(Image courtesy of BHP.)The union for Chile's Escondida, the world's largest copper mine, said on Wednesday it will avert its planned strike to consult members about a renewed proposal for a new labor contract from operator BHP ."We have received a new offer that will be presented to members," Patricio Tapia, union's president, told Reuters without providing further details.The new offer came in a...Read More
MUMBAI, Aug 14 (Reuters) - The Indian rupee INR=D2 erased early gains to hit an all-time low of 70.1 per dollar on Tuesday, as concerns about Turkey's economic woes persisted.The rupee was last at 69.99 to the dollar, compared with its previous close of 69.95 per dollar.The 10-year benchmark bond IN071728G=CC yield inched up to 7.82 percent after staying muted in early trade.Read More
* U.S. sales up nearly 8 pct* Q1 total revenue up 16 pct* Stock top gainer on NSE index (Adds details on U.S. and India sales, share movement)Aug 14 (Reuters) - India's largest drugmaker Sun Pharmaceutical Industries Ltd SUN.NS posted a first-quarter profit on Tuesday, beating street estimates, helped by stronger sales in the United States.Net profit came in at 9.83 billion rupees ($140.6 million)...Read More
(Adds details, background, shares)Aug 14 (Reuters) - Indian state-run lender IDBI Bank Ltd IDBI.NS posted a seventh straight quarterly loss on Tuesday, sending its shares lower, as the bank continues to be plagued by the highest bad loan ratio in the sector.Indian banks have seen a surge in non-performing loans that hit a record $150 billion at the end of March, with 21 lenders, including IDBI,...Read More
(Bloomberg) -- The giant rocky outcrop known by locals as La Cobaltera offers a glimpse into northern Chile’s mining past, and a hint of its future.Slag from an ancient furnace is piled at the entrance of a mine shaft that hasn’t seen commercial activity since World War II. Inside, eucalyptus posts still support narrow tunnels, placed there by German engineers as a kind of alarm system...Read More
* FTSE 100 dips 0.4 percent* Antofagasta falls after trading update* Esure rises towards buy-out offer (Adds closing prices)By Julien PonthusLONDON, Aug 14 (Reuters) - UK shares ended the day down 0.4 percent on Tuesday after a choppy session, weighed down notably by lower copper prices as fallout from the Turkish lira crisis that has rattled global markets since Friday eased.The FTSE 100 .FTSE...Read More
* STOXX 600 up 0.1 pct* Antofagasta tumbled 7 pct after results disappoint* RWE tops DAX on Innogy deal progress* Atlantia shares down after Italian bridge collapses(Adds closing prices, German data)By Helen ReidLONDON, Aug 14 (Reuters) - European shares rose slightly on Tuesday after two days of heavy selling as investors' anxieties over contagion from a Turkish currency crisis faded and reas...Read More
Investing.com - Gold prices recovered from an 18-month low on Tuesday, as the U.S. dollar softened, .Comex gold futures for August delivery rose 0.47% to $1,204.50 a troy ounce as of 10:37 AM ET (14:37 GMT).Gold fell to an 18-month low on Monday, after economic turmoil in Turkey caused the Turkish lira to plunge to an all-time low of 7.1289. The lira recovered on Tuesday, breaking a 5-day losing s...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 flat* Antofagasta falls after trading update* Esure rises towards buy-out offerBy Julien PonthusLONDON, Aug 14 (Reuters) - UK shares were flat on Tuesday morning as the Turkish lira pulled back from record lows, providing investors temporary respite in a currency crisis that has rattled global markets since August...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)LONDON, Aug 14 (Reuters) - European shares bounced back on Tuesday after two days of heavy selling as investors' anxieties over contagion from a Turkish currency crisis faded slightly, thanks to reassurances from the central bank and government.The Turkish lira firmed after the central bank had pledged on Monday to provide liq...Read More
(Removes Aug. 13 story on esure talks with Bain Capital)Aug 14 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening up 20 points at 7,662 on Tuesday, according to financial bookmakers, with futures FFIc1 up 0.3 percent ahead of the cash market open.* ROYAL MAIL: Britain's Royal Mail RMG.L has been fined 50 million pounds ($64 million) for discriminating against Whistl, its only major compe...Read More
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Source: BloombergCopper continued to decline on Tuesday to touch its lowest in 13 months after disappointing economic numbers from top consumer China and the possibility of an averted strike at the world's biggest mine conspired to push the price of the orange metal lower.Copper fell 2% to $2.6770 a pound or $5,902 a tonne on the Comex market in New York bringing its losses over just two months of...Read More
LONDON, Aug 14 (Reuters) - Chilean copper producer Antofagasta said first-half core earnings fell 16.2 percent from a year earlier, citing weaker ore quality, and said trade tensions clouded the broader market outlook in the short term.Its share price was down by 5.4 percent by 0913 GMT, while the broader sector was 0.8 percent lower.Antofagasta maintained full-year guidance for its own output of...Read More
The giant rocky outcrop known by locals as La Cobaltera offers a glimpse into northern Chile's mining past, and a hint of its future.Slag from an ancient furnace is piled at the entrance of a mine shaft that hasn't seen commercial activity since World War II. Inside, eucalyptus posts still support narrow tunnels, placed there by German engineers as a kind of alarm system: when they creaked it was...Read More
NEW DELHI, Aug 13 (Reuters) - India's retail inflation rate eased to 4.17 percent in July after touching a five-month high of 5.0 percent in the previous month, government data showed on Monday, helped by smaller increases in food prices.Analysts polled by Reuters had forecast July's annual increase in the consumer price index INCPI=ECI at 4.51 percent, compared with June's 5.00 percent.Read More
* Indian rupee touches record low of 69.62/dlr on Turkey contagion* India cenbank likely intervened to curb INR fall - dealers* Rupee unlikely to breach 69.80/dlr during the day - dealer (Add details, quotes, cenbank intervention)By Suvashree ChoudhuryMUMBAI, Aug 13 (Reuters) - The Indian rupee INR=D2 on Monday touched an all-time low of 69.62 per dollar in early trade, tracking broader weakness i...Read More
MUMBAI, Aug 13 (Reuters) - India's core annual consumer price inflation was seen around 6.2 percent in July, easing slightly from 6.3 percent in the previous month, according to two analysts.India's retail inflation rate eased to 4.17 percent in July after touching a five-month high of 5.0 percent in the previous month, government data showed on Monday, helped by smaller increases in food prices....Read More
Investing.com - Gold prices were lower on Monday, as economic turmoil in Turkey left markets uncertain about direction.Comex gold futures for August delivery fell 1.21% to $1,204.40 a troy ounce as of 10:46 AM ET (14:46 GMT).Tensions between the U.S. and Turkey continued on Monday, with Turkey’s central bank pledging to provide liquidity and cut reserve requirements for Turkish banks.The cen...Read More
* World stocks down half a percent to one-month low* Turkish Lira down 7 pct, Turkey CDS highest since 2008* Worries grow on euro zone bank exposure to Turkey* Graphic: World FX rates in 2018 http://tmsnrt.rs/2egbfVhBy Abhinav RamnarayanLONDON, Aug 13 (Reuters) - World markets shuddered on Monday, as Turkey's worsening currency crisis persuaded investors to dump equities and emerging markets and f...Read More