TORONTO - Today, Minister of Energy, Northern Development and Mines Greg Rickford released the following statement:"Our government was elected on a promise to lower electricity bills for the people of Ontario. This included a promise to address governance at Hydro One. Today, Hydro One has informed us that Chief Executive Officer Mayo Schmidt is retiring from the company, effective immediately. Th...Read More
NEW YORK (Reuters) - Stocks fell and metals prices slumped on Wednesday as U.S. threats of tariffs on an additional $200 billion worth of Chinese goods pushed the world’s two biggest economies closer to a full-scale trade war.U.S. President Donald Trump’s threat overnight of 10 percent tariffs on another $200 billion of Chinese goods dampened hopes that Washington will eventually step...Read More
Some of the most active companies traded Wednesday on the Toronto Stock Exchange:Toronto Stock Exchange (16,417.32, down 131.40 points)Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Up three cents, or 0.56 per cent, to $5.43 on 14.3 million shares. JetBlue Airways Corp. ordered 60 of the Airbus A220-300 aircraft, formerly named C Series, for delivery starting in 2020 with the option...Read More
LONDON (Reuters) - European stocks fell on Wednesday as an escalation in the U.S.-China trade dispute brought a six-session winning streak to an end.The pan-European STOXX 600 index fell 1.3 percent, while Germany's export-heavy DAX .GDAXI fell 1.5 percent.The Trump administration raised the stakes in the standoff with Beijing by threatening to impose 10 percent tariffs on a list of $200 billion...Read More
NEW YORK (Reuters) - The U.S. economy is growing at a 3.9 percent annualized rate in the second quarter following the latest data on domestic wholesale inventory and producer prices, the Atlanta Federal Reserve's GDPNow forecast model showed on Wednesday.The latest estimate on gross domestic product growth was faster than the 3.8 percent pace estimated on July 6, the Atlanta Fed said.Reporting by...Read More
BEIJING/WASHINGTON (Reuters) - China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.China’s commerce ministry said on Wednesday it was “shocked” and would complain to the World Trade Organisation, but did not immediately say...Read More
It's usually quiet in the office in the morning. Lately, however, there's been something in the air. My colleague, Luke Burgess, hit the nail on the head when he told you Monday that oil was heading higher... much higher. Now, whether or not a super-spike truly takes place and we suddenly find ourselves buying a barrel of West Texas Intermediate for $150 remains to be seen.It sounds a bit too clos...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
(Corrects LME open interest data in paragraphs 8-9 after theExchange sent out new data due to a technical problem) * Copper, zinc, lead sink to lowest in about a year * Prices off lows as industrial consumers buy By Eric OnstadLONDON, July 11 (Reuters) - Industrial metals tumbled onWednesday, with copper, zinc and lead sinking to the lowest inabout a year as speculators unleashed selling on the ba...Read More
(Kitco News) - Gold and silver prices aremoderately lower in early U.S. trading Wednesday, pressured in part by anothervolley of U.S. trade sanctions levied against China that has prompted asell-off in many raw commodity markets. A higher U.S. dollar index today isalso a negative for the precious metals markets. Augustgold futures were last down$5.10 an ounce at $1,250.20. July Comex silver was la...Read More
The Turkish Steel Producers Association (TCUD) has warned that Turkey may become an open market for dumped steel imports unless swift action is taken by the government. Turkey's steel exports fell by 3.90% to 8.14 million tonnes in January-May 2018, while steel imports increased by 18% to 7.5 million tonnes, TCUD said on Wednesday, July 11. The main reason for the decline in Turkey's steel ex...Read More
WASHINGTON (Reuters) - U.S. House of Representatives Speaker Paul Ryan said on Wednesday tariffs are not the right tool to use in the trade dispute with China, although Beijing engages in unfair trade practices.“I’ve long said I don’t think tariffs are the right way to go,” Ryan told reporters in response to a question about China. “China does steal intellectual prope...Read More
July 11, 2018 (Investorideas.com Newswire) The company met production targets and achieved steady-state production at Brucejack.Pretium Resources Inc. (PVG:TSX; PVG:NYSE) recently reported second quarter gold production results which are:111,340 ounces of gold produced14.9 grams per tonne gold mill feed grade97.7% gold recovery rate236,990 tonnes of ore milled2,604 tonnes per day ore milled"With m...Read More
Vancouver, British Columbia - July 11, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Fjordland Exploration Inc. (TSXV: FEX) ("Fjordland") and project partners Commander Resources Ltd. (TSXV: CMD) ("Commander") and privately-owned High Power Exploration Inc. are pleased to announce that they have begun the 2018 phase 1 drill program at their South Voisey's Bay Project (the "SVB Property"), loc...Read More
Vancouver, British Columbia - July 11, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Alto Ventures Ltd. (TSXV: ATV) is pleased to announce that summer exploration worked has started on the Miner Lake and Brookbank East properties in the Beardmore-Geraldton gold camp in Ontario. Surface exploration at Miner Lake includes geological mapping, detailed structural mapping, prospecting, sampling, a...Read More
Vancouver, British Columbia - July 11, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Forum Energy Metals Corp. (TSXV: FMC) ("Forum") has reached an understanding as to the fundamental terms of an Agreement to acquire a 100% interest in the Quartz Gulch cobalt property located in the Idaho Cobalt Belt from a private vendor (the "Vendor").The Quartz Gulch claim block consists of 56 claims total...Read More
Activity in the European market for hot-rolled coil (HRC) has been slow this week, with buyers keeping to their wait-and-see positions ahead of the announcement of a provisional decision in a regional safeguard case, sources told Metal Bulletin on Wednesday July 11.The European Commission (EC) is expected to set preliminary measures in the case either later this week or early next week, according...Read More
OTTAWA (Reuters) - The tit-for-tat tariffs imposed by Canada and the United States will trim Canadian exports and imports by 0.6 percent and boost inflation by about 0.1 percentage point, the Bank of Canada said on Wednesday.The tariffs, along with related uncertainty about U.S. trade policy that hangs over Canada’s export-driven economy, will subtract about 2/3 percent from GDP by the end o...Read More
By Andrea HopkinsOTTAWA, July 11 (Reuters) - The Bank of Canada raised interest rates on Wednesday as expected, and said further gradual rate hikes would be warranted, but warned mounting trade tensions would have a larger impact on investment and exports than previously thought.The overnight interest rate was hiked by a quarter point to 1.50 percent, the fourth increase since the bank began raisi...Read More
European steel plate producers are aiming for a further rise in domestic prices after successfully implementing increases earlier this month, sources told Metal Bulletin.Although not many deals have been reported due to the seasonal summer slowdown, the outlook is positive and sellers are likely to achieve transaction price increases after the rise in official offers, according to m...Read More