ArcelorMittal sells its remaining 38.2 million shares in Cleveland-Cliffs and the proceeds are used to buy its own shares. This was announced by the steel giant on Friday morning. ArcelorMittal is setting up a new $ 750 million stock purchase program. The programme will start immediately. Earlier this year Mittal also sold shares in Cleveland-Cliffs. A total of $ 1.9 billion will be paid out to...
Retail sales in China also increased sharply in May, but less than in previous months. This was shown on Wednesday by government figures. Sales increased 12.4 percent year-on-year in May. The first months of this year saw increases of more than 30 percent, after which in April the increase dropped to 17.7 percent. The annual increase in May is below the expectations of economists of 13.6 percent...
Industrial production in the euro area increased more than expected in April. This was shown on Monday by statistics office Eurostat. Production, adjusted for seasonality, increased by 0.8 percent in April compared to march, with 0.3 percent growth expected in advance. In March, monthly production grew by 0.1 percent. Compared to a year earlier, industrial production even increased by 39.3...
Volkswagen remains concerned about the shortage of semiconductors. This is shown in an interview by Handelsblatt with the head of purchasing of the car manufacturer. Given that the expansion of capacity by the chip manufacturers can take up to two years, Volkswagen expects a shortage of 10 percent of semiconductors in the long term. Volkswagen believes that the current low point has been reached...
One of the key directions of Kenes Rakishev activity is environmentally responsible mining. He pioneered leaching as a non-destructive and low-energy consuming ways to mine metals underground, without the need to massively disrupt the surface of Earth. Now Kenes Rakishev comes with a bold project: he plans to develop nickel and cobalt mining in the Eastern Kazakhstan. The initial test results are...
The European Commission (EC) wants to introduce a digital identity card that allows people to sign up to large online platforms, such as large web stores and sites such as Facebook and Google. The app should also become a digital alternative to an ID card, driver’s license or passport. This would allow someone throughout the European Union, for example, to open a bank account or rent a car...
Elon Musk from Tesla sees the current disruptions in the supply chain as the biggest challenge. This is what the entrepreneur said on Twitter. In particular, a shortage of so-called microcontroller chips called Musk a major challenge. I’ve never seen anything like it. The fear of shortages causes companies to order much more than they need, as we have seen in supermarkets with toilet paper...
On Monday, Kepler Cheuvreux raised the target price for ArcelorMittal from 30.00 to 32.00 euro with an unchanged purchase recommendation. Kepler’s analysts pointed out that ArcerorMittal’s EBITDA in the first quarter was the best result in a decade. The steel giant benefited from favourable market developments. Kepler expects favourable trends to continue in the second and third...
The stock exchanges in New York went out on Wednesday with small profits. Oil and gas groups ExxonMobil and Chevron were able to count on above average interest after activist investors with climate demands stirred up at the annual meetings. Investors did not seem impressed, as was the case with Shell earlier in Amsterdam. ExxonMobil closed the session with a profit of 1.2 percent. An activist...
Regulators in China have instructed banks not to sell investments linked to Commodity Futures to consumers. This was reported by Reuters news agency on Wednesday, based on sources. In doing so, regulators want to prevent consumers from suffering significant losses due to volatile commodity prices. China even wants banks to clean up their current order books to directly reduce private exposure to...