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Bloomberg

Elon Musk sees a future in China for Tesla, and it's muddy

7th January 2019 Standing in a vast field of muddy wasteland that wouldn’t look out of place in an apocalyptic movie scene, Elon Musk exuded his usual mix of optimism and self-deprecating humor. Musk had trekked to these inhospitable outskirts of Shanghai on a rainy Monday to break ground on Tesla’s first... 

If you can't pipe it, refine it: Alberta seeks oil glut solution

7th January 2019 What’s worse: Too much oil, or too much gasoline? The government of Alberta, weighing the potential of a new refinery for the province, may be on its way to finding out. In 2018, surging crude production in the Canadian province ran into limited space on export pipelines, creating bottlenecks and... 

Eskom is said to extend job cuts beyond top management tier

7th January 2019 Eskom Holdings will extend its strategy of trimming top executive positions to include lower ranking managers and finally the general workforce as South Africa’s cash-strapped power utility looks to cut costs, according to a person familiar with the plans. The state-owned company last month... 

BlackRock heaps praise on gold's role as a tough year opens

7th January 2019 Gold may extend gains as global growth slows, equity market volatility remains elevated and the Federal Reserve is expected to ease back on the pace of policy tightening this year, according to a BlackRock money manager, who says the precious metal offers an effective hedge. “Recession fears are... 

Goldman takes hatchet to near-term metals outlook as China sours

7th January 2019 Goldman Sachs Group chopped back its near-term metals forecasts as China’s economy has “decelerated notably,” while balancing that outlook with a prediction mainland policy makers will respond by stoking expansion in the second half, aiding a revival in copper and aluminum. The bank – which had... 

Barrick's new CEO says gold industry shake-up is just starting

4th January 2019 Barrick Gold Corp.’s new chief executive officer has a message for the gold industry: This is just the start of a big shake-up. Barrick agreed to buy smaller rival Randgold Resources Ltd. in a $5.4-billion deal announced in September. As part of the agreement, Randgold’s CEO, Mark Bristow,... 

Apollo Global is said to aim for Arconic deal by mid-January

3rd January 2019 Apollo Global Management LLC is in talks to buy Arconic Inc. for about $22 a share in a deal that could be reached by mid-January, according to people familiar with the matter. The private equity firm and aerospace manufacturer are negotiating a transaction that would protect Apollo from... 

Blast kills 13 people in deadliest Czech mine tragedy since '90

21st December 2018 A blast at a Czech coal shaft killed 13 people, making it the country’s deadliest mining disaster in almost three decades. The workers at the CSM mine in the east of the country, 12 of them from neighboring Poland, died after methane exploded about 880 m underground on Thursday night, said Ivo... 

South Africa considers setting up council of economic advisers

21st December 2018 Finance Minister Tito Mboweni said President Cyril Ramaphosa has asked him to consider a process to set up a council of economic advisers. “The President has spoken to me about consolidating a process about thinking through his idea around a council of economic advisers,” Mboweni told reporters... 

Volatile rand has Namibia mulling an end to 25-year currency peg

21st December 2018 Namibia is growing tired of the economic pain caused by the volatile South African rand and is considering ending a 25-year-old peg to the currency of its larger neighbor. The government in Windhoek is weighing options to amend the currency arrangement or forge a new path for the Namibian... 

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