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Trafigura clinches share of major zinc deal snubbed by Glencore
Production from a large new zinc mine in the Democratic Republic of Congo will be split between several new buyers including trading giant Trafigura Group, after rival Glencore backed away from a previous deal for the entire supply. Ivanhoe Mines’ Kipushi zinc mine started production in the past few days and is finalizing deals to sell its zinc to Trafigura, China’s Citic and Boliden, according to people familiar with the matter, who asked not to be identified as the matter isn’t public. Kipushi is set to be one of the world’s largest zinc mines, with output planned at more than 250 000 t/y and will produce a ... (full story)
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- From federalreserve.gov|Jun 26, 2024|2 comments
The results of the Federal Reserve Board's annual bank stress test showed that while large banks would endure greater losses than last year's test, they are well positioned to weather a severe recession and stay above minimum capital requirements. Additionally, the Board published aggregate results from its first exploratory analysis, which will not affect bank capital requirements. "This year's stress test shows that large banks have sufficient capital to withstand a highly stressful scenario and meet their minimum capital ratios," Vice Chair for Supervision Michael S. Barr said. "While the severity of this year's stress test is similar to last year's, the test resulted in higher losses because bank balance sheets are somewhat riskier and expenses are higher. The goal of our test is to help to ensure that banks have enough capital to absorb losses in a highly stressful scenario. This test shows that they do." The Board's stress test is one tool to help ensure that large banks can support the economy during downturns. The test evaluates the resilience of large banks by estimating their capital levels, losses, revenue and expenses under a single hypothetical recession and financial market shock, using banks' data as of the end of last year. The individual results from the stress test inform a bank's capital requirements to help ensure a bank could survive a severe recession and financial market shock. All 31 banks tested remained above their minimum common equity tier 1 (CET1) capital requirements during the hypothetical recession, after absorbing total projected hypothetical losses of nearly $685 billion. Under stress, the aggregate CET1 capital ratio—which provides a cushion against losses—is projected to decline by 2.8 percentage points, from 12.7 percent to 9.9 percent. While this is a greater decline than last year's, it is within the range of recent stress tests. This year's hypothetical scenario is broadly compara post: BIG BANKS PERFORM WELL IN LATEST STRESS TESTS, FED SAYS -- WSJ BANKS CAN WITHSTAND A HYPOTHETICAL SEVERE RECESSION, FED SAYS -- WSJ STRESS TESTS FIND BIG BANKS CAN WITHSTAND $685 BILLION IN ESTIMATED LOSSES, MORE THAN LAST YEAR -- WSJ
- From @sentdefender|Jun 26, 2024
post: A Military Coup appears to be underway in the South American Country of Bolivia, as Elements of the Army have gathered in the Administrative Capital of La Paz; while Soldiers have now Broken-Through the Main Gate to the Home of President Luis Arce, and are Clashing inside with… pic.twitter.com/TKIf5OCF29 Bolivian president warns of 'irregular' troop movement in capital The Bolivian Army unexpectedly mobilized around the government palace, raising fears of a possible coup d'etat, several local networks reported Wednesday. "We denounce irregular mobilizations of some units of the Bolivian Army. Democracy must be respected," President Luis Alberto Arce said on X. Former President Evo Morales warned that a coup d'etat could occur. Meanwhile, other media outlets reported that military forces were entering the presidential manor and clashing with police.
- From forex.com|Jun 26, 2024
Sometimes, it’s not worth overcomplicating things. While the (negative) correlation between real yields and gold has deteriorated in recent months, after-inflation interest rates ...
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- From mining.com|Jun 26, 2024
Chile’s state mining giant Codelco, one of the world’s largest copper producers, fell further behind its production target in May, an internal document obtained by Reuters showed, ...
- From nahb.org|Jun 26, 2024
Mortgage rates that averaged 7.06% in May per Freddie Mac, the highest monthly average since last November, put a damper on new home sales last month. Sales of newly built, ...
- From breakingthenews.net|Jun 26, 2024
Bolivian President Luis Arce appointed a new military leadership in the country following a coup attempt in La Pez on Wednesday. General Jose Wilson Sanchez has been sworn in as ...
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- Posted: Jun 26, 2024 4:40pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 125