* Prices down for 6th week; Brent off 4.6 pct, U.S. crude 5.6 pct* OPEC could cut supply by 1.4 mln bpd to prevent glut* Russia resisting calls to join renewed cuts* GRAPHIC-U.S. oil output and storage: https://tmsnrt.rs/2PXBD8e* U.S. weekly rig count rises by two this week (Adds settlement prices, CFTC data)By Jessica Resnick-AultNEW YORK, Nov 16 (Reuters) - Oil ended slightly firmer after volati...Read More
Nov 16 (Reuters) - The chief executive officer of Indian online fashion retailer Myntra, Ananth Narayanan, has decided to resign, days after the co-founder and group chief executive of its parent Flipkart stepped down, the Times of India reported on Friday.Bengaluru-based Myntra, which was bought by e-commerce group Flipkart in 2014, could also see a job cut of up to 500 people, the paper reported...Read More
* NSE, BSE end about 0.6 pct higher* Reliance top boost* Yes Bank falls 7.2 pctNov 16 (Reuters) - Indian shares posted their best close in more than six weeks on Friday, powered by gains in the country's biggest company by market value Reliance Industries Ltd RELI.NS .The broader NSE index .NSEI closed 0.62 percent higher at 10,682.2, while the benchmark BSE index .BSESN ended up 0.56 percent...Read More
Investing.com - Gold prices surged on Friday as American officials dashed hopes for an imminent solution to trade tensions between China and the U.S. and the dollar suffered from dovish comments from the Federal Reserve and a bearish call from Morgan Stanley (NYSE:MS).At 10:49 AM ET (15:49 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange jumped...Read More
NEW DELHI/SHANGHAI, Nov 16 (Reuters) - India's Vedanta Ltd VDAN.NS has been selling copper concentrate on the spot market from stockpiles at its Sterlite smelter, a company official said, after the facility was forced to stop operating earlier this year amid pollution concerns.The company is disposing of around 70,000 tonnes of copper concentrate that have been lying unused since the closure of th...Read More
(Bloomberg) -- The dollar’s bull run has ended and it’s time to sell the currency, according to Morgan Stanley.“We believe the USD has reached its peak at around current levels,” Morgan Stanley’s global head of FX strategy Hans Redeker wrote in a note. “The USD may weaken as credit spreads widen, equity prices fall, and sovereign bond yields also begin falling a...Read More
(Bloomberg) -- The dollar’s bull run has ended and it’s time to sell the currency, according to Morgan Stanley.“We believe the USD has reached its peak at around current levels,” Morgan Stanley’s global head of FX strategy Hans Redeker wrote in a note. “The USD may weaken as credit spreads widen, equity prices fall, and sovereign bond yields also begin falling a...Read More
A Glencore Plc unit in the Democratic Republic of Congo had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country."They submitted a request," Jean Baptiste Nkongolo Kabila, director general of Congo's custom's agency, said Thursday by phone. "I have taken the decision to temporarily lift the suspension measures." Glencore said in a statement it had...Read More
Canadian miner Lundin confirmed on Friday it was cutting 106 jobs at its Candelaria copper mine in Chile to "improve competitiveness and productivity", amid reports that workers had begun a 48-hour strike.The job cuts represent less than 2 percent of the operation's workforceIn a statement sent to Reuters, the company said the job cuts represented less than 2 percent of the operation's workforce,...Read More
TORONTO/LONDON- Barrick Gold Corp , soon to become the world's largest gold miner, is interested in adding more copper assets as long as the red metal is accompanied by bullion, executives said on Friday.Barrick, which expects to complete its $6.1 billion takeover of Randgold Resources on Jan. 1, outlined broad plans for exploration, expansion, streamlining and asset sales at an investor presentat...Read More
Teck Resources (TSX:TECK.A | TECK.B)(NYSE:TCK), Canada's largest diversified miner, plans to announce in December which company will be its development partner at the Quebrada Blanca copper mine in northern Chile.In August, the Vancouver-based miner received regulatory approval for a $4.8 billion extension of the mine. Teck sees the Quebrada Blanca Phase 2 project as its most significant growth...Read More
German automaker Volkswagen said Friday it will spend tens of billions of dollars refocusing the company on the making of electric cars, autonomous vehicles and new mobility services.The Wolfsburg-based manufacturer, which plans to have some of the new offering in the market by 2023, said the 44-billion euro ($50 billion) investment in what CEO Herbert Diess describes as an "electric offensive,"...Read More
NEW DELHI/SHANGHAI - India's Vedanta Ltd has been selling copper concentrate on the spot market from stockpiles at its Sterlite smelter, a company official said, after the facility was forced to stop operating earlier this year amid pollution concerns.The company is disposing of around 70,000 tonnes of copper concentrate that have been lying unused since the closure of the plant, the official told...Read More
(Adds share movement, background, analyst comments)By Krishna V KurupNov 15 (Reuters) - India's Yes Bank Ltd YESB.NS shares fell sharply on Thursday, a day after non-executive independent chairman Ashok Chawla resigned, further fuelling the uncertainty over the management of the country's fifth largest private-sector lender.Yes Bank shares fell as much as 9.1 percent to 202.25 rupees, in their b...Read More
* U.S. crude stocks jump 10.3 mln barrels last week - EIA* OPEC, non-OPEC producers need to cooperate - NOC's Sanalla* Darkening economic outlook also a concern (Updates with settlement price, adds commentary, market activity)By Stephanie KellyNEW YORK, Nov 15 (Reuters) - Oil futures rose for the second consecutive session on Thursday after this week's steep losses as U.S. fuel stockpiles declined...Read More
(Repeats Nov 14 story with no changes in text)* Indian government, RBI trying to avoid blow-up at board meeting* Government doesn't want to see RBI Governor Patel quit-sources* Key for government is to create conditions for increased lending* Reserves dispute may be kicked down the road-sourcesBy Manoj Kumar and Suvashree ChoudhuryNEW DELHI/MUMBAI, Nov 14 (Reuters) - India's government and its cen...Read More
Nov 16 (Reuters) -For other diaries, please see:Top Economic EventsM/DIARYEmerging Markets Economic Events EMRG/DIARYGovernment Debt AuctionsD/DIARYPolitical and General NewsPOL/DIARYU.S. Federal ReserveFED/DIARYToday in WashingtonWASH/DIARY ----------------------------------------------------------- This Diary is filed daily. ** Indicates new events -----------------------------------------------...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)LONDON, Nov 15 (Reuters) - European shares marched higher on Thursday as oil prices stabilised and mining stocks rallied on hopes that China and the United States may reach a rapprochement to end their long-running trade spat, offsetting bad news in the tech sector.The pan-European STOXX 600 index .STOXX was up 0.2 percent by...Read More
Nov 15 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India ( CRISIL (NS:CRSL)) for local debt instruments as of November 14, 2018. COMPANYINSTRUMENTRATINGAMOUNT MOVEMENT(RS.MLN) --------------------------- --------- SHORT TERM RATINGS: ------------------- Aaditya Foam Industries LLPLOCCRISIL A4+20Reaffirmed Active Tools Pvt LtdPacking CreditCRISIL A4+110Assigne...Read More
* Sees India refined copper consumption around 650,000 T in 2018* Shipments from ASEAN, Japan to fill void left by Vedanta -CEO* Sees import reliance up to 41 pct from previous 28 pct (Adds comment from CEO interview, industry details)By Tom DalySHANGHAI, Nov 15 (Reuters) - India's refined copper consumption is set to more than double over the next eight years amid rising demand from the power, au...Read More