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
Merger and acquisitions in the precious metals sector are gaining momentum following Barrick's recently announced $6.1 billion-deal to acquire Randgold Resources.Shortly after, Canada's Americas Silver (TSX:USA) announced it was buying Pershing Gold (Nasdaq:PGLC) for $50.78 million in an all-stock deal."This transaction aligns with our stated initiative of building a profitable and low-cost precio...Read More
Market participants have hailed Singapore Exchange's (SGX) decision to launch a high-grade iron ore derivative, basis Fastmarkets' daily 65% Fe iron ore price, saying it will serve the burgeoning need for better price risk management tools.The contract is targeted for launch in December, subject to regulatory approval, the exchange announced on Thursday October 11."The SGX's introduction of 65% fu...Read More
ATHENS (Reuters) - Greece's jobless rate eased to 19 percent in July from 19.1 percent in the previous month, falling to its lowest level since August 2011, data from the country's statistics service ELSTAT showed on Thursday.Seasonally adjusted data showed the number of unemployed at 897,861 people, with younger persons aged up to 24 bearing the brunt of being out of work.Among younger persons ag...Read More
BERLIN, Oct 11 (Reuters) - The trade dispute between theUnited States and China is having an impact on global andtherefore euro zone growth, German Economy Minister PeterAltmaier said on Thursday.Speaking at a news conference to present the government'sdownwardly revised growth forecasts, Altmaier said that Berlinand its European allies wanted to safeguard the rules-based freetrade order by reform...Read More
(Bloomberg) - Equities are plummeting, President Donald Trump says the Federal Reserve's gone 'loco' and the trade war's heating up, yet traditional havens in times of trouble such as gold are not getting any love.The biggest selloff in equities since February rolled through Asia and into Europe on Thursday, triggering steep losses in benchmark share indexes, but gold has barely stirred, while ot...Read More
Canada's Leagold Mining (TSX:LMC) has had to temporarily shut down its Riacho dos Machados (RDM) mine in Brazil as a result of continued drought conditions in the country's Minas Gerais State.The Vancouver-based miner said it planned to resume operations in early December, with the commissioning of the grid powerline project.RDM was closed in August last year and restarted, on an intermittent basi...Read More
Canada's Barrick Gold Corp, which recently announced a $6.1 billion deal to acquire Randgold Resources Ltd, affirmed its 2018 gold and copper production forecast on Wednesday, reflecting improvements in operations.Citing preliminary data, Barrick said its 2018 effective tax rate was expected at about 48 to 50 percent, up from a previous forecast of 44 to 46 percent, because of lower-than-expected...Read More
JOHANNESBURG, Oct 11 (Reuters) - The South African randfirmed against the dollar on Thursday after the greenback wasjolted by the worst fall in U.S. stocks in nearly eight months. * The rand was 0.71 percent stronger at 14.6750 perdollar at 0650 GMT, having closed in New York at 14.7800. * The rand is expected to trade between 14.6000 and 14.9000to thedollar on Thursday, NKC African Economics wrot...Read More
Turkish steel billet prices have gone down over the past week in line with the poor demand in the country's domestic and export markets, sources said on Thursday October 11.The suppliers in the Commonwealth of Independent States have lowered their offers to as low as $460 per tonne fob due to increases in supply. This would be equivalent to a price around $475 per tonne cfr Turkey."So many traders...Read More
(Adds more quotes, background)By Francesco Canepa and Jan StrupczewskiNUSA DUA, Indonesia, Oct 11 (Reuters) - There is noimmediate danger of Italy losing market access or beingdowngraded below investment grade because the Italian economyhas underlying strengths, the head of the euro zone bailout fundESM Klaus Regling said on Thursday.In a panel discussion at an event at the InternationalMonetary F...Read More
Imported steel billet and rebar prices in Egypt decreased in the week to Thursday October 11, with demand in the country remaining weak.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $490-495 per tonne cfr on Thursday, falling from $495-500 per tonne cfr.CIS-origin...Read More
Import prices for steel billet in Southeast Asia edged down on Thursday October 11 from the previous day, pressured by the region's sustained weakness in buying interest.Fastmarkets' daily assessment of the import price for billet in Southeast Asia was $510-515 per tonne cfr Manila on Thursday, narrowing down by $5 per tonne from $510-520 per tonne cfr on Wednesday.The assessment range had fallen...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
Could this be 9 times more valuable than Google, Facebook, and Amazon combined?It's a gadget you could conceal in the palm of your hand. A gadget that could easily pass through airport security. A gadget that could be mass produced quickly.And a gadget that holds the technology set to blow the lid off a breakthrough $15 trillion tech revolution...Of course, this gadget could stand to make a lot of...Read More