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Showing posts with label 2012).. Show all posts
Showing posts with label 2012).. Show all posts

Jan 23, 2013

Mineweb Top Stories (January 23, 2012).: Despite ‘abnormal’ year, FCX’s 4Q net profit exceeds expectations.

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FEATURED PODCAST                                                     

The gold market's cash cost conundrum - Aldis

US Global's Ralph Aldis discusses the recent trend towards better disclosure of costs by gold companies but, maintains there is still a long way to go.

TOP STORIES | Wednesday , 23 Jan 2013                                                     

Despite ‘abnormal’ year, FCX’s 4Q net profit exceeds expectations

Freeport-McMoRan Copper & Gold CEO Richard Adkerson says, "2012 was a year that was abnormal for us" with unusually low ore grades in Indonesia and the effect of a 2011 strike on productivity.    Wednesday , 23 Jan 2013

Sibanye pre-listing statement highlights SA mining risks

The soon-to-be-listed gold miner cuts reserves by 28% and makes no bones about the risks faced by a South African-based miner.    Wednesday , 23 Jan 2013

Newmont reports 2012 output of 5m gold ozs., 143m lbs. copper

Newmont Mining has announced a first-quarter gold-linked price dividend of $0.425 per share (subject to board approval), a 21% increase over the prior year quarter.    Wednesday , 23 Jan 2013

Pan American Silver sets 25.1m-oz. silver production record in 2012

“2013 looks to be another record-setting production year for Pan American,” says Pan American Silver’s COO Steve Busby.    Wednesday , 23 Jan 2013

4 gold facts you might not know, but should - Holmes

US Global's Frank Holmes looks at the group's Periodic Table of Commodity Returns and examines some facts about the precious metal that more people ought to know.    Wednesday , 23 Jan 2013

BHP digs deeper for more ore to feed China steel mills

The risk, say analysts, is that miners may flood the notoriously fickle market for seaborne-traded iron ore, where prices can rise or fall by as much as 50% in a matter of months.    Wednesday , 23 Jan 2013

Uranium market woes mainly a timing issue - Musgrave

After a steep selloff in uranium that lasted almost two years, sentiment seems to be starting to swing positive again.    Wednesday , 23 Jan 2013

Indian commodity production down but gold output jumps in November

While India's total mineral production was lower by 0.7% in November, the country saw gold output jump 2.2%.    Wednesday , 23 Jan 2013

Fallen mining CEOs scapegoats rather than villains

The idea of a board of directors is one of collective responsibility for major decisions, but it is those unfortunate to be at the head of a company at the wrong time who carry the can.    Tuesday , 22 Jan 2013

Nichols muses on gold past, present and future

After 40 years of gold analysis, Jeff Nichols still feels positive about the short and medium term prospects for the yellow metal, even though he avers he is a gold bull but not a gold bug.    Tuesday , 22 Jan 2013

Rio Tinto reviews Mozambique as miners retreat from big plans

Rivals Vale and BHP Billiton have already begun pulling back from big African bulk commodity projects, where overcoming infrastructure problems is vital for success.    Tuesday , 22 Jan 2013

India plans to mobilise ETF gold through deposit scheme changes

India's government announces steps to unfreeze gold physically held by mutual funds under gold exchange traded funds (ETF), by allowing them to invest in gold deposit schemes of banks.    Tuesday , 22 Jan 2013

Top 10 mining trends for 2013 - Deloitte

The article looks at the Tracking the Trends report by Deloitte which examines the challenges expected to affect the industry in 2013.    Tuesday , 22 Jan 2013

South African regulator approves Glencore/Xstrata merger

The Competition Tribunal has approved the $33 billion merger but attached some conditions to the deal to limit the its impact on job losses in the crucial mining sector.    Tuesday , 22 Jan 2013

Bad weather halts MMG’s zinc concentrate shipments

MMG has temporarily halted the shipping of zinc concentrate from Queensland on account of bad weather and has also restricted zinc processing at its Century mine.    Tuesday , 22 Jan 2013

Inmet asks shareholders to reject First Quantum's offer

Inmet has asked shareholders to reject First Quantum’s $5.13 billion takeover offer, calling it inadequate, and is in talks with third parties for alternative deals.    Wednesday , 23 Jan 2013

Hochschild's 2012 production ahead of forecast

Lima-based Hochschild produced 20.3 million silver equivalent ounces last year, beating guidance of 20 million silver equivalent ounces.    Wednesday , 23 Jan 2013

Cerrejon coal workers to decide on strike next week

Workers for Colombia's largest coal exporter, Cerrejon, will decide whether to go on strike or send a wage dispute to an arbitration committee on January 29.    Wednesday , 23 Jan 2013

SA’s ANC risks investment with attack on Anglo American

The party’s secretary-general yesterday accused Anglo American of theft, after its platinum unit announced plans to offload as many as 14,000 workers, straining its relationship with business.    Wednesday , 23 Jan 2013

Cameroon prepares to launch first industrial diamond mine

The Mobilong mine is expected to come online by the end January 2013 as part of plans to develop Cameroon’s long-neglected diamond mining sector.    Wednesday , 23 Jan 2013

Turkey’s central bank raises gold reserve coefficients

The bank raised its reserve option coefficients for gold by 0.1 points, a move which will boost the central bank's gold reserves.    Tuesday , 22 Jan 2013

Vale considers iron ore distribution centre in China

If built, the distribution centre would improve Vale's access to China, which has not allowed its giant Valemaxes to berth at its ports.    Tuesday , 22 Jan 2013

Harmony to oppose union’s court application for access to hostels

Trade union AMCU plans to ask the Johannesburg-based South Gauteng High Court to allow employees access to hostels at Harmony’s Kusasalethu mine.    Tuesday , 22 Jan 2013

Angola’s Escom eyes May production from new diamond mine

The Tchegi alluvial site will, together with Escom’s existing Luo kimberlite mine, produce a total of about 35,000 carats a month by the end of the year.    Tuesday , 22 Jan 2013

Yesterday's top story: Worried about gold confiscation? Why not buy silver instead?

One option open to precious metals investors worried about gold confiscation is investment in the yellow metal’s less costly and more volatile, sibling – silver.    Monday , 21 Jan 2013

PODCASTS / RADIO                                                     

Platinum demand and supply dynamics post the Amplats review

The CPM Group's Erica Rannestad looks at the supply and demand dynamics at play within the global platinum market post the Amplats review announcement.

Perceptions and reality in the mining sector - Solomon

'If one can get consensus on what the real underlying issues are, one can begin to address them,' says mining analyst and former Wesizwe Platinum CEO Mike Solomon.

GFMS Gold Survey Update 2 – Philip Klapwijk

Thomson Reuters GFMS’s global head of metals analytics looks at the reasons it believes gold is going to average $1,847 in 2013.

Amplats’ stakeholders weigh in on proposals and implications

“The industry is not going to fix itself, but the profitability of the operations, with half of the platinum industry – not just Anglo Platinum – loss-making at the moment, this is not only affecting Anglo American Platinum.”

Jan 18, 2013

RTTNews | U:S: Commentary (January 18, 2012).

Stocks May Show A Lack Of Direction On Mixed Earnings News - U.S. Commentary

1/18/2013 8:57 AM ET
After moving notably higher over the course of the previous session, stocks may show a lack of direction in early trading on Friday. The major index futures are currently pointing to a roughly flat open for the markets, with the Dow futures up by just 7 points.

A mixed reaction to the latest batch of earnings news is likely to contribute to choppy trading amid a relatively light day on the economic front.

Shares of General Electric (GE) are moving significantly higher in pre-market trading after the industrial conglomerate reported fourth quarter earnings that exceeded analyst estimates on revenues that increased by more than anticipated.

Financial giant Morgan Stanley (MS) is also likely to see early strength after reporting a better than expected fourth quarter profit compared to a year-ago loss.

On the other hand, semiconductor giant Intel (INTC) is likely to come under pressure in early trading after reporting fourth quarter earnings and revenues that fell year-over-year.

Intel's quarterly earnings exceeded analyst estimates, but the revenues came in below expectations and the company also gave downbeat revenue guidance for the first quarter.

American Express (AXP) could also be in focus after the credit card giant reported a fourth-quarter profit that fell sharply year-over-year, hurt mainly by hefty one-time charges including the restructuring expense related to 5,400 job cuts.

While the economic calendar is relatively quiet following the slew of data released over the past few days, traders are still likely to keep an eye on a reading on consumer sentiment.

Reuters and the University of Michigan are scheduled to release their preliminary reading on consumer sentiment in the month of January at 9:55 am ET. Economists expect the consumer sentiment index to climb to 75.0 in January from the final December reading of 72.9.

Stocks moved notably higher over the course of the trading day on Thursday after moving roughly sideways over the previous few sessions. The rally came on the heels of the release of upbeat employment and housing reports.

The major averages pulled back off their best levels going into the close but still ended the day firmly positive. The Dow rose 84.79 points or 0.6 percent to 13,596.02, the Nasdaq climbed 18.46 points or 0.6 percent to 3,136.00 and the S&P 500 advanced 8.31 points or 0.6 percent to 1,480.94.

The gains lifted the Dow and the Nasdaq to three-month closing highs, while the S&P 500 reached its best closing level in five years.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index surged up by 2.9 percent, while Hong Kong's Hang Seng Index advanced by 1.1 percent.

Meanwhile, the major European markets have turned mixed on the day. While the German DAX Index has slipped 0.2 percent, the U.K.'s FTSE 100 Index is up by 0.6 percent and the French CAC 40 Index is up by 0.1 percent.

In commodities trading, crude oil futures are sliding $0.27 to $95.22 a barrel after climbing $1.25 to $95.49 a barrel on Friday. Gold futures are edging up $0.50 to $1,691.30 an ounce. In the previous session, gold rose $7.60 to $1,690.80 an ounce.

On the currency front, the U.S. dollar is trading at 89.90 yen compared to the 89.88 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.3324 compared to yesterday's $1.3376.

by RTT Staff Writer

Jan 16, 2013

MarketWatch | Asian Markets at Close Report (January 16, 2012).: Japan stocks tumble, leading broad Asian losses

By Sarah Turner, MarketWatch 

SYDNEY (MarketWatch)Asian markets mostly declined Wednesday, with Japanese stocks skidding on a firmer yen and shares in Hong Kong weakening as financials lost ground

The Nikkei Stock Average JP:100000018 -2.56%  tumbled 2.6% to 10,600.44, after ending at a level not seen since April 30, 2010 in the previous session. 

Hong Kong’s Hang Seng Index HK:HSI -0.10%  declined 0.1%, the Shanghai Composite CN:000001 -0.70%  dropped 0.7%, South Korea’s Kospi KR:SEU -0.32%  slid 0.3% and Taiwan’s Taiex XX:Y9999 -0.83% fell 0.8%. Australia’s S&P/ASX 200 index AU:XJO +0.46%  closed up 0.5%. 

Investors bet on China to clean up pollution Shares of environmental protection companies rise Tuesday after Chinese authorities say they plan to tackle the country's worsening pollution levels. 

The Dow Jones Industrial Average DJIA +0.20%  and the S&P 500 Index SPX +0.11% ended slightly higher in the U.S. on Tuesday, after the release of some mixed economic data and before this week’s major earnings releases. Read: U.S. stocks edge up; Apple weighs on tech. 
Losses for Japanese stocks Wednesday came as the dollar USDJPY -0.85% traded at 88.07 yen, down from ¥88.92 in late North American trading on Tuesday. The yen jumped against the dollar Tuesday, bucking its recent downward trend, following reports the country’s economy minister Amira Amari will attend the next Bank of Japan meeting. Read Currencies report.
“In and of itself, the attendance of the Economics Minister at a Bank of Japan meeting is not unusual, but given Amari’s recent warning about yen weakness, expectations of aggressive BOJ easing were pared back a touch,” said Sue Trinh, strategist at RBC Capital Markets. 

Companies that have seen some gains in recent sessions amid yen weakness pared some of that strength on Wednesday. 

Fuji Heavy Industries Ltd. JP:7270 -2.87%   FUJHY -1.45%  fell 2.9%, Nikon Corp. JP:7731 -4.62% NINOY -2.56%  down 4.6% and Honda Motor Co. JP:7267 -2.96% HMC -0.91%  dropped 3%.
Heavyweight retailer Fast Retailing Co. JP:9983 -4.62%   FRCOF -1.67% fell 4.6% after a downgrade to neutral from buy at Goldman Sachs, with the broker saying that the firm’s earnings outlook has now largely been priced in, Dow Jones Newswires reported. 

Shares of All Nippon Airways Co. JP:9202 -1.62%   ALNPY 0.00%  fell 1.6%, but outperformed the broader market. Japanese broadcaster NHK reported the airline was to ground its entire fleet of 17 Boeing Co. BA +0.51%  Dreamliners after a 787 aircraft made an emergency landing as it headed toward western Japan. 

Rival Japan Airlines Co. JP:9201 +1.80%  rose 1.8%, shrugging off reports that it would also ground its Dreamliners Wednesday. The airline has a fleet of 7 Dreamliner planes, with five currently in service, the Wall Street Journal reported. 

Wednesday saw mainland Chinese financials retreat in Hong Kong, pulling back after recent gains. Bank of Communications Co. HK:3328 -1.27% BCMXY +3.57%  dropped 1.3% and Industrial & Commercial Bank of China Ltd. HK:1398 -0.68% IDCBY +0.80% fell 0.7%. 

China Petroleum & Chemical Corp. HK:386 -1.63% SNP -0.44%  fell 1.6% in the energy sector, while China Coal Energy Co. HK:1898 -1.25% CCOZY +3.13%  slid 1.3%.
On the Chinese mainland, losses were also concentrated in financials, with Bank of Communications Co. CN:601328 -1.59%  down 1.6%, and Agricultural Bank of China Ltd. CN:601288 -2.11%  off 2.1%. 

Property firms also sagged, with Gemdale Corp. CN:600383 -2.86% down 2.9% and Poly Real Estate Group Co. CN:600048 -3.42%  3.4% lower. 

South Korean trading saw gains for auto makers, in contrast to Japan, with Hyundai Motor Co. KR:005380 +0.72% HYMTF -4.69%  up 0.7%, and affiliate Kia Motors Corp. KR:000270 +2.25% KIMTF -1.81% 2.3% higher. 

However, technology heavyweight Samsung Electronics Co. KR:005930 -1.32%   SSNLF 0.00%  fell 1.3% and LG Electronics Inc. KR:066570 -1.36%   LGEIY 0.00%  declined 1.4% to weigh on the market. 

In Australian trading, healthcare stocks were outperforming, as blood products group CSL Ltd. AU:CSL +3.51%   CMXHY +1.32%  gained 3.5% and hearing aid firm Cochlear Ltd. AU:COH +0.89% CHEOY +0.31% advanced 0.9%.

Sarah Turner is MarketWatch's bureau chief in Sydney. Follow her on Twitter @SarahTurnerMKTW.

Jan 14, 2013

Money Show Traders Daily Alert (January 14, 2012).

Traders Daily Alert

Tips for Traders
Bounce or Scalp: What's the Diff?, Michael Bellafiore

Options Idea

Charts in Play

Currency Corner

Trading Idea of the Day
3 Metals Face Glittering Future, Przemyslaw Radomski

Today's Featured Videos & Exclusive Interviews
The Combo Trade, Jennifer Thornburg

Jan 11, 2013

The Economist | New Selected Articles (January 11, 2012).:

Analects: Warm porridge and bitter tea
China's microbloggers use clever hidden messages to evade the country's censors
read more »

Pomegranate: Can the tourists be lured back?
Lebanon launches a campaign to revive its image as a holiday destination
read more »

Blighty: You can't keep a bad idea down
Britain's government seems to have changed its mind about the merits of giant "Titan" prisons
read more »
Babbage: Access denied
America's strict copyright laws have stemmed the flow of material into the public domain
read more »
Prospero: Winning selections
Our take on this year's nominations for the Academy Awards
read more »
Daily chart: Unhealthy outcomes
A new report highlights the inefficiency of America's health-care spending
read more »
Online debate: World economy
The optimists have the upper hand in our debate on the outlook for the world economy in 2013. Will the rebuttals change your view?
read more »

NYT: ALERT FGC BOLSA - FGC FINANCIAL MARKETS (January 11, 2012).: Obama Near a Choice on Next Chief of Staff .

January 11, 2013 Compiled: 12:32 AM

President Obama for the fifth time must choose the aide who will be the gatekeeper for every problem and person that comes before him.

About that $1 trillion coin. Hey, desperate times call for creative answers.

As he looks back on a tumultuous tenure, Timothy F. Geithner, the Treasury secretary, is remarkably sanguine.

The increase was attributed to seasonal volatility, and other measures, such as wholesale sales, were healthy.

Jan 10, 2013

DealBook P.M. Edition (January 10, 2012).: Herbalife Shares Fall After Company Defends Itself

Thursday, January 10, 2013

Herbalife Shares Fall After Company Defends Itself
Herbalife Shares Fall After Company Defends Itself The nutritional supplements company sought to knock down William A. Ackman's accusations that it is a fraud, but it appeared that investors are still trying to make up their minds.
Deal Professor: What's at the Center of the Debate Over Herbalife Steven M. Davidoff says that there are no easy answers here, and that probably means that the hedge fund combatants William Ackman and Daniel Loeb - and Herbalife - will be duking it out for some time.
Live Blog: Herbalife Responds to Accusations From Hedge Fund Herbalife executives made a presentation to analysts and its investors to respond to accusations by the investor William A. Ackman that their company operates a pyramid scheme.
Judge Postpones Sentencing for Wells Fargo Broker A California federal judge has delayed the sentencing of Philip Horn, a Wells Fargo broker who pleaded guilty to defrauding more than a dozen clients.
Breakingviews: Why an I.P.O. Revival May Have to Wait Yes, there has been pick-ups in a number of debt markets, but Dominic Elliott says that equities issuance still faces challenges.
Former UBS Executives Are Grilled Over Libor British lawmakers accused several former senior executives at the Swiss bank of "gross negligence and incompetence" in failing to detect that employees were altering benchmark interest rates for financial gain.
Cerberus to Buy Albertsons Grocery Chain From Supervalu An investor group led by Cerberus Capital Management agreed on Thursday to buy a number of grocery chains from Supervalu, including Albertsons, for about $3.3 billion. The Cerberus-led group will also buy up to 30 percent of Supervalu itself, paying $4 a share in a tender offer.
Returns at Hedge Funds Run by Women Beat the Industry, Report Says Hedge funds led by female managers produced a return of 8.95 percent through the third quarter of 2012, significantly outperforming the overall universe of hedge funds, a report shows.
Private Equity in China: Which Way Out? Of the 10,000 deals that were done during China's private equity boom of the past decade, about 7,500 are still searching for an exit.
Buzz Tracker
BlackRock to Buy E.T.F. Unit from Credit Suisse The giant money management firm agreed on Thursday to buy the exchange-traded fund business of the Swiss bank Credit Suisse for an undisclosed price. The unit has around $17.3 billion of assets under management, and the deal is expected to close by June.
Economic Reports Data to be released on Friday includes the trade deficit for November and import prices for December.
Corporate Earnings Companies scheduled to release quarterly earnings reports on Friday include Wells Fargo.
In the United States On Friday, the Agriculture Department will issue its monthly crop report.

Quotation of the Day
"The level of ignorance seems staggering to the point of incredulity."
Andrew Tyrie, a British politician, on UBS officials testifying about rate rigging.

Market Watch | Wall Street Market at Close Report (January 10, 2012).: U.S. stocks rise on improved global view:

By Kate Gibson, MarketWatch 

NEW YORK (MarketWatch) U.S. stocks rose on Thursday, lifting the S&P 500 to a five-year closing high, after data from China bolstered the view of an improving global economy. 

“Chinese growth is accelerating and the market over the last day or so seems to have taken on a more positive tone as it relates to earnings,” said Mark Luschini, chief market strategist at Janney Montgomery Scott. 

December exports data from China beat expectations, while European Central Bank President Mario Draghi projected that the euro zone’s economy would bounce back later this year. 

ECB holds policy steady Dow Jones Managing Editor Michael Casey joins the News Hub to discuss the increase in unemployment, European Central Bank rates holding steady and news from Herbalife. 

“In Europe the recession is not worsening, Chinese growth is accelerating and in the U.S., the worst of the fiscal cliff is behind us. The impact of tax cuts is less than what the CBO initially scored, which has the potential to lift confidence and as a result business spending,” said Luschini. 

The Dow Jones Industrial Average DJIA +0.60%  gained 80.71 points, or 0.6%, to 13,471.22.
Bank of America Corp. BAC -0.78% led blue-chip gains, which included 25 of the Dow’s 30 components. 

Banks and other financial companies have drawn support this week as the government’s consumer finance watchdog on Thursday unveiled mortgage rules that will make banks use new standards to determine if a borrower has the ability to repay a mortgage. And several large home-loan providers earlier in the week came to an accord with regulators to close a review of foreclosures ordered by the government. 

Five days after closing at its highest level since December 2007, the S&P 500 cleared its five-year closing high of 1,466.47. 

The S&P 500 SPX +0.76%  added 11.10 points, or 0.8%, to 1,472.12, with financials leading sector gains among its 10 major industry groups. Financial stocks: Wells Fargo shares rise on eve of results.
Microsoft Corp. MSFT +0.30%  fell 0.9% after Morgan Stanley downgraded the globe’s biggest software manufacturer to equalweight from underweight. 

Tiffany & Co. TIF -4.52% reported holiday-season sales that hinted the luxury retailer’s rapid growth of recent years was languishing in the United States, Europe and Japan. The company projected annual earnings at the low end of its prior guidance. Shares of Tiffany shed 4.5%. Read: Tiffany sparkle fades. 

“Especially with earnings season beginning, we’re much more focused on stock-specific reports,” said Dan Greenhaus, chief global strategist at BTIG LLC.
After falling into the red, the Nasdaq Composite COMP +0.51% recouped to end at 3,121.76, up 15.95 points, or 0.5%. 

Shares of Apple Inc. AAPL +0.10%  rose 1.2%. The Wall Street Journal reported that Apple CEO Tim Cook recently met with the chairman of China Mobile, triggering speculation that the mobile carrier may soon be offering the iPhone. Read: China Mobile chairman, Apple CEO talk cooperation.
For every stock falling nearly two gained on the New York Stock Exchange, where 727 million shares traded. 

Composite volume exceeded 4 billion. 

“The jobs data was benign, and the wholesale data nobody cares about,” said Greenhaus of U.S. economic reports, which had inventories at U.S. wholesalers up 0.6% in November and new applications for jobless benefits rising slightly last week. However, the level of jobless claims revealed little change over the past few months and was consistent with a modestly improving U.S. labor market. See: Jobless claims rise to 371,000. 
Kate Gibson is a reporter for MarketWatch, based in New York.

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