MUMBAI, Oct 11 (Reuters) - India said on Thursday it is raising import tariffs on several electronic items and communication devices, in a bid to rein in imports and contain the slide in the rupee.This is the second time in two weeks that the government has moved to raise import tariffs, as it aims to curtail the import of goods that it deems as “non-essential” items.It was not immedia...Read More
SINGAPORE (Reuters) - Singapore Airlines Ltd (SIAL.SI) is poised for a major boost to its U.S. footprint from Thursday evening as it resumes, after five years, the world’s longest commercial flight - a near-19 hour non-stop from Singapore to New York.The route, combined with the airline’s plans to restart non-stop services to Los Angeles and add more non-stop flights to San Francisco n...Read More
NEW YORK (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages jumped to a 7-1/2-year high following a dramatic sell-off in the bond market that propelled the 10-year Treasury yield to its highest level since May 2011, Freddie Mac said on Thursday.Borrowing costs on 30-year mortgages, the most widely held home loan type in the United States, averaged 4.90 percent in the week ended Oct. 1...Read More
China's ferrous futures increased in the morning trading session on Thursday October 11.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,026 yuan ($581) per tonne, up 54 yuan per tonneJanuary hot-rolled coil: 3,884yuan per tonne, up 37 yuan per tonneDalian Commodity Exchange January iron ore: 513 yuan per tonne, up 7 yuan per tonneJanuary coking coal: 1,364 yuan...Read More
LONDON (Reuters) - Prime Minister Theresa May will meet some of her ministers on Thursday to discuss Brexit, hours after her parliamentary partner threatened to withdraw its support if she accepts what it calls a “draconian solution” from the European Union.Just six months before Britain is due to leave the EU, the two sides differ on their view of the talks - the bloc says a withdrawa...Read More
WASHINGTON (Reuters) - President Donald Trump said the criminal justice system was unfair to African-Americans and he would discuss remedies on Thursday with musician Kanye West and former football player Jim Brown.The Republican president has advocated prison reform and said he was open to changes in sentencing guidelines, an issue that divides the Republican Party between “law and order&rd...Read More
(Reuters) - Lithium producer Livent Corp (LTHM.N) fell 3.6 percent in its market debut on Thursday after being priced at the lower end of its expected range, as investors worried about the recent declines in prices of lithium in China, the world’s largest consumer of the ultralight metal.Livent’s debut comes a day after the major U.S. indices fell about 3 percent each, unnerving invest...Read More
The latest news and price moves to start the Asian day on Friday October 12.Base metal prices on the London Metal Exchange were mostly higher at the close of trading on Thursday October 11, although the complex remains under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin. Read more in our...Read More
MILAN (Reuters) - Italy paid its highest borrowing rate in five years in a bond auction on Thursday after its new populist government alarmed investors by tripling the budget deficit target for next year.Some investors fear Rome is sowing the seeds of a future debt crisis by pushing ahead with costly electoral promises such as a lower retirement age and a basic income for the poor. Italy holds the...Read More
LONDON (Reuters) - Former British Prime Minister Tony Blair said there was a 50-50 chance of getting another Brexit referendum as Prime Minister Theresa May will be unlikely to secure a majority for any divorce deal in parliament.“Whatever Brexit is on offer today is going to result in significant economic harm,” Blair, who served as prime minister from 1997 to 2007, told Reuters.&ldqu...Read More
Turkish long steel export markets continued to struggle with poor demand and increasing production costs over the past week, sources said on Thursday October 11.Starting with the lira crisis in Turkey, the annual inflation rate rose to 24.52% in September, up from 17.9% in August, with energy prices in the country having increased by around 50% so far this year. In addition, the tight supply and s...Read More
(Reuters) - Sears Holdings Corp (SHLD.O) has started to miss payments to vendors, adding to concerns about its future after sources said the U.S. department store operator was preparing to file for bankruptcy in the coming days.Three vendors told Reuters that Sears has missed scheduled payments in the last couple of weeks.It was not immediately clear how widespread the vendor problems were and how...Read More
The Turkish domestic rebar and wire rod markets have remained soft over the past week because of the low levels of demand, sources said on Thursday October 11.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,600-3,700 ($592-608) per tonne ex-works on Thursday, widening downward from last week's TRY3,650-3,700 per tonne, including 18% VAT.The country's domestic long steel...Read More
(Reuters) - Delta Air Lines (DAL.N) reported a third-quarter profit that beat analysts’ estimates on Thursday as strong demand for air travel and tight control over costs helped the airline battle rising fuel expenses.With oil prices hovering near their four-year highs, Delta and its peers such as American Airlines Group Inc (AAL.O) and Southwest Airlines Co (LUV.N), are facing a surge in fu...Read More
Turkish steel producers resumed their deep-sea scrap purchasing activity on Thursday October 11, with prices going down, Fastmarkets heard.A steel mill in the Marmara region booked a European cargo, comprising 20,000 tonnes of HMS 1&2 (75:25), 5,000 tonnes of shredded, 7,000 tonnes of HMS 1, 2,000 tonnes of busheling and 6,000 tonnes of cut rebar at an average price of...Read More
ROME (Reuters) - The Italian government’s plan to lower the retirement age will cost future generations around 100 billion euros ($115.4 billion), the chief of the state pension agency INPS said on Thursday.The reform “will increase pension debt for young people by about 100 billion euros,” Tito Boeri said in a parliamentary hearing.“We have no choice but to sound an alarm,...Read More
SAN FRANCISCO/FRANKFURT (Reuters) - Apple Inc is buying the power-management technology at the heart of its iPhones in a $600 million deal with Dialog Semiconductor that also secures the German-listed company’s role as a supplier to the U.S. tech giant.The agreement to acquire patents and people from the Anglo-German chip designer is not only unusual, but also the largest of its kind by Appl...Read More
LU??S EDUARDO, Brazil/BOONE, Iowa (Reuters) - The Bella Vita luxury condominium tower rises 20 stories over the boomtown of Lu?-s Eduardo Magalh??es in northeastern Brazil. Its private movie theater and helipad are symbols of how far this dusty farming community has come since it was founded just 18 years ago.Local soybean producers shell out upwards of a half-million U.S. dollars to live in the c...Read More
(Reuters) - The U.S. Securities and Exchange Commission, Tesla Inc and Chief Executive Officer Elon Musk submitted a joint filing late on Wednesday in support of a settlement, saying the terms were in the best interest of investors.“We therefore respectfully submit that the court should accept and enter the proposed consent judgments,” they said in a letter filed with the U.S. District...Read More
Trading activity was limited in the spot market on Thursday October 11, while the benchmark 62% Fe iron index rose slightly.Metal Bulletin 62% Fe Iron Ore Index: $71.30 per tonne cfr Qingdao, up by $0.16 per tonne.Metal Bulletin 62% Fe Pilbara Blend Fines Index: $70.33 per tonne cfr Qingdao, up by $0.16 per tonne.Metal Bulletin 62% Fe Iron Ore Index, Low Alumina: $76.30 per tonne cfr Qingdao, down...Read More