WASHINGTON, Oct 29 (Reuters) - U.S. labor costs increased by the most since 2001 as companies boosted wages and benefits amid a severe worker shortage, suggesting inflation could remain high for sometime.The Employment Cost Index, the broadest measure of labor costs, surged 1.3% last quarter after rising 0.7% in the April-June period, the Labor Department said on Friday. The largest gain since 200...Read More
Oct 29 (Reuters) - Exxon Mobil (XOM.N) on Friday pledged to revive a share repurchase program next year as its earnings outlook improved on quarterly results that topped analysts' estimates.The largest U.S. oil producer posted an adjusted profit of $1.58 a share, beating the Refinitiv estimate by two cents, with results lifted by oil and gas prices that have more than doubled in the past year.Th...Read More
OSLO, Oct 29 (Reuters) - Equinor plans to invest 25-35 billion Norwegian crowns ($3-$4.2 billion) to develop the so-called NOAKA oil and gas fields with partners in the North Sea, it said on Friday.The NOAKA (North of Alvheim Krafla Askja) project is set to come on stream in 2027 and would become the largest oil and gas development off the coast of Norway since 2019, when Equinor's giant Johan Sve...Read More
OTTAWA, Oct 29 (Reuters) - The Canadian economy most likely underperformed in the third quarter, official data suggested on Friday, prompting analysts to forecast the Bank of Canada might raise interest rates more slowly than expected.The economy expanded by 0.4% in August and looked set to show no growth in September, when supply chain issues hit auto exports, Statistics Canada said.Third quarter...Read More
OUAGADOUGOU, Oct 29 (Reuters) - Several people are missingafter a convoy belonging to Canadian mining company Iamgold was attacked in northern Burkina Faso on Friday, twosecurity sources said.The vehicles carrying Iamgold employees came under attack onthe road between Dori and Essakane, where the company has itsbiggest operating mine. Another Iamgold convoy was attacked onits way to Essakane in Se...Read More
An anonymous director reportsGOLDMINING COMPLETES US$20 MILLION NON-DILUTIVE FACILITY WITH BANK OF MONTREAL Further to its news release dated Oct. 21, 2021, Goldmining Inc. has entered into and closed an agreement for a $20-million (U.S.) loan facility with Bank of Montreal. The facility is available for general corporate purposes, acquisitions and to continue to advance company projects, includin...Read More
Oct 29 (Reuters) - Real estate services company Cushman & Wakefield said on Friday it had invested $150 million in newly listed office sharing firm WeWork Inc. (Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accura...Read More
WASHINGTON (Reuters) - U.S. consumer spending increased solidly in September, but was partly flattered by higher prices as inflation remained hot amid shortages of motor vehicles and other goods in the face of global supply constraints.The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.6% last month. Data for Aug...Read More
Markets are always achallenge and never make it easy. Day traders get tortured by price action likewe have seen the past few days in Gold, Silver, and Platinum. For the fifth dayin a row, the metals looked poised to run and failed miserably.This type of trade toyswith emotions, and too many traders are too emotional. Anytime money isinvolved, emotions run high on both sides but especially when los...Read More
LONDON, Oct 29 (Reuters) - England and Wales have seen a surge in company directors winding up businesses that are unable to pay their debts, taking so-called voluntary liquidations to their highest level since 2009 in the depths of the global financial crisis.Total company insolvencies in England and Wales jumped in the three months to the end of September to their highest since the start of the...Read More
MOSCOW, Oct 29 (Reuters) - Two key Russian shareholders of Croatian food producer and retailer Fortenova Grupa, formerly known as Agrokor, have started consulting investment banks about taking the company public in the next 2-3 years, two sources said.Fortenova, one of the biggest companies in southeastern Europe, was saved from bankruptcy in a restructuring deal with local and foreign creditors i...Read More
(Updates prices and adds details)SHANGHAI, Oct 29 (Reuters) - China's yuan gave up earlier gains and ended domestic trading at a near two-week low against dollar on Friday, as major state-owned banks bought the greenback.The onshore yuan opened at 6.3918 per dollar and finished the domestic session at 6.4009, 91 pips weaker than previous late night session, the softest such close since Oct. 18.Sta...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 pricesare sharply lower and headed for a bearish weekly low close in early U.S.trading Friday. U.S. inflation data that came in hot, rising U.S. Treasuryyields and a rebound in the U.S. dollar in...Read More
TOKYO (Reuters) -Tokyo Kikai Seisakusho Ltd on Friday won a major court victory in its quest to use a poison pill defence against its biggest shareholder - a closely watched ruling that could make certain kinds of hostile bids in Japan far more difficult.The Tokyo District Court rejected a request for an interim injunction from Asia Development Capital (ADC), saying that the investment firm's shar...Read More
Oct 29 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday said that the global minimum tax agreement will ensure that all countries can collect more from corporations, and high earners pay their fair share."This is an important agreement because countries around the globe have decided that in order to finance the public infrastructure, investments... all countries in a fair way collect mor...Read More
LISBON, Oct 29 (Reuters) - Portugal's economy expanded 2.9% in the third quarter compared with the previous three months as the easing of most coronavirus rules allowed more businesses to reopen and spurred exports, data from the National Institute of Statistics (INE) showed on Friday.INE said that between July and September the country's tourism-dependent economy grew by 4.2% from a year earlier....Read More
Oct 29 (Reuters) - Global equity funds saw solid inflows in the week to Oct. 27, boosted by robust third-quarter earnings results from companies worldwide, easing concerns over inflation and supply chain constraints.Investors purchased a net $24.52 billion in global equity funds, their largest net buying since the week to March 17, Lipper data showed.Major U.S. stock indexes rallied to a new peak...Read More
BEIJING, Oct 29 (Reuters) - China published rules on Friday that require its globally systemically important banks to beef up capacity to absorb losses to head off financial instability.Those banks must meet specific total loss-absorbing capacity (TLAC) targets from 2025, the People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC) and the Ministry of Finance sa...Read More
BENGALURU (Reuters) -Indian shares closed in the red for the third straight session on Friday, dragged by banks and IT firms, with heavy outflows from foreign investors adding to concerns of overvaluations.The blue-chip NSE Nifty 50 index fell 1.04% to 17,671.65 and the benchmark S&P BSE Sensex closed down 1.1% to 59,306.93. Both the indexes fell for a second straight week, losing more than 2%.For...Read More
(Reuters) - The S&P 500 and the Nasdaq indexes looked set to drop from record highs on Friday, as results from mega-cap firms Apple and Amazon.com reignited concerns of labor and supply shortages that have been at the forefront of this quarterly earnings season.Market participants have been closely watching how corporate America navigates through these challenges along with concerns about rising i...Read More