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Asia’s tech giants lean toward desperate deals
  + stars: | 2023-11-30 | by ( Anshuman Daga | ) www.reuters.com   time to read: +3 min
TikTok CEO Shou Zi Chew arrives for a dinner, on the eve of the Paris Peace Forum at the Elysee Palace in Paris, France, November 9, 2023. TikTok CEO Shou Zi Chew was feted in Indonesia where it has 125 million monthly active users when he pledged in June to invest billions of dollars in the region. But the global giant failed to anticipate regulatory hurdles in its biggest market for online shopping. TikTok’s viral video app would provide Tokopedia with a powerful new growth avenue for its online shopping and payments business. Yet as tech companies from the People’s Republic to Indonesia pull out all the stops to lift growth amid waning investor support, desperate new alliances are bound to emerge.
Persons: Shou Zi Chew, Gonzalo Fuentes, TikTok, China’s, GoTo, Patrick Walujo, Indonesia’s GoTo, Una Galani, Thomas Shum Organizations: Paris Peace, REUTERS, Rights, Reuters, Companies, Google, Temasek, Bain &, Reuters Graphics Reuters Graphics, Tokopedia, HK, Global Digital, Djarum, Bloomberg, Thomson Locations: Paris, France, Rights SINGAPORE, Southeast Asia, Indonesia, Reuters Graphics Reuters Graphics Jakarta, Tokopedia, Lazada, Singapore, Indonesian, Thailand, People’s Republic, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe could have developed our international business earlier, says Trip.com co-founderJames Liang, co-founder and chairman of Trip.com Group, shares one piece of advice he would have given his younger self while building the online travel platform.
Persons: Trip.com, James Liang Organizations: Trip.com
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrong demand from Chinese citizens to travel to rural China, says Trip.comTrip.com Group CEO Jane Sun and co-founder James Liang discuss why the company is developing tourism in rural China.
Persons: Trip.com, Jane Sun, James Liang Locations: China
Another two Thai workers were set free on Tuesday, bringing the total released to 23. He said they remain in contact with him and send him updates about the release of hostages even before the news breaks. The Thai foreign ministry said three Thais were being treated for wounds in hospital. On Wednesday night, four additional Thai hostages were released. Israel says Hamas killed 1,200 people and took about 240 hostages back to Gaza on Oct. 7.
Persons: Parnpree Bahiddha, Nukara, Thais, Parnpree, Lerpong Syed, Israel, Juarawee Kittisilpa, Howard Goller, Sandra Maler, Stephen Coates Organizations: Thai Foreign, Shamir Medical Center, Hamas, Iran, Reuters, Thomson Locations: TEL AVIV, Israel, Thailand, Palestinian, Gaza, Thai
Another two Thai workers were set free on Tuesday, bringing the total released to 19. He said they remain in contact with him and send him updates about the release of hostages even before the news breaks. The Thai foreign ministry said three Thais were being treated for wounds in hospital. On Monday, a Thai Muslim group that spoke directly with Hamas said its efforts were key to ensuring that Thai hostages were among the first to be released in Gaza during a temporary truce with Israeli forces. Israel says Hamas killed 1,200 people and took about 240 hostages back to Gaza on Oct. 7.
Persons: Parnpree Bahiddha, Nukara, Thais, Parnpree, Lerpong Syed, Israel, Juarawee Kittisilpa, Howard Goller, Sandra Maler Organizations: Reuters, Thai Foreign, Shamir Medical Center, Hamas, Iran Locations: Kittisilpa TEL AVIV, Israel, Thailand, Palestinian, Gaza, Thai, Thailand's
"Happy to personally welcome 2 additional Thai hostages just released and arrived at the hospital in Tel Aviv," Parnpree, who is also deputy prime minister, posted on social media platform X. Nineteen Thai hostages have so far been released, while the foreign ministry says 13 more remain in captivity. A Thai Muslim group that spoke directly with Hamas said on Monday its efforts were key to ensuring Thai hostages were among the first to be released. A Thai foreign ministry spokesperson said multiple actors were consulted. The Thai citizens released are slated to return home this week as Parnpree visits Israel.
Persons: Parnpree Bahiddha, Eli Cohen, Uriel Bosso, Nukara, Parnpree, Orathai Sriring, Panarat, Tom Hogue, Martin Petty Organizations: Thai Foreign, Israeli, Hamas, Thomson Locations: Gaza, BANGKOK, Israel, Tel Aviv
[1/6] Chinese Premier Li Qiang speaks at the opening ceremony of the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. "We are willing to build closer production and industrial supply chain partnerships with all countries," Li told the first China International Supply Chain Expo (CISCE), adding that the international community needs to be "more wary of the challenges and risks brought about by protectionism and uncontrolled globalisation." The expo, organised by the state-run China Council for the Promotion of International Trade (CCPIT), is Beijing's latest bid to increase foreign investment in China, which has dropped to historic lows. Despite this decrease, China remains an attractive option: a survey conducted by HSBC bank at the China International Import Expo (CIIE) earlier this month showed 45% of firms expect to expand their supply chain in China over the next year. Zhang Shaogang, a CCPIT official who was part of the Chinese delegation at the APEC summit, said last week that 20% of the foreign firms exhibiting at the supply chain expo were U.S.-based, and included Amazon (AMZN.O), Apple (AAPL.O), Tesla (TSLA.O), and Intel (INTC.O).
Persons: Li Qiang, Florence Lo, Premier Li Qiang, Li, Dan Marks, Xi Jinping, Joe Biden, Zhang Shaogang, Zhang, Eduardo Baptista, Joe Cash, Jamie Freed, Miral Organizations: China International, Chain, REUTERS, Premier, European Union, China Council, Promotion of International Trade, HSBC, China, Royal United Services, Economic Cooperation, APEC, Apple, Intel, Thomson Locations: Beijing, China, EU, BEIJING, United States, Ukraine, Taiwan, India, Mexico, Vietnam, U.S, Asia
[1/6] Chinese Premier Li Qiang speaks at the opening ceremony of the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. REUTERS/Florence Lo Acquire Licensing RightsBEIJING, Nov 28 (Reuters) - China opposes the cutting of supply chains and is willing to build closer ties with all, Premier Li Qiang said on Tuesday, as a growing number of countries voice concerns at the dependence of their supply chains on China. Speaking at China's first ever China International Supply Chain Expo (CISCE), Li said that China will continue to create an international and rule of law-based business environment. The expo, organised by the state-run China Council for the Promotion of International Trade, is Beijing's latest bid to increase foreign investment in China, which has dropped to historic lows. Reporting by Eduardo Baptista and Joe Cash; Editing by Jamie Freed and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.
Persons: Li Qiang, Florence Lo, Li, Eduardo Baptista, Joe Cash, Jamie Freed, Miral Organizations: China International, Chain, REUTERS, Rights, China, China Council, Promotion of International Trade, European Union, Thomson Locations: Beijing, China, Rights BEIJING, United States, Ukraine, Taiwan, India, Mexico, Vietnam
Amazon announces Q, an AI chatbot for businesses
  + stars: | 2023-11-28 | by ( Jordan Novet | ) www.cnbc.com   time to read: +3 min
Amazon on Tuesday announced a new chatbot called Q for people to use at work. The Copilot for Microsoft 365 and Duet AI for Google Workspace for business workers both cost $30 per person per month. As a result, with Q, people can discuss information that's stored in Microsoft 365, Dropbox, Salesforce and Zendesk, along with AWS' S3 data-storage service. Administrators will be able to determine whether Q can answer people's questions about general topics, said Deepak Singh, an AWS vice president. WATCH: The market now sees Amazon as more of a cloud and generative AI company, says Needham's Laura Martin
Persons: James Bond, Salesforce's Slack, Adam Selipsky, Selipsky, Steven Dickens, Q, Deepak Singh, Needham's Laura Martin Organizations: Amazon Web Services, Microsoft, Google, Star Trek, Futurum, AWS Locations: Las Vegas
Vietnam's Prime Minister Pham Minh Chinh attends the retreat session of the 43rd Association of Southeast Asian Nations (ASEAN) Summit in Jakarta, Indonesia, September 5, 2023. The document, known as Resource Mobilisation Plan, has to be agreed with investors ahead of the UN Climate Change Conference (COP28) which begins on Thursday in Dubai. Vietnam's Prime Minister Pham Minh Chinh will attend the COP28 from Nov 30 to Dec 3, the government portal said, raising expectations that the plan could be announced there. A second foreign official said there was no major issue pending, and approval of the final version "is very nearly there." There is no certainty that Vietnam would actually take the loans on offer, and the communist government has been reluctant to take foreign loans in the past.
Persons: Pham Minh Chinh, Mast, Francesco Guarascio @fraguarascio, Khanh Vu, Simon Cameron, Moore Organizations: Vietnam's, 43rd Association of Southeast Asian Nations, ASEAN, Rights, Change, Reuters, of, Thomson Locations: Jakarta, Indonesia, Rights HANOI, Vietnam, Dubai, Hanoi
BEIJING (Reuters) - China opposes the cutting of supply chains and is willing to build closer ties with all, Premier Li Qiang said on Tuesday, as a growing number of countries voice concerns at the dependence of their supply chains on China. Speaking at China's first ever China International Supply Chain Expo (CISCE), Li said that China will continue to create an international and rule of law-based business environment. The expo, organised by the state-run China Council for the Promotion of International Trade, is Beijing's latest bid to increase foreign investment in China, which has dropped to historic lows. Li's speech comes amid calls over the past year from the United States and the European Union to "de-risk" their supply chains and reduce overdependence on China in certain sectors, as well as efforts to cut off Chinese enterprises from some advanced semiconductors. (Reporting by Eduardo Baptista and Joe Cash; Editing by Jamie Freed and Miral Fahmy)
Persons: Li Qiang, Li, Eduardo Baptista, Joe Cash, Jamie Freed, Miral Organizations: China, Chain, China Council, Promotion of International Trade, European Union Locations: BEIJING, China, United States, Ukraine, Taiwan, India, Mexico, Vietnam
He swam the "20 Bridges" challenge: a 28.5-mile loop that starts and ends at Battery Park in NYC. Horne took his first strokes with the Statue of Liberty in sight. A state of emergency was declared while he swamFor hours, Horne dodged plastic, tissues, and leaves — the usual assortment expected in Big Apple waterways with a huge rainfall. He was forced to call it quits during a "20 Bridges" try in July when lightning lit up the river beneath him — and it happened at the 19th bridge. With the English Channel under his belt and one aborted attempt at "20 Bridges," Horne set his sights in August on California's Catalina channel.
Persons: Ed Horne, , Ophelia, Horne, Nathaniel Johnston, Thomas Crystall, Louise Darlington, Johnston, " Horne, Horne's, Darlington, Eric Durban, He's, George Washington Bridge Organizations: Triple Crown, Service, New, English Channel, Guinness World, Big Apple, New York City, Channel, California's, Catalina Locations: NYC, Manhattan, of, Brooklyn, Darlington, Big, British, Wissant, France
MEXICO CITY (Reuters) - Authorities on Friday intensified the search for three journalists believed kidnapped by armed men in the south of Mexico, which press freedom groups consider among the world's most dangerous countries for reporters. The attorney general's office in the state of Guerrero on Thursday said it was investigating the disappearance of five people in the tourist town of Taxco, among them journalists Marco Toledo, Silvia Arce and Alberto Sanchez. Carlos Monge, communications chief for the attorney general's office, said searches would be reinforced with participation from the state prosecutors' office, the state search commission, state police, National Guard and the Army. Fifteen vans with personnel from various law enforcement agencies were deployed from the state capital to Taxco, Monge said. Mexico is among the world's deadliest countries for journalists, with five journalists killed so far this year, according to Article 19.
Persons: Marco Toledo, Silvia Arce, Alberto Sanchez, Carlos Monge, Monge, Toledo, Arce, Sanchez, Arce's, Raul Cortes Fernandez, Alistair Bell Organizations: MEXICO CITY, National Guard, Army, El Locations: MEXICO, Mexico, Guerrero, Taxco, Toledo
More than 10 intelligence and police officials in five European countries including Britain, Germany and France told Reuters they are increasing surveillance of Islamist militants. A British security official said the war in Gaza was likely to become the biggest recruiter for Islamist militants since the Iraq war in 2003, and that calls for attacks on Jewish and Western targets had risen in Europe. Two Islamist militant attacks in France and Belgium last month killed three people, and these two countries, Austria, Slovenia and Bosnia-Herzegovina have raised their terrorism threat alert levels. LONE WOLVESSecurity officials say the main danger for Europe is probably from attacks by "lone wolves" — assailants who are radicalised, often online, but have no formal links to more established groups. Although a truce has come into effect in Gaza, both sides have said the war is far from over.
Persons: Gonzalo Fuentes, radicalised, Mark Rowley, al, Jochen Kopelke, It's, Kopelke, Israel, Peter Knoope, Knoope, Iman Atta, Germany's Kopelke, influencers, Europol, Thomas Renard, Juliette Jabkhiro, Angelo Amante, Johan Ahlander, Phil Blenkinsop, Timothy Organizations: REUTERS, Reuters, London, British, Islamic State, Islamic, WOLVES Security, Hamas, Dutch National, International Centre for, Timothy Heritage, Thomson Locations: Paris, France, BERLIN, Israel, Britain, Germany, Russia, China, Iran, Gaza, Iraq, Europe, Belgium, Austria, Slovenia, Bosnia, Herzegovina, Italy, al Qaeda, Islamic State, Qaeda, Afghanistan, Syria, United States, British, al, West
Wilders, who is now trying to build a governing coalition, has vowed to close Dutch borders to immigrants and cut spending on climate change, cultural and foreign development programmes. "I feel sad about the election results ... And I'm really worried about our country," said Sara Coster. Another demonstrator, Jan Jaap van Oosterzee, 62, said he felt Wilders' win was "against every thing we're standing for, and that I'm personally standing for". Wilders party "stands for exclusion of my colleagues, of my children, of denying climate change," he said. Muslims, who make up around 5% of the Dutch population of almost 18 million people, have expressed shock at the election result.
Persons: Geert Wilders, Wilders, I'm, Sara Coster, Jaap van Oosterzee, Oosterzee, Toby Sterling, Alexander Smith Organizations: Social, Freedom Party, Amnesty International, Greenpeace, Thomson Locations: Amsterdam, Netherlands, AMSTERDAM, Solidarity
European mobile data traffic to triple by 2028 -GSMA
  + stars: | 2023-11-23 | by ( ) www.reuters.com   time to read: +2 min
The GSMA, which brings together more than 1,000 mobile phone operators and businesses, said 5G subscribers were interested in adding high-bandwidth services and content to their mobile contracts, as demand for high-quality gaming, extended reality, and video content grows. Mobile data traffic per smartphone will increase in Western Europe to 56 gigabytes (GB) per month in 2028, compared with 20 GB last year. In Central and Eastern Europe, it will rise to 37 GB per month from 14 GB in 2022, the lobby group said in its annual mobile economy report. More than 460 million Europeans, or 85% of the population, were connected to mobile internet in 2022, according to the GSMA. ($1 = 0.9168 euros)Reporting Diana Mandiá, editing by Milla Nissi and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
Persons: Denis Balibouse, GSMA, We're, Daniel Pataki, Diana Mandiá, Milla Nissi, Emelia Organizations: Soccer Football, FIFA, Qatar, REUTERS, Telecom Italia, Big Tech, Netflix, Microsoft, European Commission, Reuters, Thomson Locations: France, Argentina, Paris, Mobile, Western Europe, Central, Eastern Europe, Orange, Europe
CNN —Four more members of South Korean boy band BTS are set to start their compulsory military service as the group’s hiatus continues. This means all seven members of BTS are now either serving in the South Korean military or in the process of enlisting. “We would like to inform our fans that RM, Jimin, V, and Jung Kook have initiated the military enlistment process,” the band’s music label BIGHIT Music wrote in a statement. “The artists are preparing to fulfill their military service duties. “We ask you for your continued love and support for RM, Jimin, V, and Jung Kook until they complete their military service and safely return.
Persons: , Jung Kook, , Jin, Suga Organizations: CNN, South Korean, BTS, BIGHIT Music, Spotify Locations: Jimin, South Korea, South Korea’s
In the interim, the museum is being led by three of its deputy directors: Naomi Beckwith, the chief curator; Sarah Austrian, the general counsel and secretary; and Marcy Withington, the chief financial officer and acting chief operating officer. Recently, the Guggenheim temporarily closed its entrance on Fifth Avenue after a protest inside the museum denouncing Israel’s military airstrikes in Gaza. Moreover, the Guggenheim Abu Dhabi — designed by Frank Gehry, who also did the museum’s Bilbao satellite in Spain — has been delayed, in part by protests over the plight of migrant workers on the project, but is now scheduled to open in 2026. Westermann said it was too soon for her to say anything about Guggenheim Abu Dhabi, “except that I have been excited to see the building rising so near to me in a truly remarkable district of institutions of art, natural history, science and culture.”She added that she was well aware of the hurdles involved in running “four very distinctive museums in four distinguished buildings in four very dynamic cities.”“The demands on museum directors today are very complicated,” she said. “The skill set you need for a constellation like the Guggenheim is a challenge and opportunity that seems well mapped onto the kinds of experiences I’ve had.”
Persons: Naomi Beckwith, Sarah Austrian, Marcy Withington, Westermann, Nancy Spector, Abu Dhabi, Frank Gehry, Spain —, I’ve, Organizations: Sackler, Guggenheim, Abu Locations: Gaza, Spain, Abu Dhabi,
Investors looking for value heading into the holiday season should look no further than the following stocks, Goldman Sachs says. The company beat on both the top and bottom line to go along with strong guidance for the fourth-quarter. TransDigm- buy rating "TDG reported F4Q23 key metrics above consensus, guided the same ones for FY2024 above consensus, announced a large special dividend & announced a new sizable acquisition. Willis Towers Watson - buy rating "We view 3Q23 results as quite supportive of our thesis around ramping talent production & cost efficiencies & we reiterate our Buy rating as we expect momentum to continue on both top & bottom line results. Trex Company- buy rating "We are also encouraged by mgmt's optimism for further top-line gains in 2024, supporting our forecast for robust FCF to allow for investments in growth opportunities and shareholder returns.
Persons: Goldman Sachs, Goldman, Ross, Willis Towers Watson, Noah Poponak, TransDigm, Poponak, Robert Cox, Willis, Cox, there's, Brett Feldman, Warner's, Feldman, shouldn't Organizations: CNBC, Warner Brothers Discovery, TransDigm, Warner Brothers, 3Q, Trex Locations: TransDigm
REUTERS/Eric Gaillard/File Photo Acquire Licensing RightsNEW YORK, Nov 16 (Reuters) - Meta's (META.O) head of augmented reality software is stepping down from his role, a company spokesperson told Reuters on Friday, raising questions about the company's progress in developing a custom operating system for its planned AR glasses. A Meta spokesperson confirmed Box would be leaving the company at the end of this week and said he was doing so for personal reasons. It aims to ship its first AR glasses to consumers in 2027. The Meta spokesperson declined to address the roadmap or whether the OS that Box's team was building would be in the first generation AR glasses. Box is known for having led the creation of the Xbox One operating system and later heading Microsoft's core operating system group, which works across all Windows products.
Persons: Eric Gaillard, Don Box, Mark Zuckerberg, Andrew Bosworth, Meta, Katie Paul, Kenneth Li, Daniel Wallis Organizations: Cannes Lions International, Creativity, REUTERS, Meta, Reuters, Labs, Microsoft, Xbox, Thomson Locations: Cannes, France
Certain stocks, including Cintas and Chipotle Mexican Grill , may be due for a pullback as the market hovers close to overbought conditions, according to one popular metric. The broader market is on the cusp of entering overbought territory, however, according to Wolfe Research. A stock with a 14-day RSI greater than 70 is considered to be overbought and at risk of a pullback. American Express , another company that has seen a boost in its stock price this week, could also be due for a pullback. Analysts covering the company forecast a 7.8% upside for its stock price, and just above 50% rate it a buy.
Persons: Thursday's, Jasper Bibb, TD Cowen, Ingersoll Rand Organizations: Nasdaq, Dow Jones, Wolfe Research, CNBC, Truist Securities, American Express, Barclays, Qualcomm, TransDigm, APA Corp, Marathon Oil, Marathon, APA, UBS, Kroger, Coterra Energy, Cisco Systems Locations: overbought
Should a few members of the Squad lose their primaries, the blow to Democratic unity could be severe. “And they’ll either stay at home or they’ll go to a third party.”Already, there are signs that the party is fracturing over Israel. Advocates for the freedom and safety of Palestinians, horror-struck by more than 10,000 civilian deaths in Gaza, believe that the Democratic Party is giving its approval to atrocities. These big-footed donors, who are overwhelmingly targeting representatives of color, are going to exacerbate the fissures in the Democratic Party. Diana Lovett, a Democratic Party district leader who held a fund-raiser for Bowman last year, said polarization over the congressman was tearing apart local Democrats.
Persons: Ryan Grim, Alexandria Ocasio, Cortez, Bernie Sanders, she’d, , Ilhan Omar, who’ve, Tlaib, , Omar, Mark Mellman, Israel, ” Mellman, Bowman, Eliot Engel, Grim, he’d, George Floyd, Giddins, , Don Samuels, Cori Bush, Wesley Bell, Summer Lee, Bhavini Patel, Bowman doesn’t, George Latimer, imploring, Latimer, hadn’t, Waleed Shahid, Ocasio, imploring Biden, they’ve, He’s, ” Bowman, I’m, haven’t, hasn’t, Shahid, Ta, Nehisi Coates, Coates, Isaac Herzog, Weinberger, Sam Bankman, Nina Turner, Andy Levin, Republican megadonors, Bernie Marcus, “ I’ve, Mark Pocan, Mellman, Diana Lovett, Lovett, who’d, dreading, “ He’s, we’re Organizations: Israel, , Democratic, American Israel Public Affairs Committee, Times, New, New York Democratic, The New York Times, Minneapolis City, Missouri Democrat, Pittsburgh Democrat, Squad, Justice Democrats, Democratic Party, Democratic Socialists of America, West Bank, Democratic Socialists, U.S, Westchester Jewish Council, New York Democratic Socialists of America, Jewish, Politico, United Democracy, AIPAC, Jewish Democrat, Republican, Home Depot, Wisconsin Democrat, Congressional Progressive Caucus Locations: Israel, Palestine, Gaza, New York, Minneapolis, Missouri, Louis County, Hebron, , Manhattan, Ohio, Michigan, Wisconsin
U.S. President Joe Biden and China’s Xi Jinping, who met in San Francisco on Wednesday, may disagree on the terminology. Barely half the manufactured goods imported into the United States from low-cost Asian countries now come from China. Chinese firms have raised just $529 million from initial and secondary stock offerings in the United States in the year to mid-October. But the conscious decoupling between the U.S. and China looks set to continue. Follow @ugalani and @a_fitri_alias on XCONTEXT NEWSU.S. President Joe Biden and Chinese President Xi Jinping met on Nov. 15 in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum.
Persons: Xi, Joe Biden, Kevin Lamarque, friendshoring, China’s Xi Jinping, Breakingviews, Donald Trump, China’s ByteDance, Reuters Graphics Reuters Graphics Goldman Sachs, Xi Jinping, Una, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: U.S, Economic Cooperation, REUTERS, Rights, Reuters, People’s Republic . U.S, People’s, World Trade Organization, Reuters Graphics Reuters, FRAYING FINANCE, U.S . Federal Reserve, Federal, Investment Board, HK, Republican, Reuters Graphics Apple, United, Reuters Graphics Reuters Graphics, Thomson Locations: Filoli, Asia, Woodside , California, U.S, Rights MUMBAI, United States, China, Washington, People’s Republic ., San Francisco, People’s Republic, Southeast Asia, Hong Kong, That’s, New York, Greater China, India, TAIWAN, Taiwan, Una Galani, Mumbai, London
Platinum is used to make the electrolyzers that produce hydrogen and the sharp down cycle in South Africa’s platinum mining sector demonstrates the risk that low prices and lack of investment could slow the energy transition. Prices for other commodities have also fallen, while miners have been complaining of rising costs and seem to be limiting their capital expenditures. Photo: michele spatari/Agence France-Presse/Getty ImagesFor the mining sector, cyclical returns are nothing new. Ray said many South African PGM miners are now selling their output at close to the cost of production, eating away at profitability. “To the extent that PGM prices stay at current levels, I would not be surprised to see more supply-side reaction,” Ray said.
Persons: Waldo Swiegers, , Tom Price, michele spatari, We’ve, ” Emma Townshend, ” Townshend, Raj Ray, Ray, ” Ray, ” Implats’s Townshend, Implats, Yusuf Khan Organizations: Bloomberg, Liberum, Agence France, PGM, Times, Business, BMO Capital Markets, Metals Locations: Sibanye, Africa, Johannesburg, Stillwater, South, South Africa, Marikana, U.S, China, Europe, Implats
The Managem Group in a statement denied the findings published in German newspaper Suddeutsche Zeitung that pointed to increased levels of arsenic in the water near its century-old cobalt mine at Bou Azzer in the central Moroccan desert. The newspaper's investigation, published last weekend, found those levels of arsenic were hazardous. At the mine itself, they found almost 19,000 micrograms of arsenic per liter in the water. Political Cartoons View All 1250 ImagesIn its statement, Managem — a subsidiary of King Mohammed VI’s Al Mada Group — said its own monitoring had yielded no evidence of health or water quality issues. The German manufacturer said in a statement this week that it had spoken about the new allegations to Managem, which denied wrongdoing.
Persons: Sidi Blal, Managem, King Mohammed VI’s Al, , Bou Azzer Organizations: Managem, Suddeutsche Zeitung, BMW, Renault, AFP Locations: RABAT, Morocco, Bou Azzer, Moroccan, United States, China, Europe, Congo, Australia, Bou
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