The family businesses that make up the global diamond trade have seen their profits wiped out over the past five years, hit by shaky financing, increased costs and uncertain demand from customers who prefer hi-tech gadgets to bling.
Industry
Alcoa earnings hurt by low aluminum prices, higher global surplus seen
Metals company Alcoa Inc reported a quarterly profit that missed expectations due to plunging primary aluminum prices on Wednesday, but revenues topped estimates on an ongoing drive to reduce reliance on the company's legacy commodity business.
Australian state could change mining approval rules, impact Rio Tinto project
The Australian state of New South Wales has proposed changing its mining approval process to give greater consideration to environmental concerns, potentially threatening a colliery expansion planned by mining giant Rio Tinto Ltd.
U.S. banks post detailed crisis plans to avoid breakup threat
A dozen of the largest Wall Street banks on Monday published detailed plans to show how they would shut down their business during a crisis without the help of taxpayer money, a crucial step to prevent being broken up by regulators.
China curbs IPOs, enlists brokers in all-out bid to end market rout
China froze share offers and set up a market-stabilization fund on Saturday, the Wall Street Journal said, as Beijing intensified efforts to pull stock markets out of a nose-dive that is threatening the world's second-largest economy.
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Investment adviser Mitch Tuchman scored a deal any traveler would be proud of: $280 a night for a recent stay at the luxurious Viceroy Hotel in Manhattan, where the going rate can exceed more than $500 on a weeknight.
When fears of a Greek default are mounting, stock markets are jittery at multi-year highs, and the world's biggest economy is preparing to hike interest rates, the idea of taking refuge in bank stocks might appear to be a hard sell.
Oil field work was coming in fast when GoFrac doubled its workforce and equipment fleet at the beginning of last year, just one of hundreds of small oil service companies thriving on the revival of U.S. drilling.
U.S. permits for future home construction surged to a near eight-year high in May, suggesting a building up of momentum in housing and the broader economy after a dismal performance at the start of the year.
Apparel retailer Gap Inc (GPS.N) said it would close a quarter of Gap specialty stores in North America over the next few years, including 140 this year, potentially affecting thousands of jobs as the company struggles with a slump in sales at its namesake brand.
Bigger isn't better for the world's gold miners, who are increasingly making "bite-sized" developments that carry less risk of budget disasters and fewer of the political and environmental disputes that have derailed mega-mines in recent years.
U.S. job growth accelerated sharply in May and wages picked up, signs of strong momentum in the economy that bolster prospects for a Federal Reserve interest rate hike in September.
U.S. job growth was likely solid in May and wages probably picked up a bit, suggesting sufficient momentum in the economy for the Federal Reserve to raise interest rates later this year.
When Wal-Mart Stores Inc (WMT.N) spent $2.4 billion on a stake in South Africa's Massmart (MSMJ.J) five years ago, the world's biggest retailer said it was buying a gateway to high-growth markets in sub-Saharan Africa.
