reuters) - White House press secretary Jen Psaki said the White House is not surprised with reporting that shows Facebook (FB.O) is struggling to stay on top of coronavirus and vaccine misinformation on its platform."We have seen the reporting, of course, and ... it is unfortunately, not surprising for us to hear that Facebook knew of these problems," Psaki said.Reporting by...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) - Orex Minerals (TSX-V: REX) saidtoday that it has received results of the first independent mineral resourceestimate for the Coneto gold-silver project in Durango, Mexico. According to the company'sstat...Read More
ZURICH (Reuters) - The Swiss National Bank (SNB) must retain flexibility on how it invests its massive foreign currency pile, board member Andrea Maechler said on Wednesday, warning a shift to only green investments would hurt its monetary policy.The SNB is a big global investor, with foreign currency assets close to 1 trillion Swiss francs ($1 trillion) acquired during its long campaign to stem t...Read More
Implats (JSE:IMP) and Royal Bafokeng Platinum (JSE:RBP) are negotiating a merger, according to a joint statment by the two companies released today. The companies said due diligence is completed. If the deal goes through, Royal Bafokeng Platinum would be acquired by Impala Platinum Holdings (Implats) and Royal Bafokeng Platinum, which has all its operations in South Africa, would be de-listed.Roya...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) - Southern Copper (NYSE: SCCO),one of the largest copper producers worldwide, announced today that its copper outputof 245,146 tonnes in Q3 2021 was virtually unchanged compared to 246,560 tonnesmined in...Read More
WASHINGTON, Oct 27 (Reuters) - U.S. President Joe Biden supports imposing a new "billionaire tax" and the White House believes the Democratic proposal would be legal, spokesperson Jen Psaki said on Wednesday. (Reporting by Jeff Mason and Trevor Hunnicutt Editing by Chris Reese) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. T...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) - Osisko Development today announcedthe approval of amendments to Mines Act Permits M-238 and M-198 allowing forthe expansion of the existing Bonanza Ledge II underground mine, located inBritish Columbia...Read More
(Reuters) - U.S. holiday sales could rise over 10% from last year in 2021, a trade body said on Wednesday, as major consumer goods makers and retailers work to prevent supply chain disruptions from leaving shelves empty of in-demand toys and games.The National Retail Federation (NRF) forecast sales to increase between 8.5% and 10.5%, to between $843.4 billion and $859 billion, during November and...Read More
KINSHASA, Oct 27 (Reuters) - The International Monetary Fund on Wednesday revised upward this year's economic growth forecast for the Democratic Republic of Congo to 5.4% due largely to higher-than-expected mining production.The IMF said in statement that it had also reached a staff-level agreement with Congo's government on the first review of a three-year $1.5 billion extended credit facility th...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) - A new partnership between theU.S. Geological Survey (USGS), the science agency for the U.S. Department ofthe Interior, and Rio Tinto, a leading mining and metals company, was announcedtoday. According...Read More
(Kitco News) - Rahul Paul, CEO of Radisson Mining Resources, discusses withDavid Lin, anchor for Kitco News, the outlook for the gold sector. According to Paul, the precious metal is well positioned formore upside."The U.S. inflation rate is the highest we've seen in13 years. Typically, the Fed would hike interest rates to keep inflation undercontrol but U.S. government debt is at a record high o...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) - Fresnillo announced Wednesdayits Q3 2021 attributable silver production of 12.7 moz (includingSilverstream), which was down 15.1% over Q2 2021 mainly driven by theanticipated lower ore grade at San Jul...Read More
WASHINGTON (Reuters) - New orders for U.S.-made capital goods increased more than expected in September and shipments surged, pointing to strong business spending on equipment, though stretched supply chains likely hampered overall economic growth in the third quarter.Slower growth expectations were reinforced by other data from the Commerce Department on Wednesday showing the goods trade deficit...Read More
(Reuters) -CME Group Inc said on Wednesday its third-quarter profit more than doubled as trading in the futures exchange operators' interest rate and energy products surged, while the approval of exchange-traded funds (ETF) tied to CME bitcoin futures also lifted volumes.Average daily volume at CME rose 14% from a year earlier to 17.8 million contracts, mainly driven by double-digit growth in inte...Read More