By Ulf LaessingMARRAKECH, Morocco, Jan 29 (Reuters) - Morocco's new more flexible hard currency system is a step in the right direction to make the kingdom more attractive to investment and turn it into a financial hub for Africa, a senior IMF official said on Monday.Two weeks ago, the North African country launched a more flexible foreign exchange system, part of free-market reforms recommended b...Read More
Earnings season hits high gear this week, with video game maker Electronic Arts Inc. (NASDAQ:EA) among the many names set to report. Specifically, the "Star Wars: Battlefront" creator will unveil its fiscal third-quarter results after tomorrow's close, and despite EA stock's negative earnings reaction last quarter, options traders have been loading up on calls ahead of the event. Below, we'll take...Read More
LUANDA, Jan 29 (Reuters) - Angola's central bank left its benchmark lending rate unchanged at 18 percent at a meeting of its monetary policy committee on Monday, the regulator said in a notice on its website.The next meeting of Angola's monetary policy committee is on Feb. 28, the notice said. (Reporting by Joe Brock; Editing by Richard Balmforth) Disclaimer: The views expressed in this article a...Read More
BRASILIA, Jan 29 (Reuters) - Brazil's central government easily met its 2017 primary budget deficit target after rising tax revenue led to a smaller-than-expected December shortfall, government data showed on Monday.The central government, comprised of the federal government, social security and the central bank, posted a deficit of 124.401 billion reais ($39.3 billion) in 2017 before interest rat...Read More
(Adds background, details from research note)NEW YORK, Jan 29 (Reuters) - U.S. pensions are expected to shift more money into bonds and out of equities to rebalance their holdings at month-end in the wake of strong gains in the stock market in January, Wells Fargo strategists said on Monday.The possible increased allocation into bonds comes as global bond yields have been rising on strengthening...Read More
Stocks are pulling back, with the Dow Jones Industrial Average (DJI) dropping more than 160 points at its intraday low -- pressured by Apple's (AAPL) iPhone X production concerns ahead of Thursday night's earnings report. Plus, despite strong earnings from Lockheed Martin (LMT) and big M&A news in Keurig Green Mountain's purchase of Dr Pepper Snapple (DPS), investors are focusing instead on this m...Read More
(Kitco News)- Ever wantedto know what $40 million in recovered gold looks like? Well now you will getyour chance as the world’s greatest lost treasure goes on display in Californianext month.From Feb.22 to 24, gold recovered from the SS Central America, also known as the “Shipof Gold,” will be on display during the Long Beach Coin, Currency, Stamp &Sports Collectible Expo, co...Read More
(Bloomberg) - Toro Gold Ltd. became Africa's newest gold producer last week when it delivered its first batch of bullion, and the privately held firm is now weighing the possibility of selling shares this year.The company, which achieved the unusual feat of building a bullion mine without tapping public markets for funding, expects to produce about 135,000 ounces of the metal a year from the Mako...Read More
ABUJA, Jan 29 (Reuters) - Nigeria's central bank said on Monday it had injected $210 million into the interbank foreign exchange market, extending efforts to boost liquidity and alleviate dollar shortages.The bank said in a statement it had released $100 million earmarked for the wholesale market, $55 million for small businesses and individuals, and $55 million for certain dollar expenses such as...Read More
Bamako, Mali, 29 January 2018 - Randgold Resources' Loulo-Gounkoto gold mining complex is on track to improve on its record performance in 2018, with last year's production expected to reach a new peak and at lower cash costs of production, Chiaka Berthe, the company's general manager of its West African operations, said today.Speaking at the quarterly update for local media, Berthe said this...Read More
(Adds context, analyst quote)MOSCOW, Jan 29 (Reuters) - U.S. steel pipes producer IPSCO Tubulars and its owner, Russia's TMK aim to raise between $465 million and $535 million from IPSCO's initial public offering (IPO) on the New York Stock Exchange, it said on Monday.IPSCO announced a price range for the deal amid market expectations that Washington would release reports detailing the possibilit...Read More
2017 settlement agreement provides clear path for project review and permittingVANCOUVER, Jan. 26, 2018 /PRNewswire/ - Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) ("Northern Dynasty" or the "Company") confirms the Environmental Impact Statement ("EIS") permitting process for Southwest Alaska's Pebble Project continues to advance under the guidance of lead federal agency, the US Army C...Read More
(Kitco News) - Gold pricess are trading solidly lower in late-morningdealings Monday. A daily rally in the U.S. dollar index has promptedprofit-taking pressure in the gold and silver markets, after both had scored4.5-month highs last week. A sell-off in the U.S. stock market is so far nothelping out the precious metals market bulls. However, such could limit thedownside in gold and silver as the s...Read More
NEW YORK, Jan 29 (Reuters) - U.S. pensions are expected to shift more money into bonds and out of equities to rebalance their holdings at month-end in the wake of strong gains in the stock market in January, Wells Fargo strategists said on Monday.Retirement plans may need to add $16 billion in fixed income and to reduce up to $20 billion in equities for their month-end asset-allocation rebalancing...Read More
(Kitco News)- Hedge funds continued to buy goldfor the sixth consecutive week, according to the latest trade data from theCommodity Futures Trading Commission, but analysts note that momentum isslowing.The data shows that hedge fundsbought gold last week at the slowest pace since mid-December, when they wereactively selling the precious metal.The Commodity Futures TradingCommission’s disaggr...Read More
* Berlin warning highlights bonus bind for Deutsche* Germans wary of Wall Street business and pay* Deutsche set to report 3rd loss for 2017 on Friday (Adds details, background)By Tom SimsFRANKFURT/BERLIN, Jan 29 (Reuters) - Berlin took aim at Deutsche Bank on Monday over a report it plans to pay out more than 1 billion euros ($1.24 billion) in bonuses, telling the loss-making German lender to cons...Read More
WASHINGTON, Jan 29 (Reuters) - For details of the U.S. Treasury's auction of 4-week bills on Tuesday, see: (Washington economics newsroom) 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 accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee...Read More
* Dollar rises but set to decline 3 percent on a monthly basis* Traders face Fed meeting, jobs report later in week* Euro, pound broadly down (Updates to U.S. market open; changes byline, dateline, previously LONDON)By Stephanie KellyNEW YORK, Jan 29 (Reuters) - The dollar rose on Monday against a basket of currencies as U.S. bond yields climbed and traders waited for a Federal Reserve meeting and...Read More
(Adds details, background)By Orhan Coskun and Ebru TuncayISTANBUL, Jan 29 (Reuters) - Russia's Sberbank is evaluating opportunities to sell its Turkish unit Denizbank , five sources close to the matter told Reuters.Banks from Gulf countries and China had expressed interest in buying Sberbank's 99.85 percent holding in the Turkish lender, three of the sources said.Sberbank, Russia's biggest bank b...Read More
(Updates to reflect afternoon trading)JOHANNESBURG, Jan 29 (Reuters) - South Africa's rand weakened on Monday as the dollar recovered and government bonds sold off, while investors waited anxiously for a results announcement by cash-strapped power utility Eskom on Tuesday.At 1533 GMT, the rand traded at 11.9325 per dollar, down 0.65 percent on the day. It gained over 2 percent against the dollar...Read More