Wall Street slips despite better than expected US jobs data March 4, 2021 US stocks opened lower on Thursday as Wall Street reckoned with yesterday’s technology-led selloff, despite new data showing an improved US employment market. The tech-heavy Nasdaq slid 2.4 per cent this afternoon, with carpet company Dixie Group pulling the index down with a 48 per cent drop. Tesla shares extended yesterday’s loss of more than [...]
Rio Tinto chairman to step down over destruction of sacred site March 3, 2021 The chairman of Rio Tinto will step down as the mining giant has come under fire for destroying a sacred cave system in Australia. The global outcry over the destruction of the 46,000-year old Aboriginal site, known as Jukkan Gorge, has led the US government to rethink its plan for Rio Tinto and BHP to [...]
Ryanair flies just 500,000 people in February as travel restrictions continue March 2, 2021 Irish carrier Ryanair flew just 500,000 people in February as widespread coronavirus restrictions all but ended air travel. In the same month last year the airline carried 10.5m passengers, but over the last 12 months the pandemic has totally reshaped the aviation industry. Since last March, when the pandemic hit Europe, the airline has flown [...]
Glencore’s Australia mine expansion ‘threatens sacred sites’ March 2, 2021 Expansion at an Australian mine run by Glencore puts several sacred Aboriginal sites at risk, an inquiry heard on Tuesday. The head of a Northern Territory oversight authority said that a range of locations including a historical quarry were in danger. Glencore’s McArthur River Mine received approval from the territory’s mining minister last year to [...]
Anglo American profit tumbles but metal prices keep earnings steady February 25, 2021 Mining giant Anglo American this morning said that profit slipped 40 per cent in 2020, falling from $3.5bn to $2.1bn, as the coronavirus dried up demand for commodities around the world. However, its earnings – Anglo American’s preferred metric – came in at $9.8bn, ahead of the $9.4bn predicted by analysts. That’s just short of [...]
FTSE 100 tumbles as inflation concerns mount February 22, 2021 London’s FTSE 100 tumbled 0.68 per cent today by midday, as higher commodity prices sparked fears of a spike in inflation. The fall was led by declines in consumer staples and industrials stocks, as investors awaited Boris Johnson’s plan for a phased easing of business restrictions. The prime minister will plot a path out of [...]
Are we heading into a new commodities ‘supercycle’? February 20, 2021 Since the beginning of the year commodity prices have been surging, leading a number of banks to declare the start of a new “supercycle” for the assets. Bankers at Goldman Sachs were the first off the line, declaring that the Covid-19 had created the right structural conditions for the same kind of multi-year price growth [...]
Copper touches highest levels since 2012 as metals rally continues February 16, 2021 Copper prices hit their highest levels in nearly a decade today as Chinese demand and the global economic recovery extended the red metal’s rally. For the third session in a row London Metal Exchange copper hit fresh multi-year peaks, having rallied by 93 per cent since last March. LME copper pushed up 0.3 per cent to $8,416.50 [...]
Glencore reinstates dividend after slimming down debt February 16, 2021 Glencore today said it will reinstate its dividend for the full year after improved second-half trading helped the mining giant trim its debt pile. The London-listed firm, which last year slashed its dividend in a bid to reduce debt, has proposed a payout of $1.6bn (£1.1bn) for 2020, or $0.12 per share. It follows an [...]
FTSE 100 bounds ahead despite housebuilders taking a tax hit while US stocks soar February 10, 2021 FTSE 100 bounds ahead despite housebuilders taking a tax hit