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☆ BHP half-year profit beats expectations, inflation impact recedes
▼ + stars: | 2024-02-20 | by ( ) www.cnbc.com time to read: +2 min

In this photo illustration, BHP logo of a multinational mining, metals and petroleum company is seen displayed on a smartphone in front of BHP Billiton logo. BHP Group on Tuesday logged first-half underlying profit that slightly beat analyst expectations, buoyed by strong iron ore prices, and said inflationary impacts were receding. BHP said underlying profit attributable to shareholders was $6.60 billion for the six months ended Dec. 31, unchanged from the previous year, but topping an LSEG estimate of $6.42 billion. It declared an interim dividend of $0.72 per share, compared with $0.90 per share a year earlier. Shares in BHP edged down 0.3% to A$45.91 amid a sour tone in resources stocks.

Persons: BHP Organizations: BHP Billiton, BHP Group, BHP, Citi Locations: China, India

☆ Deep-sea mining 'seems to be inevitable,' UN regulator says, as fight for critical minerals heats up
▼ + stars: | 2024-02-19 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

It's likely only a matter of time before scraping the ocean floor for valuable metals becomes a reality, according to the head of the International Seabed Authority, the U.N. regulator that oversees deep-sea mining. "That's the commercial driver and certainly there is vast resource potential in seabed minerals. "But the resource potential is absolutely there. His comments come as the ISA prepares to recommence talks on deep-sea mining in Kingston, Jamaica next month. The seabed watchdog's forthcoming session will seek to iron out a regulatory framework that, if adopted, would give the go-ahead to deep-sea mining on a commercial scale.

Persons: It's, Michael Lodge, recommence Organizations: Authority, ISA, CNBC, Lodge, European Union, The Locations: Brussels, Kingston , Jamaica, The U.S

☆ How Russia has avoided bankrupting itself after 2 years of waging war in Ukraine
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +9 min

1: By waging war outside its own bordersOne critical reason Russia's economy is still ticking is because of the location of the war. AdvertisementConsider the impact of the war on the economies of both Russia and Ukraine. In 2022, the first year of the war, Russia's economy contracted 1.2%, according to official statistics. Russia was facing a demographic crisis with a declining population and falling fertility rate even before its war with Ukraine. 4: By stimulating and steadying its economy with subsidies and policiesGovernment subsidies, spending, and policies are also propping up Russia's economy.

Persons: —, Hassan Malik, Loomis Sayles, it's, Malik, Vladimir Putin's, Sergei Guriev, Malik isn't, Alex Isakov, Putin, Alexandra Prokopenko Organizations: Service, Business, Reuters, US, Exchange, European Bank for Reconstruction, Bloomberg Economics, Vienna Institute for International Economic Studies Locations: Russia, Moscow, Boston, Crimea, Ukraine, Russian, China, India, Austrian

☆ Agnico Eagle CEO on the gold mining industry
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAgnico Eagle CEO on the gold mining industryAmmar Al-Joundi, Agnico Eagle CEO, joins 'The Exchange' to discuss current demand for metals, how Agnico Eagle operates its business, and more.

Persons: Ammar Al Organizations: Agnico, Eagle

☆ Freeport Indonesia discusses who's investing in the country's mining industry
▼ + stars: | 2024-02-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFreeport Indonesia discusses who's investing in the country's mining industryTony Wenas, president director at Freeport Indonesia, discusses Chinese investments in Indonesia's mining and metals industry.

Persons: Tony Wenas Organizations: Email, Indonesia, Freeport Indonesia

☆ Some Cybertruck owners say their Teslas are starting to rust in the rain
▼ + stars: | 2024-02-14 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Some Cybertruck owners say their Tesla vehicles are developing rust spots from rain. At least two members of a Cybertruck owners' forum claim their vehicles have orange specks of rust. Cybertrucks do not have a clear coat on their stainless steel body, according to the owner's manual. AdvertisementSome Tesla owners claim their Cybertrucks are starting to rust after being caught in the rain. In a post on the Cybertruck Owners forum, a member called “Raxar” wrote that they'd collected their vehicle that day and were warned that rain could cause it to rust.

Persons: —, ”, they'd, Raxar, Vertigo3pc, Tesla, Elon Musk, Musk Organizations: Service, Delorean, ”, Mead Metals, Business

☆ U.S. 'very concerned' about China's dominance as a critical minerals supplier, energy chief says
▼ + stars: | 2024-02-14 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

U.S. Energy Secretary Jennifer Granholm on Wednesday said the country is "very concerned" about China's grip on the global supply chain for critical minerals. China is the undisputed leader in the critical minerals supply chain, accounting for roughly 60% of the world's production of rare earth minerals and materials. "It's one of the pieces of the supply chain that we're very concerned about in the United States. We do not want to be over reliant on countries whose values we may not share," Granholm told CNBC's Silvia Amaro on Wednesday when asked about China's dominance as a critical minerals supplier. "We know all countries want to ensure that we have a critical stockpile of critical minerals and that we are allowed to diversify the supplies of those stockpiles.

Persons: Jennifer Granholm, Granholm, CNBC's Silvia Amaro Organizations: Energy, Wednesday, International Energy, International Energy Agency Locations: China, United States, Paris, France, U.S, Australia, Canada

☆ Baupost's Seth Klarman dumps Coinbase and other stocks in the fourth quarter
▼ + stars: | 2024-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Baupost's Seth Klarman dumped several stocks in the fourth quarter, while trimming some of his biggest holdings, including Google and YouTube owner Alphabet , according to a new regulatory filing. The hedge fund manager, who oversees almost $30 billion in assets , exited his stake in Coinbase , which was worth more than $70 million in the third quarter of 2023. After soaring 130% in the fourth quarter, Coinbase has retreated nearly 20% in the first quarter of 2024. Among Baupost's top holdings, the hedge fund cut its stakes in Alphabet , Fidelity National Information Services and Just Eat Takeaway. During his last CNBC appearance in mid-2023, Klarman warned of an "everything bubble," sounding the alarm on cryptocurrencies, SPACs and a host of other speculative trends.

Persons: Baupost's Seth Klarman, Coinbase, Baupost, John, Klarman, Benjamin Graham's, Warren Buffett, Graham, David Dodd Organizations: Google, Dollar, Seagate Technology, Metals, Solutions, Fidelity National Information Services, Liberty Global, CNBC, Boston, Harvard, Cornell grad Locations: Coinbase

☆ Gold flat ahead of US inflation data
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: +2 min

Gold prices were little changed on Tuesday, as investors held back from making big bets ahead of a U.S. inflation report that could give fresh perspective on the timing of the Federal Reserve's first rate cut. Spot gold was flat at $2,018.71 per ounce, as of 0424 GMT, after briefly slipping to a more than two-week low of $2,011.72/Oz on Monday. All eyes are on the January U.S. consumer price index inflation data due at 13:30 GMT. Americans reported a fairly stable outlook for inflation at the start of the year, a New York Fed survey showed. Spot platinum was flat at $888.89 per ounce, palladium rose 1.5% to $905.71, and silver edged 0.1% higher to $22.71.

Persons: Tim Waterer, Wang Tao Organizations: Federal, KCM Trade, New, Fed, Reuters, U.S ., Traders, U.S Locations: Moscow, Russia, U.S, ., China, Hong Kong

☆ Maco, Philippines landslide: Girl’s ‘miraculous’ rescue offers hope for families of dozens buried
▼ + stars: | 2024-02-09 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +2 min

In a statement on Facebook, the Davao de Oro provincial government said at least 11 people were killed Tuesday when the landslide swept Maco, including the remote gold mining village of Masara on the island of Mindanao, following intense rains. The girl is in a stable condition, the government added, with Davao de Oro Gov. Dorothy Gonzaga saying her rescue had provided a “sign of hope.”Rescue teams search for missing miners in Maco, Davao de Oro, Philippines on February 8, 2024. The long wait for news of his missing son had become unbearable, resident Wilfredo Pilones told state broadcaster PTV on Thursday. “They’ll get buried deeper even more.”The region is resource-rich, with raw metals buried under sprawling mountainous highlands dotted with agricultural villages.

Persons: Dorothy Gonzaga, Jeoffrey, Wilfredo Pilones, ”, “ They’ll Organizations: CNN, Facebook, Davao de, Davao de Oro Gov, ”, Getty, PTV, Apex Mining, National Disaster Locations: Philippines, Davao, Davao de Oro, Masara, Mindanao, Maco, Davao de Oro , Philippines, Anadolu

☆ Here are Friday's biggest analyst calls: Apple, Alphabet, Tesla, Costco, Dick's, United, Pinterest, Vivid Seats & more
▼ + stars: | 2024-02-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Daiwa reiterates Apple as outperform Daiwa said it needs to see more growth from Apple, but that it's sticking with its outperform rating. " "We reiterate our Outperform rating on Dick's Sporting Goods and lift our 12- to 18- month price target to $190 (from $145)." Bank of America reiterates Pinterest as buy Bank of America said it's standing by Pinterest shares after earnings on Thursday. Initiating Coverage On Vivid Seats With A BUY Rating And $10 Price Target. Bank of America initiates Ocular Therapeutix as buy Bank of America said it's bullish on the opthalmic biotech company.

Persons: Morgan Stanley, it's, Wedbush, Tesla, Daiwa, Oppenheimer, Argus, Pinterest, Goldman Sachs, Goldman, Wells, Craig, Hallum, Cleveland, it's bullish Organizations: Citi, Liberty Global, Apple, Dick's Sporting Goods, Bank of America, HSBC, Bunge, Argus, Health, PayPal, Costco, Alphatec Holdings, United Airlines, Target ., JPMorgan, " Bank of America Locations: FCF, Cleveland

☆ Gold flat as safe-haven demand offsets US dollar strength
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +2 min

An employee puts gold bullions into a safe deposit box at Degussa shop in SingaporeGold prices were flat in light trading on Friday with Chinese markets closed for the Lunar New Year break, while a firm dollar offset safe-haven demand fueled by Middle East concerns. "Some stress in U.S. regional banks, Chinese new year demand and Middle East tensions put a floor on the metal," Hugo Pascal, a precious metals trader at InProved, said. Concerns lingered about the Middle East as Israeli forces bombed areas in the southern border city of Rafah after Prime Minister Benjamin Netanyahu rejected a Hamas truce proposal. However, palladium has since taken a lead again, up 0.6% to $892.26 per ounce, while platinum rose to $890.09. Both metals are used in making a key component in internal combustion engines, but platinum is also used in jewelry and other industries.

Persons: Hugo Pascal, Benjamin Netanyahu Organizations: Shanghai Futures, Treasury, Federal, Traders, ANZ Research Locations: Singapore, InProved, Rafah, U.S

☆ How the mystery of electricity helped 18-year-old Mary Shelley create 'Frankenstein'
▼ + stars: | 2024-02-09 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +7 min

In 1818 Mary Shelley published “Frankenstein; or, the Modern Prometheus.”In the novel, Frankenstein brings a creature to life with a "spark of being." Both scientists influenced “Frankenstein.” Shelley incorporated some of Davy’s writings into her novel, and the 1818 and 1831 prefaces both reference Darwin. Mary Wollstonecraft Shelley wrote "Frankenstein" when she was 18 years old. Hulton Archive/Getty ImagesPoet Percy Bysshe Shelley, whom Mary Shelley married the same year she started "Frankenstein," was also fascinated with science. “Could it be electricity?”The electrical experimentsIn her 1831 revised edition of "Frankenstein," Shelley removed the part about lightning and instead referenced galvanism.

Persons: Mary Shelley, “, ”, Frankenstein, Shelley, —, Lisa Frankenstein, Victor Frankenstein, Shelley doesn’t, Mary Shelley’s, William Godwin, Erasmus Darwin, Charles ’, Humphry Davy, “ Frankenstein, ” Shelley, Darwin, Mary Wollstonecraft Shelley, Percy Bysshe Shelley, Lord Byron, Percy Shelley, Erasmus Darwin’s, she’d, Byron, Boris Karloff, reenacted Benjamin Franklin ’, Franklin, Michael Faraday, Georg Ohm, Juliet Burba, he'd, Luigi Galvani, he’d, Alessandro Volta, Dominique Jean Larrey, Galvani’s, Giovanni Aldini, Aldini, Thomas Forster, Shelley’s Organizations: Service, Getty, Universal, Obscura Locations: Hulton, Lake Geneva

☆ These stocks about to report earnings typically beat expectations and gain
▼ + stars: | 2024-02-09 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

The company has historically outperformed Wall Street EPS estimates 98% of the time, and its stock has typically gained nearly 3% following quarterly results. RingCentral stock has slipped about 2% from the start of the year. RNG YTD mountain RingCentral stock. About half of analysts polled by FactSet rate RingCentral stock as a buy, and their average price targets imply more than 22% upside moving forward. The Trade Desk will report quarterly results on Thursday, while analysts polled by FactSet estimate fourth-quarter earnings per share of 41 cents per share on $582 million in revenue.

Persons: Stocks, RingCentral, Vlad Shmunis, Morgan Stanley, Matthew Cost Organizations: CNBC Pro, Digital, Trade, FactSet, Amazon, Reliance

Your average EV has six times more mineral content than a petrol- or diesel-powered vehicle. All those metals need to be dug, scraped, blasted, or leached out of the earth. There is massive demand for batteries as countries eye up ambitious zero-emissions targets. But what's the cost?

☆ Silver set for a 'terrific year' and could outperform gold to hit a 10-year high
▼ + stars: | 2024-02-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Global silver demand is forecast to reach 1.2 billion ounces in 2024, which would mark the second-highest level on record, the Silver Institute said in a recent report. "We think silver will have a terrific year, especially in terms of demand," Michael DiRienzo, executive director of the Silver Institute told CNBC. He expects silver prices to reach $30 per ounce, which would be a 10-year high, according to data from LSEG. Silver prices, like gold, tend to have an inverse relationship with interest rates. In contrast, gold prices usually rise during times of economic weakness or uncertainty.

Persons: Nicky Loh, Michael DiRienzo, Randy Smallwood Organizations: Silver Bullion, Bloomberg, Getty, Silver Institute, CNBC, Wheaton, Metals, U.S . Federal Reserve, Wheaton Precious Metals, Vw Locations: Singapore, India, U.S

☆ AI is setting humanity on the path to a new age of discovery
▼ + stars: | 2024-02-07 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AI is paving the way to the future tooBill Gates-backed company KoBold Metals has used AI to discover a huge new copper mine. Chip Somodevilla/Getty ImagesAs well as seeing AI be used to excavate the past, it seems to be getting used to forge a path to the future too. Clearly then, billions of dollars aren't just being spent on AI for the sake of achieving some productivity and efficiency hacks. AI could also help usher humans into a new age of discovery.

Persons: —, Nat Friedman, Bill Gates, Chip Somodevilla, Jeff Bezos, Josh Goldman reckons Organizations: Service, Business, KoBold Metals, KoBold, Democratic Locations: Rome, Egypt, Switzerland, Zambia, Democratic Republic of Congo

Six decades later, plans are ramping up for space tourism, missions to the moon and Mars, and mining on the moon. AdvertisementThe Lunar Resources Registry, a private business that locates valuable resources on the moon and helps investors conduct the required exploration and extraction operations, notes: "The space race is evolving into space industrialization." The case for a lunar Anthropocene is interesting. A lunar AnthropoceneAnd now the Anthropocene, this age of human impact, is also arriving on the moon. An increasing number of moon missions and extracting resources from the moon could destroy lunar environments.

Persons: Christophe Bonneuil, Jean, Baptiste Fressoz, Christine Daigle, Jennifer Ellen Good Organizations: Sputnik, U.S, Resources, NASA, Marshall Space, Brock University Locations: Soviet Union, Alamogordo, N.M

☆ Linde shares pop as industrial gas giant underpromises and over-delivers — again
▼ + stars: | 2024-02-06 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

We expect another year of strong earnings growth from this best-of-breed industrial stock. Quarterly results As we can see in the chart below, this was an all-around strong quarter for Linde. In APAC (27.6% of sales), growth was led by end markets in chemicals, energy, and manufacturing. Updated expectations are for a mild recovery in a few end markets in China for the first half of 2024. EMEA (29.3% of sales) showed growth across all "resilient" end markets, which Linde defines as more consumer-related (healthcare, food and beverage, and electronics), while industrial end markets (manufacturing, chemicals and energy, and metals and mining) lagged.

Persons: Linde, shouldn't, —, haven't, We'll, Jim Cramer's, Jim Cramer, Jim Organizations: Linde, LIN, EMEA, Electronics, CNBC, Tanks, Bloomberg, Getty Locations: Americas, Africa, APAC, Asia, China

☆ Bill Gates and Jeff Bezos-backed startup discovers large-scale copper deposit in Zambia
▼ + stars: | 2024-02-05 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

KoBold Metals, a California-based metals exploration company backed by billionaires including Bill Gates and Jeff Bezos, said that it has discovered a vast copper deposit in Zambia. A spokesperson for KoBold Metals told CNBC on Monday that the company believes its Mingomba copper project in Zambia "will be one of the world's biggest high-grade large copper mines." "It is Kakula-scale in size and grade," KoBold Metals President Josh Goldman said in a statement shared on the firm's social media site X. Ivanhoe Mines, a Canadian mining company founded by billionaire magnate Robert Friedland, owns nearly 40% of the Kamoa-Kakula copper mine. KoBold Metals says it uses artificial intelligence to create a "Google Maps" of the Earth's crust to help find new deposits of copper, lithium, cobalt and nickel.

Persons: Bill Gates, Jeff Bezos, Josh Goldman, Robert Friedland, Andreessen Horowitz, Ray Dalio, Virgin Group's Richard Branson, Alibaba's Jack Ma Organizations: KoBold Metals, CNBC, Democratic, Ivanhoe Mines, KoBold, BHP, Breakthrough Energy, Bridgewater Associates Locations: Victoria, Zambia, Zimbabwe, Livingstone, California, Democratic Republic of the Congo, Canadian, Norwegian

☆ CNBC Daily Open: A scorching start for U.S. jobs growth
▼ + stars: | 2024-02-05 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. "We just want some more confidence before we take that very important step of beginning to cut interest rates," he said. Gold, silver advanceGold and silver could rise further this year on hopes that the U.S. Federal Reserve will lower interest rates, said UBS. "Also, this comes with a weaker dollar," said Joni Teves, adding gold will likely hit $2,200 per ounce in 2024.

Persons: Jerome Powell, Hong, Joni Teves Organizations: CNBC, U.S . Federal, CSI, Dow, Nasdaq, UBS, U.S, Senators, House Republicans, Citi Locations: China, U.S, Ukraine, Israel

☆ Gold prices to hit $2,200 and a 'dramatic' outperformance awaits silver in 2024, says UBS
▼ + stars: | 2024-02-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold and silver are expected to climb further in 2024 on expectations that the U.S. Federal Reserve will start cutting interest rates, UBS forecasts. Also this comes with a weaker dollar" said the investment bank's precious metals strategist Joni Teves, who expects the metal to hit $2,200 per ounce by the end of the year. Gold prices tend to have an inverse relationship with interest rates. As interest rates dip, gold becomes more appealing compared to alternative investments like bonds, which would yield weaker returns in a low interest rate environment.

Persons: Joni Teves Organizations: Aurum, U.S . Federal Reserve, UBS, Federal Reserve, Fed Locations: Munich

☆ Jewelry trends that are in and out this year, according to jewelers and stylists
▼ + stars: | 2024-02-04 | by ( Cheyenne Lentz | ) www.businessinsider.com time to read: 1 min

Two-tone metals are here to stay. Mixing and matching jewelry metal is in. Roman Bobyr/ShutterstockYou'll continue to see the mixed-metals trend that this year, according to Abingdon Mullin, jeweler, CEO, and founder of Abingdon Co . Devoted silver and gold fans can rest assured knowing that the days of being limited to one metal are over. "More than ever, we're seeing two-tone pieces that artfully combine contrasting metals in a harmonious way," the jeweler told BI.

Persons: Shutterstock You'll, Abingdon Mullin Organizations: Abingdon Co Locations: Roman

☆ Trump’s Tariffs Hurt U.S. Jobs but Swayed American Voters, Study Says
▼ + stars: | 2024-02-02 | by ( Ana Swanson | ) www.nytimes.com time to read: +1 min

The sweeping tariffs that former President Donald J. Trump imposed on China and other American trading partners were simultaneously a political success and an economic failure, a new study suggests. That’s because the levies won over voters for the Republican Party even though they did not bring back jobs. But the tariffs did incite other countries to impose their own retaliatory tariffs on American products, making them more expensive to sell overseas, and those levies had a negative effect on American jobs, the paper finds. The Trump administration aimed to offset those losses by offering financial support for farmers, ultimately giving out $23 billion in 2018 and 2019. But those funds were distributed unevenly, a government assessment found, and the economists say those subsidies only partially mitigated the harm that had been caused by the tariffs.

Persons: Donald J, Trump Organizations: Republican Party, Farmers Locations: China

☆ He’s Lost His Marriage, His Followers and His Lamborghini
▼ + stars: | 2024-02-02 | by ( David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

With its streamlined curves and glow-in-the-dark sound system, the silver Lamborghini Huracán Performante was the stuff of teenage fantasy: $350,000 of aerodynamic metals and lightweight upholstery, packed into a taut and powerful body. When he started shopping for a Lamborghini, Mr. Armstrong, a cryptocurrency evangelist with more than one million YouTube subscribers, worried that he’d have to spend months searching. “I think I have to go to Italy to get the Lambo I want,” he texted a business partner. In the fall of 2021, a car dealership in Charlotte, N.C., shipped the Huracán to Mr. Armstrong’s production studio in an Atlanta suburb. As the Lamborghini was lowered from a delivery truck, Mr. Armstrong, better known by the nom de crypto BitBoy, let out a joyful laugh.

Persons: Huracán Performante, Ben Armstrong, Armstrong, “, Lamborghini, ” Organizations: Lamborghini Locations: Italy, Charlotte, N.C, Atlanta

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