WASHINGTON (Reuters) - U.S. labor costs accelerated in the third quarter as wages for both private and government workers surged amid tightening labor market conditions.The Employment Cost Index, the broadest measure of labor costs, increased 0.8 percent after an unrevised 0.6 percent rise in the second quarter, the Labor Department said on Wednesday. That left the year-on-year rate of increase at...Read More
* Cbank autonomy essential, accepted governance requirement- govt * India govt to continue consultations, suggest solutions -govt * RBI Governor may consider resigning - TV* Govt invokes rare power to issue directions to RBI -report * Bonds, rupee weaken after reports that RBI governor mayquit (Adds comments from ruling party, describes section 7 of RBIAct, updated markets closing)By Manoj Kumar a...Read More
For the last 100 years, no other commodity has seen its demand explode like lithium.Think of it like tomorrow's oil.Demand will be driven by the battery sector, which is fueling the sudden explosion of electric vehicles.I know you've seen the numbers.GM, which will be the second company to sell more than 200,000 EVs in the U.S., will be selling up to 20 electric models in China in 2023.By the earl...Read More
(Reuters) - After two years of wielding no practical political power in Washington, the Democratic Party faces a strong chance of winning control of the U.S. House of Representatives in next week’s election, with Republicans likely to keep the Senate.Taking a majority in even one of the chambers in the Nov. 6 elections would give Democrats a chance to more effectively oppose Republican Presi...Read More
TORONTO - Barrick Gold Crop. has enriched its offer to shareholders of Randgold Resources Ltd. ahead of a vote on a proposed merger.Toronto-based Barrick says Randgold shareholders will receive US$2.69 per share, up from the original proposal of US$2 per share.The company says the increased offer would match what Randgold shareholders would expect to receive as dividend payments without the merge...Read More
Market participants believe that domestic prices for hot-rolled coil (HRC) in Northern Europe have 'reached bottom,' sources told Fastmarkets on Wednesday October 31.Prices in southern and central Europe remained under pressure because of slow trading, they added.Northern EuropeFastmarkets' weekly price assessment for domestic HRC in Northern Europe was stable over the week at ?,?550-565 ($625-642...Read More
TOKYO (Reuters) - Japan’s central bank chief on Wednesday ruled out a near-term interest rate hike amid risks from global trade disputes, but also raised a firm warning about vulnerabilities in the financial system from years of loose monetary policy.The Bank of Japan on Wednesday kept its policy settings unchanged, as widely expected, and cut its inflation forecasts.In comments after the de...Read More
China's hot-rolled coil prices tumbled on Wednesday October 31 amid persistently weak demand, with buyers remaining on the sidelines on expectations of the market softening further.DomesticEastern China (Shanghai): 4,080-4,100 yuan ($586-588) per tonne, down 50-60 yuan per tonneNorthern China (Tianjin): 4,050-4,060 yuan per tonne, down 30 yuan per tonnePrices tumbled during the day following losse...Read More
BOSTON (Reuters) - TIG Advisors on Wednesday said it has bought a piece of Canadian mortgage investor Romspen Investment Corporation, marking the first time it has taken a stake in another hedge fund.Romspen, a Toronto-based credit manager, invests C$2.5 billion in assets, providing first mortgage bridge lending to commercial real estate projects in North America.“We invested with Romspen be...Read More
Ferrous futures mostly ended morning trading on a slight uptick on Wednesday October 31 following a steep decline during Tuesday night's session.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,146 yuan ($595) per tonne, up 11 yuan per tonneJanuary hot rolled coil: 3,793 yuan per tonne, down 2 yuan per tonneDalian Commodity Exchange January iron ore: 533 yuan per...Read More
LONDON (Reuters) - Prime Minster Theresa May’s spokesman declined to say whether an EU exit deal was expected by Nov. 21, as indicated in a letter by her Brexit minister Dominic Raab earlier on Wednesday, but said government was working to get a deal as soon as possible.Asked about Raab’s letter, the spokesman said: “I can’t go beyond repeating, as I have done many times, t...Read More
Prices for hollow steel sections in Northern Europe have fallen this week following a decline in feedstock prices, Fastmarkets heard on Wednesday October 31.Fastmarkets' domestic price assessment for commodity-size, grade-S235 square hollow sections made in Northern Europe fell by ?,?10 per tonne to ?,?650-660 ($739-750) per tonne delivered on October 31, from ?,?660-670 per tonne delivered on Oct...Read More
ZURICH (Reuters) - Rising global trade tensions could buffet the Swiss franc, Swiss National Bank Chairman Thomas Jordan warned on Wednesday, adding Switzerland would be among the countries hardest hit if full-scale trade war broke out.If higher tariffs made consumers and producers expect steadily rising prices, this could force central banks to tighten monetary policy to head off inflationary ris...Read More
European prices for mesh-quality wire rod were flat across the Northern and Southern parts of the continent on Wednesday October 31, with few buyers seriously enquiring for deliveries. Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Southern and Northern Europe were ?,?535-560 ($608-636) per tonne delivered on Wednesday. Both assessments were unchanged over the pre...Read More
LONDON (Reuters) - A Brexit deal is now firmly in sight and should be finalised by Nov. 21, Brexit Secretary Dominic Raab said in a week-old letter to a lawmaker that was published on Wednesday and briefly sent sterling sharply higher.With just five months until Britain is due to exit the European Union, little is clear: Prime Minister Theresa May has yet to clinch a divorce deal and rebels in her...Read More
The price for rebar produced and delivered in Southern Europe fell slightly on Wednesday October 31, with some suppliers accepting lower bids to make sales but most only offering higher prices.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe fell to ?,?510-535 ($579-608) per tonne delivered on Wednesday, from ?,?520-545 per tonne last week.Producers have been raising thei...Read More
(Adds economist, Albayrak comments, updates lira)ANKARA, Oct 31 (Reuters) - Turkey’s lira weakened more than two percent against the dollar on Wednesday after the government unexpectedly announced a plan to cut taxes on several sectors, including cars, white goods and furniture, until the end of the year.The tax cuts, announced by Finance Minister Berat Albayrak, came hours after the central...Read More
RIYADH (Reuters) - A senior Saudi Arabian prince who recently appeared to criticize the king and crown prince has returned to Riyadh, in what some sources close to the royal family say is a sign it wants to form a united front amid its worst political crisis in a generation.Prince Ahmed bin Abdulaziz, a younger brother of King Salman and uncle of Crown Prince Mohammed bin Salman, arrived on Tuesda...Read More
BRUSSELS (Reuters) - European Union finance ministers will discuss next week a watered down proposal on an EU-wide digital tax, a document seen by Reuters shows, trying to persuade reticent governments to agree on the plan by the end of the year.Under a proposal from the European Commission in March, EU states would charge a 3 percent levy on the digital turnover of large firms such as Google and...Read More
Turkish deep-sea scrap import prices remained largely stable after a new transaction was heard on Wednesday October 31.A steel mill in the Marmara region booked a Baltic Sea cargo comprising 23,000-25,000 tonnes of HMS 1&2 (80:20) at $335 per tonne and 4,000-5,000 tonnes of bonus at $345 per tonne cfr, late on October 30.Some sources believed that the cargo also contained...Read More