South Africa's gold industry is degenerating along with its economy. With the shut down of many gold mines, many workers are laid off leaving them no jobs and no food. This forces them to mine illegally and make their lives in jeopardy.
Basic Materials
ArcelorMittal to sell 3 of its US steel operations
Billionaire Lakshmi Mittal-controlled ArcelorMittal is selling three of its US steel operations to Black Diamond Capital Management. As part of the sale deal, ArcelorMittal will offload three units at LaPlace in Louisiana, Harriman in Tennessee and El Paso in Texas. Both companies denied to provide terms of the deal.
India's NCDEX imposes spl margins on Kapas
India's National Commodities and Derivatives Exchange (NCDEX) has imposed special margins in Kapas contracts. Kapas prices fell over seven percent during the past fortnight. NCDEX has taken the decision to check further fall in Kapas contracts.
Gold below $1,250/oz on profit booking
Profit booking pulled yellow metal on Monday below psychological mark-$1,250 an ounce. Gold price fell for four weeks in the past five weeks.
India's New Jewelry Tax Poses Major Threat To Gold Market, Sparks Protest From Jewellers
India’s gold market is threatened as the government revealed a new jewelry tax regulation, requiring a 1 percent sales tax on gold jewelry. Import taxes has not been changed, even though jewellers have expected the government to eliminate the 10 percent import duty.
Latest News
China is targeting seven percent gross domestic product (GDP) growth rate for 2016. The Chinese government is keen on real growth prospects over restructuring exercise this year, while avoiding inflating debt or asset bubbles.
The Zimbabwe government will now take control all of the mining fields in the country as the state is being robbed of its wealth. Billions of dollars have been stolen from the nation's treasure chest because of smuggling and swinding according to President Mugabe.
China has decided to layoff millions of workers from 'zombie enterprises' in the next two to three years. For relocating retrenched workers, the government will spend Yuan 100 billion ($15.27 billion). China's economy is suffering from industrial overcapacity and pollution levels.
Israel is witnessing an increasing number of new venture capital (VC) firms coming up. The country registered an inflow of $665 million VC funding during the first two months of the year. Unfazed with the recent market crash, the funds inflows continue for Israel startups.
China has unveiled a series of new initiatives to push its economy growth rate. The government is keen on meeting the increasing demand in small and medium-sized homes. Another set of new rules for accelerating reforms at state-owned enterprises will be announced soon.
Industrial overcapacity in China may have adverse impact on the domestic market and global economy. A number of new units came up owing to easily available loans and government subsidies in the world's second largest economy. A latest report calls for more radical measures including greater privatization to streamline the Chinese domestic industry.
The renewed signs of prospects in China's steel industry propelled the copper prices move up on Monday to the highest in two weeks. Investors also reacted positively to the China's securities regulator head's resignation. Copper prices rose in four of five weeks.
Japan's exports were badly hit by the steep drop in steel prices and other commodities. The world's third largest economy's exports fell 12.9 percent on the year in January to Yen 5.35 trillion ($47.12 billion), while the imports also fell 18 percent.
Anglo American Plc suffered a pre-tax loss of $5.5 billion (£3.8bln) for 2015 year. The 2015 loss was more than twice the loss incurred in 2014. As part of its future strategy, Anglo American is planning to shift its focus to copper, platinum and diamonds.
