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Diamond industry faces headache as key US market takes a knock
Published: 26 May 17
In the diamond industry, the only place that really matters is the US, and the market is starting to look a little shaky. In a country where consumers buy almost half the world’s gems, Tiffany & Co. and Signet Jewelers this week reported disappointing sales. That’s a blow to expectations that President Donald Trump’s pro-business policies would give consumers more money to spend on luxury items such as diamonds.
Low platinum price boosting platinum jewellery demand Low platinum price boosting platinum jewellery demand
Published: 26 May 17
The low platinum price incentivised manufacturers and retailers to stock and sell platinum, leading to an overall growth of 5.4% in the US last year, Platinum Guild International said on Friday, with lower-based retail sales in India soaring 11.4%. In its Platinum Jewellery Business Review, the guild reveals the consumer retail sales data of platinum jewellery in 2016 and projections for 2017 in the key markets of China, India, Japan and the US.
SA will take some three years to recover from drought, WC more – Mokonyane
Published: 26 May 17
South Africa will take two to three years to recover from the worst drought in a century but the Western Cape will feel the effects for longer than that, Water and Sanitation Minister Nomvula Mokonyane said on Friday. Mokonyane said in her budget vote speech major dams were almost three quarters full, on average, by the beginning of the week but in the southernmost province the situation remained severe.
Uganda, Tanzania sign deal for world's longest heated pipeline
Published: 26 May 17
Uganda and Tanzania signed a framework agreement on their proposed $3.55-billion crude export pipeline on Friday, a key milestone for the project, which is expected to start pumping Ugandan oil to international markets in three years. An official at Uganda's Ministry of Energy told Reuters the agreement covered terms on tax incentives for the project, implementation timelines, the size of the pipeline and local content levels, keeping it on track to complete in 2020.
ArcelorMittal consortium wins bid to buy Italy's Ilva steel plant – source
Published: 26 May 17
ArcelorMittal and steel processor Marcegaglia have won a bid to buy troubled Italian steel plant Ilva, a source with knowledge of the matter said on Friday. The world's top steelmaker and its Italian partner offered just under €2-billion ($2.24-billion) for the loss-making plant, Europe's biggest by output capacity, the source said.
Vast draws down on SSA loan
Published: 26 May 17
Aim-listed Vast Resources on Friday said it has drawn down $3-million of its $8-million financing arrangement with SSCG Africa Holdings (SSA), despite approval by the Reserve Bank of Zimbabwe (RBZ) still being outstanding. In January, the parties entered into an $8-million agreement, comprising a $4-million long-term loan and a $4-million payment for 49.99% of Vast’s principal Zimbabwean assets.
Finance Minister Gigaba continues to oppose Denel Asia deal
Published: 26 May 17
The National Treasury on Friday reaffirmed, in a press release, that Finance Minister Malusi Gigaba continues to oppose the proposed joint venture between the State-owned Denel defence industrial group and VR Laser Asia, intended to create a company called Denel Asia. The press release was issued in reaction to “media statements attributed to Denel” regarding the matter, which National Treasury had “noted”. National Treasury stated that Minister Gigaba had met with Denel Chairperson Daniel Mantshe to discuss Denel Asia. The Minister made clear his rejection of the deal, on the grounds of Denel’s fragile financial situation. He also “invited” Denel to withdraw its court case against the National Treasury. “The position of the Minister of Finance has not changed in this regard,” affirmed National Treasury in its press release. “He remains opposed to the transaction for reasons stated elaborately in the National Treasury affidavit to court.”
Rising US output holding back Opec’s efforts to cut global supply
Published: 26 May 17
Fast-rising US shale output continues to hamper efforts by the Organisation of the Petroleum Exporting Countries (Opec) to cut oil supply to boost prices. IHS Markit senior director Bhushan Bahree noted in a statement on Friday that the US’s crude oil production is expected to rise by more 900 000 bbl/d this year.
Coal India likely to rejig pricing
Published: 26 May 17
Coal miner Coal India Limited (CIL) is likely to adjust its pricing in the current financial year. A price adjustment would need to factor in the re-gradation of the quality of coal from CIL’s 386 mines and the impact of the Goods and Services Tax (GST), a company official has said.
Adani must pay royalties on Carmichael mine, Queensland says
Published: 26 May 17
India’s Adani Group will be required to pay full royalties on its $16.5-billion Carmichael coal project in Australia’s Queensland, according to the state’s premier. The Carmichael mine “will pay every cent of royalties in full” under a new policy unanimously agreed to by the state’s cabinet for the development of the Galilee and Surat basins and the North West Minerals Province, Premier Annastacia Palaszczuk said in a statement Friday.
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