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7278cc496ff8497770f4d5508a255c6e | https://www.reuters.com/article/global-precious/precious-gold-retreats-as-china-seeks-to-limit-virus-damage-idINL4N2A32VX?edition-redirect=in | PRECIOUS-Gold retreats as China seeks to limit virus damage | PRECIOUS-Gold retreats as China seeks to limit virus damage
By K. Sathya Narayanan3 Min Read
(Updates prices)
* Dollar rebounds from a 2-week low
* China coronavirus death toll rises
* Gold specs cut bullish positions in week to Jan. 28 - CFTC
Feb 3 (Reuters) - Gold fell 1% on Monday, retreating from its highest level in nearly four weeks as China’s steps to protect its economy from the impact of the coronavirus outbreak and a buoyant dollar stemmed some inflows into safe-haven assets.
Spot gold fell as much as 1% and was down 0.8% at $1,577.11 per ounce as of 1321 GMT.
Prices touched the highest since Jan. 8 earlier in the session. U.S. gold futures shed 0.4% to $1,581.70.
China’s central bank unexpectedly lowered the interest rates on reverse repurchase agreements and injected 1.2 trillion yuan ($171 billion) of liquidity into markets as authorities sought to relieve pressure on the economy from the rapidly spreading virus.
“Uncertainty is generally supportive for gold but we have also seen China taking measures to support the economy. This is something financial markets are taking positively,” said Julius Baer analyst Carsten Menke, adding that a rebound in the dollar was adding to gold’s weakness.
European and U.S. shares were a little higher, but a gauge of global stocks hovered near seven-week lows. The U.S. dollar was up about 0.3% against its main rivals, having recovered from a two-week low touched in the previous session.
“Once we get through this ‘band-aid effect’, the reality will set in that there is an economic tumult about to happen in China, which is going to spread globally and force a lot of central banks to cut rates,” said Stephen Innes, chief market strategist at AxiCorp.
Lower interest rates reduce the opportunity cost of holding the non-yielding bullion.
Physical gold markets in major Asian hubs saw activity dwindle last week as the epidemic took a toll on demand, especially with top consumer China out of action.
People’s anxiety about going out because of the outbreak during the Lunar New Year holidays in China, usually a strong seasonal driver for bullion demand, will have a negative impact on the gold market, said Julius Baer’s Menke.
Speculators cut their bullish positions in COMEX gold contracts in the week to Jan. 28, data showed on Friday.
Elsewhere, palladium was up 0.6% at $2,290.92 an ounce, silver fell 1.5% to $17.76, while platinum fell 0.1% to $955.57.
$1 = 7.0155 Chinese yuan renminbi Reporting by K. Sathya Narayanan and Sumita Layek in Bengaluru; Editing by Barbara Lewis and Pravin CharOur Standards: The Thomson Reuters Trust Principles.
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c7f2c8565b171debc82d4f1ed99fd4ee | https://www.reuters.com/article/global-precious/precious-gold-rises-1-on-dollar-weakness-economic-uncertainty-idINL4N2H53DM?edition-redirect=in | Gold jumps 1% on dollar weakness, economic uncertainty | Gold jumps 1% on dollar weakness, economic uncertainty
By Sumita Layek2 Min Read
(Reuters) - Gold gained 1% on Wednesday, rebounding from a sharp decline in the previous session, as the dollar weakened and uncertainties surrounding the U.S. election and global economic recovery boosted the safe haven metal’s allure.
FILE PHOTO: Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger/File Photo
Spot gold was up 1% to $1,910.06 per ounce by 9:54 a.m. EDT (1354 GMT). U.S. gold futures rose 1.1% to $1,914.70.
“The dollar index is down on the day, yields are lower which is supporting gold and we’re also seeing some technical buying probably because yesterday’s correction was a little overdone,” said Bart Melek, head of commodity strategies at TD Securities.
The dollar was down against major currencies, while the benchmark 10-year yield also fell.
Bullion dipped as much as 1.9% on Tuesday after the greenback rallied on an impasse over U.S. stimulus.
“We’re going to get a stimulus no matter who wins the elections - Democrats or Republicans ... the fact of the matter is the U.S. needs a stimulus package, although it looks doubtful that we’ll get one in any meaningful way before the elections,” Melek added.
Gold, considered a hedge against inflation and currency debasement, has climbed 26% this year amid the unprecedented levels of global stimulus to ease the economic blow from the pandemic.
Investors also kept an eye on the U.S. presidential campaign, with polls showing Democratic candidate Joe Biden leading the race.
“The $1,900 an ounce level has been a battle ground for gold,” said Eli Tesfaye, senior market strategist at RJO Futures.
“The market has tried to take it below that level several times but the bears have been overcome by demand from the uncertainty in the upcoming U.S. elections, Brexit and stimulus.”
Elsewhere, silver rose 1.5% to $24.52 per ounce, platinum climbed 0.2% to $866.59 and palladium gained 1.7% to $2,355.13.
Reporting by Sumita Layek in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.
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0acd8d7496d821a66172abee811d1d89 | https://www.reuters.com/article/global-precious/precious-gold-rises-above-1200-as-buyers-cash-in-on-dips-idUKL4N1WK28H?edition-redirect=uk | PRECIOUS-Gold rises above $1,200 as buyers cash in on dips | PRECIOUS-Gold rises above $1,200 as buyers cash in on dips
By Sethuraman N R3 Min Read
* SPDR Gold holdings down 4.5 million ounces since April
* U.S. 10-year Treasury yields highest since 2011
* Gold looking for a floor at $1,200/oz - analyst (Recasts, adds fresh comment, updates prices)
BENGALURU, Oct 4 (Reuters) - Gold rose on Thursday as recent weakness tempted some price-sensitive buyers back to the market and a retreat on stock markets sparked some safe-haven demand.
Spot gold was up 0.5 percent at $1,203.01 an ounce by 1256 GMT, having traded in a narrow $34 range for more than a month. U.S. gold futures were 0.3 percent higher at $1,206.80 an ounce.
Gold has fallen more than 12 percent since hitting a peak in April, under pressure from a stronger dollar that has been boosted by a vibrant U.S. economy, rising interest rates and fears of a global trade war.
“The move shows signs of gold strength,” said Commerzbank analyst Carsten Fritsch. “The metal has fallen too much to a level that cannot be justified by fundamentals.”
Appetite for gold at lower prices helped gold shrug off a surge in U.S. Treasury yields to their highest since mid-2011, pulling global bond yields higher and supporting the dollar near six-week highs. Equities sagged in response.
Kitco Metals senior analyst Jim Wyckoff said some investors had turned to gold as a safe haven over inflation concerns. Gold is often used as a hedge against inflation risk. But he said Thursday’s gains were mainly on technical buying.
“There is some balance with central banks buying gold quietly and individual investors and hedge funds trying to sell gold,” Hussein Sayed, chief market strategist at FXTM.
“Gold is steady around $1,200 levels, which shows that the market is trying to put a floor on price,” Sayed said.
Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.
Looking ahead, investors are awaiting U.S. non-farm payrolls numbers due on Friday, with a Reuters survey showing economists on average expect a rise of 185,000 in September after jumping 201,000 in August.
Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.8 percent on Wednesday, having declined more than 4.5 million ounces since late April.
Among other metals, spot silver was up 0.8 percent at $14.70. Palladium was 0.1 percent higher at $1,056.72, while platinum rose 0.5 percent to $825.80. (Reporting Nallur Sethuraman and Arpan Varghese in Bengaluru Editing by Jan Harvey and Edmund Blair)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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ae9e561dee588f8d8fa2512163b3280c | https://www.reuters.com/article/global-precious/precious-gold-rises-as-concerns-over-trade-deal-economic-slowdown-linger-idUKL4N27R08J?edition-redirect=uk | PRECIOUS-Gold rises on trade deal uncertainty, economic slowdown, HK violence | PRECIOUS-Gold rises on trade deal uncertainty, economic slowdown, HK violence
By Diptendu Lahiri3 Min Read
* Chinese PPI falls 1.6% in October
* SPDR Gold holdings fell 1.4% on Friday
* Gold up nearly 14% this year (Adds comments; updates prices)
Nov 11` (Reuters) - Gold recovered slightly on Monday from the previous session’s three-month low, with buying driven by concerns over the global economy, uncertainty over whether the United States and China will reach a trade deal, and the mounting violence in Hong Kong.
Spot gold was up 0.3% at $1,463.42 per ounce at 0811 GMT, while U.S. gold futures were up 0.2% at $1,465.70 per ounce.
“Gold prices are pretty low now and investors are taking this opportunity to take positions in the safe-haven metal as there is still an upside to it, considering the concerns over the trade war and global economy,” said Brian Lan of Singapore dealer GoldSilver Central.
Gold buying by central banks, especially in China, is also boosting prices, Lan added.
Investors also noted the worsening violence in Hong Kong, where police shot and wounded one anti-government protester on Monday, as the Chinese-ruled territory endured its 24th straight week of pro-democracy unrest.
“Prices are going through a technical bounce back from the recent lows and the geopolitical tensions in Hong Kong are providing further boost,” said Hareesh V, head of commodity research at Geojit Financial Services.
On the trade front, talks with China were moving along “very nicely,” U.S. President Donald Trump said on Saturday, but the United States would only make a deal with Beijing if it was the right one for America.
Washington and Beijing had agreed to roll back tariffs as part of the first phase of a trade deal, but Trump later denied any such agreement.
The trade war has roiled financial markets and spurred fears of a global economic slowdown, pushing the precious metal up 14% this year.
If the world’s two largest economies fail to reach a deal to end their trade war it could push prices to the $1,500-level, said Lan.
Fanning concerns over global growth, China’s producer price index (PPI), partly seen as a guide to trends in corporate profitability, fell 1.6% in October from a year earlier, its steepest decline since July 2016, outstripping analysts’ expectation for a contraction of 1.5%.
“Gold’s next technical support is at $1,450, after which the charts open wide until $1,400 an ounce,” OANDA analyst Jeffrey Halley said in a note.
Asian shares sank on Monday as uncertainty still remained over whether the United States and China could end their damaging trade war.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 1.44% to 901.19 tonnes on Friday.
Elsewhere, silver was up 0.5% at $16.88 per ounce, platinum was flat at $887.41 per ounce and palladium rose 0.2% to $1,745.74 an ounce. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Uttaresh.V & Simon Cameron-Moore)
Our Standards: The Thomson Reuters Trust Principles.
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58f37ff122fec75b498ab8742644cc5f | https://www.reuters.com/article/global-precious/precious-gold-rises-as-investors-bet-on-dovish-u-s-fed-stance-idUKL4N2GD22V?edition-redirect=uk | PRECIOUS-Gold rises as investors bet on dovish U.S. Fed stance | PRECIOUS-Gold rises as investors bet on dovish U.S. Fed stance
By Nakul Iyer0 Min Read
* U.S. Fed's policy decision due at 1800 GMT * Palladium down more than 1% * Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser (Updates prices) By Nakul Iyer Sept 16 (Reuters) - Gold prices rose on Wednesday, helped by a subdued dollar as investors bet on dovish monetary cues from the U.S Federal Reserve when it announces its policy decision later today. Spot gold was up 0.4% to $1,963.97 per ounce by 1131 GMT, while U.S. gold futures rose 0.4% to $1,973.50 per ounce. "What we're probably seeing building in gold here is the expectation that the Fed is going to be more dovish than in the past, and the realization that we're seeing slightly more inflationary pressure than anticipated," said OANDA analyst Craig Erlam. While the Fed does not need to announce stimulus measures now, it will have to lay the groundwork for potential stimulus later, he added. Making bullion more attractive for those buying the metal in other currencies, the dollar index fell in the run-up to the Fed decision at 1800 GMT. The meeting is its first since the central bank took a more relaxed stance on inflation last month. The policy announcement will be followed by a news conference by Chairman Jerome Powell half an hour later. "Markets will want to see if the Fed will modify its language as some expect, perhaps something to the effect that it will keep rates low for a period of time (say three years) or maybe do the same thing with its inflation language," ED&F Man Capital Markets analyst Edward Meir said in a note. "But, we doubt the Fed will lock itself into such a fixed language ahead of a potential turn in the U.S. economy." Lower U.S. interest rates tend to weigh on bond yields and the dollar, bolstering the appeal of non-yielding gold, which is also seen as hedge against inflation and currency debasement. Elsewhere, silver rose 0.1% to $27.27 per ounce, while platinum fell 0.9%, to $969.83 and palladium slipped 1.2% to $2,381.82 per ounce. (Reporting by Nakul Iyer and Brijesh Patel in Bengaluru; Editing by Jan Harvey)
Our Standards: The Thomson Reuters Trust Principles.
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8fd11f089178b6602159f69f779671ae | https://www.reuters.com/article/global-precious/precious-gold-rises-as-trade-deal-doubts-pressure-equities-idUSL4N27T3MT | PRECIOUS-Gold rises as trade deal doubts pressure equities | PRECIOUS-Gold rises as trade deal doubts pressure equities
By Asha Sistla3 Min Read
(Updates prices)
* Platinum rises after four losing sessions
* “Sustained expansion” ahead for U.S. economy: Powell
* U.S. October consumer prices rise 0.4%, more than expected
Nov 13 (Reuters) - Gold gained on Wednesday as U.S. President Donald Trump’s speech on the trade ties with China diminished optimism for a deal and dented risk appetite.
Spot gold rose 0.4% to $1,462.03 per ounce as of 1:36 p.m. EST (1836 GMT). U.S. gold futures settled up 0.7% at $1,463.30.
“President Trump talked about raising tariffs eventually if there is no resolution or any deal on phase one and that seems to be enticing buyers to gold,” said Michael Matousek, head trader at U.S. Global Investors.
“Over the longer term, as an investment it (gold) is still the safe haven. People still want to own it. The overall trend is still up.”
Trump on Tuesday said a trade deal was close but gave no details on when or where an agreement would be signed, disappointing investors in what was billed as a major speech on his administration’s economic policies.
He also rattled some investors by threatening China with even more tariffs if the two countries do not reach a deal.
The trade uncertainty weighed on U.S. equities, with further pressure coming from ongoing protests in Hong Kong.
Anti-government protesters in Hong Kong planned to paralyze parts of the Asian financial hub for a third day, with transport, schools and many businesses closing after violence escalated across the city.
Investors also took stock of latest comments from the U.S. Federal Reserve, with Fed Chair Jerome Powell saying that the central bankers see a “sustained expansion” ahead for the U.S. economy, while the full impact of recent interest rate cuts has yet to be felt.
Meanwhile, U.S. CPI data was better than expected as consumer prices for the month of October rose by 0.4%, exceeding expectations.
Gold’s reaction to Powell’s comments, however, was relatively muted.
“They’re (the Fed) not going to make any kind of move on interest rates. So as a result of that gold futures continue to remain firm,” said Phillip Streible, senior commodities strategist at RJO Futures.
Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion.
Among other precious metals, palladium climbed 0.6% to $1,709.64 an ounce. The metal hit an all-time high of $1,824.50 on Oct. 30 as a result of a sustained supply crunch.
The auto-catalyst metal, could, however, be headed for a pullback, RJO Futures’ Streible said.
Silver gained 0.9% to $16.92 per ounce and platinum was up 0.5% to $873.03 an ounce and was set to end four straight sessions of declines.
Reporting by Asha Sistla and Karthika Suresh Namboothiri in Bengaluru; Editing by Steve Orlofsky and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
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23869a99ebb386f0a1db2816ab05d619 | https://www.reuters.com/article/global-precious/precious-gold-rises-as-weak-us-data-supports-fed-pause-hopes-idUSL3N20A3DU | PRECIOUS-Gold hits two-week high as weak U.S. data lifts likelihood of Fed pause | PRECIOUS-Gold hits two-week high as weak U.S. data lifts likelihood of Fed pause
By K. Sathya Narayanan3 Min Read
(Adds comments, updates prices)
* Gold range-bound between $1,300 and $1325/oz -analyst
* Silver, platinum on track for second week of declines
* Palladium heads towards second weekly gain
Feb 15 - Gold rose to its highest in two weeks on Friday after weak U.S. economic data compounded concern over a global slowdown and dialled down the chances of the U.S. Federal Reserve raising interest rates this year.
Spot gold was up 0.4 percent at $1,317.96 an ounce at 1214 GMT, having touched its highest since Feb. 1 at $1,319.22, keeping prices on track for a small weekly gain.
U.S. gold futures rose 0.6 percent to $1,322.
“The weak retail sales data from the U.S. in the previous session falls in line with general expectations that the Fed will not be pushing through with monetary tightening as hard as they were planning,” said SP Angel analyst Sergey Raevskiy.
Gold gained 0.5 percent in the previous session after weak U.S. retail sales data, along with soft inflation numbers on Wednesday, added to disquiet about slowing growth, which could allow the Fed to hold interest rates steady for a while.
The disappointing U.S. data followed a spate of weak economic reports from China and Europe.
This helped gold to hold its ground amid a slight rebound in the dollar, which stayed close to a two-month peak against a basket of currencies, with the market awaiting developments in trade talks between Washington and Beijing.
Two White House negotiators will meet with Chinese President Xi Jinping later on Friday, U.S. President Donald Trump’s economic adviser, Larry Kudlow, said on Thursday.
“The market is just waiting for a breakthrough. So long as China-U.S. trade concerns are lingering in the market, investors are in ambiguity about where they should go,” said Vandana Bharti, assistant vice-president of commodity research at SMC Comtrade.
Investors have generally looked to the dollar in the search for safety from the trade dispute, strengthening the currency and making dollar-priced gold costlier for buyers holding other currencies.
Also offering limited support to bullion was the continuing uncertainty surrounding Brexit, with increasing expectations that Britain could leave the European Union next month without a deal, analysts said.
“Bullion is still trading in a lateral channel between $1,300 and $1,325. A rise above the intermediate resistance placed at $1,315/$1,316 will offer a first positive impulse, opening the floor to another attack to $1,325,” ActivTrades chief analyst Carlo Alberto De Casa said in a note.
In other precious metals, palladium was up 0.5 percent at $1,422.44 an ounce, on track for a second consecutive weekly gain.
Platinum gained 0.5 percent to $789.69 but was set for a second straight weekly fall. Silver firmed by 0.1 percent to $15.64 but was also heading for its second weekly decline, down about 1 percent so far. (Reporting by K. Sathya Narayanan and Karthika Suresh Namboothiri in Bengaluru Editing by Louise Heavens and David Goodman)
Our Standards: The Thomson Reuters Trust Principles.
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81d4b88e253ca7e9c6de693071994785 | https://www.reuters.com/article/global-precious/precious-gold-rises-from-1-mth-lows-palladium-at-discount-to-platinum-idUSL4N1M917A | CORRECTED-PRECIOUS-Gold rises from 1-mth lows; platinum at discount to palladium | CORRECTED-PRECIOUS-Gold rises from 1-mth lows; platinum at discount to palladium
By Reuters Staff0 Min Read
(Corrects headline to show platinum at discount to palladium, not vice-versa) Sept 28 (Reuters) - Gold rose on Thursday after falling to one-month lows on expectations of a rise in U.S. interest rates this year, while platinum fell to a discount against palladium for the first time since 2001 on waning demand for diesel cars. FUNDAMENTALS * Spot gold rose 0.3 percent to $1,284.36 per ounce at 0127 GMT after it revisited the previous session's low of $1,280.72 an ounce, the lowest since Aug. 25 * U.S. gold futures for December delivery fell 0.1 percent to $1,287.00 per ounce. * Palladium hit price parity with its better-known sister metal platinum on Wednesday for the first time since 2001, as demand expectations for the two assets diverge. * Platinum is more heavily used in diesel vehicles that have fallen out of favour since 2015's Volkswagen emissions-rigging scandal. Palladium has benefited from the switch to petrol engines and expectations for growth in hybrid electric vehicles, which tend to be gasoline-powered. * President Donald Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, offering to cut taxes for most Americans but prompting criticism that the plan favours the rich and companies and could add trillions of dollars to the deficit. * The dollar on Wednesday climbed to a one-month high against a basket of currencies, while financial stocks and Treasury yields rose after strong economic data helped boost expectations for a U.S. Federal Reserve interest rate hike in December. * New orders for U.S.-made capital goods increased more than expected in August and shipments maintained their upward trend, pointing to underlying strength in the economy despite an anticipated drag on growth from Hurricanes Harvey and Irma. * Gold smuggling in India, the world's second-biggest consumer of the metal, is likely to rise during the country's peak holiday season as buyers try to avoid paying a new sales tax and to dodge new transparency rules. * The Fed has no need to raise interest rates anytime soon because U.S. economic growth will not rise appreciably over 2 percent this year and inflation will likely remain low, St. Louis Fed President James Bullard said on Wednesday. * The "reflation," or "Trumpflation," trade that drove financial markets after Trump's surprise U.S. presidential election victory last November made a comeback on Wednesday as the unveiling of Trump's long-promised tax overhaul revived bets that markets would benefit from both faster economic growth and inflation. DATA/EVENT AHEAD (GMT) 0900 E.U. Business Climate Sept 1230 U.S. GDP Final Q2 1230 U.S. Core PCE Prices Final Q2 1230 U.S. Adv Goods Trade Balance Aug 1230 U.S. Initial Jobless Claims weekly (Reporting by Nithin Prasad in Bengaluru; Editing by Richard Pullin)
Our Standards: The Thomson Reuters Trust Principles.
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711efd0430352ebb62b21f4befea4bd2 | https://www.reuters.com/article/global-precious/precious-gold-rises-on-global-growth-worries-us-eu-trade-row-idUSL4N2431WP | PRECIOUS-Gold rises on global growth worries, U.S.-EU trade row | PRECIOUS-Gold rises on global growth worries, U.S.-EU trade row
By Harshith Aranya, Eileen Soreng3 Min Read
* SPDR Gold holdings rose 0.78% on Monday
* Global PMIs show manufacturing weakness
* U.S. threatens tariffs on $4 bln of additional EU goods (Updates prices)
July 2 (Reuters) - Gold prices gained on Tuesday after a steep fall in the previous session, as investors fretted about an economic slowdown amid weak global manufacturing data and U.S.-European trade ructions.
Spot gold was up 0.6% at $1,392.91 per ounce at 0733 GMT, after falling 1.8% in the previous session, its biggest one-day percentage decline since November 2016.
U.S. gold futures were up 0.4% to $1,395 an ounce.
“The trade conflict is back to the centre stage today and the participants have shifted from U.S.-China to U.S and the European Union,” said Margaret Yang Yan, a market analyst at CMC Markets.
The United States on Monday ratcheted up pressure on Europe in a long-running dispute over aircraft subsidies, threatening tariffs on $4 billion of additional EU goods, on top of products worth $21 billion that were announced in April.
Also, U.S. President Donald Trump said any deal with China would need to be somewhat tilted in favour of the United States. The dollar edged lower as investors curbed earlier enthusiasm about a smooth U.S.-China trade progress.
Meanwhile, factory activity shrank across much of Europe and Asia in June, while growth in manufacturing cooled in the United States, keeping the world’s policymakers under pressure to avert a recession.
“Weak data gave investors a reminder of the recession risk ahead of us and that is part of the driver for safe haven,” Yan said.
The market will now focus on U.S. non-farm payrolls data due on Friday, which should help investors better assess whether the Federal Reserve will cut interest rates later this month.
“The non-farm payrolls data will be the signpost for a 25 or 50 basis point cut by the central bank... But even a 25 basis point cut is supportive in the medium-term for gold,” said Stephen Innes, managing partner at Vanguard Markets.
Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.
“Supportive price action should be evident towards $1,380-$1,375, the extension through to $1,360 is likely to provide entry levels for fresh bullish positioning,” MKS PAMP said in a note.
“We are again seeing inflows into ETF’s following the decline below $1,400.”
Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.78 percent to 800.20 tonnes on Monday.
Elsewhere, silver and palladium were up 0.4% each at $15.19 per ounce and $1,552.80 per ounce, respectively.
Platinum gained 0.9% to $837.75, after touching a near seven-week high on Monday. (Reporting by Harshith Aranya and Eileen Soreng in Bengaluru; Editing by Richard Pullin and Subhranshu Sahu)
Our Standards: The Thomson Reuters Trust Principles.
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dbd0da3b1b6059c444f7966cb850c0bf | https://www.reuters.com/article/global-precious/precious-gold-rises-on-trade-uncertainty-in-thin-turnover-idINL4N28X2B8?edition-redirect=in | PRECIOUS-Gold rises on trade uncertainty in thin turnover | PRECIOUS-Gold rises on trade uncertainty in thin turnover
By K. Sathya Narayanan0 Min Read
(Updates prices) * Gold specs raise bullish positions in week to Dec. 17 * Silver hits highest since Nov. 7 * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By K. Sathya Narayanan Dec 23 (Reuters) - Gold prices rose on Monday as lingering uncertainties about the trade deal agreed by the United States and China boosted the appeal of safe-haven bullion, while volumes thinned ahead of the holiday season. The spot gold price was 0.4% higher at $1,483.07 per ounce as of 1341 GMT. Earlier, it hit $1,485.13, the highest since Dec. 12. U.S. gold futures rose 0.4% to $1,486.80 per ounce. "We haven't heard anything concrete as far as the trade talk is concerned between U.S. and China ... Nothing has been done yet, just a lot of talks and no action really," said Afshin Nabavi, senior vice president at precious metals trader MKS SA. U.S. President Donald Trump said on Saturday that Washington and Beijing would "very shortly" sign their so-called Phase One trade pact. While the two largest economies say they have reached an initial agreement, many questions remain. "The major focus is when and where and which terms will be included in the trade agreement," said Jigar Trivedi, a commodities analyst at Anand Rathi Shares & Stock Brokers in Mumbai. A report that North Korea's leader Kim Jong Un held a meeting of top military officials to discuss boosting the country's military capability also supported gold. Bullion is often used by investors as a hedge against political and financial uncertainty. Gold has gained more than 15% this year and is set for its best year since 2010. Indicative of sentiment towards bullion, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , rose 0.3% to 885.93 tonnes on Friday. Speculators also increased their bullish positions on COMEX gold and silver contracts in the week to Dec. 17, data showed on Friday. Elsewhere, palladium , which has been boosted in recent months by a supply deficit, rose 0.3% to $1,861.19 per ounce after a sharp decline on Friday, when it erased more than $100 in the session. "Palladium has been very positive for the past few months and the market was overall long than short. The break below $1,900 just triggered a lot of stop (loss selling)," MKS SA's Nabavi said. Silver rose 0.9% to $17.35 per ounce, having earlier touched its highest since Nov. 7, while platinum gained 1.1% to $918.65 per ounce. (Reporting by K. Sathya Narayanan and Sumita Layek in Bengaluru; Editing by Mark Potter and David Clarke)
Our Standards: The Thomson Reuters Trust Principles.
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15bb8ec6319c50a24e81560245048327 | https://www.reuters.com/article/global-precious/precious-gold-rises-to-near-2-month-high-in-thin-holiday-trade-idUSL4N2901O6 | PRECIOUS-Gold rises to near 2-month high in thin holiday trade | PRECIOUS-Gold rises to near 2-month high in thin holiday trade
By Karthika Suresh Namboothiri0 Min Read
(Updates prices) * Gold to face first resistance at $1,512 -analyst * Platinum at three-month high * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Karthika Suresh Namboothiri Dec 26 (Reuters) - Gold prices rose to a near-two month high on Thursday, holding firm above the key $1,500 level, as investors braced for a robust equity rally to run out of steam, while volumes remained low in holiday trade. Spot gold rose 0.8% to $1,511.13 per ounce as of 01:51 p.m. ET (1851 GMT). Prices notched $1,512.30 an ounce, their highest since Nov. 4 earlier. U.S. gold futures settled 0.7% higher at $1,514.40 per ounce. "$1,500 is a strong psychological up-point. Once we saw that breakout, we are moving past that first point of resistance at $1,512. This could be the break we were looking for as we run up to $1,600," said Alex Turro, market strategist at RJO Futures. "Gold is going to be supported moving forward through central bank buying, enhanced demand, strong technicals and support in the market." The metal has gained about 18% so far this year and is on track for its best year since 2010, due mainly to the protracted U.S.-China trade dispute and its impact on the global economy. Beijing said on Wednesday it is in close touch with Washington on a trade deal signing ceremony, a day after U.S. President Donald Trump said that he and Chinese President Xi Jinping will have a ceremony to sign the recently struck trade deal. Hopes of a breakthrough in the trade war, combined with recent positive domestic data, have powered U.S. stock markets to record highs in the past few weeks and set the S&P 500 on course for its best year since 2013. "As portfolio managers rebalance equity portfolios and take profits off the table, they reinvest those funds into other asset classes, and gold is a beneficiary of that," said David Meger, director of metals trading at High Ridge Futures. "The Fed leaving rates at an accommodative stance, along with the liquidity offered by the repo rate" has also provided support to bullion, he added. U.S. Federal Reserve officials voted unanimously to leave interest rates unchanged earlier this month, and have signaled the central bank would require a material change to outlook to either raise or lower borrowing costs. Gold is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding bullion. Amongst other precious metals, silver rose 0.7% to $17.90 an ounce after hitting its highest since Nov. 5. Platinum gained 1.5% to $952.70, its highest since Sept. 24. Palladium climbed nearly 1% to $1,901.54 per ounce. (Reporting by Karthika Suresh Namboothiri in Bengaluru; Editing by Steve Orlofsky and Andrea Ricci)
Our Standards: The Thomson Reuters Trust Principles.
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8bc48d7ba9e2622b67ddde6bdc525fd4 | https://www.reuters.com/article/global-precious/precious-gold-rises-to-near-7-year-high-on-us-iran-conflict-palladium-breaches-2000-idUKL4N29B0NR?edition-redirect=uk | PRECIOUS-Gold rises to near 7-year high on U.S.-Iran conflict; palladium breaches $2,000 | PRECIOUS-Gold rises to near 7-year high on U.S.-Iran conflict; palladium breaches $2,000
By Asha Sistla0 Min Read
(Updates prices) * Trump threatens sanctions against Iraq * Gold could test key $1,600/oz mark - analyst * Palladium hits record at $2,020.41/oz * Silver hits highest since Sept. 25 By Asha Sistla Jan 6 (Reuters) - Gold surged close to a seven-year peak on Monday, as investors flocked to the safe-haven metal on escalating U.S.-Iran tensions, while palladium surpassed the level of $2,000 to hit a record high. Spot gold rose 1.4% to $1,572.59 per ounce by 0825 GMT. Earlier in the session, it had rallied as much as 1.8% to touch $1,579.72, its highest since April 10, 2013. U.S. gold futures gained 1.4% to $1,574.50. "The geopolitics is taking center-stage," said Benjamin Lu, an analyst at Phillip Futures. "The Iran-U.S. tensions have escalated to a boiling point, that's what has been pushing gold prices up." President Donald Trump threatened sanctions against Iraq on Sunday after Baghdad called for American and foreign troops to leave, amid a growing backlash over the U.S. killing of a top Iranian military commander, heightening fears of wider conflict. Further spurring uncertainty, Iran said it would drop limits on enriching uranium, taking a further step back from commitments to a 2015 nuclear deal with six major powers. The market's risk-averse sentiment underpinned bullion, which is often seen as an alternative investment during times of political and financial uncertainty. Asian equities moved away from an 18-month peak and oil prices soared on the intense Middle East hostility. "If it (gold) breaks the key resistance level of $1,585, it would lead to the key psychological level of $1,600," Lu said. Investors also took stock of a private survey on Monday that showed slower expansion in December in China's services sector, with business confidence falling to the second-lowest on record, despite a pick-up in new orders. Spot palladium hit an all-time peak of $2,020.41 an ounce earlier, and was last up 1.6% to $2,018.62. "The (palladium) market continues to tighten and that's what is pushing the market up," said ING analyst Warren Patterson, adding, "The key risk moving forward is how sustainable this price move is." Plagued by sustained supply deficit, palladium, used mainly in catalytic converters in vehicles, rose about 54% in 2019. Elsewhere, silver gained 1.7% to $18.33 an ounce, after touching a more than three month high at $18.50, while platinum advanced 0.4% to $984.83. (Reporting by Asha Sistla in Bengaluru; Editing by Rashmi Aich and Louise Heavens)
Our Standards: The Thomson Reuters Trust Principles.
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4a79cc1aea930acd513478e8c54b8a12 | https://www.reuters.com/article/global-precious/precious-gold-rises-to-one-week-high-on-brexit-deal-logjam-idUKL4N1XQ4YP?edition-redirect=uk | PRECIOUS-Gold nears one-week high on Brexit deal logjam | PRECIOUS-Gold nears one-week high on Brexit deal logjam
By Swati Verma, Sethuraman N R0 Min Read
* Palladium hits record high, insight of parity with gold * Gold drifts away from one-month low hit on Tuesday * Silver moves up from multi-year lows of previous session (Updates prices) By Swati Verma and Sethuraman N R BENGALURU, Nov 15 (Reuters) - Gold hit a near one-week peak on Thursday as investors sought cover from market turmoil after Britain's long-awaited draft agreement to leave the European Union was thrown into chaos, helping the metal hold its ground against a rising dollar. British Prime Minister Theresa May battled to save a draft divorce deal with the EU after her Brexit secretary and other ministers quit in protest and eurosceptic lawmakers stepped up efforts to topple her. Spot gold was up 0.3 percent at $1,214.79 per ounce at 13:35 p.m. EST (1835 GMT) after touching its highest since Nov. 9 at $1,216.27 earlier in the session and moving away from a one-month low of $1,195.90 hit on Tuesday. U.S. gold futures settled up $4.90, or 0.40 percent, at $1,215 per ounce. "Uncertainty around Brexit is the biggest factor right now. It's becoming top of the news again," said Michael Matousek, head trader at U.S. Global Investors. "People are running to the safety of the hard assets such as commodities including gold and crude, and also the dollar. ... If gold can hold above the $1,209 level, we could see it rise to $1,235." The dollar held its gains versus a basket of currencies as data showed a stronger-than-expected increase in domestic retail sales in October. The currency has emerged as a dominant safe-haven asset this year, denting the appeal for gold, which has fallen 11 percent from an April peak, against the backdrop of a U.S.-China trade row and rising U.S. interest rates. "Geo-political risk remains high ... it should support gold and lead to gains into year-end and in 2019. This is seen in the political turmoil today and increased uncertainty regarding the outlook for Brexit," said Mark O'Byrne, research director of Dublin-based gold dealer GoldCore. On the technical front, while gold could test resistance at $1,235 and $1,250 before year-end, it is vulnerable to short-term weakness, he added. The trade war shows signs of possibly easing, with U.S. President Donald Trump expected to meet Chinese President Xi Jinping at a G20 summit in Argentina this month. Palladium jumped more than 4 percent to hit a record high of $1,178.30 per ounce. The metal, used mainly in emissions-reducing autocatalysts for vehicles, was $35 away from achieving parity with gold. "There seems to be good demand (for palladium) from electric cars and diesel engines in Europe and China," said George Gero, managing director at RBC Wealth Management. "Palladium is in shorter supply than people realized." Silver was up 1.3 percent at $14.31 per ounce. It fell to $13.85 in the previous session, a level last seen on Jan. 21, 2016. Platinum was up 1.1 percent at $843.50 an ounce. (Reporting by Swati Verma in Bengaluru Editing by Susan Thomas and Richard Chang)
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109424049943533fd4d109372355c623 | https://www.reuters.com/article/global-precious/precious-gold-rises-to-over-1-week-high-on-sagging-dollar-idUKL4N2IJ0TS?edition-redirect=uk | PRECIOUS-Gold gains as U.S. stimulus and vaccine hopes dent dollar | PRECIOUS-Gold gains as U.S. stimulus and vaccine hopes dent dollar
By Nakul Iyer0 Min Read
(Adds comments, updates prices) * Vaccine hopes to have limited impact on gold - analyst * Dollar drops to 2-1/2 year trough * Interactive graphic tracking global spread of coronavirus: tmsnrt.rs/3mvcUoa By Nakul Iyer Dec 3 (Reuters) - Gold climbed on Thursday as the dollar dropped on hopes that coronavirus vaccines will be rolled out soon and cautious investor optimism over a U.S. stimulus deal. Spot gold was up 0.3% at $1,837.30 per ounce at 0822 GMT, having hit its highest since Nov. 23 at $1,843.11. U.S. gold futures were up 0.7% at $1,843.60. Hopes of a stimulus deal and vaccine progress pushed the U.S. dollar to a near 2-1/2-year low, making bullion cheaper to holder of other currencies. Although Congressional lawmakers were unable to agree on a fresh U.S. coronavirus relief package, early signs indicate that a $908 billion bipartisan proposal could be gaining traction as a negotiating tool. Stimulus talks, especially over a bipartisan agreement, will support gold in the short term as it will likely weaken the U.S. dollar, said Michael Langford, executive director at corporate advisory and consultancy firm AirGuide. However, optimism over a COVID-19 vaccine could have limited impact on bullion as much of it is priced in, he added. Health experts in the United States welcomed Britain's emergency approval of Pfizer's vaccine, in a sign that U.S. regulators may soon follow suit. "Vaccinations will take a long time to cure COVID-19," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai, India, adding that given the level of monetary debasement, gold could rise to $1875-$1880 in December. Gold is undervalued given the weaker dollar and low-interest rates and should be trading in the 1900s, Howie Lee, economist at OCBC Bank said, adding it could rally in the near future. Lower interest rates lower the opportunity cost of holding non-yielding bullion. Silver were little changed at $24.11 an ounce, while platinum rose 0.8% to $1,022.25 and palladium gained 0.5% to $2,410.29. (Reporting by Nakul Iyer in Bengaluru; Editing by Sherry Jacob-Phillips, Ramakrishnan M., Vinay Dwivedi and Alexander Smith)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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aaabb1e67bbfe530c9a37f0f72a94919 | https://www.reuters.com/article/global-precious/precious-gold-scales-1-1-2-month-peak-on-sombre-us-economic-data-idUKL4N28Y1TM?edition-redirect=uk | PRECIOUS-Gold scales 1-1/2 month peak on sombre U.S. economic data | PRECIOUS-Gold scales 1-1/2 month peak on sombre U.S. economic data
By K. Sathya Narayanan0 Min Read
(Adds comment, updates prices) * Silver hits highest since Nov. 7 * Palladium rebounds from near 1-month low * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By K. Sathya Narayanan Dec 24 (Reuters) - Gold prices rose to their highest in more than 1-1/2 months on Tuesday, as equity markets steadied after a record rally and weak U.S. data improved demand for bullion in subdued trading ahead of the holidays. Spot gold was up 0.3% at $1,489.75 per ounce by 1233 GMT, having earlier hit $1,492.79, its highest since Nov. 6. U.S. gold futures rose 0.4% to $1,493.90. Data on Monday showed new orders for key U.S.-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter. "There is a pause in the rally in riskier assets and that is why we are seeing gold and the dollar move higher," Vandana Bharti, assistant vice-president of commodity research at SMC Comtrade said, adding weak U.S. economic data added to bullion's safe-haven appeal. World stocks flatlined near record highs on Tuesday. Gold, an alternative investment during times of economic and political uncertainties, has risen about 16% so far this year due to U.S.-China trade tensions and dovish global central banks, with the Federal Reserve cutting rates three times in 2019. "Gold was in a range and trading with a downside bias because of the positive outcome in the China-U.S. trade deal, but it is now discounted in the market," SMC's Bharti said. Even as Beijing and Washington have taken steps to defuse their dispute, they still diverge on a slew of issues, including anti-government protests in Hong Kong and the treatment of China's Muslim Uighur minority. Investors are currently awaiting further information on the Phase One trade deal between the world's two biggest economies. "Any further positivity with regard to the U.S.-China situation would have marginal impact (on gold)," said Fawad Razaqzada, market analyst with Forex.com. Any negative trade news would increase safe-haven demand for bullion, while an agreement would strengthen the Chinese yuan and make greenback-denominated gold relatively cheaper in China- the world's top consumer of the metal, he added. Elsewhere, silver rose 0.9% to $17.58 per ounce, having earlier hit its highest since Nov. 7 at $17.65. Deficit-hit Palladium gained 0.4% to $1,883.82 per ounce, having slipped to its lowest since Nov. 27 in the previous session, while platinum inched up 0.4% to $939.76. (Reporting by K. Sathya Narayanan in Bengaluru; Editing by Mark Potter and Louise Heavens)
Our Standards: The Thomson Reuters Trust Principles.
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3c74f5e5f7a07b5de62d61cc7d07cb35 | https://www.reuters.com/article/global-precious/precious-gold-set-for-best-month-in-4-years-silver-eyes-record-monthly-gain-idUKL3N2F24NX?edition-redirect=uk | PRECIOUS-Gold set for best month in 4 years; silver eyes record monthly gain | PRECIOUS-Gold set for best month in 4 years; silver eyes record monthly gain
By Shreyansi Singh0 Min Read
* Platinum on track for biggest monthly gain since January 2017 * Palladium eyes its first monthly rise in five * Dollar set for steepest monthly drop in decade * BofA sees gold hitting $3,000/oz in next 18 months (Updates prices) By Shreyansi Singh July 31 (Reuters) - Gold rose on Friday, hovering near its all time peak, as a sliding dollar and dire economic numbers from far and wide sparked a rush to safety in bullion, which is on course for its biggest monthly gain since February 2016. Silver climbed 2.3% to $24.08 per ounce, on course for a monthly rise of about 33%, its largest on records going back to 1982, supported by investment and industrial demand. Spot gold gained 0.6% to $1,971.83 per ounce by 2:17 p.m. EDT (1817 GMT), while U.S. gold futures settled 1% higher at $1,985.9. Prices hit a record $1,980.57 on Tuesday and are up over 10% so far this month. "The macro environment still remains very positive and prices continue to track real rates ... extreme weakness in the dollar has helped buoy gold prices further," said Standard Chartered analyst Suki Cooper. The dollar was on track for its biggest monthly drop in almost a decade. Data showed the U.S. economy suffered its harshest blow since the Great Depression in the second quarter due to the pandemic, while investors also geared up for an uncertain political situation in the country. Safe-haven bullion has gained nearly 30% so far this year, propelled by low interest rates globally and widespread stimulus from central banks adding to support for the metal considered a refuge from inflation and currency debasement. "With policy rates already at or even below the zero bound, support to gold prices will increasingly have to come from higher inflation, in our view," said BofA Global Research, which expects gold to hit $3,000 per ounce in the coming 18 months. Elsewhere, platinum eased 0.5% to $898.66 per ounce, but looked to post its biggest monthly gain since January 2017. Palladium rose 0.4% to $2,090.60 and was set for a more than 8% monthly rise, its first in five. (Reporting by Shreyansi Singh and Swati Verma in Bengaluru; Editing by David Gregorio and Tom Brown)
Our Standards: The Thomson Reuters Trust Principles.
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f7711ea2216a479449ae83ebad31e98d | https://www.reuters.com/article/global-precious/precious-gold-shines-as-trade-war-fears-rattle-markets-idUSL3N1R51T9 | PRECIOUS-Gold shines as trade war fears rattle markets | PRECIOUS-Gold shines as trade war fears rattle markets
By 0 Min Read
* Trump may impose tariffs on up to $60 bln of Chinese goods * China targets $3 bln of U.S. imports * Gold up 2 pct so far for the week (Adds comments, updates prices) By Eileen Soreng March 23 (Reuters) - Gold prices gained as much as 1 percent on Friday on a faltering dollar and equities as investors scurried to safety after U.S. President Donald Trump moved towards long-promised anti-China tariffs, prompting a strict response from China amid fears of a global trade war. Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China, but only after a 30-day consultation period that starts once a list is published. China urged the United States to "pull back from the brink", while the Chinese commerce ministry unveiled plans to levy additional duties on up to $3 billion of U.S. imports in response to the steel and aluminium tariffs. Uncertainties around a possible trade war between the United States and China are driving some safe-haven buying, said Hareesh V, head of commodity research, Geojit Financial Services. Spot gold was up 0.81 percent at $1,339.33 per ounce, as of 0758 GMT. Earlier in the session, prices touched their highest since Feb 20 at $1,343.06, and were on track for their best weekly performance since the week of Feb. 16, rising over 2 percent. U.S. gold futures for April delivery rose 0.9 percent to $1,339.50 per ounce. "A trade war will harm both the U.S. and Chinese economies... And any harm to the U.S. economy will depreciate the dollar pushing gold higher," said Ji Ming, chief analyst, Shandong Gold Group. Against a basket of currencies, the dollar index was down 0.2 percent at 89.72. The yen hit a 16-month high against the dollar on Friday as concerns over rising global trade tensions triggered a bout of investor risk aversion. Investor appetite for a safe-haven asset such as gold rises during times of geopolitical and financial uncertainties, and a weaker greenback makes the dollar-priced bullion less expensive for purchasers with other currencies. "I think the prices will move higher again... If prices can stabilize above $1,360 that would be an early signal for a strong rally," Hareesh said. Stock markets slid on Friday and perceived safe havens such as government bonds and the yen gained. Meanwhile, EU leaders were awaiting for the final word from Trump on whether the United States would apply tariffs to European steel and aluminium, said German Chancellor Angela Merkel, and warned of a firm response if he did. "We opine that retaliatory tariffs will potentially create further more uncertainty over how global growth and trade may pan out into 2018, and could drag risk appetite further," analysts at OCBC Bank said in a note. Among other precious metals, silver climbed 1 percent to $16.52 per ounce, while platinum was 0.9 percent higher at $955.30 per ounce. Both the metals were on track to record their best weekly performance in five weeks. Palladium rose 0.2 percent to $981.97 per ounce. (Reporting by Eileen Soreng in Bengaluru; Editing by Richard Pullin and Sherry Jacob-Phillips)
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2f54fdf6506ed5df3eb92a154b23db64 | https://www.reuters.com/article/global-precious/precious-gold-slides-from-near-7-year-peak-as-us-iran-fears-subside-idUKL4N29E2G2?edition-redirect=uk | PRECIOUS-Gold slides from near 7-year peak as U.S.-Iran fears subside | PRECIOUS-Gold slides from near 7-year peak as U.S.-Iran fears subside
By Diptendu Lahiri0 Min Read
(Adds details, comment; updates prices) * Palladium hits record peak of $2,149.50/oz * Dollar holds near two-week high * SPDR Gold holdings fell 1.05% on Wednesday By Diptendu Lahiri Jan 9 (Reuters) - Gold prices slid on Thursday, retreating further from a near 7-year peak scaled in the previous session as tensions between the U.S. and Iran eased following conflict over the U.S. killing of an Iranian general. Spot gold fell 0.2% to $1,552.74 per ounce by 1250 GMT, having earlier slipped to $1,539.78 an ounce. U.S. gold futures fell 0.4% to $1,553.70 per ounce. Gold had risen as much as 2.4% early on Wednesday to break above the key $1,600 level after Iran's retaliatory attacks on military bases housing U.S. troops in Iraq. U.S. President Donald Trump responded to the missile attacks with sanctions rather than military action, while Iranian officials said the missile attack concluded their response, easing fears of wider conflict in the Middle East and prompting a sell-off in safe haven assets like gold. . "Since Iran and U.S. will not escalate the recent issue out of proportion, we are seeing a little retracement after gold broke a key technical level of $1,550," said Bernard Sin, group head of trading at MKS. Holdings of the world's largest gold-backed exchange-traded fund SPDR Gold Trust dropped 1.05% to 886.81 tonnes on Wednesday. "While it still seemed yesterday morning that gold could climb further on the back of the escalating situation in the Middle East, the price correction is likely to continue in the event of a de-escalation," Commerzbank analysts wrote in a note. Further weighing on gold, the dollar index was hovering close to a two-week high, making bullion costly for holders of other currencies. "The dollar has been on the positive side for the last 2-3 days and if it rises further, definitely we can see more correction in gold prices," said Hareesh V, head of commodity research at Geojit Financial Services. Markets are now eyeing key U.S. economic data such as the non-farm payrolls and unemployment data on Friday. Among other precious metals, palladium hit a record peak of $2,149.50 an ounce on sustained supply concerns, and was last down 0.7% to $2,090.06 per ounce. Silver fell 0.6 % to $17.97 per ounce, after hitting its highest since September at $18.85 on Wednesday, while platinum rose 0.8 to $960.98 per ounce. (Reporting by Diptendu Lahiri and Asha Sistla in Bengaluru; Editing by Elaine Hardcastle)
Our Standards: The Thomson Reuters Trust Principles.
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c2947508dd005b2735816b632947481a | https://www.reuters.com/article/global-precious/precious-gold-slips-1-ahead-of-us-china-trade-deal-idUKL4N29I246?edition-redirect=uk | PRECIOUS-Gold slips 1% ahead of U.S.-China trade deal | PRECIOUS-Gold slips 1% ahead of U.S.-China trade deal
By K. Sathya Narayanan0 Min Read
(Updates prices) * U.S., China due to sign trade deal on Wednesday * SPDR Gold holdings fall to lowest since Sept. 16 on Friday By K. Sathya Narayanan Jan 13 (Reuters) - Gold prices fell 1% on Monday as optimism in equity markets ahead of the signing of an interim U.S.-China trade deal and lack of further escalation in Middle East tensions diminished bullion's safe-haven appeal. The U.S.-China Phase 1 agreement is due to be signed at the White House on Wednesday. Spot gold dipped 0.5% to $1,553.60 per ounce as of 1246 GMT, having fallen 1% to $1,546.27 earlier in the session. U.S. gold futures fell 0.4% to $1,554.50. "We are struggling (a) little bit with the details. It'll be quite interesting to see if there is any concrete guidance in the details of the phase-one deal," said Julius Baer analyst Carsten Menke. "Also, the news that the Chinese and the U.S. would meet on semi-annual basis to discuss trade, I imagine was something which wasn't expected by the market, and could be weighing on gold." A Wall Street Journal report said on Saturday Washington and Beijing had agreed to semi-annual talks aimed at pushing for reforms in both countries and resolving disputes. The positive sentiment ahead of the planned signing boosted global equities, which were hovering just below record levels, while the U.S. dollar gained against key rivals. Stronger appetite for riskier assets weighs on greenback-denominated gold. Bullion rose to a near 7-year peak of $1,610.90 last week after a U.S. drone strike killed a top Iranian commander in Baghdad and Iran launched missiles against U.S. bases in Iraq in retaliation. The rally, however, faded with a lack of further military escalation in the region. The United States imposed more sanctions on Iran on Friday and vowed to tighten the economic screws if Tehran continued "terrorist" acts or pursued a nuclear bomb. "The tensions between U.S. and Iran seems to have calmed down a little bit, at least for the time being, and people are just taking profits on that," said Afshin Nabavi, senior vice president at precious metals trader MKS SA. Reflecting investor sentiment, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , fell 0.9% to 874.52 tonnes on Friday, their lowest since Sept. 16. On the technical front, gold is testing the support level of $1,550 and a fall below that would be a negative signal, opening space for further declines, Carlo Alberto De Casa, Chief analyst at ActivTrades said in a note. Elsewhere, palladium rose 1.2% to $2,142.52 an ounce. Silver was down 0.5% at $18, while platinum fell 0.5% to $973.32. (Reporting by K. Sathya Narayanan in Bengaluru; editing by Emelia Sithole-Matarise and Louise Heavens)
Our Standards: The Thomson Reuters Trust Principles.
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d2cee0ab1f3e0af08881885ac121bc14 | https://www.reuters.com/article/global-precious/precious-gold-slips-ahead-of-euro-pmi-data-second-virus-wave-fears-cap-losses-idUKL4N2E00K2?edition-redirect=uk | PRECIOUS-Gold slips ahead of euro PMI data, second virus wave fears cap losses | PRECIOUS-Gold slips ahead of euro PMI data, second virus wave fears cap losses
By Brijesh Patel0 Min Read
* Euro zone composite flash PMI expected to rise in June * Coronavirus infections spike in Latin America * Silver slips from more than one-week high (Updates prices) By Brijesh Patel June 23 (Reuters) - Gold eased on Tuesday on expectations of positive manufacturing data from the euro zone, but concerns over a second coronavirus wave kept the safe-haven metal near its highest level in more than a month. Spot gold was down 0.3% at $1,749.80 per ounce by 0701 GMT. On Monday, bullion hit $1,762.84, its highest since May 18. U.S. gold futures eased 0.2% to $1,762.30. "We're seeing a little bit of profit taking ahead of the PMI data. Positive data could be a mood shifter and lend more support to the V-shaped recovery," said Stephen Innes, chief market strategist at financial services firm AxiCorp. Economists expect the euro zone composite flash PMI to rise to 42.4 in June from 31.9 last month as European economies gradually reopen. US manufacturing data is also due at 1345 GMT. "However, going forward we are going to see more government and central bank stimulus added to the punch bowl just to see the market through this second wave, which should be supportive for gold," Innes said. Gold has gained about 15% so far this year, supported mainly by lower interest rates and widespread stimulus measures by global central banks to ease the economic blow from the pandemic, since the non-yielding metal is considered a hedge against inflation and currency debasement. New infections spiked in Latin America, in Brazil in particular, while New York City, the epicenter of the U.S. outbreak, eased restrictions on Monday after 100 days of lockdown. Asian shares seesawed following confusing statements from the White House over the U.S.-China trade deal, with President Donald Trump later clarifying the pact was "fully intact". Elsewhere, palladium fell 1.2% to $1,915.98 per ounce, platinum dropped 0.7% to $816.46. Silver slipped 0.7% to $17.69, having touched a more than one-week high on Monday. (Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich and Krishna Chandra Eluri)
Our Standards: The Thomson Reuters Trust Principles.
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d1cc23a1a5889f1c0136a9b4965764bb | https://www.reuters.com/article/global-precious/precious-gold-slips-as-asian-equities-rise-ahead-of-sino-us-trade-deal-idINL4N29I09V?edition-redirect=in | PRECIOUS-Gold slips as Asian equities rise ahead of Sino-U.S. trade deal | PRECIOUS-Gold slips as Asian equities rise ahead of Sino-U.S. trade deal
By Asha Sistla0 Min Read
(Updates prices) * U.S., China due to sign trade deal on Wednesday * SPDR Gold holdings fall to lowest since Sept. 16 on Friday * Gold specs raise bullish positions in week to Jan. 7 By Asha Sistla Jan 13 (Reuters) - Gold prices fell on Monday as Asian stocks touched 19-month highs ahead of the planned signing of an interim trade deal between Washington and Beijing, which has encouraged investors to plough back into riskier assets. Spot gold dipped 0.6% to $1,552.42 per ounce by 0756 GMT. U.S. gold futures fell 0.4% to $1,553.30. Asian shares rose to new 19-month highs ahead of the Phase 1 deal due to be signed at the White House on Wednesday. "Risk (sentiment) looks pretty good in Asia, equity inflows are coming (along) nicely, built around this trade narrative and that's depressing gold more than the global risk-on move," said Stephen Innes, a market strategist at AxiTrader. "There is dollar appetite in the market ... which is also depressing gold right now." U.S. Treasury Secretary Steven Mnuchin said on Sunday China's commitments in the Phase 1 trade deal were not changed during a lengthy translation process and will be released this week. Further easing concerns, a Wall Street Journal report said on Saturday Washington and Beijing had agreed to semi-annual talks aimed at pushing for reforms in both countries and resolving disputes. Gold prices gained 18% last year on the backdrop of the protracted trade tussle between the world's top two economies. The dollar firmed ahead of the deal signing, making gold more expensive for buyers using other currencies. Gold prices gained nearly 0.7% last week in volatile trading amid heightened U.S.-Iran tensions after the U.S. killing of a top Iranian commander in Baghdad and on slower-than-expected U.S. job growth in December. The United States imposed more sanctions on Iran on Friday and vowed to tighten the economic screws if Tehran continued "terrorist" acts or pursued a nuclear bomb. "The precious metal, though easing off previous highs over de-escalating tensions (U.S.-Iran), will remain of key importance as markets stay cautious over geopolitical happenings in the current term," Benjamin Lu, an analyst at Phillip Futures, said in a note. Spot gold is biased to break a support at $1,546 per ounce and fall towards $1,524, according to Reuters technical analyst Wang Tao. Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , fell 0.9% to 874.52 tonnes on Friday, their lowest since Sept. 16. Speculators increased their bullish positions in COMEX gold contracts in the week to Jan. 7. Elsewhere, palladium edged 0.1% lower to $2,116.54 an ounce. Silver was down 0.7% to $17.97, while platinum fell 0.8% to $970.55. (Reporting by Asha Sistla in Bengaluru; Editing by Shailesh Kuber, Subhranshu Sahu and Raju Gopalakrishnan)
Our Standards: The Thomson Reuters Trust Principles.
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dc77a239723e6ff0b0e63bb7818f405b | https://www.reuters.com/article/global-precious/precious-gold-slips-as-ecbs-draghi-lifts-the-dollar-idUSL5N1QQ5LP | PRECIOUS-Gold slips as ECB's Draghi lifts the dollar | PRECIOUS-Gold slips as ECB's Draghi lifts the dollar
By 0 Min Read
* Euro dips as ECB signals only gradual policy normalization * GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Recasts, updates prices; adds comment, NEW YORK dateline) By Renita D. Young and Jan Harvey NEW YORK/LONDON, March 8 (Reuters) - Gold prices fell on Thursday as the U.S. dollar bounced from a near three-week low against the euro after European Central Bank President Mario Draghi signaled that any policy normalization in the euro zone would be very gradual. The euro forfeited early gains against the dollar to decline after Draghi said monetary policy would remain "reactive" and measures of underlying inflation were still subdued. Spot gold was down 0.4 percent at $1,320.67 per ounce by 1:34 p.m. EST (1834 GMT). It touched a one-week high of $1,340.42 on Wednesday before closing 0.6 percent lower. U.S. gold futures for April delivery settled down $5.90, or 0.4 percent, at $1,321.70 per ounce. "The stronger dollar is definitely a headwind for gold," said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals. "Once it broke above the 90 level (vs the dollar index ), gold came under significant pressure." European and U.S. stocks rose as traders took a break from worrying about a potential global trade war and focused on the ECB's plans to end its 2.5 trillion euro stimulus program. "Investors are watching to see if there are any hints that the ECB is winding down their quantitative easing," said Chris Gaffney, president of world markets at EverBank. "If they do that, you would see that strengthen the euro a bit." Markets are also awaiting further news on plans for U.S. tariffs on some imported goods. Draghi leveled pointed criticism of U.S. President Donald Trump's plans for more trade tariffs. "If you put tariffs against (those) who are your allies, one wonders who the enemies are," he said. Trump will sign a proclamation establishing the tariffs during a ceremony scheduled for 8:30 p.m. EST, (2030 GMT), a source familiar with the situation said. "Should tariff concerns remain in focus, gold should once again find its feet," ANZ said in a note. Traders are also awaiting Friday's non-farm payrolls data for February, a key barometer of the U.S. economy, for further clues on the pace of Federal Reserve rate increases. Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion, while boosting the dollar in which it is priced. Silver lost 0.1 percent at $16.48 an ounce, while platinum dropped 0.7 percent to $945.74 after touching its weakest since Jan. 4 at $941. Palladium was up 0.4 percent at $972.50 per ounce after dropping to its lowest since Feb. 9 at $961.55 on Wednesday. (Additional reporting by Nallur Sethuraman in Bengaluru Editing by Elaine Hardcastle and Dan Grebler)
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b75a8c84d7bdf06924f2ab1abdbf3108 | https://www.reuters.com/article/global-precious/precious-gold-slips-as-fed-policy-moves-whet-risk-appetite-idUKL3N2F10RT?edition-redirect=uk | PRECIOUS-Gold slips as Fed policy moves whet risk appetite | PRECIOUS-Gold slips as Fed policy moves whet risk appetite
By Brijesh Patel3 Min Read
* Asian stocks track Wall Street higher
* Gold up more than 28% so far this year
* Fed pledges to keep interest rates near zero
* Spot gold may test support at $1,943/oz - technicals
* Interactive graphic tracking global spread of coronavirus: open tmsnrt.rs/3aIRuz7 in an external browser (Adds technicals, updates prices)
July 30 (Reuters) - Gold dropped on Thursday after a pledge by the U.S. Federal Reserve to support its coronavirus-ravaged economy buoyed risk sentiment, with analysts saying the metal is facing resistance in the short term to breach the $2,000 psychological level.
Spot gold was down 0.7% to $1,957.17 per ounce by 0531 GMT. U.S. gold futures eased 0.1% to $1,950.60.
“This price action points to a garden variety pullback – profit taking,” said IG Markets analyst Kyle Rodda, adding that the retreat was mostly technical in nature, with gold failing to break above resistance around $1,980.
“In the short term, we might see any move higher above that ($1,980) level, towards $2,000, as something of a grind.”
Gold jumped on Wednesday after the Fed pledged to keep interest rates near zero as the rapid rise in coronavirus cases dampened hopes for an economic recovery.
Low interest rates reduce the opportunity cost of holding non-yielding bullion.
Fed Chair Jerome Powell promised the central bank would “do what we can, and for as long as it takes” to support the U.S. economy.
Limiting gold’s advance, Asian stocks followed Wall Street higher.
“The likelihood of risk paring given market expectations were not met by the Federal Open Market Committee meeting is why gold has pulled back a little bit,” said Stephen Innes, chief market strategist at financial services firm AxiCorp.
“This is just a natural reaction to a crowded trade.”
Gold, which has risen over 28% so far this year, is well supported by a weaker dollar, a worsening pandemic and likelihood of more stimulus, analysts noted.
Spot gold may test a support at $1,943 per ounce, as it failed again to break a resistance at $1,982, said Reuters technical analyst Wang Tao.
Silver dropped 2.1% to $23.90 per ounce, platinum fell 0.3% to $921.76 and palladium slipped 1.6% to $2,122.44.
Reporting by Brijesh Patel in Bengaluru; Editing by Krishna Chandra Eluri and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.
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77020871aff474437d6ba490cd5c54d4 | https://www.reuters.com/article/global-precious/precious-gold-slips-as-stronger-dollar-risk-on-sentiment-weighs-idUSL4N2AB38K | PRECIOUS-Gold slips as stronger dollar, risk-on sentiment weighs | PRECIOUS-Gold slips as stronger dollar, risk-on sentiment weighs
By Brijesh Patel3 Min Read
(Updates prices)
* Dollar index at four-month peak
* Global share markets hit record highs
Feb 11 (Reuters) - Gold prices dipped on Tuesday as the dollar held firm and investors opted for riskier assets after a fall in the number of new confirmed cases of coronavirus in China eased some of fears over global economic impact.
Spot gold was down 0.3% at $1,567.26 per ounce by 1:43 p.m. EST (1843 GMT), having touched its highest since Feb. 4 at $1,576.76 on Monday.
U.S. gold futures settled down 0.6% at $1,570.10 an ounce.
“Gold is slightly down in tandem with another round of new highs across the board in equity markets, as there has been some conversation that the impacts from coronavirus are slightly overdone,” said David Meger, director of metals trading at High Ridge Futures.
However, “dips in gold are still being fairly bought very readily ... given the strength seen in global equities and the fact that gold continues to hold up so well.”
Global financial markets scaled new highs as the number of new coronavirus cases slowed in China and the country’s factories slowly returned to work.
After more than 1,000 deaths, the China’s foremost medical adviser on the epidemic said infections may be over by April, with the number of new cases already declining in some places.
Further limiting gold’s appeal, the dollar hit a four-month high against a basket of rivals on safety buying and Federal Reserve Chair Jerome Powell’s upbeat view of the U.S. economy.
The U.S. central bank kept benchmark interest rates unchanged at its January policy meeting, citing moderate economic growth and a strong jobs market.
But in testimony before a U.S. congressional committee, Powell cited a potential threat from the virus and concerns about the economy’s long-term health.
“Gold’s longer-term bullish backdrop will remain primarily supported on physical demand from central banks and rising risks to the global growth that will trigger another wave of worldwide stimulus,” Edward Moya, a senior market analyst at broker OANDA said in a note.
Gold, which is used as an insurance against economic risks, tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.
Among other precious metals, palladium fell 0.6% to $2,339.26 an ounce, silver dropped 0.7% to $17.63, while platinum rose 0.9% to $969.43. (Reporting by Brijesh Patel and Eileen Soreng in Bengaluru; Editing by Steve Orlofsky Editing by Marguerita Choy and Lisa Shumaker)
Our Standards: The Thomson Reuters Trust Principles.
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b1642e32b0b961b14db198f4d6a27c6a | https://www.reuters.com/article/global-precious/precious-gold-slips-but-safe-haven-demand-keeps-prices-above-1300-idUSL3N1SW1ID | PRECIOUS-Gold slips, but safe-haven demand keeps prices above $1,300 | PRECIOUS-Gold slips, but safe-haven demand keeps prices above $1,300
By 0 Min Read
* Spot gold up 0.8 percent for the week * Silver, platinum, palladium head for weekly gains (Updates prices) By Apeksha Nair BENGALURU, May 25 (Reuters) - Gold prices eased on Friday on profit-taking, after breaking above $1,300 in the previous session when U.S. President Donald Trump's decision to call off a meeting with North Korean leader Kim Jong Un triggered safe-haven buying. Spot gold was down 0.2 percent at $1,301.65 per ounce at 0604 GMT, after climbing nearly 1 percent in the previous session in its biggest one-day percentage rise since April 11. It remains on track for a weekly gain. U.S. gold futures for June delivery fell 0.2 percent to $1,301.40 per ounce. "It is normal for some profit-taking to ensue after a surge (in prices). Still, gold appears to be anchored in the $1,300-range, especially with the recent uptick in geopolitical tensions," said OCBC analyst Barnabas Gan. "The sustained uncertainty over (U.S.-North Korea) negotiations will likely add further upside to gold prices given safe-haven demand," Gan said. Gold is often seen as a safe investment during times of political and financial uncertainty, alongside the Japanese yen. The dollar regained its footing on Friday after dropping to a 2-week low versus the yen in the previous session, as North Korea said it was open to resolving issues with the United States after Trump on Thursday called off a summit with the North, citing Pyongyang's "open hostility". A stronger dollar makers dollar-denominated gold more expensive for holders of other currencies. The North's conciliatory remarks and commitment to U.S.-North Korea talks had eased some concern about the crisis and pressured gold, said Helen Lau, analyst at Argonaut Securities. Meanwhile, Trump's threat to impose tariffs on auto imports drew strong criticism abroad and at home where U.S. business groups and members of his own Republican Party warned of damage to the industry and raised the prospect of a global trade war that would harm American interests. Elsewhere, euro zone growth could slow further and uncertainty is on the rise but the bloc's expansion remains solid and broad-based, European Central Bank policymakers concluded in April, the minutes of the meeting showed on Thursday. Among other precious metals, silver fell 0.4 percent to $16.56 an ounce, while platinum edged down 0.3 percent to $906 an ounce after touching its highest since May 14 at $914.30 in the previous session. Palladium was 0.1 percent higher at $975 an ounce. All three of those metals were on course for weekly gains. (Reporting by Apeksha Nair and Karen Rodrigues in Bengaluru Editing by Joseph Radford and Amrutha Gayathri)
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08738a81b9e797308ba84cdd18ef1155 | https://www.reuters.com/article/global-precious/precious-gold-slips-from-3-week-high-on-us-china-trade-deal-prospects-idUKL3N22K4DX?edition-redirect=uk | PRECIOUS-Gold slips from 3-week high on U.S.-China trade deal prospects | PRECIOUS-Gold slips from 3-week high on U.S.-China trade deal prospects
By Eileen Soreng, Diptendu Lahiri3 Min Read
* Gold on track to break 3-session winning streak
* Latest round of trade talks to be held on Thursday, Friday
* Indian gold buying seen supporting physical demand (Adds quotes and details, updates prices)
May 8 (Reuters) - Gold prices slipped after climbing to a more than three-week peak on Wednesday as safe haven demand eased after the White House said it had received an indication from China that Beijing wanted to make a trade deal.
Spot gold was 0.3 percent lower at $1,280.76 per ounce at 1:57 pm EDT (1757 GMT).
U.S. gold futures settled down 0.3 percent at $1,281.40.
Trade delegations from Washington and Beijing are scheduled to begin a new round of talks on Thursday.
“Investors are optimistic about a decent deal coming out of these talks, which in turn is raising the appetite for riskier assets, weighing down on gold,” said Michael Matousek, head trader at U.S. Global Investors.
A gauge of world equity markets rose after White House spokeswoman Sarah Sanders said the United States has received an indication from China that it wants to make a trade deal.
“As the news comes in that the trade talks are back on, some of the haven seekers are exiting. We are continuing to look for headlines,” said George Gero, managing director at RBC Wealth Management.
U.S. President Donald Trump on Sunday vowed to raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent on Friday.
In response to the potential additional tariffs, China’s commerce ministry said it would have to take necessary retaliatory measures.
“We are seeing that a lot of traders who stepped in over the last couple of days are now taking profits. Looking at today’s movement it seems temporary,” Matousek said.
Gold posted gains in the previous three sessions and climbed to its highest since April 15 at $1,291.39 per ounce earlier in the session on concerns over the trade dispute’s potential impact on global growth.
Lower Treasury yields and higher physical demand from India in a festive season also drove prices up earlier in the day, according to Suki Cooper, precious metals analyst at Standard Chartered Bank.
Indians are expected to buy at least 10 percent more gold during the annual Hindu and Jain holy festival of Akshaya Tritiya than a year ago, supporting physical demand in Asia. The country is the world’s second-biggest gold consumer.
Uncertainties between the United States and China, and a Federal Reserve that is unlikely to hike interest rates this year or next are some of the factors that will keep gold supported, UBS analysts said in a note.
Silver slipped 0.4 percent to $14.84 per ounce, while platinum was down 1.1 percent at $858.50.
Palladium dipped 1 percent to $1,314.01 an ounce, having touched a one-week low of $1,311.51 earlier in the session. (Reporting by Eileen Soreng and Diptendu Lahiri in Bengaluru Editing by Susan Thomas and Steve Orlofsky)
Our Standards: The Thomson Reuters Trust Principles.
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a2146119254651d43945be2b9d17c05d | https://www.reuters.com/article/global-precious/precious-gold-slips-from-near-7-year-high-as-us-iran-tensions-ease-idINL4N29C051?edition-redirect=in | PRECIOUS-Gold slips from near 7-year high as U.S.-Iran tensions ease | PRECIOUS-Gold slips from near 7-year high as U.S.-Iran tensions ease
By Reuters Staff0 Min Read
Jan 7 (Reuters) - Gold prices inched lower on Tuesday, a day after hitting their highest in nearly seven years, with a lack of immediate escalation between the United States and Iran denting bullion's safe-haven appeal. FUNDAMENTALS * Spot gold fell 0.2% to $1,562.81 per ounce by 0107 GMT. In the previous session, prices hit their highest since April 2013 at $1,582.59. U.S. gold futures fell 0.2% to $1,566.00. * Palladium hit an all-time peak of $2,032.94 an ounce earlier in the session on supply concerns, and was last down 0.1% at $2,028.90. * Asian shares rebounded after there was no further escalation in Middle East tensions. * Providing limited support to gold, Defense Secretary Mark Esper said on Monday the United States has no plans to pull its troops out of Iraq, following reports of an American military letter informing Iraq officials about the repositioning of troops in preparation to leave the country. * U.S. Vice President Mike Pence will give a speech next Monday laying out the government's policy on Iran, a White House official said, after the U.S. killing of a top Iranian general sparked protests across the Middle Eastern nation. * Tanzania's earnings from gold exports rose 42% year-on-year in the year to November, helped by higher prices and volumes shipped, the central bank said on Monday. * Goldman Sachs on Monday maintained its three-, six- and 12-month forecast for gold at $1,600 per ounce, contending safe-haven bullion to be a better hedge than oil during phases of geopolitical uncertainty. * The world's largest gold-backed exchange-traded fund, SPDR Gold Trust , said its holdings rose 0.10% to 896.18 tonnes on Monday from 895.30 tonnes on Friday. * Hedge funds and money managers increased their bullish positions in COMEX gold and silver contracts in the week to Dec. 31, data showed on Monday. * Elsewhere, silver slipped 0.5% to $18.06 per ounce, while platinum was flat at $962.68. DATA/EVENTS (GMT) 1000 EU HICP Flash YY Dec 1000 EU HICP-X F&E Flash YY Dec 1330 US International Trade Nov 1500 US Factory Orders MM Nov 1500 US ISM N-Mfg PMI Dec (Reporting by Asha Sistla in Bengaluru; editing by Uttaresh.V)
Our Standards: The Thomson Reuters Trust Principles.
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ebffa575e50276bc7a5901167289cebd | https://www.reuters.com/article/global-precious/precious-gold-slips-from-near-7-year-high-on-lull-in-us-iran-tensions-idINL4N29C28C?edition-redirect=in | PRECIOUS-Gold slips from near 7-year high on lull in U.S.-Iran tensions | PRECIOUS-Gold slips from near 7-year high on lull in U.S.-Iran tensions
By K. Sathya Narayanan0 Min Read
(Adds comments and updates prices) * Palladium hits record high of $2,047.24/oz * Silver eases from three-month peak hit on Monday * Iran considers scenarios to retaliate - Tehran official By K. Sathya Narayanan Jan 7 (Reuters) - Gold prices retreated on Tuesday from near seven-year highs reached in the previous session as investors took profits in the absence of new developments in the tense situation between the United States and Iran. Deficit-hit palladium meanwhile hit another record peak on the back of prolonged supply constraints in the market. Spot gold was down 0.1% at $1,564.31 per ounce as of 1257 GMT, having fallen as much as 0.7% earlier in the session. It touched its highest since April 2013 at $1,582.59 on Monday. U.S. gold futures were 0.2% lower at $1,566.00. "There is nothing fundamental going on here, it is just a reaction to yesterday's price movement. Investors are looking at the other side of the coin and taking some profits," ABN Amro analyst Georgette Boele said. The market seems a little more relaxed about the situation in the Middle East, she added. Prices surged on worries about an armed conflict between the United States and Iran after a U.S.-authorised drone strike killed a top Iranian military official on Friday. With both sides exchanging threats of retaliation, a senior Tehran official said on Tuesday Iran had been considering 13 "revenge scenarios" in retaliation to the air strike. "We are far from out of the woods yet, and any signs of hopes for an easing in tensions would be premature," Commerzbank analyst Carsten Fritsch said. Washington's decision to deny a visa to Iranian Foreign Minister Mohammad Javad Zarif had added to concerns, he said. Zarif was expected to arrive in New York for a United Nations Security Council meeting on Thursday. "The fact that gold hasn't reacted to this news is a signal that the market has already positioned (itself). People are long (on gold), so I would expect some kind of correction unless you really see an escalation," ABN's Boele said. Other safe-haven investments, such as the Japanese yen and Swiss franc, also pulled back after posting some solid gains in the previous two sessions. Elsewhere spot palladium rose 0.6% to $2,042 an ounce, having touched an all-time peak of $2,047.24 earlier in the session. The surge in palladium prices is predominantly due to speculative buying, and the "higher the prices go, the sharper the correction will be", Commerzbank's Fritsch said. Silver slipped 0.6 % to $18.03 an ounce, after touching a more than three-month high of $18.50 in the previous session, while platinum advanced 0.6% to $968.50. (Reporting by K. Sathya Narayanan in Bengaluru; Editing by Jane Merriman and Jan Harvey)
Our Standards: The Thomson Reuters Trust Principles.
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0728c732bdc1cb0c08d7596fd2e0fadc | https://www.reuters.com/article/global-precious/precious-gold-slips-on-expectations-of-higher-u-s-rates-and-dollar-idUSL8N1WH31Z | PRECIOUS-Gold slips on expectations of higher U.S. rates and dollar | PRECIOUS-Gold slips on expectations of higher U.S. rates and dollar
By Arpan Varghese3 Min Read
* Gold seen in tight $1,181-$1,193 range - analyst
* Palladium down 2 pct after touching eight-month high on Friday (Updates prices)
BENGALURU, Oct 1 (Reuters) - Gold edged down on Monday, holding a tight range, on expectations that a strong U.S. economy would bring higher U.S. interest rates and boost the dollar.
Spot gold was down 0.4 percent at $1,187.18 an ounce at 1306 GMT, staying between $1,192.22 and $1,184.21. It fell as low as $1,180.34 in the previous session. U.S. gold futures for December delivery fell 0.3 percent to $1,192.90
Federal Reserve Chairman Jerome Powell last week said the U.S. central bank plans gradual increases to interest rates.
This could further boost the U.S. currency, making dollar-priced gold more expensive for holders of other currencies and potentially subduing demand.
“The main news in gold is still related to the Fed. Following Jerome Powell’s speech (last week), the market is expecting one more rate hike in December and another three next year,” said ActivTrades’ chief analyst Carlo Alberto De Casa.
The Fed raised U.S. rates last week and said it planned four more increases by the end of 2019 and another in 2020, citing steady economic growth and a robust jobs market.
Higher U.S. interest rates tend to boost the dollar, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.
“Sellers remain in control and it is quite technical trading at the moment. We are currently operating in a tight range of $1,181 - $1,193,” Saxo Bank analyst Ole Hansen said.
“If we break below $1,181, there is a heightened risk of a move toward an August low of $1,160.”
Gold has fallen more than 13 percent from its April high, largely because of the stronger dollar, which has been boosted by a vibrant U.S. economy and fears of a global trade war.
Investors have also opted to buy the dollar and U.S. Treasury bonds as safe investments instead of gold.
Speculators raised their net short position in gold by 2,923 lots to 77,313 lots, the largest in three weeks, in the week to Sept. 25, U.S. Commodity Futures Trading Commission (CFTC) data showed.
Palladium dropped 2 percent to $1,051.50 an ounce after touching an eight-month high of $1,094.60 in the previous session.
Silver slipped 0.8 percent to $14.48 and platinum rose 0.6 percent to $817.
“Softer Chinese data released overnight has just removed some bids we saw coming in for semi and industrial metals last week,” Saxo Bank’s Hansen said.
Growth in China’s manufacturing sector stalled in September as external and domestic demand weakened, two surveys showed on Sunday, in a sign that U.S. tariffs are taking a toll on the economy. (Reporting by Arpan Varghese and Nallur Sethuraman in Bengaluru; Editing by Dale Hudson)
Our Standards: The Thomson Reuters Trust Principles.
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bc5a5055004246046c1bed8973d3f313 | https://www.reuters.com/article/global-precious/precious-gold-slips-on-firmer-equities-dollar-amid-fed-chair-speculation-idUSL4N1N019T | PRECIOUS-Gold slips on firmer equities, dollar amid Fed chair speculation | PRECIOUS-Gold slips on firmer equities, dollar amid Fed chair speculation
By 0 Min Read
* Spot gold may test support at $1,271/oz - technicals * Dollar supported by Fed chair speculation * Markets await ECB meeting on Thursday (Updates prices) By Apeksha Nair Oct 25 (Reuters) - Gold prices edged lower on Wednesday, pressured by stronger equities and a firmer dollar amid speculation over who will be the next U.S. Federal Reserve chief. Spot gold was down 0.2 percent at $1,273.70 an ounce by 0633 GMT and U.S. gold futures for December delivery were 0.2 percent lower at $1,275.20 per ounce. "Gold fell overnight, and continues to point south this morning as market appetite improves on better Wall Street prints amid stronger-than-expected corporate earnings results," said OCBC analyst Barnabas Gan. Asian shares inched higher on Wednesday, while U.S. Treasury yields and the dollar got a lift following a report that Republican senators were leaning towards John Taylor to be the next Federal Reserve chief. "Moreover, the strengthening dollar on news of rising probability for John Taylor to be the next Fed chair is a key driver for softening gold prices into the week ahead," Gan said. U.S. President Donald Trump used a lunch with Senate Republicans on Tuesday to get their views on who he should tap to be the next leader of the Fed, according to senators who attended. A source familiar with the matter said Trump polled the Republicans on whether they would prefer Stanford University economist Taylor or current Fed Governor Jerome Powell for the job, and more senators preferred Taylor. Taylor is seen as a hawkish candidate who would prefer higher interest rates in the United States. Market participants are widely anticipating one more interest rate hike this year. Higher rates tend to boost the dollar and push bond yields up, adding pressure and denting the greenback-denominated, non-yielding gold's appeal. Benchmark Treasury yields climbed to their highest in more than five months on Tuesday, with robust earnings adding to overall risk appetite. Spot gold may test a support at $1,271 per ounce, with a good chance of breaking below this level and falling more towards the Oct. 6 low of $1,260.16, Reuters technicals analyst Wang Tao said. Meanwhile, investors were also looking ahead to a European Central Bank meeting on Thursday, where the bank is expected to announce a reduction in its monthly bond purchases. "Should the central bank surprise with a somewhat more aggressive tightening stance, funds could use the opportunity to liquidate some recent length and provide gold with an element of support," INTL FCStone analyst Edward Meir said in a note. In other precious metals, silver slipped 0.2 percent to $16.90 an ounce. Platinum was down 0.2 percent at $918.40 an ounce, while palladium was 0.4 percent lower at $958.43 an ounce. (Reporting by Apeksha Nair in Bengaluru; Editing by Joseph Radford and Subhranshu Sahu)
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d84c74e4b2a1bacdf22da30ab028c42c | https://www.reuters.com/article/global-precious/precious-gold-soars-past-1600-ounce-after-iran-attack-on-us-forces-idUKL4N29D06E?edition-redirect=uk | PRECIOUS-Gold soars past $1,600/ounce after Iran attack on U.S. forces | PRECIOUS-Gold soars past $1,600/ounce after Iran attack on U.S. forces
By Reuters Staff0 Min Read
Jan 8 (Reuters) - Gold prices surged more than 2% on Wednesday, crossing the key $1,600 mark, as investors sought cover in the safe-haven metal after Iran fired rockets at Iraqi airbase which hosts U.S. forces. FUNDAMENTALS * Spot gold climbed 1.9% to $1,603.21 per ounce by 0056 GMT. Prices hit their highest since March 2013 at $1,610.90 earlier in the session. U.S. gold futures rose 2% to $1,605.80. * The jump in the price of what's viewed by investors as a safer asset in times of political and economic uncertainty came after Iran's missile attack on U.S.-led forces in Iraq early on Wednesday. The attack came hours after the funeral of an Iranian commander whose killing in a U.S. drone strike has raised fears of a wider conflict in the Middle East. * The United States confirmed reports of the attack by Iran and said President Donald Trump had been briefed and the situation was being monitored. * On the trade front, in a move that would make it tough for Beijing to meet import commitments in its 'Phase 1' trade deal with the United States, China will not increase its annual low-tariff import quotas for corn, wheat and rice to accommodate additional purchases of U.S. farm goods. * Elsewhere, palladium hit a fresh all-time peak of $2,056.01 an ounce earlier in the session on a sustained supply deficit, and was last down 0.6% to $2,040.57. * Silver jumped 1.2% to $18.60 per ounce, after hitting its highest since late September at $18.71, while platinum advanced 0.3% to $973.95. DATA/EVENTS (GMT) 0700 Germany Industrial Orders MM Nov 0745 France Reserve Assets Total Dec 0830 UK Halifax House Prices MM Dec 1000 EU Consumer Confid. Final Dec (Reporting by Asha Sistla in Bengaluru; Editing by Kenneth Maxwell)
Our Standards: The Thomson Reuters Trust Principles.
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4434f73510a2a51446f27da4321419c8 | https://www.reuters.com/article/global-precious/precious-gold-stabilises-as-dollar-pulls-back-from-13-month-high-idUSL4N1V5144 | PRECIOUS-Gold stabilises as dollar pulls back from 13-month high | PRECIOUS-Gold stabilises as dollar pulls back from 13-month high
By Reuters Staff3 Min Read
BENGALURU, Aug 14 (Reuters) - Gold prices traded steady on Tuesday, but hovered close to an 18-month low, as the U.S. dollar pared gains after posting a 13-month high in the previous session.
FUNDAMENTALS
* Spot gold was up 0.1 percent at $1,194.13 an ounce, as of 0106 GMT. In the previous session, the bullion hit $1191.35, its lowest since January 30, 2017.
* U.S. gold futures were up 0.1 percent at $1,200.5 an ounce.
* The dollar index, which measures the greenback against a basket of six major currencies, was down about 0.1 percent at 96.339 early Tuesday after climbing to a 13-month high on Monday.
* Asia share markets tried to regain their footing on Tuesday as tremors from the collapse of the Turkish lira ebbed a little and Wall Street proved resilient to the shockwaves.
* Turkey’s lira pulled back from a record low of 7.24 to the dollar on Monday after the central bank pledged to provide liquidity, but it remained under selling pressure and its meltdown caused further unease on global markets.
* U.S. economic growth will probably accelerate this year before slowing in 2019 to well below the Trump administration’s 3 percent target as a fiscal stimulus fades, congressional researchers projected on Monday.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings dropped 0.19 percent to 784.60 tonnes on Monday from 786.08 tonnes on Friday.
* India’s gold imports rose for a first time in seven months in July after a fall in prices ahead of a jewellery exhibition prompted jewellers to replenish stocks, provisional data from metals consultancy GFMS showed. DATA AHEAD (GMT)
0200 China Industrial output July
0200 China Retail sales July
0200 China Urban investment July
0600 Germany GDP flash Q2
0645 France Consumer prices July
0900 Germany ZEW economic sentiment Aug
0900 Euro zone GDP flash Q2
0900 Euro zone Industrial production June
1000 U.S. NFIB business optimism July
1230 U.S. Import prices July
1230 U.S. Export prices July (Reporting by Apeksha Nair in Bengaluru, Editing by Sherry Jacob-Phillips)
Our Standards: The Thomson Reuters Trust Principles.
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4aab14302debe8537693c4de17d96d9b | https://www.reuters.com/article/global-precious/precious-gold-steadies-after-us-china-deal-palladium-jumps-over-5-idUKL4N29L2QV?edition-redirect=uk | PRECIOUS-Gold steadies after U.S.-China deal, palladium jumps over 5% | PRECIOUS-Gold steadies after U.S.-China deal, palladium jumps over 5%
By K. Sathya Narayanan3 Min Read
(Adds comments, updates prices)
* Palladium scales record high of $2,393.38/oz
* Palladium may enter ninth straight year of deficit - UBS
* Platinum jumps to highest level since February 2017
Jan 16 (Reuters) - Gold was little changed on Thursday, but still holding above the key $1,550 level as the signing of a preliminary trade deal between the United States and China failed to address concerns about tariffs and other core issues.
Record-setting palladium, on the other hand, soared more than 5%, while platinum jumped to its highest in almost three years.
Spot gold was at $1,555.56 per ounce as of 1309 GMT. U.S. gold futures were up 0.1% to $1,555.90.
The much-awaited Phase 1 trade deal was signed by U.S. President Donald Trump and Chinese Vice Premier Liu He on Wednesday, defusing an 18-month-long row that has roiled global markets.
“From many people’s perspective the deal looks quite underwhelming, there is still a lot which needs to be resolved ... that is one of the reasons why gold has upheld the level of $1,550,” OANDA analyst Craig Erlam said.
“The fact that the tariffs are still in place gives more hope that the Phase 2 is being taken more seriously.”
Analysts noted the Phase 1 deal fails to address structural economic issues, doesn’t fully eliminate the tariffs, and sets hard-to-achieve purchase targets, leaving a number of sore spots unresolved.
World stocks were hovering near record highs on Thursday after the signing of the deal, keeping gold prices in check.
Elsewhere, palladium gained 5% to $2,377 an ounce after hitting a record peak of $2,393.38 earlier in the session.
“Palladium’s price rally is supported by its strong fundamentals, as we expect the metal to enter its ninth straight year of market deficit this year,” UBS analysts said in a note.
“While higher prices should bolster scrap supply growth in 2020, we think mine supply growth is likely to remain constrained due to a lack of new projects.”
Platinum was up 1.8% at $1,038.42, having hit its highest since February 2017 at $1,040.25.
Platinum broke above the key psychological level of $1,000, which gave the market confidence to follow through and buy, said Bernard Sin, group head of trading at MKS.
Analysts also said the huge price difference between platinum and palladium had also been supporting platinum prices.
“At the end of the day, there is some demand (for platinum) as a substitute for palladium,” Sin added.
Both platinum and palladium are primarily used by automakers for catalytic converter manufacturing to clean car exhaust fumes.
Silver was steady at $18 per ounce.
Reporting by K. Sathya Narayanan and Swati Verma in Bengaluru; editing by Emelia Sithole-Matarise and Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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00c4a5f1b7d6b2ec63d6b3ac35e04455 | https://www.reuters.com/article/global-precious/precious-gold-steadies-as-political-turmoil-in-italy-rocks-financial-markets-idUSL5N1T029P | PRECIOUS-Gold rises as Italy turmoil rocks financial markets | PRECIOUS-Gold rises as Italy turmoil rocks financial markets
By 0 Min Read
(Recasts; updates prices, headline; adds comment, byline, NEW YORK to dateline) * Markets fear a snap Italian election will be referendum on EU * Euro at 11-month lows, Italian shares slump By Renita D. Young and Maytaal Angel NEW YORK/LONDON, May 29 (Reuters) - Gold prices rose on Tuesday, but gains were limited as traders weighed a buoyant dollar against a deepening political crisis in Italy that provoked a second day of heavy selling on European financial markets. Italy's president set the country on a path to early elections on Monday, appointing a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and passing the next budget. Investors fear repeat elections - which could take place as soon as August - might serve as a quasi-referendum on Italy's role in the European Union and euro zone and strengthen the country's euroskeptic parties even further. Gold, seen as a safe haven, often gains from political turmoil. But keeping the metal's upside in check, the events in Italy pushed the dollar to a 10-month high versus the euro, making dollar-priced gold costlier for non-U.S. investors. Spot gold gained 0.18 percent at $1,300.01 per ounce by 1:36 p.m. EDT (1736 GMT), earlier hitting a five-day low of $1,293.40, while U.S. gold futures for June delivery settled down $4.70, or 0.4 percent, at $1,299 per ounce. Markets are approaching a massive risk-off event, said Shree Kargutkar, vice president and portfolio manager at Sprott Asset Management. "Traders have begun buying the U.S. dollar versus the euro, sterling, as well as (emerging market) currencies, which explains why the U.S. dollar has been rising," he said. "Gold has been behaving exceptionally well when measured across various major currencies and it continues to maintain an uptrend against the U.S. dollar as well." Short-dated Italian bond yields, a gauge of political risk, soared to their highest since late 2013 in their biggest move in 26 years, weighing on gold. Adding to uncertainty in Europe, Spanish Prime Minister Mariano Rajoy will face a vote of confidence on Friday. Elsewhere, markets are awaiting U.S. inflation data due this week that could provide clues to future interest rate increases ahead of the June Federal Reserve policy meeting. Higher U.S. interest rates make non-yielding gold less attractive to investors. "Beyond politics, we still see the U.S. rate cycle and U.S. dollar in the driving seat for gold. This should keep a lid on prices for now and supports our short-term neutral view," Julius Baer analyst Carsten Menke said in a note. Spot silver lost 0.5 percent at $16.38 an ounce, earlier hitting $16.28, an eight-day low. Platinum gained 0.4 percent at $904.90 an ounce and palladium declined 1.1 percent at $975.75. (Additional reporting by Karen Rodrigues in Bengaluru; Editing by Alexandra Hudson and Rosalba O'Brien)
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3fdfd8e527550a8a7c2c31c0f3f62561 | https://www.reuters.com/article/global-precious/precious-gold-steadies-as-vaccine-doubts-weigh-on-recovery-outlook-idUSL4N2ID097 | PRECIOUS-Gold steadies as vaccine doubts weigh on recovery outlook | PRECIOUS-Gold steadies as vaccine doubts weigh on recovery outlook
By Reuters Staff0 Min Read
Nov 27 (Reuters) - Gold prices steadied on Friday as investors took stock of doubts raised over the efficacy of an inexpensive coronavirus vaccine, but the precious metal was set for a third week of declines. FUNDAMENTALS * Spot gold was little changed at $1,810.75 per ounce by 0118 GMT. U.S. gold futures rose 0.2% to $1,809.80 per ounce. * Gold was down over 3% for the week as progress in COVID-19 vaccine development and U.S. President-elect Joe Biden's transition to the White House bolstered risk sentiment. * Britain has asked its medicine regulator to assess Oxford University and AstraZeneca's COVID-19 vaccine candidate for temporary supply, while U.S. President Donald Trump said vaccine delivery would begin next week. * AstraZeneca, however, is facing tricky questions about its success rate that could hinder its chances of getting speedy U.S. and EU regulatory approval, prompting Asian shares to fall slightly. * Trump said on Thursday he will leave the White House if the Electoral College votes for Biden, the closest he has come to conceding the Nov. 3 election, even as he repeated his unfounded claims of massive voter fraud. * Raising the prospect for further stimulus, the European Central Bank's chief economist warned that tolerating "a longer phase of even lower inflation" would hurt consumption and investment. * Core consumer prices in Tokyo recorded their biggest annual drop in more than eight years, a sign the hit to consumption from the coronavirus crisis was heightening deflationary pressure on the economy. * Britain wants to resume face-to-face trade negotiations with the European Union, but it is a decision for Brussels, a spokesman for Prime Minister Boris Johnson said on Thursday. * Silver fell 0.9% to $23.25 per ounce, while Platinum fell 0.1% to $961.18 and palladium was up 0.3% at $2,391.19. (Reporting by Nakul Iyer in Bengaluru; Editing by Ramakrishnan M.)
Our Standards: The Thomson Reuters Trust Principles.
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0a58ce54dfd80e806755ff0411373027 | https://www.reuters.com/article/global-precious/precious-gold-steadies-palladium-retreats-after-surge-toward-2000-oz-idUKL4N28R39J?edition-redirect=uk | PRECIOUS-Gold steadies; palladium retreats after surge toward $2,000/oz | PRECIOUS-Gold steadies; palladium retreats after surge toward $2,000/oz
By Karthika Suresh Namboothiri0 Min Read
(Updates prices) * Palladium hits record high of $1,998.43/oz * U.S. manufacturing production rose 1.1% in Nov * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Karthika Suresh Namboothiri Dec 17 (Reuters) - Gold steadied on Tuesday as robust U.S. manufacturing data lifted risk appetite and offset lingering doubts on U.S.-China trade, while scarce palladium retreated after its record run toward the $2,000 an ounce level. Spot gold was little changed at $1,476.23 per ounce by 01:32 p.m. ET (1832 GMT). U.S. gold futures settled mostly unchanged at $1,480.60. U.S. manufacturing output rebounded more than expected in November, the U.S. central bank said, keeping Wall Street near record levels. "The competition for gold today is equities ... but there is danger out there in the way central banks are behaving; gold has to reflect that. We've created an environment where we require central banks to move the economy forward," said Rob Lutts, chief investment officer at Cabot Wealth Management. While the United States and China claimed to have reached an initial trade agreement, many questions remain unanswered. The preliminary deal reached last week will double U.S. exports to China, White House adviser Larry Kudlow said on Monday. Washington will also reduce some tariffs on Chinese goods. U.S. officials have touted a deal, but Chinese officials have been more cautious, emphasizing the dispute has not been completely settled. "From a technical standpoint, gold is in a bull market. ... Trade deficits and negative interest rates across the globe have been good for gold," said Michael Matousek, head trader at U.S. Global Investors. Elsewhere, British Prime Minister Boris Johnson, emboldened by election victory, put the risk of a hard Brexit back on the table, saying he would make extending the transition period beyond 2020 illegal. Gold is generally used by investors as a place to park assets during economic or political uncertainty. Spot palladium shed 1.7% to $1,944.60 per ounce, retreating from an all-time high of $1,998.43 earlier in the session. The metal, used to make catalytic converters for cars, could see a surge in demand owing to stringent anti-carbon emissions globally. "Supply is tight and when you're adding the speculation about a potential pick-up in demand due to recovery in the global economy, you have a perfect storm of bullish news continuing to keep palladium supported," Saxo Bank analyst Ole Hansen said. Last week's mine shutdowns in South Africa added fuel to palladium's rally. "It's times like these that create the opportunities to buy on pull backs," Matousek said. Platinum eased 0.3% to $926.73 an ounce and silver was down 0.1% at $17.01. (Reporting by Karthika Suresh Namboothiri and Eileen Soreng in Bengaluru; Editing by Sandra Maler and Richard Chang)
Our Standards: The Thomson Reuters Trust Principles.
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0bc778ec4fbb205a97b3a04651e68f54 | https://www.reuters.com/article/global-precious/precious-gold-steady-amid-trade-tensions-eyes-on-u-s-fed-idUKL4N1WB0A5?edition-redirect=uk | PRECIOUS-Gold steady amid trade tensions, eyes on U.S. Fed | PRECIOUS-Gold steady amid trade tensions, eyes on U.S. Fed
By Reuters Staff3 Min Read
BENGALURU, Sept 25 (Reuters) - Gold was steady on Tuesday amid simmering U.S.-China trade tensions after a new set of tariffs came into effect, while investors stuck to the sidelines ahead of a U.S. Federal Reserve meeting.
FUNDAMENTALS
* Spot gold was barely changed at $1,198.28 by 0056 GMT.
* U.S. gold futures were down 0.2 percent at $1,202.60 an ounce.
* Investors await details from the two-day Federal Reserve meeting beginning on Tuesday, when the U.S. central bank is expected to raise benchmark interest rates and shed light on the path for future rate hikes.
* Higher U.S. interest rates typically pressure gold, since it costs to store and insure, but does not pay interest.
* The United States and China imposed fresh tariffs on each other’s goods as the world’s biggest economies showed no signs of backing down from a trade dispute that is expected to knock global economic growth.
* Although gold is generally considered to be a safe-haven asset, the months-long trade rift between Washington and Beijing has instead prompted investors to buy U.S. dollars in the belief that the United States has less to lose from the dispute.
* The dollar index against a basket of six major currencies edged up 0.1 percent to 94.254.
* Speculators increased their net short position in COMEX gold contracts in the week to Sept. 18, U.S. data showed on Friday.
* Palladium hit its highest since Feb. 27 at $1,060.70 on Monday and was last steady at $1,058.
* India is likely to increase import duties on precious stones, certain types of steel and electronics but will spare gold to prevent smuggling, a finance ministry official said on Monday.
* Canada’s Barrick Gold Corp has agreed to buy Randgold Resources Ltd in an all-stock deal valuing the Africa-focused miner at $6.5 billion, to create the world’s largest gold producer in an industry under investor pressure to put capital to good use.
* Unidentified assailants on Sunday kidnapped three people working at a gold mine run by Ghana-based Balaji in northeastern Burkina Faso, near the border with Mali, a company official told Reuters on Monday. (Reporting by Nallur Sethuraman in Bengaluru; editing by Richard Pullin)
Our Standards: The Thomson Reuters Trust Principles.
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d3776b6005a71dede04a1c26563c84d0 | https://www.reuters.com/article/global-precious/precious-gold-steady-as-firmer-dollar-offsets-fall-in-stocks-idUKL3N1WY1PX?edition-redirect=uk | CORRECTED-PRECIOUS-Gold steady as firmer dollar offsets fall in stocks (Oct 18) | CORRECTED-PRECIOUS-Gold steady as firmer dollar offsets fall in stocks (Oct 18)
By Vijaykumar Vedala3 Min Read
(Corrects company name and designation of analyst in 11th paragraph in Oct. 18 story)
* U.S. Fed minutes signal more rate hikes likely
* Dollar index rises to one-week high
BENGALURU, Oct 18 (Reuters) - Gold prices held steady on Thursday as a fall in Asian shares was offset by a stronger dollar, which firmed after minutes of the Federal Reserve’s September meeting reinforced expectations of a tighter U.S. monetary policy.
Fed policymakers are largely united on the need to raise borrowing costs further, minutes from their most recent policy meeting showed, boosting expectations the committee will stick to its hawkish stance on raising interest rates.
Spot gold was flat at $1,222.23 an ounce at 0746 GMT, staying close to its highest since July 26 at 1,233.26 an ounce hit on Monday.
U.S. gold futures were down 0.2 percent at $1,225.20 an ounce.
“Gold is closely tracking both the U.S. dollar and equities, more so the dollar,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
The dollar index rose to a fresh one-week high against a basket of currencies on Thursday.
“When the debate is that how high you can push the interest rate, it is going to leave a negative scar on the gold price in the short term,” Think Markets UK chief markets analyst Naeem Aslam said in a note.
“However, there are higher chances of miscalculation here, hence we do think that any drop in the gold price could be an opportunity.”
Higher U.S. interest rates tend to boost the dollar, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.
Meanwhile, China’s benchmark stock index skidded to four-year lows and dragged Asian equities down on Thursday, as renewed fears of a broadening economic impact from an escalating Sino-U.S. trade conflict sapped confidence.
“Geopolitical and macroeconomic factors are still not indicating exuberance and risk appetite returning to markets with full throttle,” said Sugandha Sachdeva, vice president of metals, energy and currency research at Religare Broking Ltd.
Trade war concerns, recent tensions between the United States and Saudi Arabia, and a hawkish Fed are among the factors likely to weigh on appetite for riskier assets. This bodes well for gold as a hedge against market volatility and a portfolio diversifier, she added.
Bullion was testing resistance at the 100-day moving average of about $1,225. A convincing break above that is seen as a bullish sign for investors who follow technical signals.
A bearish target zone of $1,208-$1,217 per ounce remains unchanged for spot gold, following its failure to break a strong resistance at $1,235, according to Reuters technical analyst Wang Tao.
In other metals, silver fell 0.7 percent to $14.51 per ounce, platinum was up 0.1 percent at $832.50 per ounce, and palladium was up 0.3 percent at $1,072.0. (Reporting by Vijaykumar Vedala in Bengaluru; editing by Richard Pullin and Sunil Nair)
Our Standards: The Thomson Reuters Trust Principles.
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cc7cf5679f07074fba84a5576ada092c | https://www.reuters.com/article/global-precious/precious-gold-steady-as-markets-crave-trade-details-palladium-eyes-2000-oz-idINL4N28R15Y?edition-redirect=in | PRECIOUS-Gold steady as markets crave trade details; palladium eyes $2,000/oz | PRECIOUS-Gold steady as markets crave trade details; palladium eyes $2,000/oz
By Sumita Layek0 Min Read
(Updates prices) * Asian shares rise to highest in over a year * Palladium scales record high of $1,998.43/oz * GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl By Sumita Layek Dec 17 (Reuters) - Gold traded sideways on Tuesday, as a lack of concrete details about an interim U.S.-China trade deal kept investors from making firm bets, while palladium prices were set to break above the key $2,000 per ounce level for the first time. Palladium was 0.5% higher at $1,987.59 an ounce by 0749 GMT, after hitting an all-time peak of $1,998.43. Spot gold was little changed at $1,476.43 per ounce, with U.S. gold futures flat at $1,480.80. "The trade situation is improving... but the weaker dollar is counter balancing that. So, we're seeing tight ranges for gold prices with these two factors running in opposite directions," said Michael McCarthy, chief market strategist at CMC Markets. The dollar index was little changed after posting losses in the previous two sessions, making gold cheaper for holders of other currencies. Investors are keen to know more about the preliminary trade deal struck between United States and China last week. "There is a real risk that when it comes to the actual (deal) document, we could see some market disappointment and that of course would be supportive for gold," McCarthy added. The "Phase One" trade deal has been "absolutely completed", a top White House adviser said on Monday. However, Chinese officials have been more cautious, emphasizing that the trade dispute has not been completely settled. Gold, considered a safe investment in times of political and economic uncertainty, has gained about 15% this year, mainly driven by the 17-month-long tariff war and its impact on the global economy. Capping bullion's advance, Asian shares rose to their highest in more than a year on trade deal optimism. Among other precious metals, palladium, used mainly in catalytic converters in vehicles, has gained more than 57% so far this year on a sustained supply crunch. "Supply concerns have kept the metal buoyant, and underlying demand appears to be in good shape still on pull-backs," MKS PAMP said in a note. "We look set for an imminent test above $2,000, but we feel there will be some good supply above there from the spec community," they added, referring to speculators. Silver fell 0.2% to $17 per ounce, while platinum gained 0.3% to $932.32. (Reporting by Sumita Layek in Bengaluru; Editing by Rashmi Aich, Uttaresh.V, Kirsten Donovan)
Our Standards: The Thomson Reuters Trust Principles.
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50db4cea4ef48a3108cbcfdbb5db7389 | https://www.reuters.com/article/global-precious/precious-gold-steady-as-uncertainties-linger-after-us-china-trade-deal-idUKL4N29L084?edition-redirect=uk | PRECIOUS-Gold steady as uncertainties linger after U.S.-China trade deal | PRECIOUS-Gold steady as uncertainties linger after U.S.-China trade deal
By Reuters Staff3 Min Read
Jan 16 (Reuters) - Gold prices held steady on Thursday as investors remained concerned about existing tariffs and unresolved issues after Washington and Beijing signed a partial trade deal.
FUNDAMENTALS
* Spot gold edged 0.1% higher to $1,556.69 per ounce by 0140 GMT. U.S. gold futures rose 0.2% to $1,556.40.
* In other precious metals, palladium rose 0.1% to $2,264.65 an ounce after hitting a record peak of $2,284.00 earlier in the session, while platinum fell 0.2% to $1,018.43, after hitting a near two year peak at $1,027.44 earlier.
* U.S. President Donald Trump and Chinese Vice Premier Liu He signed a deal on Wednesday, defusing an 18-month row between the world’s two largest economies.
* However, the interim deal fails to address structural economic issues that led to the trade conflict, does not fully eliminate the tariffs that have slowed the global economy, and sets hard-to-achieve purchase targets, analysts said. nL1N29K0MV]
* Gold prices had gained 18% last year on the back of the trade war and its impact on global economy.
* Adding to concerns, China’s pledge to buy U.S. farm goods based on “market conditions” during the deal signing ceremony spurred doubts among farmers and commodity traders over Beijing’s lingering tariffs on U.S. exports.
* World stocks inched to a record high as the Phase 1 deal reduced uncertainties that beset financial markets.
* The Democratic-led House of Representatives voted on Wednesday to send two formal charges against Trump to the Senate.
* U.S. Federal Reserve expressed confidence that borrowing costs are at the right level to sustain growth and lift inflation to healthier levels, despite what businesses say is a lingering drag from uncertainty over U.S. trade policy.
* Mali’s industrial gold production rose 7% in 2019 to a record 65.1 tonnes, mines ministry statistics showed on Wednesday.
* Holdings of the world’s largest gold-backed exchange-traded fund SPDR Gold Trust rose 0.43% to 878.32 tonnes on Wednesday.
* Silver was flat at $17.99 per ounce. DATA/EVENTS (GMT) 0700 Germany HICP Final YY Dec 1330 US Initial Jobless Claims Weekly 1330 US Philly Fed Business Indx Jan 1330 US Retail Sales MM Dec n/a China Total Social Financing Dec n/a China M2 Money Supply YY Dec n/a China New Yuan Loans Dec (Reporting by Asha Sistla in Bengaluru; Editing by Shailesh Kuber)
Our Standards: The Thomson Reuters Trust Principles.
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2526baf4549b31f4cbee62b6a7f43c80 | https://www.reuters.com/article/global-precious/precious-gold-surrenders-gains-after-record-run-as-dollar-slide-pauses-idUKL3N2EZ0LY?edition-redirect=uk | PRECIOUS-Gold surrenders gains after record run as dollar slide pauses | PRECIOUS-Gold surrenders gains after record run as dollar slide pauses
By Brijesh Patel0 Min Read
* Silver rises to over 7-year high * China H1 gold consumption down 38% y/y -association * Fed's two-day policy meeting ends on Wednesday (Updates prices) By Brijesh Patel July 28 (Reuters) - Gold gave up gains on Tuesday after scaling record highs as the dollar regained some ground, although simmering U.S.-China tensions and bets that the U.S. Federal Reserve would maintain its dovish policy stance kept demand solid for the metal. Spot gold was steady at $1,941.23 per ounce by 0707 GMT, but off its peak of $1,980.57 hit earlier, with the retreat also attributed to profit-taking. U.S. gold futures rose 0.2% to $1,935.10. Silver dropped 0.7% after rising as much as 6.4% to $26.19 per ounce, its highest since April 2013. "A slight reversal in the dollar could have triggered nervous longs to bail out, but there's been no change in the fundamentals whatsoever," said Michael McCarthy, chief strategist at CMC Markets. "We've had a very steep rise over the previous eight sessions from $1,800 to all the way up to $1,980, and such a rise in any market in such a short period of time does make it vulnerable to pullback." The dollar index crept higher after slumping to a two-year low, with markets awaiting the passage of a new fiscal rescue package in the United States. Traders also took stock of association data showing gold consumption from traditional top buyer China fell 38.25% in the first half of the year. The focus now shifts to the Fed's two-day meeting that ends on Wednesday. "(This meeting) is expected to discuss implementing dovish forward guidance which gold investors would consider supportive as real yields, the key driver of gold, would be expected to remain at record lows," Phillip Futures analysts said in a note. Lower bond yields reduce the opportunity cost of holding non-interest bearing gold. Deteriorating U.S.-China ties and dimming hopes of a quick economic recovery as the virus showed no signs of slowing kept demand solid for the safe-haven metal, which has risen nearly 28% so far this year. Platinum lost 1.6% to $930.32 and palladium dropped 1.7% to $2,270.24. (Reporting by Brijesh Patel in Bengaluru; Editing by Uttaresh.V and Subhranshu Sahu)
Our Standards: The Thomson Reuters Trust Principles.
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2d857fefc7675228ff882a8118ee3d24 | https://www.reuters.com/article/global-precious/precious-gold-ticks-higher-on-worries-over-rising-covid-19-cases-idUKL3N2EK04O?edition-redirect=uk | PRECIOUS-Gold ticks higher on worries over rising COVID-19 cases | PRECIOUS-Gold ticks higher on worries over rising COVID-19 cases
By Reuters Staff0 Min Read
July 13 (Reuters) - Gold prices edged higher on Monday, holding above the key $1,800-per-ounce level, as worries over surging coronavirus cases around the world kept the safe-haven metal underpinned. FUNDAMENTALS * Spot gold was up 0.1% at $1,800.71 per ounce by 0033 GMT. U.S. gold futures rose 0.2% to $1,804.90. * More than 12.83 million people have been reported to be infected by the novel coronavirus globally and 565,626 have died, according to a Reuters tally. * Florida reported a record increase of more than 15,000 new cases in 24 hours on Sunday, as the Trump administration renewed its push for schools to reopen and anti-mask protests were planned in Michigan and Missouri. * U.S. President Donald Trump said on Friday he was not currently thinking about negotiating a "Phase 2" trade deal with China as relations between Washington and Beijing sour over the pandemic and other issues. * Gold is used as a safe investment during times of political and financial uncertainty. * Speculators increased their bullish positions in COMEX gold and silver contracts in the week to July 7, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. * Asian shares got off to a firm start as investors wagered the U.S. earnings season would see most companies beat forecasts given expectations had been lowered so far by coronavirus lockdowns. * The dollar index held steady against a basket of major currencies. * Physical gold sold at a premium in India last week for the first time this year, driven by plunging imports and a near halt in smuggling that offset the impact of high unemployment and a rise in domestic prices across Asia that could deter buyers. * Palladium gained 0.5% to $1,979.96 per ounce, platinum rose 1.3% to $824.80 and silver climbed 0.5% to $18.75. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
Our Standards: The Thomson Reuters Trust Principles.
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b7dd98dc617fc83a6c9b97af2922c457 | https://www.reuters.com/article/global-precious/precious-gold-trades-steady-ahead-of-china-gdp-data-idUSL4N24G068 | PRECIOUS-Gold trades steady ahead of China GDP data | PRECIOUS-Gold trades steady ahead of China GDP data
By Reuters Staff2 Min Read
July 15 (Reuters) - Gold prices held steady in early Asian trade on Monday, as market participants awaited key economic data from China for cues about the health of the world’s second-largest economy.
FUNDAMENTALS
* Spot gold was flat at $1,415.34 per ounce as of 0100 GMT.
* U.S. gold futures were up 0.3% at $1,416.50 an ounce.
* Markets will be focussed on Chinese gross domestic product data due at 0200 GMT, where analysts expect second-quarter growth to have slowed to 6.2% from a year earlier - the weakest annual pace since early 1992.
* A disappointing number would add to worries about slowing global growth and reinforce the case for more stimulus by Chinese authorities as a damaging trade war with the United States rages on.
* Alongside GDP, China will also publish activity data for June including retail sales, industrial production and urban investment, which could give more clues on whether earlier support measures are starting to kick in, or if more policy easing is needed.
* Meanwhile, the dollar index was relatively unchanged against a basket of major currencies.
* The dollar index fell for three days in a row on prospects of an interest rate cut by the U.S. Federal Reserve later this month.
* Hedge funds and money managers cut their bullish stance in COMEX gold in the week to July 9, the U.S. Commodity Futures Trading Commission (CFTC) said in a report on Friday.
* Physical gold buying stalled in top Asian hubs last week as consumers sold back bullion to cash in on a steep price rally, while a recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates.
* Belo Sun Mining Corp said on Friday it had won a legal victory in its push to mine the country’s largest undeveloped gold deposit in the Amazon rainforest, which has drawn criticism from environmentalists and indigenous advocates.
DATA AHEAD (GMT)
* 0200 China Urban Investment YTD June
* 0200 China Industrial Output YY June
* 0200 China Retail Sales YY June
* 0200 China GDP YY Q2
Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.
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da0419fb74d4494ff7f29ffbb64a2629 | https://www.reuters.com/article/global-precious/precious-gold-up-from-6-month-lows-on-bargain-hunting-weaker-dollar-idUSL4N1TV3IA | PRECIOUS-Gold up from 6-month lows on bargain hunting, weaker dollar | PRECIOUS-Gold up from 6-month lows on bargain hunting, weaker dollar
By 0 Min Read
* Spot gold on track for third weekly fall * Gold down more than 5 pct this quarter * Platinum headed for 8 pct quarterly decline (New throughout, updates prices, market activity and comments, adds second byline, NEW YORK dateline) By Renita D. Young and Eric Onstad NEW YORK/LONDON, June 29 (Reuters) - Gold prices rose on Friday from six-month lows as a weaker U.S. dollar prompted bargain hunting, but bullion was on track for weekly and monthly declines and analysts said many speculators maintained short positions, leaving prices vulnerable to further losses. Spot gold added 0.4 percent at $1,252.81 an ounce by 1:34 p.m. EDT (1734 GMT). On Thursday, it touched $1,245.32, its lowest since Dec. 13, 2017. U.S. gold futures for August delivery settled up $3.50, or 0.3 percent, at $1,254.50 per ounce. "Gold is finding support from the weak U.S. dollar and firm euro...and is at least recouping the losses it incurred yesterday," Commerzbank said in a note. Despite Friday's gains, gold was down 1.2 percent so far this week, headed for a third straight weekly decline. For the month, spot gold was down about 3.4 percent, on track for its biggest monthly drop since November 2016. "At the end of the month and end of the quarter, people try to buy gold to boost it," added Michael Matousek, head trader at U.S. Global Investors. Both spot gold and platinum prices were headed for their weakest quarters since year-end 2016. "The shorts are still in control and the momentum is negative. The dollar and U.S. Treasuries have taken over the role of safe haven this month and as long as the trade war is creating uncertainty then that will probably prevail," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. Hansen said the downtrend would likely accelerate unless gold held above multiple support layers slightly below $1,240. The euro increased after European Union leaders reached an agreement on migration. A stronger euro potentially boosts gold demand by making dollar-priced bullion cheaper for European investors. The dollar index slipped against a basket of currencies. Meanwhile, spot silver gained 1.1 percent at $16.13 an ounce. It was heading for a 1.9 percent weekly drop and 1.4 percent monthly decline. Palladium rose 0.7 percent at $951.45 an ounce. It was down 3.4 percent for the month, its weakest month since March. Platinum added 0.2 percent at $849.24 per ounce. During the session it hit its lowest since January 2016 at $837.30. It was down 8 percent for the quarter and 5.8 percent for the month. "Speculative financial investors are currently betting on falling platinum prices to a greater extent than ever before, and platinum ETFs have been seeing continual outflows for months," Commerzbank said in a note. (Additional reporting by Karen Rodrigues in Bengaluru; editing by David Gregorio and Louise Heavens)
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fd415be1d9137dc1869c6e5dac635a21 | https://www.reuters.com/article/global-precious/precious-palladium-sinks-6-pct-in-free-fall-gold-sheds-1-pct-idUKL3N21F44M?edition-redirect=uk | PRECIOUS-Palladium slumps 7 pct in selloff, gold sheds over 1 pct | PRECIOUS-Palladium slumps 7 pct in selloff, gold sheds over 1 pct
By Karthika Suresh Namboothiri3 Min Read
* Palladium hits low of $1,331.09/oz, weakest since Jan. 29
* Prices now down more than $250/oz from last week’s record high
* Gold breaks below key $1,300 support
* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Adds latest prices)
March 28 (Reuters) - Palladium slumped over 7 percent on Thursday, adding to the previous session’s sharp slide, on concerns an economic slowdown could dent demand and as a weak technical picture pushed investors to book profits after a record run.
Meanwhile, gold slid over 1 percent to a more than two-week low as the dollar rallied.
Spot palladium sank fell 7.2 percent to $1,340.38 per ounce by 1:49 p.m. EDT (1749 GMT), having earlier dipped to $1,331.09, its weakest since Jan. 29.
The autocatalyst metal marked its biggest daily percentage loss in over two years in the last session, with prices plummeting 6.3 percent as investors booked profits.
Palladium has lost more than $250 since it hit a high of $1,620.52 last week.
“Palladium pulled back so much just because it had such a good run,” said Michael Matousek, head trader at U.S. Global Investors.
“Palladium is a big component in catalytic converters. When there’s a slowdown in the economy people will buy less cars and spend less money. People are thinking it had turned into a bubble because of the big run it had.”
Palladium is crucial in the making of catalytic converters used in exhaust systems of vehicles, and a sustained deficit had supported the metal’s surge.
“(The price rally) has been very speculative-driven and with the technical outlook changing somewhat after the break below $1,500, we’re seeing the speculative interest being reduced,” said Saxo Bank analyst Ole Hansen.
“From a technical perspective, the next major level is another $100 lower at $1,316.”
Meanwhile, gold shed 1.5 percent to $1,290.51 per ounce, breaking below the key $1,300 support level.
U.S. gold futures settled 1.6 percent lower at $1,289.80 per ounce.
“Until we get an external catalyst, gold will continue to take its cues from the dollar,” Peter Hug, Global Trading Director at Kitco Metals said in a note.
“The metals are also reflecting worries about an accelerated slowdown in the U.S. economy and global growth in general.”
The U.S. dollar rose versus other currencies following more dovish soundings from central banks and renewed expectations that the European Central Bank will keep rates low for longer.
The Reserve Bank of New Zealand this week joined a growing list of central banks that have turned dovish amid signs of a slowing global economy, saying its next move in interest rates was likely to be a cut.
The U.S. economy slowed more than initially thought in the fourth quarter, keeping growth in 2018 below the Trump administration’s 3 percent annual target, and corporate profits fell by the most in a year.
Other precious metals followed suit with platinum falling nearly 1 percent to $839.75 per ounce, and silver down 2.1 percent at $14.97.
Reporting by Karthika Suresh Namboothiri in Bengaluru Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
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684960c72e8fab477cd824dfc4962d10 | https://www.reuters.com/article/global-precious/rpt-precious-gold-hits-one-week-low-after-u-s-economic-data-idUSL2N1N91PR | RPT-PRECIOUS-Gold hits one-week low after U.S. economic data | RPT-PRECIOUS-Gold hits one-week low after U.S. economic data
By 0 Min Read
(Repeats report, no changes to text) * GRAPHIC-2017 asset returns: tmsnrt.rs/2jvdmXl * Gold set for third straight weekly decline By Marcy Nicholson and Zandi Shabalala NEW YORK/LONDON, Nov 3 (Reuters) - Gold fell to a one-week low on Friday as consensus-beating U.S. economic data pushed the dollar higher, outweighing the impact of a lackluster jobs report. The greenback gained on a strong reading of U.S. factory orders and the services sector, reversing earlier losses after an underwhelming October jobs report. Spot gold fell 0.6 percent to $1,267.95 an ounce by 2:26 p.m. EDT (1826 GMT), and was on track for third straight weekly decline. It hit its lowest level since Oct. 27 at $1,265.16. U.S. gold for December delivery settled down 0.7 percent at $1,269.20. "The data was in a conflicting sequence but it is overall making the case for not just one further rate hike by the Fed in December but also for further, gradual increasing of rates in 2018," said Quantitative Commodity Research consultant Peter Fertig. "The outlook for the interest side remains towards a stronger U.S. dollar so there are headwinds for gold." The interest rate outlook for the coming year is largely unchanged by President Donald Trump's appointment of Jeremy Powell as Fed chairman as analysts said it signaled a continuation of Janet Yellen's cautious monetary policies. "This morning's weak jobs numbers should have been a boost to gold prices typically because the thought would be that maybe the Fed would change direction away from raising interest rates speedily," said Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York. "However, with the selection of Jerome Powell as the next Fed chairman that thought has quickly been discarded. This explains why, with this poor news, gold is still backing away like a scared dog." World stock markets edged higher, buoyed by the U.S. economic data. "I still remain cautious on gold until and unless it moves back above $1,300 again," said Fawad Razaqzada, technical analyst for Forex.com. "There is still the potential for a drop to the support trend of its bullish channel around the $1,255 area before it decides on its next move." SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.4 percent on Thursday. Meanwhile in Asia, demand for physical gold was lackluster this week in top consumers India and China, while the lure of the metal remained stable in Singapore, but India's peak wedding season is expected to usher in renewed interest for bullion in coming weeks. In other precious metals, spot silver fell 1.7 percent to $16.78 an ounce and platinum eased 0.6 percent to $919, while palladium turned up 0.2 percent to $998.10. (Additional reporting by Arpan Varghese in Bengaluru, editing by David Evans and Tom Brown)
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0a9206d7a30497bb35678e9365d7652a | https://www.reuters.com/article/global-precious/volatile-gold-slides-from-seven-year-peak-as-traders-cover-margins-idINKBN20T0BJ?edition-redirect=in | Volatile gold slides from seven-year peak as traders cover margins | Volatile gold slides from seven-year peak as traders cover margins
By Harshith Aranya3 Min Read
(Reuters) - Gold prices swung more than 1% on Friday, sliding from a seven-year high as investors sold the precious metal to cover margin calls as the rapid spread of the coronavirus hammered equity markets.
FILE PHOTO: A one kilo gold bar is displayed in a shop in Dubai's gold souk, April 11, 2006. REUTERS/Tamara Abdul Hadi/File Photo
Spot gold XAU= was up 0.1% at $1,671.24 per ounce by 1:58 p.m. EST (1858 GMT). U.S. gold futures GCcv1 settled 0.3% higher $1,672.40.
Gold jumped 1.2% to its highest since January 2013 at $1,689.65 earlier in the session, but then shed all those gains to drop as much as 1.4%.
“We are seeing a lot of volatility in the equity markets, fairly large losses and uncertainty bringing the S&P below 3,000. We are most likely seeing liquidation of gold in order to cover margin calls,” said Bart Melek, head of commodity strategies at TD Securities.
“This is very reminiscent of what happened in the corrections during the financial crisis.”
U.S. stocks tanked and the Dow Jones Industrials shed nearly 2%, while government bonds rallied as traders worried about a prolonged economic slowdown. [MKTS/GLOB] [US/] [.N]
Oil prices also collapsed more than 8% to their lowest levels since mid-2017. [O/R]
“This dip (in gold) should be bought up fairly quickly as the day goes on. As long as this virus is in the headlines out there, expect gold to continue higher,” said Bob Haberkorn, senior market strategist at RJO Futures.
Despite the losses, safe-haven gold is still on course for its biggest weekly gain since February 2016.
Nearly 60 new coronavirus cases were confirmed in the United States on Thursday. Globally, virus cases surpassed 100,000 and over 3,300 deaths have been reported.
The International Monetary Fund on Wednesday said the outbreak would hold 2020 global output gains to the slowest pace since the 2008-2009 financial crisis.
The epidemic poses “evolving risks” to the U.S. economy and central bank officials are monitoring developments closely, New York Federal Reserve President John Williams said on Thursday.
The Federal Reserve made an emergency 50-basis-point interest rate cut on Tuesday, its first inter-meeting cut since 2008. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.
U.S. nonfarm payrolls data showed a robust increase in hiring in February, but the report may not reflect the full impact from the outbreak.
Palladium XPD= dipped 0.5% to $2,520.92 per ounce and silver XAG= was down 0.9% at $17.26 an ounce.
Platinum XPT= rose 3.1% to $891.08, on track to post its best week since mid-Janaury.
The second-largest platinum group metals producer, Anglo American Platinum AMSJ.J, had slashed its output outlook due to a shutdown following an explosion.
Reporting by Sumita Layek and Swati Verma in Bengaluru; Editing by Dan Grebler, Jonathan Oatis and David GregorioOur Standards: The Thomson Reuters Trust Principles.
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264dda65b65a732ee4a1b591d7990201 | https://www.reuters.com/article/global-race-adidas/adidas-appoints-new-hr-head-after-race-row-idINL8N2GY2UA?edition-redirect=in | Adidas appoints new HR head after race row | Adidas appoints new HR head after race row
By Reuters Staff2 Min Read
BERLIN, Oct 7 (Reuters) - Adidas has appointed Amanda Rajkumar, an executive from French bank BNP Paribas , as its new head of human resources after employee complaints over racism at the German sportswear company led to the departure of Karen Parkin in June.
Parkin stepped down as HR head after a group of employees called for an investigation over her handling of racism at the company which she had described last year as “noise” only discussed in America.
Rajkumar, a 48-year-old British national, was most recently head of human resources for the Americas for BNP Paribas. She previously worked for JP Morgan for almost a decade. She will take up her new job at Adidas in 2021.
Adidas CEO Kasper Rorsted said he hoped Rajkumar would help to strengthen diversity at the company and entrench its position as one of the most popular employers worldwide.
“We want to ... make Adidas a truly diverse, inclusive, people driven and equitable company,” he said.
After the death of George Floyd in May prompted many brands to pledge action over racial inequality, Adidas promised to promote more Black and Latino staff and invest in Black communities.
The company also admitted it has not given enough credit in the past to the many prominent Black athletes and celebrities - like James Harden and Kanye West - as well as Black employees and consumers who have helped to make it successful.
Adidas said in August it had seen no impact on sales from the race row and expects a recovery in the third quarter assuming there are no new major lockdowns as it benefits from more people exercising and dressing down as they work from home. (Reporting by Emma Thomasson. Editing by Jane Merriman)
Our Standards: The Thomson Reuters Trust Principles.
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8402a4e9f7e694c4a530bab496691097 | https://www.reuters.com/article/global-race-canadian-banks-idINKBN24C03L?edition-redirect=in | Top Canadian lenders plan to fill 3.5% of senior roles with Black employees | Top Canadian lenders plan to fill 3.5% of senior roles with Black employees
By Reuters Staff2 Min Read
(Reuters) - Bank of Nova Scotia and Canadian Imperial Bank of Commerce said they plan to fill at least 3.5% of their top roles with Black employees as part of an initiative that aims to fight racism and improve the representation of Black people in boardrooms.
The initiative, labeled "BlackNorth," was launched by Wes Hall, a prominent Canadian businessman and the chairman of proxy advisory firm Kingsdale Advisors. It urged executives to fill at least 3.5% of senior executive and board positions in Canada with Black leaders by 2025. (bwnews.pr/2Of8eE4)
Companies across the globe have announced donations to nonprofit organizations and pledged money for internal company programs for racial and social justice causes amid worldwide protests over the death of George Floyd, an African-American man who died under the knee of a white police officer in May.
Royal Bank of Canada, the country’s biggest lender, said on Monday it was committing C$150 million ($111 million) to racial diversity initiatives and aims to increase the proportion of non-white executive hires to 30% from 20%.
Last month, Manulife Financial Corp and Scotiabank pledged C$3.5 million and C$500,000, respectively, for diversity initiatives.
Reporting by Shanti S Nair in Bengaluru; Editing by Aditya SoniOur Standards: The Thomson Reuters Trust Principles.
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3a854fb7d6c34124281a789a1f067862 | https://www.reuters.com/article/global-race-detroit-idUKL2N2ES2A5?edition-redirect=uk | UPDATE 1-Detroit officer charged with shooting journalists with rubber pellets | UPDATE 1-Detroit officer charged with shooting journalists with rubber pellets
By Reuters Staff2 Min Read
(Adds comment from Detroit police on suspension of officer)
July 21 (Reuters) - A police officer has been charged with an unprovoked attack against three credentialed journalists, shooting them with rubber pellets in May as a protest they were covering in downtown Detroit was winding down, prosecutors said.
Detroit Police Corporal Daniel Debono, 32, faces three counts of felonious assault, the Wayne County prosecuting attorney’s office said on Monday.
“The evidence shows that these three journalists were leaving the protest area and that there was almost no one else on the street where they were,” Prosecuting Attorney Kim Worthy said in a statement. “There are simply no explicable reasons why the alleged actions of this officer were taken.”
A date and time of arraignment has yet to be set, a spokeswoman for Worthy’s office said.
An attorney for Debono could not immediately be reached.
The incident happened in the early morning hours of May 31 during a demonstration over the police killing in Minneapolis a week earlier of George Floyd, after most protesters had dispersed, Worthy’s office said.
Photojournalist Nicole Hester, 30, of MLive, and independent photojournalists Seth Herald, 28, and Matthew Hatcher, 29, all wearing press credentials, had been covering the protests, identified themselves to Debono and two other officers and asked to cross the street, the office said in a statement.
As they did, Debono fired rubber pellets at them, injuring Herald’s wrist, hitting Hatcher in the face and ribs and Hester in the face, neck, arms and legs, the statement said.
Debono was suspended from the department on June 10 following an investigation that was launched after Detroit Police Chief James Craig learned of the incident, police spokeswoman Sergeant Nicole Kirkwood said on Tuesday by email.
Reporting by Peter Szekely in New York; editing by Bill Tarrant and Tom BrownOur Standards: The Thomson Reuters Trust Principles.
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4ad852de7d136950f32c4d11c565b3bb | https://www.reuters.com/article/global-race-usa-philadelphia-explosives-idINKBN27F136?edition-redirect=in | Two arrested with explosives in van during Philadelphia protests - police | Two arrested with explosives in van during Philadelphia protests - police
By Reuters Staff2 Min Read
(Reuters) - Two men have been charged with explosives offenses over a suspected plot to use civil unrest over the police shooting of a Black man as cover to rob cash machines, Pennsylvania state Attorney General Josh Shapiro said.
The driver and passenger of a van were arrested on Wednesday with dynamite, a propane tank torch, a Taser and tools including electric drills, bolt cutters and machetes, Shapiro said in a statement late on Thursday.
“The explosives and tools recovered in the van are commonly used to attempt to dismantle and steal proceeds from ATMs (automated teller machines). There have been at least 30 ATM bombings in Philadelphia in the last four days,” it said.
The two suspects appeared to be part of a larger ring of 10-15 vehicles that had set off from a parking lot in a convoy, it said, citing Philadelphia police who were responding to a commercial burglary alarm.
The convoy fled when police appeared and officers were able to stop only one of the vans with the two suspects inside.
The two were charged with felony possession of weapons of mass destruction, which under Pennsylvania law includes anything with a chemical element or compound that can cause harm or death, as well as conspiracy and risking a catastrophe.
“These individuals who have been charged today tried to use a message of justice to provide cover for their own gain,” Shapiro said, referring to the street unrest over the police shooting of Walter Wallace.
“We will not allow criminals to hijack, and take advantage of, lawful protests as an opportunity to sow chaos.”
Tension has gripped the streets of Philadelphia since Monday’s incident, in which Wallace, 27, armed with a knife, was shot dead by two officers responding to what his relatives say was a call for help with a mental health crisis.
Reporting by Daniel Trotta; Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.
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797eded26edc0449218f32c3427b42d6 | https://www.reuters.com/article/global-race-usa-philadelphia-idINKBN27C159?edition-redirect=in | Tension grips Philadelphia for second night after fatal police shooting of Black man | Tension grips Philadelphia for second night after fatal police shooting of Black man
By Aleksandra Michalska5 Min Read
PHILADELPHIA (Reuters) - Tension gripped the streets of Philadelphia for a second night on Tuesday following a deadly police shooting of a Black man armed with a knife and described by relatives as suffering from a mental breakdown as he was confronted by law enforcement.
A night after violent unrest and looting in the west Philadelphia neighborhood near where 27-year-old Walter Wallace was gunned down on Monday, hundreds of demonstrators marched again demanding racial justice while police and National Guard troops braced for more disorder.
As they had on Monday, Tuesday’s rallies began peacefully but grew more confrontational as darkness fell, and police turned out in force to cordon off a section of the city’s 52nd Street commercial district lined with shops that were looted the previous night.
Police in riot gear arriving in squad cars, on bicycles and on buses used their bikes to shove jeering protesters back from barricade lines. Aerial news footage broadcast by an NBC television affiliate also showed the looting of a Walmart retail outlet.
But Tuesday’s clashes appeared for the most part smaller in scale and intensity than those on Monday, when orderly demonstrations gave way to violence that left 30 officers injured and led to more than 90 arrests.
Governor Tom Wolf, a Democrat, mobilized the Pennsylvania National Guard on Tuesday to assist law enforcement and city emergency management officials in maintaining order, a spokesman for the Guard said in a statement.
Monday’s upheavals erupted hours after a bystander’s video footage was posted on social media showing two officers opening fire on Wallace after he failed to heed their orders to back off and to drop the knife he was holding.
Wallace suffered from bipolar disorder, and his psychological difficulties were relayed by his wife to the officers who encountered him before the shooting, a lawyer for his family said.
The encounter transformed Philadelphia into the latest flashpoint in a months-long series of protests across the United States set off by the May 25 death of George Floyd, an unarmed African-American man in handcuffs, pinned by his neck to the street under the knee of a white Minneapolis policeman.
Slideshow ( 3 images )
POLITICAL OVERTONES
The protests, and law enforcement response to them, have thrust the issues of racism and police conduct to the forefront of the White House race between Republican President Donald Trump and his Democratic Party challenger, Joe Biden.
“Our hearts are broken for the family of Walter Wallace Jr., and for all those suffering the emotional weight of learning about another Black life in America lost,” Biden and his running mate, U.S. Senator Kamala Harris, said in a joint statement. “We cannot accept that in this country a mental health crisis ends in death.”
Philadelphia and its predominantly minority population ranks as the largest city in Pennsylvania, a key battleground state in the Nov. 3 presidential election
Mayor Jim Kenney said the video of the Wallace shooting presented “difficult questions” about the actions of the officers involved.
“Last night we saw further evidence of the anguish of Black and Brown residents of our city who have struggled their entire lives under systemic racism,” he told a news briefing.
But he also expressed sympathy for the officers injured in the protests, mostly from bricks and other projectiles hurled by demonstrators, and for the business owners whose shops were damaged.
“Vandalism and looting is not an acceptable form of First Amendment expression,” Kenney said, referring to the constitutional right to free speech.
Slideshow ( 3 images )
The video of Monday’s shooting showed Wallace approaching two police officers who drew their guns after warning him to put down the knife. The video shows the officers backing up before the camera cuts briefly away as gunfire erupts and Wallace collapses.
Chief Inspector Frank Vanore said the police had responded to a call about a man screaming who was armed with a knife, and that each officer fired about seven rounds. But he declined to give further details pending the outcome of an investigation.
John McNesby, the president of the Fraternal Order of Police Lodge #5, defended the officers in a statement.
“The use of lethal force is a very difficult decision and we support our officers as they worked to resolve this incident under a great deal of stress. These officers were aggressively approached by a man wielding a knife,” he said.
A relative of Wallace, Roosevelt Brant III, said the confrontation might have ended differently had police used a Taser stun gun to subdue his cousin.
“In this case, they had a gun, and that’s what they use. They used deadly force,” he told Reuters outside of the Church of the Christian Compassion in west Philadelphia, where Wallace’s family, including his mother, gathered on Tuesday.
Reporting by Aleksandra Michalska; Additional reporting bu Kanishka Singh in Bengaluru, Nathan Layne in Wilton, Connecticut, and Eric Beech in Washington; Editing by Clarence Fernandez, Jonathan Oatis and Tom BrownOur Standards: The Thomson Reuters Trust Principles.
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5bc021a028c588ba679906174b33f8f1 | https://www.reuters.com/article/global-race-usa-stone-mountain-idINKBN24728G?edition-redirect=in | The world's largest Confederate Monument faces renewed calls for removal | The world's largest Confederate Monument faces renewed calls for removal
By Rich McKay5 Min Read
ATLANTA (Reuters) - Stone Mountain Confederate Memorial, a nine-story-high bas-relief sculpture carved into a sprawling rock face northeast of Atlanta, is perhaps the South’s most audacious monument to its pro-slavery legacy still intact.
FILE PHOTO: A man speaks into a bullhorn while pointing at the Confederate Monument carved into granite on Stone Mountain while protesting the monument at Stone Mountain Park in Stone Mountain, Georgia, U.S. June 16, 2020. REUTERS/Dustin Chambers/File Photo
Despite long-standing demands for the removal of what many consider to be a shrine to racism, the giant depiction of three Confederate heroes on horseback still towers ominously over the Georgia countryside, protected by state law.
The monument - which reopens on Independence Day weekend after the COVID-19 pandemic forced it to close for weeks - has faced renewed calls for removal since the May 25 killing of George Floyd, a Black man who died during an arrest by a white police officer who pinned his neck to the ground with a knee.
The brutality of Floyd’s death, captured on cellphone video, triggered a national outcry against racial injustice, and revived a long-simmering battle between those demanding the removal of racist symbols from the public sphere, and those who believe the monuments honor Southern tradition and history.
“Here we are in Atlanta, the birthplace of the Civil Rights Movement, and still we have the largest Confederate monument in the world,” said Gerald Griggs, a vice president of the Atlanta chapter of the NAACP civil rights group, which staged a march last week calling for the carving to be scraped from the mountainside. “It’s time for our state to get on the right side of history.”
The sheer scale of the monument makes its removal a daunting task to contemplate. Longer than a 100-yard American football field, it features the likenesses of Jefferson Davis, the president of the 11-state Confederacy, and two of its legendary military leaders, Robert E. Lee and Thomas “Stonewall” Jackson, notched in a relief 400 feet above ground.
The Sons of Confederate Veterans is an organization that staunchly defends Stone Mountain and other Confederate statues and emblems. Dedicated to teaching the “Southern Cause,” according to its website, it believes their removal is akin to purging American history.
The Southern or “Lost Cause of the Confederacy” holds that the war was fought over a heroic, but lost, effort to defend states’ rights to secede from the Union in the face of Northern aggression, rather than the preservation of slavery.
Martin O’Toole, an official of the Georgia chapter, said the monument is not a totem of racism at all. It’s history, plain and simple, he says.
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“It’s three men on horses,” O’Toole said. “What’s racist about that?”
Maurice J. Hobson, an associate professor of African American Studies at Georgia State University, counters this, describing the Southern Cause as “a false history” that downplays slavery’s role in the Civil War.
He said the Confederate leaders were traitors to the United States who fought to hold on to a Southern economy that depended on slavery.
All three men featured on the monument, Davis, Lee and Jackson, were slave owners.
“The whole of Stone Mountain was erected to show what some white Georgians revered,” he said.
Stone Mountain has long held symbolism for white supremacists. The Ku Klux Klan, a hate group that was formed by Confederate Army veterans and has a history of lynchings and terror against Black people, held its rebirth ceremony atop the mountain in 1915 with flaming crosses. Klansmen still hold occasional gatherings in the shadows of the edifice, albeit now met with protesters behind police tape. Many of those cross-burnings took place on or around July 4.
The monolithic monument was proposed more than a century ago and had numerous false starts over the years.
But with the rise of the Civil Rights Movement, segregationist officials in the state pushed for the creation of the Stone Mountain Memorial Association in 1958 and purchased the park. The carving was completed in 1972.
“This debate has been going on for years, and we’re sensitive to it,” John Bankhead, a spokesman for the group, said. “We want to tell history as it is, not as some say it is.”
In the past, others have suggested putting more balance into the monument. There was a proposal to build a memorial to Martin Luther King Jr., the Atlanta-based civil rights icon, but the Sons of Confederate Veterans, as well the King family, rejected the idea.
Even though that idea floundered, Hobson advocates adding more carvings to the rock face, including African American historical figures and leaders.
“It needs to be put in a context that forces a conversation, a serious conversation,” he said. “The easiest way to rectify it, is surround it.”
Griggs of the NAACP said that the civil rights group has consulted with stone masons who said it would cost about $300,000 to $400,000 to remove the towering images.
“Take it down,” he said. “Restore the mountain to its original condition.”
Reporting by Rich McKay; Editing by Frank McGurty and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.
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06b0a729b4e6946accedb37859c8bf9f | https://www.reuters.com/article/global-race-usa-taylor-crump/behind-12-million-breonna-taylor-settlement-black-americas-attorney-general-benjamin-crump-idINKBN2671MB?edition-redirect=in | Behind $12 million Breonna Taylor settlement, 'Black America's attorney general' Benjamin Crump | Behind $12 million Breonna Taylor settlement, 'Black America's attorney general' Benjamin Crump
By Makini Brice5 Min Read
WASHINGTON (Reuters) - Tamika Palmer’s voice broke as she spoke about the city of Louisville, Kentucky’s $12 million settlement and planned reforms after the killing of her daughter, Breonna Taylor, during a botched police raid.
FILE PHOTO: George Floyd's family attorney Ben Crump addresses the media outside the Hennepin County Family Justice Center following a court hearing for police officers charged in death of George Floyd, in Minneapolis, Minnesota, U.S., September 11, 2020. REUTERS/Nicholas Pfosi/File Photo
“As significant as today is, it’s only the beginning of getting full justice for Breonna,” Palmer said during a news conference on Tuesday. “It’s time to move forward with the criminal charges because she deserves that and much more.”
Standing right behind her was Benjamin Crump, an attorney nicknamed “Black America’s attorney general” by civil rights activist Reverend Al Sharpton. Crump, 50, has represented the distraught families of a lengthy list of slain African-Americans in recent years, as they have faced some of the darkest moments of their lives in the public glare.
They include the families of Trayvon Martin, a Black teen shot dead in Florida; Ahmaud Arbery, a Black jogger killed in Georgia; and George Floyd, a Black man whose death in police custody in Minnesota sparked global protests this year.
Crump says one of his main roles is to keep the spotlight of media attention on the victims and their families.
“It’s no guarantee that you will get to the court of law, but you first have to win in the court of public opinion if you’re a minority in America who was killed by the police,” Crump said in an interview with Reuters earlier this month.
By focusing public attention on his clients, Crump is following in the footsteps of decades of civil rights lawyers, but with new tools like social media and smartphone videos at his disposal, civil rights experts say.
“He’s effective in getting attention paid to his cases and putting pressure on local authorities to act in the interest of his clients,” said Kenneth Mack, a professor at Harvard Law School. “And to some extent, that’s more than half the job at this moment.”
Like many plaintiffs’ lawyers in the United States, Crump works on a contingency basis and receives a cut of the final settlement. Crump’s payments have not been made public but plaintiffs’ attorneys frequently receive around a third of the settlement amount.
SUMMER OF PROTEST
Accountability is rare for U.S. police and the localities that employ them when officers use excessive force or kill, in part because of a Supreme Court-protected doctrine of 'qualified immunity,' a Reuters investigation found here this year.
High-profile cases here that garner national attention are the exception, Reuters found - they can result in hefty civil settlements, if not criminal prosecutions.
Taylor, 26, an emergency medical technician, was killed in her home in March in a storm of gunfire by police officers who entered her apartment with a ‘no-knock’ warrant.
Crump took her case on two months later. He “started calling everyone I know,” he said on Tuesday. Taylor’s family appeared at news conferences and on morning news programs.
Her name, like George Floyd’s, became a touchstone during a summer of protest and demands for racial justice in the United States. Rallies were organized in her honor, and members of Congress introduced a bill banning no-knock warrants. Her portrait featured on the cover of Vanity Fair, and tennis player Naomi Osaka wore a face mask bearing Taylor’s name at the U.S. Open.
“It is not just the historic $12 million settlement,” Crump told reporters on Tuesday. “This is about setting a precedent... Breonna Taylor’s life wouldn’t be swept under the rug, like so many other Black women in America, who have been killed by police, marginalized.”
The Kentucky attorney general is expected to announce within days if the police officers involved with her death will be charged.
SCHOOL INSPIRATION
Crump, 50, was raised by his great-grandmother and mother, who worked at a shoe factory and a hotel in Lumberton, North Carolina.
He wanted to be a lawyer since the fourth grade, he told Reuters, when his schools integrated, and he attended what had previously been a school for white students.
“They had better schools, newer facilities, newer books, newer technology,” he recalled.
His mother told him he was able to attend the school because of the landmark 1954 Supreme Court case, Brown v. Board of Education, which barred legal segregation in public schools.
In college, Crump was a two-term president of the Black Student Union, recalled Sean Pittman, a fellow lawyer and a longtime friend.
“When I see Ben Crump out doing what he’s doing right now, being the champion for all these families who have endured this level of injustice, I see him doing the same thing that he’s done since he was 18 years old and probably before,” Pittman said.
Reporting by Makini Brice, Editing by Heather Timmons and Rosalba O’BrienOur Standards: The Thomson Reuters Trust Principles.
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de816600baf2d8087489a9e165d810ec | https://www.reuters.com/article/global-race-usa/wrapup-4-wisconsin-city-calm-after-nights-of-unrest-more-u-s-national-guard-troops-on-the-way-idUKL1N2FT0SN | Calm prevails for second night in Kenosha, latest Black Lives Matter flashpoint | Calm prevails for second night in Kenosha, latest Black Lives Matter flashpoint
By Brendan McDermid6 Min Read
KENOSHA, Wis. (Reuters) - Dwindling numbers of anti-racism protesters milled about the streets of Kenosha, Wisconsin, late on Thursday as a tense calm prevailed for a second night following a wave of deadly unrest that began when a Black man was shot in the back by a white cop.
A crowd of no more than 100 demonstrators defied a dusk-to-dawn curfew as they assembled around a park near a courthouse that has been the hub of nightly skirmishes between protesters and police following Sunday’s shooting, which left Jacob Blake Jr, 29, paralysed.
Police on Thursday kept a low profile, and a beefed-up contingent of Wisconsin National Guard troops activated earlier by Governor Tony Evers to help restore order remained largely out of sight.
But groups of law enforcement officers - including some U.S. Marshals - occasionally rolled into the area in vehicles to make a handful of isolated, apparently targeted arrests of individual protesters, who were swiftly surrounded by police, grabbed and whisked away.
The core group of remaining demonstrators, carrying a few “Black Lives Matter” signs and chanting, “No justice, no peace,” gradually diminished to several dozen huddled in the park as the night wore on.
It was unclear whether those taken into custody were singled out because of outstanding warrants or because they were identified as agitators from previous nights of unrest. One such arrest, believed to be of a local activist leader, was made earlier in the day.
Kenosha, a predominantly white city on Lake Michigan, about 40 miles south of Milwaukee, became the latest flashpoint in a summer of protests over police brutality and racism after Blake was shot from behind by police on Sunday, as three of his young children watched.
Related CoverageTeenager in Wisconsin shootings charged with six criminal counts - complaintDemocrat Harris says Wisconsin officer should be charged - NBCSee more stories
The shooting, captured on video that went viral, unleashed three nights of angry protests that escalated into turmoil, including a wave of arson fires after dark on Monday and the shooting of three demonstrators - two fatally - by a teenager armed with an assault-style rifle on Tuesday night.
ACCUSED VIGILANTE FACES FIRST COURT HEARING
The accused assailant, 17-year-old Kyle Rittenhouse, of Antioch, Illinois, was arrested the following day. He was charged on Thursday with six criminal counts, including homicide, attempted homicide and reckless endangerment.
Rittenhouse, who authorities said they suspected was inspired by a “call to arms” posted by self-styled militia groups on social media, was due to make his initial court appearance on Friday in Illinois, where he was taken into custody.
A prominent law firm whose clients have included President Donald Trump’s personal attorney, Rudolph Giuliani and former Trump adviser Carter Page, has been retained to represent the youth.
Determined to keep unrest in Kenosha from flaring again, Evers, a Democrat, said Thursday he would welcome National Guard military police units from out of state specially trained in crowd control, including contingents from Arizona, Alabama and Michigan. Those units were expected to begin arriving on Friday.
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The shooting of Blake reignited protests calling for racial justice and an end to police abuses in cities across the country since May 25 when George Floyd, a Black man in Minneapolis died in police custody under the knee of a white officer.
According to the Wisconsin Justice Department, which is investigating Blake’s encounter with police, he was shot in the back at point-blank range by a single officer, Rusten Sheskey, as Blake was leaning into the open driver-side door of his car, with Sheskey clutching his shirt.
Wisconsin Attorney General Josh Kaul told a news conference on Wednesday that Sheskey, a seven-year veteran of the police force, fired seven rounds in all. Blake’s lawyers say he was struck by four bullets, which shattered his vertebrae and damaged his stomach, intestines, liver and kidney.
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Kaul also said investigators had recovered a knife from the front floorboard of the car, though Blake’s lead attorney, Ben Crump, said his client had no knife in his possession and did nothing to provoke or threaten police before he was shot.
Shockwaves from the events in Kenosha were felt across the United States as professional athletes, starting with National Basketball Association players, went on strike. President Donald Trump criticized the players’ boycotts on Thursday, saying the NBA had become “like a political organisation.”
Democratic Senator Kamala Harris, who is running with former Vice President Joe Biden to unseat Trump in the Nov. 3 election, on Thursday praised the NBA players and addressed the shooting of Blake.
“It’s sickening to watch. It’s all too familiar. And it must end,” Harris said in a speech.
At a news conference on Thursday, civil rights leader Jesse Jackson blamed Trump for creating a culture in which police were encouraged to use excessive force.
The American Civil Liberties Union on Thursday called for the resignations of Kenosha County Sheriff David Beth, Kenosha Police Chief Daniel Miskinis and Kenosha Mayor John Antaramian, arguing they had mishandled the response to Blake’s shooting.
Additional reporting by Rich McKay, Nathan Layne, Daniel Trotta, Ann Maria Shibu, Kanishka Singh and Barbara Goldberg; Writing by Steve Gorman, Sharon Bernstein and Daniel Trotta; Editing by Jonathan Oatis, Daniel Wallis, Aurora Ellis and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.
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8445514580591a6694638b05f96b29b7 | https://www.reuters.com/article/global-race-virginia-idINKBN27C090?edition-redirect=in | Head of Virginia military academy resigns amid report of racist culture | Head of Virginia military academy resigns amid report of racist culture
By Reuters Staff2 Min Read
(Reuters) - The head of the Virginia Military Institute resigned under pressure from top state officials on Monday following a published report that the 181-year-old military college was steeped in a culture of racism.
J. H. Binford Peay III, who had been the institute’s superintendent for 17 years, told its board he was stepping down after learning on Friday that Virginia Governor Ralph Northam and “certain legislative leaders had lost confidence in my leadership ... and desired my resignation.”
Peay’s resignation, which the head of the state-sponsored college’s governing board said he accepted “regretfully,” took effect on Monday.
“You have profoundly changed our school for the better,” John William Boland, president of the school’s Board of Visitors, said in a letter to Peay. A search for a successor would begin immediately, he added.
Northam’s press secretary, Alena Yarmosky, said while the governor was grateful for Peay’s service, the college now has “the opportunity to counter-balance a long legacy with a clear-eyed view of the future.”
“Change is overdue at VMI, and the Board of Visitors bears a deep responsibility to embrace it,” Yarmosky said in an email.
Last week, Northam and several top elected officials and lawmakers wrote to the board to express concern “about the clear and appalling culture of ongoing structural racism” at the college.
It cited “horrifying new revelations” reported by the Washington Post on Oct. 17 of social media attacks and threats of lynchings against Black cadets, and of a professor who spoke fondly of her family’s history in the Ku Klux Klan.
The letter said the state would launch an independent review of the culture, policies and practices of the college, which has 1,700 cadets and is located in the remote western part of the state.
Boland replied that he welcomed the review, but said the incidents in the Post story, several of which were many years old, were isolated and not reflective of VMI’s culture.
Reporting by Peter Szekely in New York; editing by Bill Tarrant and David GregorioOur Standards: The Thomson Reuters Trust Principles.
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758a63b7a58ee260cf8da379825df92e | https://www.reuters.com/article/global-refugees-lending/as-migration-rises-finance-can-pave-the-way-to-benefits-for-all-idUKL8N1RP137?edition-redirect=uk | As migration rises, finance can pave the way to benefits for all | As migration rises, finance can pave the way to benefits for all
By Laurie Goering, Thomson Reuters Foundation5 Min Read
OXFORD, England, April 12 (Thomson Reuters Foundation) - In the capital of Uganda, where refugees have the legal right to work, one in five refugees runs a business employing other people – and 40 percent of those staff are Ugandans, according to a leading microcredit financier.
Giving refugees and other migrants the legal right to earn a living can not only help them launch new lives and cut the costs of caring for them, but it can also benefit those among whom they live, said Premal Shah, president of Kiva, a U.S.-based nonprofit that connects small lenders and those in need of cash.
“We need to see how (migration) can be a win for the host community,” said Shah, whose organisation has channeled more than $1 billion in loans since 2005.
If a migrant is perceived as someone who “takes away” from the local population, then opportunities will be missed, he told a gathering of social entrepreneurs in Oxford this week.
Worldwide, 258 million people are international migrants, including 65 million people forcibly displaced by conflict, disasters and other pressures, according to the United Nations. About 22 million of them are classed as refugees.
But those numbers are expected to be dwarfed in years to come as sea level rise and worsening extreme weather linked to climate change drive more people from their homes.
Finding ways to help migrants restart productive lives that also produce benefits, not just costs, for their new communities will be crucial to global stability, experts said on Wednesday.
“We have to create a safe environment for people to succeed,” said Robert Annibale, who runs “inclusive finance” for Citigroup Inc.
The truth is “no ocean is going to be wide enough, no wall high enough, to stop people seeking protection and opportunity,” he told the Skoll World Forum on Social Entrepreneurship.
REFUGEE VOICES
Sana Mustafa, a refugee who fled Syria in 2013 and now lives in the United States, said a first step in getting refugee policy right is to give those on the move a voice in decisions made about them.
With other refugees, she last year set up the Network for Refugee Voices, a coalition of 40 refugee organisations with the motto: “Nothing about us without us”.
“Development projects for 50 years for refugees have been done without us,” said Mustafa, whose father was arrested and disappeared in Syria and whose mother and two sisters are now scattered across Turkey, Jordan and Germany.
The network is taking part in the design of a new U.N. compact on refugees now under negotiation.
Citigroup, in turn, is working with young refugees in places like Jordan, Greece and Nigeria, to channel investment for them to start businesses, Annibale said.
It has also helped create an alliance with U.S. mayors from New York, Los Angeles, Chicago and other cities with large numbers of migrants to smooth the path to full citizenship for 8.8 million foreigners who are also permanent U.S. residents.
Most of those eligible are on low incomes, and citizenship status would help smooth the path to better-paid jobs, scholarships and other benefits, Annibale said.
SHARED GAINS
Fully 37 percent of New Yorkers, 39 percent of Los Angeles residents and 58 percent of Miami’s population were born in another country, Annibale noted.
“People migrating from elsewhere is nothing new,” he said.
But their arrival can cause resentment in the places where they settle, particularly if the newcomers get special help.
In Lebanon, which hosts about 1 million registered Syrian refugees, microfinance group Kiva is tackling the problem by helping local lenders arrange loans to small teams of Syrian and Lebanese borrowers, introduced to each other at social events.
Shah said making loans to refugees may not be "the most appealing thing" for banks trying to manage risk. But if local people can be involved, and profit too, "there's a social cohesion that starts to form". (Reporting by Laurie Goering @lauriegoering; editing by Megan Rowling. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate)
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f261cb947208af7ff34c7b932c30b284 | https://www.reuters.com/article/global-retail-social-impact/from-tinsel-to-turkey-shoppers-dream-of-a-guilt-free-christmas-idUKL8N28L568?edition-redirect=uk | From tinsel to turkey, shoppers dream of a 'guilt-free' Christmas | From tinsel to turkey, shoppers dream of a 'guilt-free' Christmas
By Sarah Shearman, Thomson Reuters Foundation5 Min Read
LONDON, Dec 23 (Thomson Reuters Foundation) - Menstrual cups or wormeries may not top everyone’s Christmas wish lists but with the rising tide of anti-consumerism, ethical businesses are hoping to boost sales this year.
Nearly two-thirds of consumers globally prefer to buy from companies that reflect their personal values, according to research firm Accenture.
Social enterprises – or businesses set up to tackle environmental or social problems such as homelessness or waste – see this as an opportunity to cash in at this time of year.
“Any social product is removing the guilt from purchase, which is really the big problem of consumerism – that guilty feeling,” Dave Linton, founder of luggage social enterprise Madlug, told the Thompson Reuters Foundation.
Based in Armagh, Northern Ireland, the business was founded in 2015 to give bags to children in the care system bags to move their belongings between homes rather than using bin bags.
Madlug operates a buy-one-give-one model, with a piece of luggage given to a child or homeless person with every purchase.
“People are making choices, more and more, that if they’re going to spend something then why not spend and make a difference,” he said.
Whether it is renting Christmas trees, making decorations at home, buying experiences over objects, or choosing to forgo gifts altogether, attitudes towards gifts are shifting.
Almost a third of British consumers said they bought presents with lower environmental impact last year, while 38% said they thought it was important to buy ethically-sourced gifts, according to data from consumer research company Mintel.
About two thirds of consumers felt it was the retailers’ responsibility to promote gifts with less waste.
LESS WASTE
“As people are becoming more aware of the toll mass consumerism can have on the environment, there is a push towards adopting less wasteful Christmas habits,” Chana Baram, senior retail analyst at Mintel.
“Even though, for the most part, people will continue to partake in holiday purchasing, it is important for retailers and brands to encourage more ethical consumption.”
For retailers whose business models are based on selling as much stock as possible and creating desire through marketing, this change in attitudes can present a challenge.
Many retailers rely heavily on November and December for sales, but increasing numbers are latching onto the changing consumer sentiment and including environmental or social messages in marketing.
U.S.-outdoor apparel brand, Patagonia, which is a certified ethical company, famously placed an advert in the New York Times in 2011 telling people not to buy one of its jackets on Black Friday, a day of heavy discounting in late November.
This year hundreds of retailers took a similar stance, with a Green Friday campaign highlighting the environmental implications of mass consumption.
Yet with big retailers now trumpeting their environmental or social credentials with mega marketing budgets, it can be hard for social enterprises to get their messages heard.
Social Enterprise UK, a trade body, partnered with German technology brand SAP to launch a directory for social enterprise gifts this Christmas.
Social Supermarket, an ecommerce site born out of frustration that there was no one place to buy from social enterprises, reported good interest in its ethical hampers.
The hampers, which include items like tea from a company that hires refugees and beer made from waste bread, have accounted for about 70% of sales on the site, which launched about a year ago, according to founder Jamie Palmer.
Palmer said corporate clients were also showing increased interest in ethical businesses, aiming to distinguish themselves by buying gifts that are different and showcase their values.
"Transparency is putting a lot more pressure on companies ... to be more transparent about a whole raft of different of elements in their supply chain, so this pushes these issues right up to the top of the priority list," he said. (Reporting by Sarah Shearman @Shearmans. Editing by Belinda Goldsmith. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's and LGBT+ rights, human trafficking and slavery, property rights, social innovation, resilience and climate change. Visit news.trust.org to see more stories)
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9672a9e0d75dcc46a3a613bfebe91dd3 | https://www.reuters.com/article/global-rights-inclusiveeconomies/expert-views-your-money-or-your-life-can-nations-prosper-by-putting-well-being-before-gdp-in-2020-idUKL8N28G0AR?edition-redirect=uk | EXPERT VIEWS-Your money or your life: Can nations prosper by putting well-being before GDP in 2020? | EXPERT VIEWS-Your money or your life: Can nations prosper by putting well-being before GDP in 2020?
By Rina Chandran, Thomson Reuters Foundation8 Min Read
BANGKOK, Jan 2 (Thomson Reuters Foundation) - With protests from Chile to Hong Kong last year over widening inequality, violence against women, and climate change, more policymakers and campaigners started to openly debate potential shifts away from an economic model that relies on growth.
New Zealand became the first nation to introduce a Wellbeing Budget that requires all new spending to go to five priority areas including mental health, child well-being, indigenous people and a low-carbon-emission economy.
The idea of going beyond gross domestic product (GDP) as the main measure of success is not new.
Bhutan coined the term "gross national happiness" in the 1970s, the Organisation of Economic Cooperation and Development has released an annual well-being index www.oecdbetterlifeindex.org since 2011, while the United Nations' annual happiness report started in 2012.
But can nations prosper by putting well-being ahead of GDP in 2020? The Thomson Reuters Foundation asked nine experts:
ABDUL ABIAD, DIRECTOR, MACROECONOMIC RESEARCH DIVISION - ASIAN DEVELOPMENT BANK:
“A focus on sustained economic growth has helped raise hundreds of millions of Asians out of poverty over the last few decades. Continued GDP growth will be critical to pulling up the remaining 326 million who still struggle in extreme poverty.
But developing Asia is now largely middle-income, and people and policymakers are looking beyond progress only in income. An increasing focus on environmental sustainability, liveable cities, holistic health, and fairness and opportunities for all will be a hallmark of economic development in the coming years.
It is not an either-or proposition; these are growth sectors that have the potential to drive the region’s GDP.”
GEMMA CORRIGAN, LEAD, SUSTAINABLE MARKETS - WORLD ECONOMIC FORUM:
“In order to create a more equitable and sustainable world, we need to factor into our decision-making the consequences of our actions not only for financial and physical capital but for human, social and natural capital. This means measuring the impact of growth on living standards as well as future generations and the environment.
We can already do this; the next generation of measurements will also be able to take into account concepts like well-being so that we ensure our economic system is truly aligned with societal goals.”
KATHERINE TREBECK, POLICY & KNOWLEDGE LEAD, WELLBEING ECONOMY ALLIANCE:
“The question of our time is not whether nations can prosper putting well-being ahead of GDP, but how they can possibly continue to put GDP ahead of well-being and expect to prosper.
How can they stick to an outdated recipe in the face of evidence that GDP-orientated notions of prosperity are not only harming people and planet, but that the benefits of GDP in terms of social progress tail off after the work of growth is done? How can they refuse to embrace a new agenda, when there are thousands of examples of businesses, cities, communities and politicians who are striving towards a goal not of faster GDP or short-term profit, but returns for people and planet?”
KATRIN JAKOBSDOTTIR, PRIME MINISTER OF ICELAND:
“The climate crisis underlines the urgent need of thinking beyond GDP while measuring economic success. Prosperity without sustainability is no prosperity. The wellbeing economy initiative demands new thinking, putting people and the planet first. We have no choice but to rethink our economies to tackle the largest crises of our times: climate change and inequality.”
MATT MAYER, DIRECTOR, ECONOMY FOR THE COMMON GOOD:
“The current economic system, which measures success solely in financial terms, is no longer fit for purpose. The focus on GDP justifies the maximisation of profit above any competing interest, thereby exacerbating the very issues we so urgently need to address, like social inequality, global warming and environmental degradation.
Only by putting well-being, the health and happiness of people within the boundaries of a sustainable ecosystem ahead of GDP, can we hope to maintain the foundations of prosperity in the long run.
We need to measure what matters. That way we can make what matters the very criteria by which to tax business-as-usual and by which to incentivise the kind of businesses we want to see.”
MUHAMMAD YUNUS, NOBEL PRIZE LAUREATE & MICROFINANCE PIONEER:
“Economic growth is a means, it is not an end. The end is the world or society we want to build. If we want to build a world of, say, three zeros — zero poverty, zero unemployment, and net-zero carbon emissions - we have to craft the framework of economics and measurements to assess its successes and failures in achieving these goals. GDP and the economic framework which leads to it are not designed to achieving these goals.”
NICOLA STURGEON, FIRST MINISTER OF SCOTLAND:
“Traditional measures like GDP are limited in what they can tell us about the distribution of income and wealth across society and whether it is sustainable for future generations.
As a government we recognise that economic growth is hugely important, but it must be matched by improvements in our environment, in people’s quality of life, in the opportunities available to people and the public services they have access to.
Wellbeing economy aims to deliver growth in a way that enhances the quality of life for all of our citizens and which is compatible with a net-zero emissions economy.
When we focus on wellbeing we start a conversation that provokes profound and fundamental questions on what really matters to us in our lives – what kind of country and society we want to live in.” PINELOPI KOUJIANOU GOLDBERG, CHIEF ECONOMIST, WORLD BANK:
“Higher GDP is not the goal, well-being is!
Research suggests that people in wealthier countries are on average happier than those in poorer ones. Yet it is becoming clear that these citizens care about more than average growth. They value clean air and water, time with family, quality of work and life, and a more equitable distribution of income and wealth.
Often in low-income countries, the pursuit of traditional prosperity through economic growth is still the priority. But focusing on short-run growth, even in developing countries, may compromise long-run prosperity and well-being, as people suffer the consequences of environmental degradation and climate change.”
PEDRO CONCEICAO, DIRECTOR, HUMAN DEVELOPMENT REPORT OFFICE, U.N. DEVELOPMENT PROGRAMME:
“GDP was never designed to measure wellbeing. It is simply a metric of how much income is generated in an economy in any given year. Of course, income is important - it provides many of life’s essentials, propels investment, pays for social services and public goods. But there is more to life. Is a nation truly “prospering” if it is wrecking the environment or its citizens are not able to live dignified lives?
Pursuing genuine wellbeing, including but also going beyond income, recognises this. The Human Development Index here (HDI) – updated in December – adds health and education achievements to portray a broader measure of a nation's prosperity." (Reporting by Rina Chandran @rinachandran; Editing by Belinda Goldsmith Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's and LGBT+ rights, human trafficking, property rights, and climate change. Visit news.trust.org)
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604c4967d35863884db21d8f2f23f3c7 | https://www.reuters.com/article/global-rotation-idUKL8N2HW7HG?edition-redirect=uk | RPT-COLUMN-Beware of whiplash in 'normality trade' :Mike Dolan | RPT-COLUMN-Beware of whiplash in 'normality trade' :Mike Dolan
By Mike Dolan6 Min Read
(The author is editor-at-large for finance and markets at Reuters News. Any views expressed here are his own.)
LONDON, Nov 11 (Reuters) - For a couple of days at least, there’s been a craving for the ‘old normal’. But the past is never quite what it seemed.
The mere glimpse of economic and political ‘normality’ returning with this week’s U.S. election results and COVID-19 vaccine breakthrough prompted a scramble for burnt-out ‘value’ stocks, bonds and currencies and away from lockdown winners, safe-havens and anti-globalisation plays.
One stand-out stock trade following Monday’s Pfizer/BioNTech vaccine surprise would have been to switch from online meeting firm Zoom to cinema operator AMC Entertainment -- for a tidy relative gain of 70% in just hours.
If more restrained in price terms, that sort of move was rife across markets. Banks and energy stocks -- among the biggest losers from months of lockdown, recession and floored borrowing rates -- have surged for two days now, with airline, travel and leisure shares also helping push MSCI’s all-country index to new highs.
In contrast, New York’s NYFANG+TM index -- grouping tech giants Apple, Amazon, Facebook, Alphabet and others -- fell 6% from levels inflated by zero interest rates and locked-down households’ reliance on digital services.
With the gap between value stocks and growth stocks in MSCI’s global index at its highest in 20 years, investors have been itching to rotate for a long time.
And this value play, or normality trade, was not confined to sectors and stocks -- it also played out in demand for bonds of Europe’s ‘laggards’, even those hit hard by the pandemic, UK stocks and sterling, and lower-rated corporate debt.
A flight from safe-haven assets like gold and Swiss francs, or long-term bonds supported by economic gloom and central bank purchases, mirrored those moves.
Even before the vaccine news, Joe Biden’s victory over self-styled political and globalisation disrupter Donald Trump had fuelled hopes for ‘trade detente’ that have recently lifted China’s yuan and other emerging market assets.
The U.S. president-elect’s green infrastructure pledge lifted renewable energy stocks, while his scepticism about Brexit is expected to hasten a trade deal between Brussels and London -- another potential tailwind for the long-shunned pound.
But it is the Pfizer news that has really lifted investors.
Consultancy McKinsey reckons vaccine-aided immunity among developed world populations is possible by the second half of 2021, shifting those economies away from their crisis-footing as early as the first quarter.
Deutsche Bank said the vaccine’s efficacy was “significantly better than the market’s base case and risky assets should therefore reprice materially”. It favoured the pound as a stand-out play.
Combining some of the value themes amplifies them. UK banks priced in dollars have jumped almost 14% in their biggest two-day gain in more than a decade.
But things can quickly get more complicated.
BEWARE CROSS-CURRENTS
Some mega-trends that were already developing have been catalysed by the pandemic and its passing may simply usher in what McKinsey calls the “next normal”, of further digital transformation, with all the winners and losers that brings.
As Amundi’s chief investment officer Pascal Blanque opined just hours before the Pfizer news: “The idea that the vaccine is the alpha and omega of everything is wrong.”
So reversing investment course either sectorally or geographically may not make sense for long.
More normality will mean a rethink of the monetary and fiscal policies that have kept economies and markets afloat for nine months -- not least those long-duration assets highly sensitive to interest rates, from long-dated government bonds to digital stocks with near-zero future earnings discounts.
Any challenge to the assumption that central banks will keep borrowing costs suppressed for years to keep government debts affordable could destabilise record equity valuations. Rotation may make sense but seismic shifts create risks of their own.
On the other hand, interest rates had been ossifying for years due to low inflation and growth -- themselves in part due to the digital revolution and demographic change. While reflation trades may now seem obvious, it’s difficult to make a case for accelerating price growth.
Biden’s election brings promises of higher spending but those could founder if Senate races leave Congress gridlocked in January.
Higher U.S. yields compared to Europe and elsewhere, seen as likely post-election and post-pandemic, could meanwhile fuel a steep dollar recovery that would challenge China and emerging markets even if global trade fears ebb.
And a new vaccine horizon itself could cut across the sort of “blue sky” fiscal and monetary policy thinking that many had hoped would lift the world out of the low-growth, low-wage funk it has suffered for much of the past decade.
“A return to normality is not the same as a move to continued fiscal stimulus that could put growth on a higher future path,” said Oliver Blackbourn, Multi-Asset portfolio manager at Janus Henderson Investors.
By Mike Dolan, Twitter: @reutersMikeD Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.
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ef702713f5e096585a8a25f419c0327c | https://www.reuters.com/article/global-slavery-interview/interview-survivor-says-world-at-trafficking-tipping-point-urges-cash-crackdown-idUKL5N1UP0KO?edition-redirect=uk | INTERVIEW-Survivor says world at trafficking 'tipping point', urges cash crackdown | INTERVIEW-Survivor says world at trafficking 'tipping point', urges cash crackdown
By Kieran Guilbert, Thomson Reuters Foundation4 Min Read
LONDON, July 30 (Thomson Reuters Foundation) - The world is at a “tipping point” in the drive to end modern slavery as awareness increases, but must target finances to thwart human trafficking networks, a survivor turned business leader said on Monday.
Corporations, charities and governments must share data and work together better if they are to take down criminal gangs and traffickers - and targeting dirty money flows could dent their thriving illicit operations, according to U.S.-based Rani Hong.
Her anti-trafficking social enterprise, or business that seeks to do good, Rani’s Voice has joined a new coalition that includes policing agency Europol and the World Economic Forum to boost the fight against financial crime and modern-day slavery.
Traffickers need financial institutions to move and launder money, making cooperation with banks and credit-card companies critical to tackle a trade estimated to affect 40 million people and make $150 billion a year in illegal profits, activists say.
“Traffickers and criminals have long relied on huge networks to grow their businesses, but through this coalition - we also have a strong network that can help to fight back,” Hong told the Thomson Reuters Foundation by phone from the United Nations.
“We are in a new era ... at a tipping point,” she said from an event to mark U.N. World Day against Trafficking in Persons. “People are listening, they now understand it (modern slavery)”.
A recently-launched toolkit will help financial institutions uncover profits from trafficking moving through their systems, said the anti-trafficking group United States Banks Alliance, which was formed this year by the Thomson Reuters Foundation.
Less than 1 percent of the estimated $1.5 trillion plus laundered by criminals worldwide each year through the financial system is frozen or confiscated, the United Nations estimates.
“The finance industry has a key role to play in fighting trafficking,” Neil Giles, a director at global anti-slavery group Stop the Traffik, told the Thomson Reuters Foundation.
“We need to help financial institutions to up their game ... to be alert to suspicious transactions,” he added. “Targeting traffickers finances is the only silver bullet we have got.”
Hong, who was stolen from her family in India as a child and sold into the slave trade before being illegally adopted by a family in the United States, said she hoped such personal tales would help bring the issue to life for people around the world.
“Survivors like myself bring a name and a face to the topic of modern slavery,” said Hong, whose work includes supporting victims, public speaking and training around slavery, and a certification scheme for products made without slave labour.
"We need to humanise the issue - so that people can really relate and realise it's not just about a statistic or a number." (Reporting By Kieran Guilbert, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org)
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ceafddb42ac30651214372ef07c0984b | https://www.reuters.com/article/global-softs-idINL1N2HZ019?edition-redirect=in | SOFTS-Raw sugar gains but remains in range ahead of India news | SOFTS-Raw sugar gains but remains in range ahead of India news
By Maytaal Angel2 Min Read
(Updates with settlement prices)
NEW YORK/LONDON, Nov 12 (Reuters) - ICE raw sugar prices rose 3% on Thursday but remained firmly within recent ranges as traders awaited news from India on its sugar export policy.
SUGAR
* March raw sugar rose 0.43 cents, or 3%, to settle at 14.92 cents per lb, reversing three consecutive days of losses.
* India, a top sugar producer, is reportedly targeting sugar exports of 6 million tonnes this season. Dealers said that, while the country’s sugar export subsidies are likely to be lower than last season, they should not be insignificant.
* Ahead of the news, the market is likely to consolidate within the range seen since the end of October, they added.
* December white sugar, which expires on Friday, rose $9.50, or 2%, to settle at $406.90.
COFFEE
* December arabica coffee settled up 1 cents, or 0.9%, at $1.101 per lb.
* Brazil exported 4.1 million bags of coffee in October, including green, soluble and roasted coffee, 11.5% more than in the same period last year and a record for the month, trade group Cecafe said.
* January robusta coffee settled up $20, or 1.4%, at $1,413 a tonne.
* Fresh coffee supply from Vietnam’s 2020/21 robusta harvest has yet to pick up because heavy rains in key growing areas over the past month have disrupted cherry picking, traders said.
COCOA
* March New York cocoa settled down $18, or 0.8%, to $2,356 a tonne.
* Barry Callebaut, the world’s largest chocolate maker, on Wednesday said that sales volumes in the final quarter of its financial year to August recovered from a coronavirus-related slump. It added that solid financials supported the company’s confidence in its mid-term guidance.
* March London cocoa was little changed at 1,611 pounds per tonne. (Reporting by Maytaal Angel; Additional reporting by Jessica Resnick-Ault in New York; Editing by Bernadette Baum, David Goodman and Uttaresh.V)
Our Standards: The Thomson Reuters Trust Principles.
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01418a87e231a6f49180fe4cf0729028 | https://www.reuters.com/article/global-softs-idINL1N2I411E?edition-redirect=in | SOFTS-NY cocoa climbs to 7-week high, coffee also up | SOFTS-NY cocoa climbs to 7-week high, coffee also up
By Reuters Staff3 Min Read
LONDON, Nov 18 (Reuters) - New York cocoa futures on ICE rose to their highest since late September on Wednesday, supported by low exchange stocks, while arabica coffee climbed to a two-month peak as Storm Iota caused devastation in Central America.
COCOA
* March New York cocoa was up $5, or 0.2%, at $2,522 a tonne at 1218 GMT after rising to a peak of $2,541, the highest since late September.
* Dealers said the market was boosted by nearby supply tightness, with front month December trading at a large premium to March CC-1=R.
* They noted exchange stocks had been declining following the introduction this season of a premium on physical purchases from Ivory Coast and Ghana designed to alleviate poverty among farmers in the West African countries.
* “The price gap between the front-month and second-month contracts has widened dramatically after ever more traders appear to be resorting to cocoa on the exchange so as to avoid the higher costs of Ivorian and Ghanaian product,” Commerzbank said in a note.
* March London cocoa was up 7 pounds, or 0.4%, at 1,711 pounds a tonne.
COFFEE
* March arabica coffee rose 1.35 cents, or 1.1%, to $1.2085 per lb after climbing to a two-month high of $1.2115.
* Dealers continued to keep a close watch on Storm Iota, which is devastating central America, a major producing region for arabica coffee.
* Unleashing torrential floods even as it weakened, Storm Iota churned through Central America on Tuesday, causing swollen rivers to burst their banks, flipping roofs onto streets and killing at least nine people across the region.
* January robusta coffee rose $21, or 1.5%, to $1,437 a tonne.
SUGAR
* March raw sugar was up 0.14 cents, or 0.9%, at 15.45 cents per lb. The front month had peaked at 15.66 cents on Tuesday, its highest since mid-February.
* Dealers said poor crops in Thailand and the European Union and a lack of clarity over Indian exports had significantly tightened supplies.
* March white sugar was up $2.60, or 0.6%, at $417.90 a tonne. (Reporting by Nigel Hunt; Editing by Jan Harvey)
Our Standards: The Thomson Reuters Trust Principles.
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cecf018f60fb998b5ba61255ac9a7867 | https://www.reuters.com/article/global-softs-idINL1N2I50ZS?edition-redirect=in | SOFTS-Raw sugar prices slip, arabica coffee also lower | SOFTS-Raw sugar prices slip, arabica coffee also lower
By Reuters Staff2 Min Read
LONDON, Nov 19 (Reuters) - Raw sugar futures on ICE were lower on Thursday, retreating from a near nine-month peak set earlier this week, although the market remained underpinned by tightening supplies with a global sugar deficit expected in the current 2020/21 season.
SUGAR
* March raw sugar was down 0.17 cents, or 1.1%, at 15.28 cents per lb at 1220 GMT. The front month had peaked at 15.66 cents on Tuesday, its highest since mid-February.
* Dealers said some profit-taking had emerged after the recent run-up but the market remained underpinned by poor crop prospects in several major producing regions including the European Union.
* “The past few days have seen several forecasters make hefty cuts to their estimates of EU sugar production. The news flow continues to support a rally,” Commonwealth Bank of Australia analyst Tobin Gorey said.
* March white sugar was down $1.30, or 0.3%, at $415/60 a tonne.
COFFEE
* March arabica coffee fell 0.55 cents, or 0.45%, to $1.2230 per lb, retreating from the prior session’s two-month high of $1.2430.
* The market was seeking to assess the damage caused by Storm Iota in central America, a major producing region for arabica coffee.
* Storm Iota unleashed devastating floods across Central America on Wednesday in areas already waterlogged, forcing hundreds of thousands of people from their homes in a disaster that could spur migration to the United States.
* January robusta coffee fell $1, or 0.1%, to $1,401 a tonne.
COCOA
* March New York cocoa was up $6, or 0.2%, at $2,586 a tonne after rising to a peak of $2,607 on Wednesday, the highest since late September.
* Dealers said the huge premiums commanded by the December contract in recent days had created a more bullish mood in the market with low exchange stocks limiting the amount of cocoa available to deliver against the contract.
* March London cocoa was up 11 pounds, or 0.6%, at 1,754 pounds a tonne after peaking at 1,762, the highest since Oct. 1. (Reporting by Nigel Hunt;Editing by Elaine Hardcastle)
Our Standards: The Thomson Reuters Trust Principles.
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f9422eae8985cd291ce198d67d33bc27 | https://www.reuters.com/article/global-softs-idINL1N2I51FU?edition-redirect=in | SOFTS-Raw sugar retreats, NY cocoa climbs to 8-week high | SOFTS-Raw sugar retreats, NY cocoa climbs to 8-week high
By Reuters Staff3 Min Read
(Updates with closing prices, adds comments)
NEW YORK/LONDON, Nov 19 (Reuters) - Raw sugar futures on ICE closed down on Thursday, retreating from a near nine-month peak set earlier this week, although the market remained underpinned by tightening supplies with a global sugar deficit expected in the current 2020/21 season.
SUGAR
* March raw sugar closed down 0.17 cent, or 1.1%, at 15.28 cents per lb. The front month had peaked at 15.66 cents on Tuesday, its highest since mid-February.
* Dealers said some profit taking had emerged after the recent run-up but the market remained underpinned by poor crop prospects in several major producing regions including the European Union.
* “The past few days have seen several forecasters make hefty cuts to their estimates of EU sugar production. The news flow continues to support a rally,” Commonwealth Bank of Australia analyst Tobin Gorey said.
* Sugar cane producers in Central America are checking possible damages to the crop after the hurricane Iota.
* Ample rains in center-south Brazil continue to be favourable to the recovery of cane fields.
* March white sugar fell $2.2 at $414.70 a tonne.
COCOA
* March New York cocoa closed up $85, or more than 3%, at $2,665 a tonne after rising to a peak of $2,670 earlier in the session, the highest since Sept. 21.
* Dealers said the huge premiums commanded by the December contract in recent days had created a more bullish mood in the market with low exchange stocks limiting the amount of cocoa available to deliver against the contract.
* “Some players are positioning themselves to receive the certifieds,” said a Chicago-based broker.
* March London cocoa also closed sharply up, gaining 48 pounds, or 2.2%, at 1,791 pounds a tonne after peaking at 1,796, the highest since Sept. 30.
COFFEE
* March arabica coffee closed up for the fourth consecutive session, gaining 0.35 cent, or 0.3%, to $1.2320 per lb, edging up towards the prior session’s two-month high of $1.2430.
* The market was seeking to assess the damage caused by storm Iota in central America, a major producing region for arabica coffee.
* Forecasters said Honduras, the main source for New York high-quality certified coffee stocks, was severely impacted.
* January robusta coffee lost $11, or nearly 1%, to $1,291 a tonne. (Reporting by Marcelo Teixeira and Nigel Hunt; Editing by Elaine Hardcastle, Susan Fenton and Cynthia Osterman)
Our Standards: The Thomson Reuters Trust Principles.
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d41a75f569933345064938f19bb8a9a8 | https://www.reuters.com/article/global-softs/softs-sugar-hits-two-year-highs-cocoa-rallies-idUKL8N29J49W?edition-redirect=uk | SOFTS-Sugar hits two-year highs; cocoa rallies | SOFTS-Sugar hits two-year highs; cocoa rallies
By Reuters Staff3 Min Read
(Updates prices, adds details)
LONDON, Jan 14 (Reuters) - Sugar futures on ICE hit two-year highs on Tuesday, extending a rally this year amid tightening supplies and technical buying, while cocoa futures also gained.
SUGAR
* March raw sugar was up 0.28 cents, or 2%, at 14.43 cents per lb at 1519 GMT, having hit 14.48, its highest in two years.
* March white sugar soared $11.5, or 3%, to $394.70 a tonne, having hit a two-year high of $400.
* “Investors, consistent with the swing in momentum, have been heavy buyers, overwhelming continued trade selling. On balance, we think (trade selling) is likely to be a headwind on a rally rather than a cap,” said Commonwealth Bank of Australia.
* Analysts have been widening their sugar deficit forecasts for this season amid signs of lower output in India, Thailand, Mexico, the United States, the European Union and Brazil, though stocks remain ample after two years of surplus production.
* Suedzucker, Europe’s largest sugar refiner, confirmed an improvement in quarterly earnings as stronger bioethanol demand helped offset continued losses in sugar.
* Dealers said funds are expected to continue buying, and have enough ammunition to take prices considerably higher.
COCOA
* March London cocoa rose 46 pounds, or 2.4%, to 1,946 pounds a tonne, having hit its highest since late November.
* March New York cocoa jumped $46, or 1.8%, to $2,629 a tonne, having hit its highest in a month.
* Cocoa arrivals at ports in top grower Ivory Coast reached 1.259 million tonnes between Oct. 1 and Jan. 12, 2020, exporters estimated, up 1.9% versus the same period last season.
* Ivory Coast’s cocoa growing regions stayed hot and dry over the past week, with farmers hoping to see one more rainfall before the end of the month to boost the cherelles growing on trees in time for the start of the new crop.
* Climatologists at Rockwinds, a cocoa trade house, expect dryer than normal conditions in West Africa in February.
* Swiss chocolate maker Lindt & Spruengli, said the market environment remained very challenging, with consumers preferring healthier snacks.
COFFEE
* March arabica coffee was down 0.1 cents, or 0.1%, to $1.1445 per lb after touching a 1-1/2 month low.
* Arabica has been declining from last month's more than two-year peak, with ICE certified stocks KC-TOT-TOT having increased over the past few weeks following a prolonged decline last year.
* New York March arabica may stabilise around a support at $1.1360 per lb and test a resistance at $1.1710, technical signals indicate.
* March robusta rose $16, or 1.2%, to $1,328 a tonne. (Reporting by Maytaal Angel; Editing by Bernadette Baum and Mark Potter)
Our Standards: The Thomson Reuters Trust Principles.
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2047bb7ddc673ae4a68f347de3533b73 | https://www.reuters.com/article/global-sportsweek/euro-2020-shows-green-credentials-with-no-white-elephants-uefa-marketing-director-idINKBN2011SM?edition-redirect=in | Euro 2020 shows green credentials with no white elephants: UEFA marketing director | Euro 2020 shows green credentials with no white elephants: UEFA marketing director
By Julien Pretot1 Min Read
Slideshow ( 2 images )
PARIS (Reuters) - Organising Euro 2020 across 12 countries will help avoid leaving abandoned stadiums after the tournament is done and dusted, UEFA marketing director Guy-Laurent Epstein said on Friday.
The June 12-July 12 tournament marks the 60th anniversary of the competition and Epstein told reporters at Global Sports Week in Paris that UEFA has “no plan to do (this format across multiple countries) again at this stage”.
While he acknowledged that fans would travel more and therefore have a greater carbon footprint, he noted that several teams would keep the same base for the whole group stage.
“The idea was to celebrate the 60 years of the European championship and to bring Euro to places who could not host Euro in isolation and to avoid having to build white elephants as had happened in Brazil (after the 2014 World Cup) for example,” Epstein explained.
“We’re investing a lot in sustainability, we are conscious of that and we’re working on it.”
Reporting by Julien Pretot; Editing by Toby DavisOur Standards: The Thomson Reuters Trust Principles.
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d9cc16a2b3d8e1aa6c6034574f705958 | https://www.reuters.com/article/global-tech-education/update-1-unfair-surveillance-online-exam-software-sparks-global-student-revolt-idUSL8N2HW6M2 | 'Unfair surveillance'? Online exam software sparks global student revolt | 'Unfair surveillance'? Online exam software sparks global student revolt
By Avi Asher-Schapiro9 Min Read
(Thomson Reuters Foundation) - When U.S. law student Areeb Khan tried to sign into the online portal to take his practice bar exam, he was met with a strange message: “Due to poor lighting we are unable to identify your face.”
Additional lighting did not solve the issue. The 27-year-old even tried to sign in from the brightest room in his New York apartment - the bathroom.
Khan began to suspect that it was his dark skin tone that rattled Examplify, a test proctoring platform adopted by New York state’s law exams board during the COVID-19 pandemic. It took days of back and forth with customer service before he could sign in.
“There are so many systematic barriers preventing people like me from obtaining these degrees - and this is just another example of that,” he told the Thomson Reuters Foundation.
As COVID-19 restrictions force students to take remote exams, universities around the world are relying on proctoring software like Examplify. But many students are wary of the technology, including mass data collection and bias in facial recognition.
“Students are already under tremendous pressure because of the global pandemic,” said Hye Jung Han, a researcher at advocacy group Human Rights Watch who specializes in technology and education.
“And now we have this invasive and unfair surveillance pushing the envelope, invading their private lives.”
Industry leaders maintain their platforms are a critical part of the infrastructure that allows students to continue learning.
“We believe that many lives have been positively impacted by being able to continue their education and careers,” said Nici Sandberg, spokeswoman for ExamSoft, which makes the Examplify platform.
“ExamSoft maintains a non-biased identification and exam delivery process to ensure that individuals of color are not disproportionately affected,” she said, adding it solved Khan’s issue “within minutes” and that he was able to successfully complete his exam.
GLOBAL EXPANSION
More than 90% of countries have instituted some form of remote learning since the start of the pandemic, according to a report in August by UNICEF.
This, in turn, has created a booming business for companies dealing in educational technology - or edtech - including firms that specialize in ensuring remote exams are free from cheating.
One firm, Proctorio, reported that it was proctoring more than five times the number of exams this year, compared to last year.
The remote proctoring industry offers a range of services, from basic video links that allow another human to observe students as they take exams to algorithmic tools that use artificial intelligence (AI) to detect cheating.
But asking students to install software to monitor them during a test raises a host of fairness issues, experts say.
“There’s a big gulf between what this technology promises, and what it actually does on the ground,” said Audrey Watters, a researcher on the edtech industry who runs the website Hack Education.
“(They) assume everyone looks the same, takes tests the same way, and responds to stressful situations in the same way.”
Facial recognition systems - which some proctoring platforms use to confirm the identity of the test taker - are less accurate with dark-skinned people, noted Shea Swauger, a researcher who tracks the industry at the University of Colorado (CU) Denver.
And algorithms designed to detect suspicious movement will inevitably flag disabled students and others who do not move in the way the platforms expect, he added.
Students also are balking at allowing third-party software access to their devices, with some services requiring that students give them permission to read their computer files, monitor their keystrokes and analyze their biometrics.
“It’s not just (about) racial bias,” said Miguel Bishop, a member of the student senate at California State University in Chico, which uses the platform Proctorio for exams.
“There’s the unaccountable data collection and the damage to the student-teacher relationship,” he said.
Proctorio CEO Mike Olsen said in a phone interview that the platform is the most convenient way for schools to deal with cheating in the COVID era.
“Taking an exam in the comfort of your own home, on your own schedule, is less invasive,” he said.
Critics of the technology often misunderstand how it works, he added, emphasizing that the tools do not directly identify cheaters, but simply flag suspicious behavior to universities.
STUDENTS REBEL
Students in various countries have been demanding their schools reconsider the use of remote proctoring software, with mixed results.
In September, the Supreme Court of India cancelled a remotely proctored admissions exam at the National Law School of India University, after a parent of a prospective student and a former university official filed a lawsuit.
They argued that the exam - which was slated to use AI to detect cheaters - was unfair to students with “lesser means and from marginalized areas” who might not have high speed internet or fast enough computers to run the exam.
Urvashi Aneja, founding director of policy and advocacy collective Tandem Research, which has been reviewing tech tools being used during the pandemic, said that “such software risks undermining students’ privacy and the agency of educators”.
“In addition, they are being introduced in a legal vacuum,” said Aneja, a speaker at the Thomson Reuters Foundation’s annual Trust Conference on Wednesday.
Students at the University of Queensland in Australia have been unsuccessfully petitioning the university to rein in what they consider to be the most invasive and potentially discriminatory aspects of ProctorU, a U.S. proctoring service the school uses.
“We’ve asked them to do things like in-house identity verification, rather than having (the platform) read our ID and do biometric analysis on our faces,” said Rowan Evans, a student representative at the school.
Jennifer Buckley, an engineering professor at the University of Delaware, decided not to use ProctorU after she heard from her students that proctors had interrupted remote exams and asked students to show they weren’t cheating.
“No thank you,” she said. “I’d rather my students not feel like they’re in a police state.”
She and her assistants use Zoom to proctor exams themselves.
ProctorU chief executive officer Scott McFarland said that “students should be reassured that all testing data is owned by their schools, not the proctoring provider.”
“Schools set the rules about what data is collected, how it’s retained and for how long,” he said in an emailed statement.
In the United States and Canada, students at dozens of universities have sent petitions criticizing exam proctoring technology, according to a tally by the Electronic Frontier Foundation, a digital rights non-profit.
Patrick Sullivan, a 19-year-old sophomore at the University of Massachusetts Lowell, created one such petition after a math professor asked him to install the remote proctoring service Respondus for an exam in September.
He said the software, which is designed to block access to certain functions on a computer while a student takes an exam, would gain access to files on his personal device. “Giving software this much access is playing with fire,” he said.
Jodi Feeney, the chief operating officer of Respondus, said it did not access personal files and that “our applications have also been closely analyzed by hundreds of customers along the way – university security teams, IT staff, students, third-party companies.”
After 1,200 students signed Sullivan’s petition demanding the University of Massachusetts Lowell ban the software, the university announced that professors could not mandate its use.
As the pandemic makes remote learning a long-term state of affairs for many schools, Swauger at CU recommends that schools take some time to do their research and only roll out systems that are proven to work.
“Higher ed (schools) like to perceive themselves as serious, deliberative, evidence-based research institutions,” he said. “When it comes to these systems, that’s all been going out the window.”
Reporting by Avi Asher-Schapiro @AASchapiro, additional reporting by Rina Chandran and Annie Banerji; Editing by Jumana Farouky and Zoe Tabary. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit news.trust.orgOur Standards: The Thomson Reuters Trust Principles.
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6e4517136544aac0657aabb04781e712 | https://www.reuters.com/article/global-tech-facial-recognition/yearender-tea-buses-and-elections-7-uses-of-facial-recognition-that-sparked-debate-in-2019-idUKL8N2882NP?edition-redirect=uk | YEARENDER-Tea, buses and elections: 7 uses of facial recognition that sparked debate in 2019 | YEARENDER-Tea, buses and elections: 7 uses of facial recognition that sparked debate in 2019
By Umberto Bacchi, Thomson Reuters Foundation5 Min Read
TBILISI, Dec 23 (Thomson Reuters Foundation) - From identifying voters in Afghanistan to speeding up service for tea lovers in India, the use of facial recognition surged in 2019 with expectations that it will become even more widespread next year, fuelling concerns over misuse.
There has been growing global debate over the technology, with supporters saying it can increase security and streamline services, while critics denounce it as intrusive and often inaccurate.
Here are seven uses of facial recognition that sparked discussion around the world in 2019:
1. INDIA - FACE FOR TEA - A popular Indian teahouse chain faced a backlash in November after it rolled out a facial recognition feature at some of its stores to speed-up service and payment for returning clients.
Customers at Chaayos took to social media to complain about the camera technology they said captured images of them without their consent, with no information on what the data would be used for, and no clear option to opt out.
Chaayos said data was encrypted, would not be shared, and customers could choose to opt out, but the incident led to calls from human rights advocates for the government to speed up the introduction of laws to protect privacy.
2. BRITAIN - MALLS AND MUSEUM - In August, revelations that a property developer in London’s King’s Cross area used facial recognition surveillance cameras triggered a public backlash and an investigation by Britain’s data protection watchdog.
It later emerged that a Sheffield mall and a Liverpool museum had also trialled the technology in cooperation with police..
Civil liberties group described the trend as a nationwide “epidemic”.
3. UNITED STATES - POLICE NO MORE - In May, San Francisco became the first U.S. city to ban the purchase and use of facial recognition by city personnel, including police.
The action reflected growing discontent in the United States over the technology, which government agencies have used for years and now has become more powerful with the rise of cloud computing and artificial intelligence technologies.
Oakland and Berkeley in California and Somerville, in Massachusetts, have since put in place similar regulations.
4. AFGHANISTAN - UNVEILED VOTE - Afghan authorities photographed all voters in September’s presidential election, using facial recognition software as an anti-fraud measure, after elections in 2009 and 2014 ended in disputes over rampant ballot stuffing.
But women’s rights campaigners complained the photo requirement was likely to prevent large numbers of women from voting, especially in conservative areas, where most adult women and older girls cover their faces outside the home.
Ahead of the vote, the election commission said women could have had their pictures taken by female election staff, but acknowledged that at least 1,450 of the nearly 30,000 polling stations employed no women.
5. CHINA - INTRUSIVE WILDLIFE - In October, a law professor in China took a wildlife park in Hangzhou to court after it deployed facial recognition at the entrance, requiring members submit a face scan to access to the site, local media reported.
The professor argued the data collection was unnecessary and violated his consumer rights, in a lawsuit said to be the first of its kind in China.
The case triggered a debate over use the technology which is increasingly widespread across the country, where it is used by authorities as well as a growing number of private institutions, including schools, hotels and gyms.
6. KAZAKHSTAN - BUS RIDE - A facial recognition app allowing commuters to pay for a bus ride with a scan of their face instead of purchasing a ticket was trialled in Kazakhstan capital of Nur-Sultan in October, local media reported.
Right activists and some users complained the system was intrusive and could lead to extra surveillance.
7. WORLD - SPEEDY BOARDING - In April, U.S. authorities’ use of facial to verify the identity of travellers entering and leaving the country hit national attention after a tweet by a traveller questioning the practice went viral.
Run in partnership with air and cruise lines, the U.S. Customs and Border Protection (CBP) pilot programme aims to enhance security and speed up custom controls but has drawn criticism from human rights groups.
Whether to speed up boarding or boost security, facial recognition is being rolled out at airports in numerous other countries, including India, Singapore, Britain and the Netherlands. (Reporting by Umberto Bacchi @UmbertoBacchi, Editing by Belinda Goldsmith Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's and LGBT+ rights, human trafficking, property rights, and climate change. Visit news.trust.org)
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f559bab9f5508270643038fe724c8c84 | https://www.reuters.com/article/global-tech-maps/feature-took-away-our-identity-google-maps-puzzles-residents-with-new-neighbourhood-names-idINL8N23Y480?edition-redirect=in | FEATURE-'Took away our identity': Google Maps puzzles residents with new neighbourhood names | FEATURE-'Took away our identity': Google Maps puzzles residents with new neighbourhood names
By Umberto Bacchi, Thomson Reuters Foundation7 Min Read
TBILISI, July 4 (Thomson Reuters Foundation) - Home to a Peach Street, an Orange Street and a Lemon Street, the Fruit Belt district of Buffalo, New York, has been known by that name since German settlers planted orchards there in the 1800s.
So, local resident Veronica Hemphill-Nichols was surprised when she opened Google Maps on her first, freshly bought smartphone about 10 years ago and saw the area rebranded as Medical Park.
“I flipped my wig when I found out they changed our name,” she told the Thomson Reuters Foundation by phone.
Since Google Maps first launched in 2005 and grew its user base, puzzled and angry residents in cities around the world have increasingly reported finding neighbourhoods with incorrect or unfamiliar names, geography and data researchers said.
Names chosen by Google, with more than one billion people using its mapping service every month, often end up sticking as they influence how real-estate agencies, travel websites and home-sharing apps refer to an area.
“In many ways, Google is defining the world,” said Matthew Zook, a professor of geography at the University of Kentucky, adding the tech giant has set itself out as the world’s leading map-maker.
“You’ll see Airbnb and others ... referring to these neighbourhoods on the map in ways that are reflecting Google’s view of the world rather than maybe the local view of the world,” he said.
But, labelling mistakes highlight the tensions between the company’s drive to get clear, comprehensive global data and the complex identities of local areas - leaving some communities feeling misrepresented, Zook said.
A spokeswoman for Google said that the company gets its data on neighbourhoods from a combination of third-party providers and public sources and stressed that it encourages everyone to report any errors.
“Overall, this provides a comprehensive and up-to-date map, but when there are inaccuracies, we work to address (them) as quickly as possible,” she said in emailed comments.
FRUITS OR MEDICS?
To Fruit Belt residents, the new name looked like a nod to the Buffalo Niagara Medical Campus, a large medical centre that was being built on the edge of the working-class, predominantly African-American neighbourhood, local activists said.
At the time, locals said they were starting to be priced out of their homes by wealthier medical workers coming to live in the area, and many interpreted the name change as a signal that the community was losing its battle against gentrification.
“When they took away our name, they took away our identity,” said Hemphill-Nichols, a housing campaigner, adding she thought that would lead to the medical park eating up more of the neighbourhood.
Sarah Warner, a spokeswoman for the medical centre, said it never requested any name change on Google Maps.
The Buffalo council also offered residents few answers, Hemphill-Nichols said, adding that at a town hall meeting called after the change emerged, an official pointed to a long forgotten, four decade-old planning assessment as a possible source for the name.
The council was not available to comment.
The Fruit Belt eventually returned to its original designation earlier this year, after a local daily contacted Google for an article about the issue.
“You have no idea what a load was lifted off me,” said Hemphill-Nichols.
NOT MY NEIGHBOURHOOD
Zook said that Google, hungry for data, often gets its place names from whatever maps it can find, even if they are not strictly official, and ends up giving that information more authority than its authors originally intended.
For the Italian city of Milan, Google appears to have largely drawn from a map created by local blog Urbanfile, said its author Roberto Arsuffi, who explained that he had made up some of the place names.
Arsuffi said that he sometimes used little-known landmarks to describe small, unnamed areas when coming up with location labels for his map.
For example, he named the district of Acquabella after an old farmhouse and a nearby railway junction, both of which have since been demolished.
But on official maps, Acquabella does not exist as a distinct area with its own name - its territory is split between two larger districts.
Google Maps picked up Arsuffi’s names a few weeks after the Urbanfile map was published about five years ago, Arsuffi explained.
Suddenly some Milanese found themselves living in unknown neighbourhoods.
“I’ve been here 10 years and I’ve never heard of it,” said a local bar owner after being told that, according to Google, his property was within the boundaries of Acquabella.
Arsuffi said he had contacted Google to flag inaccuracies he spotted online, but received no reply.
Google said it had not directly taken names from Urbanfile’s map but that users had made those edits to its map through Map Maker, a now-defunct tool that allowed the public to make contributions to Google Maps.
PREVENTIVE STRIKE
With Map Maker out of service since 2017, map enthusiasts in Leeds, England, have been testing other methods of preserving beloved place names perceived as being at risk of disappearing.
In 2018, upon hearing that a developer was planning to build new flats in the area known as Quarry Hill - once home to the largest social housing complex in Britain - and rename it SOYO, local writer Chris Nickson sent a complaint to the council.
“In a stroke, this erases centuries of Leeds history,” he wrote in the letter, which he also posted on Twitter.
The appeal against the moniker SOYO, which stands for “South of York Road”, was taken up by Thomas Forth, head of data at the Open Data Institute Leeds, a think tank.
He marked the area in central Leeds as Quarry Hill on OpenStreetMap, a Wikipedia-style mapping service, hoping it would be picked up by Google and other online map providers.
“Changing a name could be seen as an extreme example of gentrification,” Forth said in a phone interview.
“Especially if former or current residents feel that the names they use are not welcome anymore”.
A spokeswoman for SOYO said in an email that the development will cover only part of Quarry Hill and will regenerate the site, bringing new residential housing, as well as bars, restaurants and a hotel.
She said the company would work to update signage, reference points and online information with the new name as construction progressed, adding that the area had been a car park for more than 40 years after the council blocks were demolished.
“Our project marks the beginning of a new chapter for this part of the city,” she said.
But for now, that chapter has no name - at least on Google Maps. (Reporting by Umberto Bacchi @UmbertoBacchi, Editing by Jumana Farouky and Zoe Tabary. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's and LGBT+ rights, human trafficking, property rights, and climate change. Visit news.trust.org)
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a71620a856acd7880772249594df1909 | https://www.reuters.com/article/global-tech-privacy/expert-views-strip-searches-and-ads-10-tech-and-privacy-hot-spots-for-2020-idINL8N28F20S?edition-redirect=in | EXPERT VIEWS-Strip searches and ads: 10 tech and privacy hot spots for 2020 | EXPERT VIEWS-Strip searches and ads: 10 tech and privacy hot spots for 2020
By Umberto Bacchi, Thomson Reuters Foundation7 Min Read
TBILISI, Dec 30 (Thomson Reuters Foundation) - From whether governments should use facial recognition for surveillance to what data internet giants should be allowed to collect, 2019 was marked by a heated global debate around privacy and technology.
The Thomson Reuters Foundation asked 10 privacy experts what issues will shape the conversation in 2020:
1. CALIFORNIA DIGITAL PRIVACY LAW - Cindy Cohn, executive director, Electronic Frontier Foundation
“A California law giving consumers more control over their personal information, like the right to know what data businesses have collected about them, to delete it and to opt-out of its sale comes into effect on Jan. 1, 2020.
The legislation could have a ripple effect across the United States, or lead to the passage of a federal law.
This could be good news, if a federal law was to mandate some basic privacy guarantees that states could improve on - or bad news, if it was to instead block stronger state laws.”
2. DIGITAL STRIP SEARCHES - Silkie Carlo, director, Big Brother Watch
“From where we have been to who we have spoken to, our phones contain mountains of data that is increasingly sought after by police during investigations. So-called “digital strip searches”, where crime victims are asked to hand over their phones, are becoming common place all around the world.
In Britain, victims of rape are now routinely required to give police full downloads of their phones, and police can keep the data for 100 years. It’s no coincidence that almost 50% of victims are dropping their cases.
There’s no law in the UK around this and it’s likely we’ll see a showdown between police, data regulators and privacy advocates in 2020.”
3. FACIAL RECOGNITION - Jameson Spivack, policy associate, centre on privacy & technology, Georgetown Law Centre
“In 2019, face recognition technology became an integral part of the public debate about privacy, as people realized just how much of a risk this technology poses to civil rights and liberties.
Public officials have responded, with bans and proposed regulation at all levels of government. These conversations will come to a head in 2020.
In the U.S. this could mean new federal, state, or local policies around how law enforcement is allowed to use (or not use) face recognition; rules for companies developing the technology; and/or increased enforcement action from entities like the Federal Trade Commission or state attorneys general.”
4. BEHAVIOURAL ADVERTISING - Karolina Iwanska, lawyer, Panoptykon Foundation “A wave of complaints against the use of personal information to target advertising online have been filed with data authorities across the European Union over the past two years.
The Irish data protection authority – which is a lead authority for Google – started an investigation into the company’s advertising business and the British ICO has published a damning report on the ad-tech industry.
2020 should bring much needed decisions in these cases, potentially leading to fines and further restrictions on companies’ use of people’s data.”
5. EU BUDGET - Edin Omanovic, advocacy director, Privacy International “Next year, the EU will decide its budget for the years 2021-2028. How it will spend what is likely to be in excess of 1 trillion euro ($1.10 trillion) will have a transformative impact not just on its residents, but around the world.
For the first time, it will spend more on migration control than on developing Africa, often involving some sort of surveillance, which could pose huge threats to privacy and other human rights.”
6. AI TECHNOLOGIES - Diego Naranjo, head of policy, European Digital Rights “A 2019 report on facial recognition by the EU’s rights agency represented a crucial step in the debate that we as societies need to have prior to deploying such technologies, which affect privacy, data protection, and other rights.
We could end up implementing practices in Europe which horrify us when they are implemented elsewhere, for example in China.
This conversation, as well as examining the impact of other technologies, like the potential discriminatory impact of “AI-based lie detectors” on vulnerable groups, such as migrants, will be an important part of the debate in 2020.”
7. ALGORITHMS’ DECISION MAKING - Sandra Wachter, professor, Oxford Internet Institute “The EU’s General Data Protection Regulation (GDPR) currently focus on things like transparency, consent and notification of data collection, but not on how we are evaluated after data is collected.
This means users have few rights to challenge or contest how they are assessed by algorithms processing their information, which is worrisome since our digital identity steers our paths in lives and impacts our opportunities.
In 2020, the EU’s data watchdog will publish several recommendations on how to improve data rights. This is a great opportunity to give guidance to transform the GDPR, introducing more controls over how algorithms evaluate us.”
8. TARGETED POLITICAL ADS - Matthew Rice, Scotland director, Open Rights Group “Personal data is becoming ever more central in the operations of political campaigns, as parties buy up commercial data sets in an attempt to derive the voters’ opinions and decide whether to target them online and how.
This practice stretches the limits of data protection laws and strains trust in democratic systems.
With the U.S. Presidential elections taking place in 2020 expect to see a huge amount of attention paid on what personal data parties are using and how they are using it.” 9. BIOMETRICS TECHNOLOGIES - Carly Kind, director, Ada Lovelace Institute
“In 2020 biometrics technologies are likely to come under the serious scrutiny of regulators in Europe (and possibly beyond).
We’re approaching a tipping point in public concern about the increasing ubiquity of facial recognition. In China 84% of people surveyed want the opportunity to review or delete facial data collected about them.
EU authorities have promised facial recognition regulation will be forthcoming in 2020. It is critical that it looks beyond facial recognition to the entire gambit of AI-enabled biometric technologies that will be rolled out in the years to come.”
10. IRELAND’S DATA AUTHORITY - Paul-Olivier Dehaye, co-founder, Personaldata.io
“In 2020, Ireland is likely to come under increased pressure from other European countries to take a stronger stance on data protection after years of lax enforcement.
Thanks to the EU’s harmonization mechanisms, the Irish data authority could be compelled to adjust to the stricter parameters used by its EU counterparts when deciding on the growing number of privacy complaints filed by EU citizens.
As Ireland hosts the European headquarters of U.S. technology firms like Facebook and Google, this would have far-reaching consequences across the bloc.”
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0b697a3ef95b4548ec5825d59fed4555 | https://www.reuters.com/article/global-youth-int/millennials-get-little-satisfaction-from-democracy-cambridge-study-idUSKBN2742YG | Millennials get little satisfaction from democracy: Cambridge study | Millennials get little satisfaction from democracy: Cambridge study
By Reuters Staff2 Min Read
Slideshow ( 2 images )
LONDON (Reuters) - Young people are less satisfied with democracy and more disillusioned than at any other time in the past century, especially in Europe, North America, Africa and Australia, a study by the University of Cambridge has found.
Millennials, or those born between 1981 and 1996, are more disillusioned than Generation X, those born between 1965 and 1981, or Baby Boomers born between 1944 and 1964 and the Interwar Generation of 1918-1943.
“Across the world, younger generations are not only more dissatisfied with democratic performance than the old, but also more discontented than previous generations at similar life stages,” the Cambridge study found.
The picture is bad in the United States, Brazil, Mexico, South Africa, France, Australia and the United Kingdom.
But satisfaction has increased in Germany, South Korea and many of the post-Communist countries of Central and Eastern Europe.
The main reason behind the disillusion with democracy among young people was inequality of wealth and income, the report said, citing figures showing that Millennials make up around a quarter of the U.S. population but hold just 3% of the wealth. Baby Boomers held 21% of the wealth at the same age.
The study suggested that the populist challenge to mainstream, “establishment” politics could actually help improve democratic engagement by shocking moderate parties and leaders into reversing the decay.
The Cambridge Centre for the Future of Democracy delved into data from over 4.8 million respondents collected across 160 countries between 1973 and 2020.
For a link: here
Reporting by Guy Faulconbridge; Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.
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b93ac3975a4a20c9dec2abccf4c02b6a | https://www.reuters.com/article/GlobalAgricultureandBiofuels08/idUST27547220080114 | Sojitz sees limited Japan sales for Brazil ETBE | Sojitz sees limited Japan sales for Brazil ETBE
By Risa Maeda4 Min Read
TOKYO (Reuters) - Sojitz Corp 2768.T, Japan's No. 6 trading firm, hopes to begin shipping some Brazilian ethanol-based gasoline additive to Japan this year, but maintains that Sao Paulo and other local cities are the best markets for its first biofuel venture.
In October Sojitz bought a 33 percent stake in Brazilian construction and chemicals conglomerate Odebrecht SA’s ethanol and sugar unit, ETH Bioenergia, for $84 million in its first investment in the fast-growing renewable fuel sector. It expects the venture to turn a profit in three years.
While Tokyo has been keen to promote cleaner fuels to meet its commitment to cut back on greenhouse gas emissions, Sojitz’s Yoshiyuki Nunomura, deputy general manager of energy and mineral resources, says the business is not counting on Japan.
“The initial target is the domestic market in Brazil. A part of the production might go to the United States, where there is a market and is geographically close,” he said in an interview ahead of the Reuters Global Agriculture and Biofuels Summit.
“As for Japan, we’re considering shipping ETBE from Brazil purely as a trading business,” he said, referring to ethyl tertiary butyl ether (ETBE), a gasoline additive made from ethanol and isobutene.
Japanese law allows oil distributors to sell gasoline blended with up to 3 percent of ethanol, either as straight ethanol or in a form of ETBE which contains 3 percent ethanol. A lack of incentives to make alternative fuels competitive with gasoline have limited distribution to government-backed tests.
The powerful oil refiner lobby has fought off efforts to push for Japan to blend pure fuel ethanol into its gasoline pool, which would require heavy investment in infrastructure.
Nunomura said Sojitz was hoping to capitalize on expected growth in demand for greener fuel in the world’s third-largest oil consumer as soon as this year.
“Currently, ETBE is the main product the infrastructure in Japan is ready to accept. So, we’d like to fit to that situation,” Nunomura said. “We’d like to see it done this year.”
Japan’s oil industry imported a total 15,700 tonnes of ETBE from Europe last year to mix with gasoline and is expected to buy more in 2008 as the industry plans to double the number of gas stations selling the greener fuel from around 50 now.
The government plans to exempt 3 percent of the current tax of some 53 yen a liter on the price of auto fuel if the content is replaced with ethanol, and also plans to make imports of ETBE duty free, both effective from April, but industry players have been frustrated with the lack of policy progress.
Brazil's state-run oil firm Petrobras PETR4.SAPBR.N last month said it would slow the pace of ethanol development with its partner Mitsui 8031.T, Japan's No. 2 trading house, due to the slower-than-expected pace of development.
Brazil’s well-established biofuel market looks a safer bet for investors.
“We expect a 10 percent year-on-year growth in ethanol consumption in Brazil in coming years,” Nunomura said, adding that the ongoing move to flex fuel vehicles, able to take any mix of gasoline and ethanol, underlines the potential in the biggest economy in South America.
Sojitz aims to make ETH Bioenergia one of the top five sugar cane crushers in Brazil, with its first sugar cane field ready by 2010 for use in the project, he added.
Sojitz has said it expects ETH Bioenergia to boost cane crushing to a total 44 million tonnes a year by 2021.
Cosan CSAN3.SACZZ.N, Brazil's No. 1 sugar and ethanol company, has a crushing capacity of some 40 million tonnes a year and has plans to boost this in coming years.
Production cost is estimated at less than 30 U.S. cents a liter in plans to build plants with their own power supply from bagasse, a residue from crushing, and with water recycled after usage, said Satoshi Awaya, deputy manager from the same office with Nunomura.
“From the planning stage, we wanted to tap into the upper end of the biofuel chain,” Nunomura said.
For summit blog: summitnotebook.reuters.com/Our Standards: The Thomson Reuters Trust Principles.
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e7ee01dc890edf2d7d0e6729296ae7bc | https://www.reuters.com/article/globalMarketsNews/idUSTRE5881Q720091106 | Wall St. rises 3 percent for week on Friday's slim gain | Wall St. rises 3 percent for week on Friday's slim gain
By Chuck Mikolajczak3 Min Read
NEW YORK (Reuters) - U.S. stocks rose 3 percent for the week after ending Friday’s session slightly higher, shrugging off government data showing the unemployment rate hit 10.2 percent -- the highest in 26-1/2 years.
General Electric Co GE.N jumped 6.2 percent to $15.33 after two analysts' upgrades and helped push the industrial sector higher. The S&P industrial index .GSPI was up 1.2 percent.
In a choppy session Friday, the market fell at the open and briefly turned positive after closer inspection of the report showed payroll losses kept declining and job losses for earlier months were revised lower.
“Big-cap stocks are the ones with leverage issues, but they seem to have picked up a lot of interest from investors of late,” said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York.
“We’re certainly seeing continued evidence of economic improvement -- except on the employment side -- but even there, perhaps we may have seen about the worst.”
The Dow Jones industrial average .DJI gained 17.46 points, or 0.17 percent, to end at 10,023.42. The Standard & Poor's 500 Index .SPX rose 2.67 points, or 0.25 percent, to 1,069.30. The Nasdaq Composite Index .IXIC added 7.12 points, or 0.34 percent, to close at 2,112.44.
For the week, both the Dow and the S&P 500 rose 3.2 percent, while the Nasdaq climbed 3.3 percent.
Traders work on the floor of the New York Stock Exchange, October 29, 2009. REUTERS/Brendan McDermid
Bernstein Research and Oppenheimer upgraded their ratings on GE to “outperform” as they believe there will be major divestitures over the next two to three years. They also see a favorable entry point after the stock underperformed since the middle of October.
Travelers Cos Inc TRV.N gave the biggest boost to the Dow. Shares of Travelers rose 2.5 percent percent to $51.90 after Goldman Sachs upgraded the insurer's stock along with XL Capital XL.N, which gained 3.8 percent to $17.22, to "buy" from "neutral".
The KBW Insurance index .KIX added 1 percent.
But bailed-out insurer American International Group Inc AIG.N tumbled 9.7 percent to $35.48 on the New York Stock Exchange after it said its main insurance business remained weak.
Amazon.com Inc AMZN.O jumped 4.6 percent to $126.20 on Nasdaq after Bernstein upgraded the stock to "outperform" on the belief the company will continue to see growth and margin expansion in the future.
JP Morgan boosted Macy's Inc M.N to "overweight" from "neutral," citing improving monthly comparable-store sales at the department store operator and a potential for earnings upside. The stock was up 6.4 percent at $19.18.
The S&P Retail index .RLX advanced 1.7 percent.
Volume was light on the New York Stock Exchange, with 1.08 billion shares changing hands, below last year’s estimated daily average of 1.49 billion, while on the Nasdaq, about 1.84 billion shares traded, shy of last year’s daily average of 2.28 billion.
Advancing stocks slightly outnumbered declining ones on the NYSE by a ratio of 15 to 14.
On the Nasdaq, though, the trend was reversed, with seven stocks falling for every six that rose.
Reporting by Chuck Mikolajczak; Editing by Jan PaschalOur Standards: The Thomson Reuters Trust Principles.
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8b6a3ac4eafbd405581474203435c3d2 | https://www.reuters.com/article/globalNews/idUKTRE50I2WR20090119?edition-redirect=uk | Bush takes parting swipe at communist Cuba | Bush takes parting swipe at communist Cuba
By Matt Spetalnick3 Min Read
WASHINGTON (Reuters) - President George W. Bush took a parting swipe at communist Cuba on Tuesday, saying it was a cruel dictatorship that had responded to U.S. appeals for democratic reform with more repression of its people.
President George W. Bush, delivers a farewell address from the White House in Washington, January 15, 2009. Bush took a parting swipe at communist Cuba on Tuesday, saying it was a cruel dictatorship that had responded to U.S. appeals for democratic reform with more repression of its people. REUTERS/Yuri Gripas
Bush’s statement, issued a week before he hands over to his successor Barack Obama, was a reminder he will leave office with the Castro government still entrenched in power despite a 46-year-old U.S. embargo against the island.
“As much of the world celebrates the dawning of a new year, Cuba marks 50 years of one of the cruelest dictatorships this hemisphere has witnessed,” Bush said, referring to the anniversary of Cuba’s revolution that brought Fidel Castro to power.
The ailing 82-year-old Castro handed over the presidency last year to his younger brother Raul, who has undertaken only a handful of reforms such as allowing Cubans to buy computers, cell phones and DVD players.
Bush’s Republican administration has deemed the changes insufficient, saying sanctions should not be eased until Havana releases political prisoners and allows free expression.
Obama, a Democrat, has pledged to soften restrictions on family travel and remittances but said he would keep the embargo as leverage to influence changes in the one-party state.
He has said he would be ready to pursue diplomacy with Cuba’s leaders if conditions were right, something Bush has resisted doing.
“My administration has continually challenged the Cuban government to bring genuine political and economic changes and improve human rights, and has made it clear that the United States stands prepared to respond to any request for assistance from a Cuba that transitions to democracy,” Bush said.
“The Castro regime’s response to our offers has been continued repression of the Cuban people,” he added.
Cuba has long blamed its economic woes on the U.S. embargo, though successive U.S. administrations have pinned the blame on Havana’s policies.
The Council of the Americas, a leading business group, issued a report this week recommending that Obama reinvigorate U.S. trade ties in Latin America and the Caribbean during his first 90 days in office by softening the most punitive sanctions on Cuba.
Editing by Eric BeechOur Standards: The Thomson Reuters Trust Principles.
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f6ef24d6ccb59e36ebba64ac81463089 | https://www.reuters.com/article/GlobalRetail09/idUSTRE55B5EY20090612 | Will empty big-box stores ever get filled? | Will empty big-box stores ever get filled?
By Emily Chasan3 Min Read
NEW YORK (Reuters) - The recent wave of retail bankruptcies has left lots of empty storefronts in shopping centers and malls, and landlords may be in for a long drought as retailers curtail expansion plans amid recession.
Matt Bordwin, Managing Director of retail real estate portfolios for KPMG attends the Reuters Global Retail Summit in New York, June 11, 2009. REUTERS/Brendan McDermid
The bankruptcies of retailers like Circuit City, Steve & Barry’s, Linens ‘n Things, Fortunoff, Mervyn’s and Goody’s -- and the closure of hundreds of other stores that filled up “big boxes” at malls -- have left landlords with big holes in their income streams. They’ll have to think creatively in order to fill those spaces, experts said at the Reuters Global Retail Summit this week in New York.
“There’s nobody else in the marketplace that’s showing massive expansion plans, and that’s the issue now,” Matthew Bordwin, managing director at KPMG Corporate Finance, who works with troubled retailers, said at the summit.
Only a few companies, such as off-price retailers and dollar stores, are expanding, but that will not be enough to fill all the empty space.
At a recent industry conference, Bordwin said nearly every landlord he had talked to had told him TJX Cos TJX.N, which operates the off-price T.J. Maxx and Marshalls stores, was looking at a location in one of their shopping centers.
“T.J. Maxx is doing well, but I’m pretty sure T.J. Maxx is not opening up 9,000 new locations this year,” Bordwin joked at the summit.
Only a handful of retailers have bought leases from retailers that have gone out of business in bankruptcy. Kohl's Corp KSS.N and Forever 21 Inc acquired some Mervyn's locations at a bankruptcy auction, but others have not had as much luck selling their leases.
Nina Kampler, executive vice president at Hilco Real Estate, said at the summit, “I think for a while there’s going to be a lot of vacancies and a lot of dead space, and then people who think they’re clairvoyant and are betters and gamblers by nature are going to buy these things for a song and redevelop.”
In some cases, landlords have shown great ingenuity in finding ways to fill empty big-box stores, according to Julia Christensen, author of the 2008 book “Big Box Reuse.” She found big box stores had been converted into everything from a church, library and school to a medical center, courthouse and recreation center.
Hilco’s Kampler, who works with companies trying to dispose of troubled real estate, said the biggest issue in trying to find new uses for the space is that landlords don’t want to give up potential revenue.
Movie theaters, bowling alleys, ice skating rinks and even housing may be options for redeveloping big boxes, she said, adding that changes to the big-box format could be the “next iteration” of the mall shopping experience for U.S. consumers.
“One of the things I’ve been asking landlords ... is how many boxes they’ve been given back this year and how they’re going to fill them,” Kampler told the summit. “The ones who are successful at refilling the boxes are dividing it up, and they’re not selling it as a box.”
Reporting by Emily Chasan; editing by John WallaceOur Standards: The Thomson Reuters Trust Principles.
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d391343259cbbfdfb0e00c8341a30452 | https://www.reuters.com/article/gm-cfo-idINL4N2HL5GM?edition-redirect=in | Delta Air executive Paul Jacobson resigns as CFO to join GM | Delta Air executive Paul Jacobson resigns as CFO to join GM
By Reuters Staff1 Min Read
Oct 30 (Reuters) - Delta Air Lines said on Friday Chief Financial Officer Paul Jacobson would resign from his position, effective Nov. 15 to join General Motors as CFO.
Reporting by Sanjana Shivdas and Shreyasee Raj in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.
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22b30b76b448d2ed8d5829213b4760f1 | https://www.reuters.com/article/gm-china/gm-delivered-309-mln-vehicles-in-china-in-2019-down-15-y-y-idUKB9N28F034?edition-redirect=uk | GM delivered 3.09 mln vehicles in China in 2019, down 15% y/y | GM delivered 3.09 mln vehicles in China in 2019, down 15% y/y
By Reuters Staff1 Min Read
SHANGHAI, Jan 7 (Reuters) - General Motors Co’s vehicle sales in China fell 15% in 2019, as the U.S. automaker suffered a prolonged sales slowdown in the world’s biggest auto market and faced heightened competition in its key mid-priced SUV segment.
GM, China’s second biggest foreign automaker, delivered 3.09 million vehicles in the country last year, the company said in a statement, for a second straight decline in annual sales.
It had delivered 3.65 million vehicles in 2018. (Reporting by Yilei Sun and Brenda Goh in Shanghai; Editing by Clarence Fernandez)
Our Standards: The Thomson Reuters Trust Principles.
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63d4e7787b964d93d6d5454fd7608064 | https://www.reuters.com/article/gm-china/gm-rolls-back-radical-plan-to-offer-only-three-cylinder-engines-in-some-china-cars-sources-idINKBN1ZZ0GY?edition-redirect=in | GM rolls back 'radical' plan to offer only three-cylinder engines in some China cars - sources | GM rolls back 'radical' plan to offer only three-cylinder engines in some China cars - sources
By Yilei Sun, Norihiko Shirouzu3 Min Read
BEIJING (Reuters) - General Motors GM.N is backtracking on an aggressive promotion of three-cylinder engines in China that saw some Buick and Chevrolet models offered only in that option - a move which proved highly unpopular and helped sales slide, people familiar with matter said.
FILE PHOTO: The GM logo is seen in Warren, Michigan, U.S. on October 26, 2015. REUTERS/Rebecca Cook
Three-cylinder gasoline engines are cleaner and more fuel efficient than their conventional four-cylinder counterparts, and automakers are keen to promote them, particularly in China which has some of the world’s most stringent fuel economy and emission rules.
GM went further than competitors, discontinuing four-cylinder versions for many models in the world's largest auto market. By comparison, Honda Motor Co 7267.T and BMW BMWG.DE also offer three-cylinder cars in China but the models are an option in addition to four-cylinder versions.
Many Chinese consumers, however, perceive cars with three-cylinder engines as noisier and prone to vibrating, and sales began to tumble in third quarter of 2018. Last year, GM’s China sales fell 15% to 3.09 million vehicles, its second straight year of steep declines and the lowest level since 2012.
The move was “too quick, too radical and lacked sophisticated planning,” a senior Shanghai-based sales manager at a Buick dealership told Reuters.
The sales manager, who was not authorised to speak to media and declined to be identified, said his company was among hundreds of dealers which lobbied GM to change the plan at dealer conferences.
By resurrecting four-cylinder options for key models, the hope is that GM, which reports fourth-quarter earnings later on Wednesday, can regain some of the ground it has lost at a time when the new coronavirus is threatening to sink sales in the first quarter.
The outbreak is only adding to pain caused by to a slowing economy, U.S.-China trade tensions, new emission rules as well as fierce competition from Toyota Motor Corp 7203.T and Volkswagen AG VOWG_p.DE.
SAIC-GM, the Detroit automaker's main venture with SAIC Motor 600104.SS, is seeking approval for four cylinder versions of two mass-market sedans, Buick's Excelle GT and Chevrolet's Cruze, government documents show.
Those two versions are slated to hit the market sometime in the second quarter, two people with knowledge of the matter said, adding that four-cylinder versions of the Buick Verano sedan and Encore GX sport utility vehicle were also under consideration.
A Shanghai-based GM spokeswoman said the automaker will continue to offer three- and four-cylinder engines in the future but declined to comment on product plans.
Reporting by Yilei Sun and Norihiko Shirouzu in Beijing; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.
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0c136628e9e79272ca746b7c3a567af1 | https://www.reuters.com/article/gm-fiat-chrysler-lawsuit-idUKL1N2FG0T3?edition-redirect=uk | U.S. judge rejects GM bid to reopen racketeering case against Fiat Chrysler | U.S. judge rejects GM bid to reopen racketeering case against Fiat Chrysler
By Reuters Staff1 Min Read
Aug 14 (Reuters) - A federal judge in Detroit on Friday rejected a bid by General Motors Co to reinstate a racketeering lawsuit against its smaller rival Fiat Chrysler Automobiles NV (FCA) .
U.S. District Judge Paul Borman said GM’s “newly discovered evidence is too speculative to warrant reopening this case.” GM claimed it had new information on foreign accounts used in an alleged bribery scheme involving FCA and leaders of the United Auto Workers (UAW) union. Fiat Chrysler compared the GM filing to a “third-rate spy movie, full of preposterous allegations.” (Reporting by David Shepardson and Ben Klayman)
Our Standards: The Thomson Reuters Trust Principles.
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8837ac2f8f72594e578fc2ca05d933cb | https://www.reuters.com/article/gm-probe-safety/update-1-us-agency-upgrades-probe-into-17-million-gm-vehicles-idINL1N28R0BQ?edition-redirect=in | UPDATE 1-U.S. agency upgrades probe into 1.7 million GM vehicles | UPDATE 1-U.S. agency upgrades probe into 1.7 million GM vehicles
By David Shepardson2 Min Read
(Adds GM statement, background)
WASHINGTON, Dec 17 (Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) said Tuesday it is upgrading an investigation into 1.7 million General Motors Co vehicles for windshield wiper failures.
The auto safety agency opened the probe in November 2018 to see if GM needed to expand a 2016 recall of 2013 model year Chevrolet Equinox and GMC Terrain SUVs to cover additional vehicles.
The engineering analysis probe covers 2010-2012 and 2014-2016 Equinox and Terrain vehicles. NHTSA could demand a recall after it completes the probe.
NHTSA said it has reviewed 1,900 complaints and reports related to the issue in the 1.7 million vehicles.
NHTSA said it has seen elevated failure rates in the 1.7 million vehicles, even though GM said the recalled vehicles have “double the warranty rate and five times the complaint rate.”
GM said it “fully cooperate to support their investigation. We do not believe these windshield washer systems are defective.”
The wiper failures that prompted the 2016 recall were attributed to water and debris intrusion into the windshield wiper assembly ball joints, leading to excessive wear and eventual detachment of the ball joint.”
GM said it was installing an improved windshield wiper motor and transmission assembly and relocating a drain hole at the base of the windshield.
Reporting by David Shepardson; editing by Jason Neely and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
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8f844158e7acaa3614c18362d302bab5 | https://www.reuters.com/article/gm-probe-safety/us-agency-upgrades-probe-into-17-million-gm-vehicles-idINL1N28R0AV?edition-redirect=in | U.S. agency upgrades probe into 1.7 million GM vehicles | U.S. agency upgrades probe into 1.7 million GM vehicles
By Reuters Staff1 Min Read
WASHINGTON, Dec 17 (Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) said Tuesday it is upgrading an investigation into 1.7 million General Motors Co vehicles for windshield wiper failures.
The auto safety agency opened the probe in November 2018 to see if GM needed to expand a 2016 recall of 2013 model year Chevrolet Equinox and GMC Terrain SUVs to cover additional vehicles.
The probe covers 2010-2012 and 2014-2016 Equinox and Terrain vehicles.
NHTSA said it has seen elevated failure rates in the 1.7 million vehicles, even though GM said the recalled vehicles have a much higher failure rate. (Reporting by David Shepardson; editing by Jason Neely)
Our Standards: The Thomson Reuters Trust Principles.
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dcf98d63184060ff57c13b571957cd12 | https://www.reuters.com/article/gm-probe-safety/us-agency-upgrades-probe-into-17-million-gm-vehicles-idUKL1N28R0AV?edition-redirect=uk | U.S. agency upgrades probe into 1.7 million GM vehicles | U.S. agency upgrades probe into 1.7 million GM vehicles
By Reuters Staff1 Min Read
WASHINGTON, Dec 17 (Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) said Tuesday it is upgrading an investigation into 1.7 million General Motors Co vehicles for windshield wiper failures.
The auto safety agency opened the probe in November 2018 to see if GM needed to expand a 2016 recall of 2013 model year Chevrolet Equinox and GMC Terrain SUVs to cover additional vehicles.
The probe covers 2010-2012 and 2014-2016 Equinox and Terrain vehicles.
NHTSA said it has seen elevated failure rates in the 1.7 million vehicles, even though GM said the recalled vehicles have a much higher failure rate. (Reporting by David Shepardson; editing by Jason Neely)
Our Standards: The Thomson Reuters Trust Principles.
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119defd258f60ab7efcb44b94f34fc59 | https://www.reuters.com/article/gm-recall-idUKL1N2HZ20A?edition-redirect=uk | GM recalling nearly 69,000 Bolt EVs for fire risks | GM recalling nearly 69,000 Bolt EVs for fire risks
By Reuters Staff1 Min Read
DETROIT/WASHINGTON, Nov 13 (Reuters) - General Motors Co said on Friday it is recalling 68,677 electric cars worldwide that pose a fire risk after five reported fires and two minor injuries.
The Detroit automaker said it will recall 2017-2019 model-year Chevrolet Bolt EVs with high voltage batteries produced at LG Chem’s Ochang, Korea facility.
The National Highway Traffic Safety Administration last month opened a preliminary investigation into the Bolt EVs after reports of three Bolts catching fire under the rear seat while parked and unattended.
GM said the vehicles pose a risk of fire when charged to full, or nearly full capacity. GM said it has developed software that will limit vehicle charging to 90% of full capacity to mitigate the risk while GM works to determine the appropriate final repair. (Reporting by Ben Klayman in Detroit and David Shepardson in Washington; Editing by Chris Reese)
Our Standards: The Thomson Reuters Trust Principles.
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aac448e5ac0af7cc9b2c8ffb21ab326c | https://www.reuters.com/article/gm-recalls/gm-issues-two-recalls-for-more-than-900000-new-vehicles-idINKBN1YN24R?edition-redirect=in | GM issues two recalls for more than 900,000 new vehicles | GM issues two recalls for more than 900,000 new vehicles
By David Shepardson2 Min Read
FILE PHOTO: The GM logo is seen at the General Motors Lansing Grand River Assembly Plant in Lansing, Michigan October 26, 2015. Photo taken October 26. REUTERS/Rebecca Cook/File Photo
WASHINGTON (Reuters) - General Motors Co said on Thursday it is issuing recalls for more than 900,000 vehicles worldwide in two separate campaigns to address brake software issues and fire risks.
The largest U.S. automaker is recalling more than 550,000 2019 light-duty Chevrolet Silverado 1500, Cadillac CT6 and GMC Sierra 1500 vehicles due to a potential software glitch that could disable vehicle brake systems and notifications.
The error, which GM said was rare, may result in the vehicle’s electronic stability control or anti-lock brake system becoming disabled. GM said the vehicle’s diagnostic system will not illuminate the instrument cluster alert. Dealers will reflash the software to address the issue.
GM is also recalling more than 400,000 2019-2020 Chevrolet Silverado 1500 and GMC Sierra 1500 trucks because battery positive cable rings may have been manufactured with excessive glue, potentially resulting in a fire risk or stalling.
GM dealers will inspect vehicles for glue or other contamination and replace damaged components if necessary.
One fire has been reported and no injuries linked to the campaign. Some vehicles are covered by both recalls. The recall was prompted by a report of a stall by a GM employee in Canada.
The recalls include 814,000 vehicles in the United States.
Reporting by David Shepardson; editing by Jason Neely and Steve OrlofskyOur Standards: The Thomson Reuters Trust Principles.
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ebe185ffb35aa811965d0b63ec1a8329 | https://www.reuters.com/article/gm-restructuring-unions-idCAL1N1YP1ST?edition-redirect=ca | GM to respond by Jan 7 to Canada union proposals to save Ontario plant | GM to respond by Jan 7 to Canada union proposals to save Ontario plant
By Reuters Staff1 Min Read
Dec 20 (Reuters) - General Motors Co will respond by Jan. 7 to Canadian union proposals to keep an Ontario auto assembly plant open, the head of Canada’s largest private sector union said on Thursday.
While GM has “gone too far” in planning to close the plant, the U.S. automaker didn’t “slam the door” to union efforts to save it, Unifor head Jerry Dias told reporters after meeting with GM executives in Detroit.
GM said in November it will close five North American plants next year, including the Oshawa facility in Ontario, and cut up to 15,000 jobs. (Reporting by Allison Lampert Editing by James Dalgleish)
Our Standards: The Thomson Reuters Trust Principles.
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8df8ad5798ad2874c45473e8d35b0dde | https://www.reuters.com/article/gm-southkorea-labor-idUKL1N2I32Y5?edition-redirect=uk | EXCLUSIVE-GM warns labor unrest making South Korea untenable | EXCLUSIVE-GM warns labor unrest making South Korea untenable
By Ben Klayman, Heekyong Yang4 Min Read
* “It’s making the country non-competitive” - GM executive
* GM Korea facing annual loss if strikes continue
* Labor strife puts investment plans on hold
* No.2 shareholder calls on both sides to make concessions
DETROIT/SEOUL, Nov 18 (Reuters) - General Motors Co has issued its strongest warning yet that persistent industrial unrest eventually could drive it out of South Korea, just two years after it received a state-backed rescue package to stay in the country.
GM workers have been staging two, four-hour strikes daily since Oct. 30 as they demand an end to a wage freeze put in place after the 2018 deal that saved the Korean operations from bankruptcy.
The strikes and other industrial action have cost the company 17,000 vehicles in lost production, a number that will hit 20,000 by the end of the week, Steve Kiefer, president of GM’s international operations, told Reuters.
That blow to production was on top of the 60,000 units lost earlier in the year during the coronavirus pandemic, making it likely GM Korea would not turn a profit this year unless it could recapture that output, he added.
“We’re basically being held hostage in the short term by lack of vehicle production,” Kiefer said in a telephone interview. “That’s having a very significant short-term financial impact.”
The industrial actions would “basically make it impossible for us to allocate any further investments or ... new products to the country of Korea. It’s making the country non-competitive,” he said.
“It is going to have long-term effects if we can’t get this resolved in the coming weeks.”
GM builds as many as 500,000 vehicles a year in South Korea, shipping many to the United States including the popular Chevrolet Trailblazer SUV. The automaker employs about 12,000 people in the country.
GM management wants a two-year labor deal instead of the usual one-year agreement, and have offered union members a signing bonus of 8 million won ($7,230) each for 2020 and 2021.
The union, however, wants to stick to a one-year deal and yearly performance bonus of 22 million won each, as well as continued operation at both plants in Bupyeong.
“We are not only striking over wage issues, but also over job security at our No. 2 plant in Bupyeong, which hires about 1,200 workers,” union official Jung Jai-heon said.
The sides have failed to reach a deal after 24 rounds of negotiations.
Some current and former subcontract workers are also demanding to be hired as full-time staff with the same pay and benefits, potentially costing GM Korea about $320 million.
Government officials were unavailable to comment but the Korea Development Bank, GM Korea’s second-largest shareholder, called on both sides to make concessions.
GM Korea reported an operating loss of 332 billion won ($300.8 million) in 2019, trimming a loss of 615 billion won a year earlier.
CHINA BECKONS
Faced with low production rates and poor sales, GM agreed on a rescue package worth $7.15 billion from the South Korean government in 2018. Under the terms of the binding deal, GM cannot exit its investment in the country for 10 years.
While it would be hard to quit South Korea in the short term, the long-term future was in doubt, Kiefer said.
GM would abide by any past agreements, including plans to build a 2023 Chevrolet crossover in Korea, but even spending on that program had been suspended due to the strikes.
“We would prefer to make this model work ... but as of now, we’re losing confidence that we’re going to be able to continue to invest in that country,” Kiefer said.
GM had other options in Asia including China, where it currently built nearly 5 million vehicles a year, he said. ($1 = 1,103.6000 won) (Reporting by Ben Klayman in Detroit and Heekyong Yang in Seoul; Additional reporting by Joyce Lee; Editing by Stephen Coates)
Our Standards: The Thomson Reuters Trust Principles.
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2143b7870c53417c9563754ce45904ee | https://www.reuters.com/article/gm-southkorea-strike/gms-south-korean-workers-to-stage-partial-strike-union-note-idINL3N26A2FP?edition-redirect=in | GM's South Korean workers to stage partial strike - union note | GM's South Korean workers to stage partial strike - union note
By Reuters Staff1 Min Read
SEOUL, Sept 19 (Reuters) - General Motors Co’s unionised workers in South Korea will stage partial strikes over stalled wage negotiations, the union said on Thursday.
The workers will launch partial strikes on Friday and next week, according to an internal note from the union seen by Reuters.
The decision followed their full strike earlier this month over hampered wage talks and concern of another plant shutdown. (Reporting by Hyunjoo Jin; writing by Ju-min Park; Editing by Toby Chopra)
Our Standards: The Thomson Reuters Trust Principles.
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6a5d98be4c9c73e116992d73aa2a7d75 | https://www.reuters.com/article/gmcrops-safety/french-study-finds-tumours-in-rats-fed-gm-corn-idUSL5E8KJAGN20120919 | French study finds tumours in rats fed GM corn | French study finds tumours in rats fed GM corn
By Reuters Staff2 Min Read
LONDON, Sept 19 (Reuters) - Rats fed a lifetime diet of Monsanto’s genetically modified corn or exposed to its top-selling weedkiller Roundup suffered tumours and multiple organ damage, according to a French study published on Wednesday.
Although the lead researcher’s past record as a critic of the industry may make other experts wary of drawing hasty conclusions, the finding will stoke controversy about the safety of GM crops.
In an unusual move, the research group did not allow reporters to seek outside comment on their paper before its publication in the peer-reviewed journal Food and Chemical Toxicology and presentation at a news conference in London.
Gilles-Eric Seralini of the University of Caen and colleagues said rats fed on a diet containing NK603 - a seed variety made tolerant to dousings of Roundup - or given water containing Roundup at levels permitted in the United States died earlier than those on a standard diet.
The animals on the GM diet suffered mammary tumours, as well as severe liver and kidney damage.
The researchers said 50 percent of males and 70 percent of females died prematurely, compared with only 30 percent and 20 percent in the control group.
Seralini was part of a team that flagged previous safety concerns based on a shorter rat study in a scientific paper published in December 2009 but this takes things a step further by tracking the animals throughout their two-year lifespan.
Monsanto said at the time of the earlier research that the French researchers had reached “unsubstantiated conclusions.”
Seralini believes his latest lifetime rat tests give a more realistic and authoritative view of risks than the 90-day feeding trials that form the basis of GM crop approvals, since three months is only the equivalent of early adulthood in rats.
Our Standards: The Thomson Reuters Trust Principles.
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31ceca196c33db839bb451774398038a | https://www.reuters.com/article/gn-store-nord-costco-wholesale-idUSL5N0VJ33N20150209 | GN Store Nord reassures investors with Costco deal | GN Store Nord reassures investors with Costco deal
By Reuters Staff2 Min Read
COPENHAGEN, Feb 9 (Reuters) - Danish hearing aid company GN Store Nord has extended a supply agreement with U.S. retailer Costco, removing a major risk to its business model and sending its shares four percent higher.
It avoids the fate of rival Danish hearing aid maker William Demant which had to cut its 2014 earnings forecast in November after its products were displaced by rivals in Costco stores.
It is especially important as Costco sales of hearing aids have outpaced the market average, analysts said.
“Losing the contract would have reduced the sale of GN ReSound hearing aids by six percent,” Jyske Markets wrote in a note to clients on Monday, following GN Store Nord’s announcement.
Bernstein analyst Lisa Bedell Clive said Costco now accounts for around 10 percent of all volumes sold in the U.S. private market. Sydbank analysts reckon Costco sales have been growing by 20 percent a year in the last five years.
“As we expect this channel to continue growing strongly in the coming years, it is an attractive channel to be involved in for the hearing aid manufacturers,” Bernstein’s Clive wrote in a note.
GN Store Nord shares rose 4.2 percent to 153.20 crowns, having earlier hit their highest level since July 2014.
GN Store Nord made waves in the industry last year when it launched a hearing aid it developed with Apple that streams iPhone content directly to the user’s ear.
Chief Executive Niels Jacobsen of William Demant, the largest hearing aid maker in the world after Swiss-based Sonova , emphasised his company was fighting back with its own new products.
“We have faith in our pipeline which we count on to deliver a technological lead,” he told daily Berlingske on the weekend. (Reporting By Alexander Tange; Editing by Keith Weir)
Our Standards: The Thomson Reuters Trust Principles.
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18890f2a9b452da2cc7582ba2ad386a0 | https://www.reuters.com/article/gnc-harbin-cfius/update-1-us-senator-asks-for-cfius-review-of-gnc-purchase-by-chinese-company-idINL1N2G71NB?edition-redirect=in | UPDATE 1-US senator asks for CFIUS review of GNC purchase by Chinese company | UPDATE 1-US senator asks for CFIUS review of GNC purchase by Chinese company
By Reuters Staff2 Min Read
(Adds background on issue)
WASHINGTON, Sept 10 (Reuters) - U.S. Senator Marco Rubio, a Republican and a China hawk, asked for a national security review of plans by General Nutrition Centers, or GNC, to sell itself to Harbin Pharmaceutical Group Co Ltd.
Rubio, who had also urged a probe of TikTok’s ownership by another Chinese firm, made the request in a letter to Treasury Secretary Steven Mnuchin. The department leads the inter-agency Committee on Foreign Investment in the United States.
GNC, a health and nutrition products retailer, has said it has agreed in principle with many lenders to sell itself to an affiliate of its largest shareholder, Harbin Pharmaceutical , for $760 million in a court-supervised auction, subject to higher bids.
Harbin’s controlling stake was reviewed by CFIUS and approved in 2018, a GNC spokesperson said, adding that no consumer data was available to any foreign national.
“That (2018) transaction was approved, and no facts or circumstances have changed to call the committee’s support into question. We will continue to work with all relevant agencies throughout the restructuring process and maintain our rigorous standards for data privacy,” the spokesperson said.
In his letter, Rubio said that the Chinese government is seeking sensitive data about Americans through a variety of means, and that GNC data would be valuable.
“Efforts to obtain personal and sensitive data related to health information and financial transactions of U.S. persons must be reviewed with an understanding of the malign foreign policy and intelligence aims of the Chinese government and Communist Party,” he wrote.
Rubin also noted that GNC has many shops in and near U.S. military facilities. “In the event of a GNC acquisition by HPGC, Chinese authorities and intelligence officials could leverage GNC military sites to gain access to those restricted locations,” he wrote. (Reporting by Diane Bartz; Editing by Steve Orlofsky)
Our Standards: The Thomson Reuters Trust Principles.
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480dbb53a104362880c4d1f4278ca784 | https://www.reuters.com/article/gnc-harbin-cfius/us-senator-asks-for-cfius-review-of-gnc-purchase-by-chinese-company-idINL1N2G71KS?edition-redirect=in | US senator asks for CFIUS review of GNC purchase by Chinese company | US senator asks for CFIUS review of GNC purchase by Chinese company
By Reuters Staff1 Min Read
WASHINGTON, Sept 10 (Reuters) - U.S. Senator Marco Rubio, a Republican and a China hawk, asked for a national security review of plans by General Nutrition Centers, or GNC, to sell itself to Harbin Pharmaceutical Group Co Ltd.
Rubio made the request in a letter to Treasury Secretary Steven Mnuchin. The department leads the inter-agency Committee on Foreign Investment in the United States.
GNC has said it has agreed in principle with many lenders to sell itself to an affiliate of its largest shareholder, Harbin Pharmaceutical, for $760 million in a court-supervised auction, subject to higher bids.
Reporting by Diane Bartz Our Standards: The Thomson Reuters Trust Principles.
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5a934fa4fa79b95b08314b8269191aaf | https://www.reuters.com/article/go-ahead-group-outlook-idUKFWN2B503H?edition-redirect=uk | Go-Ahead warns coronavirus to impact travel, sees profit lower | Go-Ahead warns coronavirus to impact travel, sees profit lower
By Reuters Staff1 Min Read
LONDON, March 12 (Reuters) - British transport company Go-Ahead Group warned that coronavirus is likely to impact travel patterns, without saying how, as it guided that annual profit would be slightly lower than expected, hit by bad weather in recent weeks.
Go-Ahead, which runs rail and bus services in the UK, Norway and Germany, said that its UK regional bus business would be less profitable than expected over the full-year due to higher costs and the impact of storms which reduced travel demand.
Coronavirus could hurt its finances further in the second half of its financial year which runs to 27 June.
“While it is unclear how the situation relating to coronavirus will evolve in the coming weeks, travel patterns in the second half of the year are likely to be impacted,” the company said in a statement on Thursday.
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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e4d6bcfcd92cffa197c02601e1414b18 | https://www.reuters.com/article/gojek-visa/visa-invests-in-indonesian-ride-hailing-firm-go-jek-idINKCN1UC073?edition-redirect=in | Visa invests in Indonesian ride-hailing firm Go-Jek | Visa invests in Indonesian ride-hailing firm Go-Jek
By Reuters Staff1 Min Read
Commuters pass by a Gojek advertisement in Singapore March 4, 2019. Picture taken March 4, 2019. REUTERS/Edgar Su/File Photo
(Reuters) - Visa Inc said on Wednesday it has invested in Indonesia’s Go-Jek as part of the ride-hailing company’s ongoing Series F fundraising round.
The two companies will work together to provide more options for cashless payments for consumers across Indonesia and Southeast Asia, the U.S. payment processor said.
Visa did not mention how much money it was investing in Go-Jek or how big a stake it would acquire.
Launched in 2011, Go-Jek has evolved from ride-sharing to allowing its customers to make online payments and order everything from food to groceries and massage services.
The Indonesian company raised about $1 billion earlier this year and is valued at up to $10 billion, according to sources.
Reporting by Sayantani Ghosh in Singapore, Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
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d56b9a18378750a3ae67734b2425dee6 | https://www.reuters.com/article/gold-central-banks/central-banks-sold-gold-in-august-as-price-rally-stalled-idUSL8N2GY28I | Central banks sold gold in August as price rally stalled | Central banks sold gold in August as price rally stalled
By Reuters Staff2 Min Read
FILE PHOTO: Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria, March 18, 2016. REUTERS/Leonhard Foeger
LONDON (Reuters) - The world’s central banks sold more gold in August than they bought, the World Gold Council (WGC) said on Wednesday, ending a year and a half-long run of monthly gold accumulation and helping stall a rapid rise in gold prices.
Gold XAU= surged from just over $1,500 at the start of 2019 to a record high of $2,072.50 in early August, before slipping to around $1,900.
European and North American investors have driven the price rise, stocking up on gold in the hope it will hold its value though the coronavirus crisis.
But demand from other major consumers such as jewellery buyers and central banks has been weak, raising fears about the durability of the rally.
Central banks - which together hold around 35,000 tonnes of gold worth $2 trillion - sold 12.3 tonnes more than they bought in August, the WGC said.
Uzbekistan sold 31.7 tonnes, offsetting smaller purchases by countries including India, Kyrgyzstan and Turkey, the WGC said.
Central banks bought 656 tonnes of gold in 2018, the most in half a century, and 650 tonnes last year.
“Despite August’s activity and the slower pace of accumulation in 2020, we expect central banks to remain net purchasers for 2020 because they have so far accumulated between 200-300 tonnes this year,” said WGC research manager Krishan Gopaul.
Reporting by Peter Hobson; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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4446905c0de7411a1c2acb4aefd2e1d7 | https://www.reuters.com/article/gold-cme/102-tonnes-of-gold-changing-hands-on-cmes-biggest-ever-delivery-day-idINKCN24W1KW?edition-redirect=in | 102 tonnes of gold changing hands on CME's biggest ever delivery day | 102 tonnes of gold changing hands on CME's biggest ever delivery day
By Peter Hobson2 Min Read
LONDON (Reuters) - Traders on CME Group's CME.O Comex exchange in New York said on Thursday they would deliver 102 tonnes of gold to holders of expiring futures contracts, in the biggest one-day delivery on record.
The bumper number underlines a dramatic change on Comex since March, when the coronavirus crisis weakened links between New York, the world’s main gold futures trading venue, and London, the biggest centre for storing and trading physical bullion.
The assumption that gold could be quickly shipped from London to New York to settle contracts broke down when lockdowns grounded passenger planes used to transport it and closed refineries that shape metal to fit CME specifications.
Since then, futures prices have typically been higher than gold prices elsewhere in the world, incentivising traders to ship metal to New York to profit on the difference.
Stockpiles in Comex-registered vaults of gold deliverable against the exchange’s main contract have leaped to 1,016 tonnes from 276 tonnes in late March, CME data shows.
Deliveries against active contracts have soared - from just 8,234 contracts representing 26 tonnes of gold in February to 31,666 contracts (98 tonnes) in April and 55,102 contracts (171 tonnes) in June.
On Thursday, traders said they intended to deliver against 32,732 contracts expiring in August, according to the CME.
Some 47,236 contracts were still active on Friday that will either be delivered against by the end of August or swapped for contracts expiring in later months.
Reporting by Peter Hobson; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
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f25ad00ead45cc2aa4f65ce700469a30 | https://www.reuters.com/article/gold-conference-china-gold-intl-idCAL2N2691KP?edition-redirect=ca | UPDATE 1-China Gold sees Canada's Iamgold as good fit -executive | UPDATE 1-China Gold sees Canada's Iamgold as good fit -executive
By Jeff Lewis2 Min Read
(Adds details, more executive comments)
DENVER, Sept 18 (Reuters) - Canadian miner Iamgold Corp would fit well with China Gold International Resource Corp Ltd’s acquisition strategy as the Chinese state-run company seeks to buy producing gold mines, an executive with the overseas arm of China National Gold Group said on Wednesday.
China Gold is aggressively looking to add to its project pipeline, and Iamgold would be a good fit, Jerry Xie, executive vice president, told Reuters on the sidelines of the Denver Gold Forum.
“You can take that as an example. We feel comfortable for that size, as a corporate acquisition,” he said.
“That one is really good to fit our strategy,” he added.
He declined comment on whether the company has held specific talks with Iamgold, whose flagship project is the Rosebel mine in Suriname.
China Gold is eyeing deals in Canada, Latin America and Africa in the $1 billion to $2 billion range but would also consider partnering on projects and smaller deals around $500 million, Jerry said.
Iamgold Chief Executive Officer Stephen Letwin told Reuters on Tuesday he would not comment on specific deals but said the company was open to partnering on its projects with strategic investors.
Iamgold was not available for immediate comment on Wednesday.
Rising gold prices have spurred expectations of deal-making in the sector as miners look to boost shrinking gold reserves and vocal investors demand companies lower costs.
Iamgold shares were trading down 0.1% C$4.50, giving it market value of about C$2.2 billion ($1.7 billion)
$1 = 1.3291 Canadian dollars Reporting by Jeff Lewis Editing by Denny Thomas, Rosalba O’Brien and Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.
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d6c4bf2ea163a51b72ba5abc54c755e5 | https://www.reuters.com/article/gold-contract-lme-idUKL6N0WR4PI?edition-redirect=uk | London Metal Exchange to launch gold spot, futures contracts | London Metal Exchange to launch gold spot, futures contracts
By Clara Denina4 Min Read
* LME works with World Gold Council and five banks
* Aims to launch contracts in first half of 2017
LONDON, Aug 9 (Reuters) - The London Metal Exchange (LME) said on Tuesday it is planning to launch spot and futures contracts for gold and silver in the first half of 2017, adding to its list of products which includes copper and aluminium.
The 139-year old exchange is working in collaboration with the World Gold Council, an industry body backed by gold mining companies such as Barrick Gold and Goldcorp, and is supported by five banks and proprietary trader OSTC, which have committed to provide liquidity.
“The initiative has been driven by the need for greater market transparency, to support and aid ongoing regulatory change, provide additional robustness to the precious metals market, broaden market access,” the exchange and its partners said in a statement.
Financial market transparency has been a major focus for regulators after evidence of price manipulation in lending rates between banks in the Libor scandal in 2012.
As regulators continue to review commodity markets, the bullion industry is braced for further changes that could ultimately include a mandatory central clearing or more expensive bilateral trading.
Banks and bullion operators have looked for ways to preserve London’s role as a major global trading centre, while increasing transparency of a market which can trace its roots back to the 17th century.
The London Bullion Market Association (LBMA), another industry body whose members are mostly banks, refiners and dealers, separately asked exchanges and technology firms in October last year to bid for services such as a gold exchange or a clearing platform.
London currently dominates the global over-the-counter gold trade with an estimated $5 trillion changing hands every year, while New York’s Comex contract sets the benchmark for futures.
The LME plans physically delivered spot, futures and options contracts. The gold will be 100 ounces in size (worth around $133,600 at current prices) and silver 5,000 ounces. All contracts will be cleared through LME Clear, the exchange’s clearing house, which has an annual traded notional value of $12 trillion.
LIQUIDITY
The World Gold Council CEO Aram Shishmanian said that they had initially engaged with around 30 firms, but only Goldman Sachs, ICBC Standard Bank, Morgan Stanley , Natixis and Societe Generale signed up to support the contracts from the launch day.
After the transformation of precious metals benchmarks in 2014, led by a regulatory drive to make them more robust to attempts of manipulation, banks have become more cautious.
Several of them have run into trouble with regulators over misdemeanours in their precious metals trading business.
The benchmarks are widely used by producers, consumers and investors to trade and value the metal. Gold and silver are among the eight major market benchmarks that are regulated by Britain’s watchdog Financial Conduct Authority (FCA).
The LME, which runs the platinum and palladium price benchmarks, will look at extending spot and futures contracts to these two metals, the LME’s chief executive Garry Jones told Reuters.
The world’s oldest and largest market for industrial metals, owned by Hong Kong Exchanges and Clearing had suspended a clearing service for OTC gold and silver trades in 2014, which was run in conjunction with London clearing house LCH.Clearnet, when market-making members including UBS and JPMorgan stopped providing data to participate in price-setting mechanisms.
The exchange also operated a 10,000 ounce silver contract in the 1970s, which was suspended the following decade. (Reporting by Clara Denina, editing by David Evans)
BreakingviewsReuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.
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49e142fa510426dd4740a694487ff004 | https://www.reuters.com/article/gold-mining-artisanal-explainer/what-is-artisanal-gold-and-why-is-it-booming-idINKBN1ZE0XG?edition-redirect=in | What is artisanal gold and why is it booming? | What is artisanal gold and why is it booming?
By Reuters Staff3 Min Read
(Reuters) - A rapid rise in the price of gold since 2000 has driven millions of people to deposits in Africa, South America and elsewhere where they dig for gold using basic technology.
FILE PHOTO: An artisanal miner climbs out of a gold mine with a bag of rocks broken off from inside the mining pit at the unlicensed mining site of Nsuaem Top in Ghana, November 24, 2018. REUTERS/Zohra Bensemra/File Photo
Such informal digging – known as artisanal or small-scale mining (ASM) - has been around for centuries, and gold offers cash to communities that may lack alternatives. There are now around 15-20 million artisanal miners, and millions more depend on them, Delve, a global platform for ASM data, estimates.
More and more people are trying to bring this fast-growing trade into the formal economy. But it has generated toxic waste and fed labour abuses, organised crime and prostitution, according to groups including the United Nations and the OECD.
WHAT IS ARTISANAL MINING?
Artisanal and small-scale miners often operate “freelance,” sometimes paying landowners to access a site, or handing bosses a share of their ore.
Many work with little more than pickaxes and shovels and carry what they dig on their backs. Others use diggers and crushers.
Often, miners use mercury to extract the gold, then turn it into semi-pure nuggets of dore (pronounced door-ray) to sell to traders.
WHY HAS IT INCREASED?
Consumption of gold has risen, as rapid economic growth in China created millions of new gold buyers and the economic crisis of 2008 drove investors into assets - like bullion - expected to hold their value.
Slideshow ( 4 images )
That pushed prices from less than $300 an ounce in 2000 to around $1,500 now, making mining more attractive than farming for many in countries with often rapidly growing populations.
It is hard to measure the output of artisanal and small-scale miners but Metals Focus, a consultancy, estimates they now produce about 560 tonnes of gold a year worth some $27 billion. Mechanised mines produce around 2,900 tonnes a year, it says.
WHAT PROBLEMS DOES THIS CREATE?
It can leak toxins and pollute water systems.
Informal mines often collapse. Children often work on sites, sometimes forced by unscrupulous bosses to squeeze into narrow pits.
Such mining feeds a shadow economy that deprives states of taxes: Gold worth billions of dollars is smuggled from Africa every year.
Narcotics dealers and warlords use the gold to launder profits or buy arms.
WHO BUYS ASM GOLD?
Consumers in the West increasingly want products that are ethically sourced, so many large banks, jewellers and gold refineries are wary of artisanal gold. Typically they only buy from carefully monitored schemes that ensure miners are treated fairly and the source of gold is traceable.
But the amounts produced this way are small.
Much of the rest goes to buyers under less scrutiny, in places such as the Middle East and India, according to trade data and people in the industry. The gold can enter the global system from there.
Reporting by Peter Hobson; Edited by Sara LedwithOur Standards: The Thomson Reuters Trust Principles.
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0dc744c27d202618b85b50b45f311890 | https://www.reuters.com/article/gold-wgc-china/world-gold-council-starts-china-chapter-adds-shandong-gold-to-board-idINL4N1WB1QB?edition-redirect=in | World Gold Council starts China chapter, adds Shandong Gold to board | World Gold Council starts China chapter, adds Shandong Gold to board
By Reuters Staff1 Min Read
Sept 25 (Reuters) - The World Gold Council (WGC) said it had established a China chapter and gold miner Shandong Gold Group joined the industry body’s board as a member.
* The China chapter will be chaired by Song Xin, chairman of China Gold Group, the WGC said in a statement posted on its website on Monday.
* The WGC said aims to enable the Chinese member companies of the council to engage more effectively with the rest of the board and involve in the activities of the WGC, it said. (Reporting by Sumita Layek in Bengaluru; Editing by Gopakumar Warrier)
Our Standards: The Thomson Reuters Trust Principles.
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