(Updates to add RBI's intervention details)By Suvashree ChoudhuryMUMBAI, Sept 7 (Reuters) - The Reserve Bank of India intervened heavily in the foreign exchange market on Friday, mounting a formidable defence of the 72 rupee to the dollar mark in a reversal of its light-handed approach in the last few weeks, dealers said.After briefly slipping to 72.04 to the dollar in early trade, the Indian rupe...Read More
Sept 7 (Reuters) - Walmart Inc's WMT.N unit has been asked to explain its business model in India after its acquisition of e-commerce platform Flipkart, following an objection raised by a local traders body.India's National Company Law Apellate Tribunal (NCLAT), which is in charge of matters related to Indian companies, issued an order to Walmart Inc subsidiary Wal-Mart (NYSE:WMT) International Ho...Read More
* Dollar up on U.S. August jobs report; trade tensions linger* S&P 500 drops as strong jobs data stoke U.S. rate hike fears* U.S. diesel, gasoline stocks up after lackluster driving season* U.S. oil drillers cut rigs for 2nd week in three -Baker Hughes (Adds CFTC data, Iraq news)By Ayenat MersieNEW YORK, Sept 7 (Reuters) - Oil prices were steady on Friday, with U.S. crude slipping on weak glob...Read More
Investing.com - Gold prices headed lower on Friday as the U.S. jobs report showed that wage inflation accelerated to its fastest pace since April 2009, increasing the odds that the Federal Reserve will follow through on two more interest rate hikes this year.At 10:48 AM ET (14:48 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange slipped $1.10, or 0....Read More
(Bloomberg) -- Aluminum faces a “doomsday scenario” if the U.S. proceeds with sanctions on United Co. Rusal in October, according to Wood Mackenzie Ltd., which says prices could exceed their seven-year highs in April.The market outside China is already in deficit, and would go “into a massive shortage” if a producer the size of Rusal can’t supply metal, Julian Kettle,...Read More
Sep 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of September 6, 2018. COMPANYINSTRUMENTRATINGAMOUNT MOVEMENT(RS.MLN) ------------------------------ --------- SHORT TERM RATINGS: ------------------- Ahimsa Industries LtdST Bk FacCARE A4+50Reaffirmed Bansal Spinning Mills LtdST Bk FacCARE A4+650Revised fromCARE A3 (Issuer not...Read More
Graph background image: Strike DrillingAustralia is the world's number two gold producer; the country's tightening its grip on the trade in iron ore and coking coal; comes in at no 6 for copper; and is set to increase output of mineral-du-jour lithium from the current 38% to nearly half the global total within five years.That's the result not only of a rich mineral endowment but massive amounts of...Read More
After two years, and several attempts to gain access to copper and gold mines in Eritrea and Serbia, Canada's Lundin Gold (TSX:LUG) has decided to abandon its plan to acquire fellow miner Nevsun Resources (TSX, NYSEMKT:NSU).Faced with a competing bid from China's state-backed Zijin Mining, the Toronto-based company said it won't raise its offer for Nevsun."Lundin Mining continues to pursue strateg...Read More
MUMBAI, Sept 6 (Reuters) - The Reserve Bank of India is supporting the rupee from falling to 72 to the dollar mark, said two dealers on Thursday, citing spurts of dollars sales at the 71.95 level likely by the central bank.The Indian rupee INR=D2 quickly reversed some of its losses and was trading at 71.86 to the dollar after touching a intraday low of 71.95 in early trade. It had closed at 71.775...Read More
* U.S. crude stockpiles draw more than expected - EIA* U.S. gasoline stockpiles build unexpectedly - EIA* Emerging-market turmoil casts doubt over oil demand* OPEC expects oil demand to hit 100 mln bpd this year (Updates prices throughout)By Jessica Resnick-AultNEW YORK, Sept 6 (Reuters) - Crude futures reversed course, falling more 1 percent on Thursday after U.S. data showed gasoline inventories...Read More
NEW DELHI, Sept 6 (Reuters) - India's top court lifted a colonial-era ban on gay sex on Thursday, in a landmark judgement activists hope will improve rights for the LGBT community in the country.A five-judge panel in India's Supreme Court was unanimous in its decision to end the law commonly known as "Section 377", that prohibits "carnal intercourse against the order of nature with any man, woman...Read More
Investing.com - Gold prices headed higher in mid-morning trade as the safe-haven metal finally sparked buyer interest amid U.S.-China trade worries, while a weaker-than-expected reading on job creation also helped reduce worries over a faster pace of rate hikes from the Federal Reserve.At 10:53 AM ET (14:53 GMT), gold futures for December delivery on the Comex division of the New York Mercantile E...Read More
* Hokkaido Electric tumbles after powerful quake* Nikkei reshuffle announcement affects some stocksBy Ayai TomisawaTOKYO, Sept 6 (Reuters) - Japan's Nikkei fell on Thursday on the back of broad weakness in global equities, while investors awaited damage assessments after a powerful earthquake in Hokkaido, the latest in a series of natural disasters to hit the country this year.At least one person...Read More
* Hokkaido Electric tumbles after powerful quake* Inbound-related stocks such as cosmetics makers fall* Tech shares weak tracking U.S. peersBy Ayai TomisawaTOKYO, Sept 6 (Reuters) - Japan's Nikkei fell on Thursday as tech shares were pressured by losses in their U.S. peers overnight and as investors awaited damage assessments after a powerful earthquake in Hokkaido, the latest in a series of natur...Read More
Fatality at Serabi mine: NMBCapital markets"We have had some really positive surprises out of this process"LeadershipBlack Rock polishes MahengeSPONSOREDblack rock miningTime is right for Heron to take flightSPONSOREDheron resources I still, somewhat annoyingly, feel compelled to spend an absurdly large proportion of my summer holidays reading something turgid and incomprehensible. For...Read More
Adequate financing is crucial for companies, especially for those working in such a capital-intensive industry as mining. Very few companies working in the Mining & Metals sector, even those with producing assets, can finance their operating, capital, exploration, development, and other expenses with cash-flow generated by commodity sales and other revenue-generating activities.A majority of minin...Read More
XINING, China Sept 6 (Reuters) - China's Western Mining Co Ltd will start commercial production at its 100,000-tonne-per-year (tpy) copper smelter in northwestern Qinghai province in October and spend 8 billion yuan ($1.17 billion) to expand its mine in Tibet, executives said on Thursday.The smelter project, which involved investment of 2.4-2.5 billion yuan, is currently undergoing test production...Read More
A unit of Chinese state-run conglomerate CITIC will become this month Canada's Ivanhoe Mines' (TSX:IVN) biggest shareholder following billionaire Robert Friedland's company's decision to sell a 20% stake for about $548 million (C$723m).The deal, announced in June, has received all necessary approvals from China's regulatory agencies, so it's expected to close on Sep. 19, the companies said in...Read More
* Tropical storm Gordon weakens* Global trade dispute could hit energy demand -OPEC sec gen* U.S. crude stock draw slightly smaller than expected - API (Updates to include API data)By Stephanie KellyNew York, Sept 5 (Reuters) - Oil prices fell more than one percent on Wednesday after a U.S. Gulf storm weakened and moved away from oil-producing areas and as concerns mounted about global trade dispu...Read More
Sept 5 (Reuters) - The Reserve Bank of India (RBI) likely intervened mildly in the forex markets on Wednesday, two traders told Reuters, as the rupee hit a fresh low in line with other emerging market currencies hurt by dollar strength and simmering trade tensions.The RBI is expected to have sold dollars at 71.80 rupees per dollar in the local spot forex market to stem a sharp fall in the Indian c...Read More