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Reuters

UMMC mining firm draws first €100m syndicated loan

9th October 2018 Russia's Urals Mining and Metals Co (UMMC) said on Tuesday it had drawn a three-year €100-million syndicated loan from a group of banks to refinance loans and increase its working capital. The syndicated loan, the first drawn by UMMC, was structured in the form of pre-export financing secured... 

Gold nudges up on risk aversion amid China worries

9th October 2018 Gold prices edged higher on Tuesday as risk appetite fell, with Asian stocks slipping to 17-month lows amid concerns over a potential slowdown in China's economic growth. Spot gold was up 0.2% at $1 189.58/oz at 07:15 GMT. On Monday, it fell 1.2%, its biggest one-day percentage fall since August... 

IMF cuts world economic growth forecasts as import tariffs, emerging market issues bite

9th October 2018 The International Monetary Fund on Tuesday cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows. The... 

Albemarle shares drop after media report on Chile lithium quota

9th October 2018 Shares of Albemarle Corp fell more than 2% on Monday after a newspaper reported that Chile's nuclear regulator has refused to increase the company's lithium production quota. The report, which has yet to be confirmed by officials, would be a blow to the world's largest lithium producer's aim to... 

Chile eyes new copper markets to shield economy from trade war

9th October 2018 Chile aims to find new copper markets and expand its lithium industry as it seeks to shield its economy from a US.China trade war, the mining minister of the world's biggest copper producer said on Monday. Baldo Prokurica also told Reuters the South American nation was considering further... 

Lazard report on Eskom asset sale options due within days – Eskom chair

8th October 2018 Financial adviser Lazard will conclude its assessment of which assets South Africa's State-owned power firm Eskom can put up for sale in the next few days, Eskom's chairperson Jabu Mabuza said on Monday. "We have hired Lazard to look at what assets, if any, we can dispose of on our balance... 

Eskom won't need more government cash over next year – Minister

8th October 2018 State-owned power firm Eskom does not require government cash injections over the next 12 months, the country's Public Enterprises Minister Pravin Gordhan said on Monday. Cash-strapped Eskom is critical to Africa's most industrialised economy as it supplies more than 90 percent of its power but... 

President's office says 'not aware' of Nene request to be sacked

8th October 2018 President Cyril Ramaphosa's spokesperson said on Monday his office was not aware of Finance Minister Nhlanhla Nene's request to be relieved of his duties after he admitted to visiting the Gupta brothers. The rand fell more than one percent when Business Day newspaper reported Nene had asked... 

Turkey puts import quotas on steel – WTO filing

8th October 2018 Turkey will introduce quotas on the amount of steel it imports from Oct. 17, with an additional 25% duty on any imports above the quotas, it said in a filing published by the World Trade Organization on Monday, blaming a surge in imports. It said it had begun investigating the case for emergency... 

MTN shares up 2% on possibility of reduced repatriation demand

8th October 2018 South Africa's MTN Group shares rose as much as 2.55% after the Nigerian central bank governor said on Sunday the bank may reduce the amount it has ordered the telecoms firm to repatriate as part of an ongoing disagreement. MTN and the central bank are in a dispute over the transfer of $8.1... 

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