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☆ Glencore proposes to buy remaining stake of PolyMet
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: 1 min

July 3 (Reuters) - Glencore Plc (GLEN.L) said on Monday it had proposed to buy the remaining stake in copper miner PolyMet Mining (PLM.A) it does not already own for about $71 million. The Swiss commodity trader already owns 82.26% of PolyMet. Glencore's non-binding cash offer of $2.11 per share values PolyMet at about $410 million, according to Reuters calculation. Shares of PolyMet more than doubled in premarket trading to $1.87. Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Tanay, Shilpi Majumdar Organizations: Glencore, Canada's Teck Resources, Thomson Locations: Swiss, Glencore, Bengaluru

☆ The US is headed for a more serious recession than Powell has predicted, Evercore founder says
▼ + stars: | 2023-06-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US is in for a more serious recession than Fed Chair Powell thinks, according to Evercore's Roger Altman. The market veteran pointed to the inverted Treasury yield curve and troubling signs among small businesses. A moderate recession is the most likely outcome by the end of the year, Altman warned. "To me, the likelihood is a moderate recession," Altman said. "You can look at the yield curve.

Persons: Powell, Evercore's Roger Altman, Altman, —, Jerome Powell, Roger Altman, " Altman Organizations: Service, CNBC, Treasury

☆ Evercore's Roger Altman: We will see a moderate recession
▼ + stars: | 2023-06-28 | 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 EmailEvercore's Roger Altman: We will see a moderate recessionRoger Altman, Evercore founder and senior chairman, joins 'Closing Bell' to discuss Fed rate hikes after chair Jerome Powell stated that more restriction is to come.

Persons: Roger Altman, Jerome Powell Organizations: Evercore

☆ Evercore ISI thinks these stocks will benefit the most from the A.I. boom
▼ + stars: | 2023-06-28 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Investors should look to stocks that enhance productivity as companies seek to replace scarce labor with machines, according to Evercore ISI. The chart below includes two stocks Emanuel found for each use case. The stock has surged more than 50% since the start of 2023, rebounding along with other technology stocks after 2022's sell-off. Equinix shares have risen nearly 17% year to date and Evercore ISI expects shares to advance another 8.5%. The stock should also be helped by reshoring trends, as well as its investments in AI and improving labor productivity, Emanuel said.

Persons: Julian Emanuel, Emanuel, Evercore, There's, Zscaler, ZS, Ingersoll Rand, — CNBC's Michael Bloom Organizations: ISI, CNBC Pro Locations: Tuesday's

☆ UK SFO delays decision on whether to charge Glencore staff until year-end
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

The SFO is investigating former employees of Glencore's UK subsidiary Glencore Energy UK Limited over potential criminal offences in relation to its operations in West Africa. The ex-Glencore employees who are under investigation by the SFO have been granted anonymity pending a decision by the SFO on whether to bring criminal charges. Glencore's UK subsidiary last year admitted seven bribery offences related to paying – or failing to prevent the payment of – millions of dollars in bribes to officials in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan. At its sentencing in November, prosecutors told the court that Glencore employees and agents used private jets to transfer cash to pay bribes to officials in Cameroon and South Sudan. Glencore was ordered to pay a total penalty of 276.4 million pounds ($352 million) for its offending, which the sentencing judge described as "endemic" corruption.

Persons: Alexandra Healy, Glencore, Sam Tobin, Christina Fincher Organizations: SFO, Glencore's, Glencore Energy, Limited, Glencore, London's, London's Southwark Crown, Thomson Locations: London, West Africa, London's Southwark, Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, South Sudan

☆ Watch CNBC's full interview with Evercore's Mark Mahaney and Wedbush's Dan Ives
▼ + stars: | 2023-06-23 | 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 EmailWatch CNBC's full interview with Evercore's Mark Mahaney and Wedbush's Dan IvesDan Ives, Wedbush Securities managing director, and Mark Mahaney, Evercore ISI head of internet research, join 'Squawk on the Street' to discuss the potential fight between Elon Musk and Mark Zuckerberg, whether or not Mahaney saw Meta and Tesla as the preeminent showdown in tech, and more.

Persons: Evercore's Mark Mahaney, Wedbush's Dan Ives Dan Ives, Mark Mahaney, Elon Musk, Mark Zuckerberg, Tesla Organizations: Wedbush Securities, Elon

OAKLAND, California, June 13(Reuters) - Silicon Valley-based AI chip startup SiMa.ai on Tuesday said it raised an additional $13 million from investors including a key fund in Taiwan called VentureTech Alliance, which has a strong strategic partnership with Taiwan Semiconductor Manufacturing Co (2330.TW). This is at least the third investment in U.S. chip startups by VentureTech Alliance in the past month. British AI chip unicorn Graphcore's struggles have been widely reported. Rangasayee also pointed to one recent benchmark testing result by SiMa.ai that beat AI chip giant Nvidia Corp (NVDA.O) in performance and power of chips used on devices like cameras, drones and robots. The testing data is published by MLCommons, an engineering consortium that maintains testing benchmarks widely used in the AI chip industry.

Persons: VentureTech, Ethernovia, SiMa.ai, Navin Chaddha, Mayfield, Chaddha, they're, Moshe Gavrielov, Krishna Rangasayee, MLCommons, it's, David, Goliath, Jane Lanhee Lee, Lisa Shumaker Organizations: VentureTech, Taiwan Semiconductor Manufacturing, VentureTech Alliance, Ayar Labs, Nvidia Corp, Nvidia, Thomson Locations: OAKLAND, California, Taiwan, British

☆ Glencore makes offer for Teck's steelmaking coal business
▼ + stars: | 2023-06-12 | by ( Clara Denina | ) www.reuters.com time to read: +2 min

LONDON, June 12 (Reuters) - Glencore (GLEN.L) on Monday offered to buy Teck Resources' (TECKb.TO) steelmaking coal business as a standalone unit, after the Canadian miner twice rebuffed its $22.5 billon offer to combine the two companies. "It would provide Teck with a cleaner exit from coal and allow Glencore to split its own business into CoalCo and MetalsCo." Glencore's CEO Gary Nagle in May said buying Teck's coal business as a standalone unit was a "distant second" for the Swiss mining company, as it still pursues its merger plans. Teck's steelmaking coal mines are among few left in the world, making them attractive to Glencore, as global efforts to phase out coal-fired power generation gather momentum. As part of its original proposal, Glencore offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal.

Persons: Teck, Gary Nagle, May, Pierre Lassonde, Glencore, Clara Denina, Eva Mathews, Dhanya Ann, Kirsten Donovan, Barbara Lewis Organizations: Teck Resources, Teck Metals, Deutsche Bank, Nippon Steel Corporation, Thomson Locations: Teck, CoalCo, Swiss

☆ Glencore, automakers to back $1 bln nickel, copper SPAC deal in Brazil
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. Glencore will invest $100 million in ACG equity. Stellantis and mining investment fund La Mancha Resource Capital will each provide an equity investment of the same amount, while PowerCo will make a $100 million nickel prepayment. During the process, ACG will become ACG Electric Metals and issue new shares, making Glencore, Stellantis and La Mancha owners of 51% and leaving 49% for free float, Artem Volynets, ACG chief executive, told Reuters. The deal "will establish ACG Electric Metals as a premier supplier of critical metals into the western EV value chain," Volynets said.

Persons: Arnd, ACG, Mick Davis, PowerCo, Artem Volynets, Appian, Sibanye, Volynets, En, Rusal, Polina Devitt, Clara Denina, Kirsten Donovan, Jason Neely Organizations: REUTERS, Chrysler, Company, Santa, Appian, Chartered, Citigroup, Blue Resources, Metals Acquisition Corp, Glencore, La, La Mancha Resource, Metals, Reuters, South Africa's, Hong, Thomson Locations: Baar, Switzerland, Brazil, London, New York, Western Europe, North America, La Mancha, Stillwater, Santa Rita, Hong Kong

☆ Evercore's Emanuel explains why he's bullish on the S&P 500
▼ + stars: | 2023-06-06 | 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 EmailEvercore's Emanuel explains why he's bullish on the S&P 500Julian Emanuel of Evercore ISI discusses the outlook for the S&P 500, and risks in markets following the banking crisis.

Persons: Evercore's Emanuel, Julian Emanuel, Evercore Organizations: Evercore ISI

☆ Home buyers are facing the least affordable market on record
▼ + stars: | 2023-06-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Joe Raedle / Getty ImagesEdward Seiler is the associate vice president for housing economics at the Mortgage Bankers Association. Phil Rosen: The MBA's Purchase Applications Payment Index just hit a new high in April. For new home buyers, this is the worst situation since the end of the Great Recession. Current homeowners that were lucky enough to get a 2.75% interest rate in 2022 are in a great position, but for new buyers looking to buy a first home, or those looking to move to another home, it's a very daunting proposition. In his view, monthly payments for first-time buyers are up roughly one-third compared to last year — and that's going to keep buyers on the sidelines and weigh on demand.

Persons: I'm Phil Rosen —, Joe Raedle, Edward Seiler, Phil Rosen, Jen, Hsun Huang, Huang, Kim Kulish, Gregg Fisher, he's, Jensen Huang, It's, There's, Evercore's Mark Mahaney, Meta, shouldn't, David Rosenberg, who's, Larry Pitkowsky, Max Adams Organizations: Mortgage, Association, Twitter, Nvidia Corp, GPU Technology, Nvidia, Treasury Department, Fed, Tech Locations: San Jose , California, New York

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Persons: Read, We're, Uber, Peacock, Uber Cash, Merrill, Miles you've, Miles, There's, gofree Wyndham, you'll, You'll, It's, Chase, Cardholders, cardholders, you've, Wyndham Organizations: Excellent Credit, Capital, One, Chevron, American Express, American, Express, Hilton, Marriott, Saks, Entertainment, Disney, ESPN, The New York Times, Street, Walmart, Credit, TSA, Global, Saks Fifth, Reading Chevron, Target, Chase, Bank of America, Bank of America's, of America, Bank of America Travel Center, Wyndham, Business, Venture, Resorts, Saks Fifth Avenue, The Bank of America, Rewards, Barclays, Wyndham Rewards, Diamond, Vacasa Locations: Hulu, Wells, Wyndham

☆ What happens next with debt deal? Wall Street economists gauge the odds on passage from here
▼ + stars: | 2023-05-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

An agreement on the United States' debt ceiling doesn't necessarily mean a smooth path to President Joe Biden's desk. Several Wall Street economists agree the deal will likely get signed, but not without some bumps along the way. House Committee on Rules meeting Before the legislation reaches the House for a vote, it must go through the 13-member House Committee on Rules — nine Republicans and four Democrats. "If all three vote against and no Democrat votes in favor, the bill will fail," Hatzius wrote in a Monday note. Tight House vote It's expected to be a tight vote in the House.

☆ Evercore's tech analyst Mahaney has a new top stock pick
▼ + stars: | 2023-05-22 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

3 spot on Evercore's technology and internet top picks, trailing only Meta Platforms and Uber in the first and second position, respectively. Evercore's price target of $150 implies about 29% upside for Amazon compared to Friday's close. Mahaney struck an optimistic tone on Amazon largely thanks to the potential growth of Amazon Web Services (AWS). The tech giant's cloud unit's revenue grew by roughly 16% in the first quarter, a slightly faster pace than anticipated by analysts. Over the long term, Mahaney added, Amazon's ability to grow artificial intelligence projects and integration could help cloud services going into 2024.

☆ Debt ceiling negotiations will be really hard, says Evercore's Roger Altman
▼ + stars: | 2023-05-22 | 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 EmailDebt ceiling negotiations will be really hard, says Evercore's Roger AltmanRoger Altman, Evercore founder and senior chairman, joins 'Squawk on the Street' to discuss debt ceiling drama and more.

☆ Rare shipment of U.S. oil heads to South Africa for Glencore refinery
▼ + stars: | 2023-05-19 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

South Africa gets most of its oil from West and Central Africa as well as Saudi Arabia, according to Kpler data. The last shipment of U.S. oil went to South Africa in May 2021, U.S. customs data showed. Glencore's majority-owned Astron Energy restarted production at its 100,000 barrel per day Cape Town refinery nearly three years after a deadly explosion shuttered operations and killed two workers. Astron, which has the second-largest retail fuel network in southern Africa, receives its oil from tankers discharging in Saldanha Bay and transports the oil to the Cape Town refinery via pipeline, according to the refiner's website. Reporting by Arathy Somasekhar in Houston, additional reporting by Wendell Roelf in Cape Town; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles.

☆ Buying Teck's coal unit as a standalone a 'distant second' for Glencore - CEO
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 16 (Reuters) - Buying Teck Resources' (TECKb.TO) coal business as a standalone unit is a "distant second" for Glencore (GLEN.L) and Teck should not leave out the Swiss miner if it keeps pursuing its separation plan, boss Gary Nagle told the Bank of America conference in Barcelona on Tuesday. Teck has rebuffed the Swiss miner and trader's $22.5 billon offer to combine the two companies, instead pursuing plans to separate its copper and coal business. Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business. As part of its proposal, Glencore has offered up to $8.2 billion in cash to Teck shareholders who may not want exposure to thermal coal, the most polluting fossil fuel. Reporting by Clara Denina, additional reporting by Pratima Desai; editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

The Canadian pension funds have benchmarked their investments to that level, according to the presentation. Australian pension funds have invested about 50% of their total assets in domestic equities, according to the presentation. China Investment Corp is Teck's single-biggest institutional investor with a 10.3% stake, and Norway's wealth fund, Norges Bank, owns 1.52%, while Canadian pensions together hold 0.78% stake, according to Refinitiv data. All other pension funds did not respond to Reuters request for comments. Canadian pension funds represent 30% of the total financial savings of Canadians.

TORONTO, May 9 (Reuters) - Pierre Lassonde, a Canadian mining industry veteran, has made an offer to invest in Teck Resources Ltd's (TECKb.TO) coal business, in a bid to thwart Glencore Plc's (GLEN.L) hostile attempt to merge with Teck. Vancouver-based Teck has rebuffed Swiss mining company Glencore's $22.5 billon offer to combine the two companies and is instead pursing plans to separate its copper and coal business. Teck last month pulled its initial business separation plan at the last minute after failing to secure enough shareholder support. Glencore has offered a cash component for Teck's coal business worth C$8 billion ($5.98 billion). A source close to the matter said that an alternative offer for Teck's steelmaking coal business might push the Swiss conglomerate to finally make an improved offer.

☆ Red metal rising: Argentina sets lofty sights on global copper top 10
▼ + stars: | 2023-05-08 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

The South American country has a pipeline of copper projects that could produce 793,000 tonnes a year by the end of the decade, government forecasts show, well below neighboring No. Reuters GraphicsBRIDGING THE DEMAND GAPSan Juan is home to five of Argentina's eight main copper projects that have a total capex of $22 billion, a recent government report shows. Argentina has an estimated 65 million tonnes of copper reserves, according to a 2022 government report, some 3% of the global total. "The projects we have are of global importance and relevance because it's estimated that demand for copper between now and 2050 could be multiplied," he said. Copper demand is forecast to double to 50 million tonnes by 2050 from 2020 levels.

☆ Meta Platforms scoops up AI networking chip team from Graphcore
▼ + stars: | 2023-05-05 | by ( Katie Paul | ) www.reuters.com time to read: +4 min

May 5 (Reuters) - Meta Platforms Inc (META.O) has hired an Oslo-based team that until late last year was building artificial-intelligence networking technology at British chip unicorn Graphcore. "We recently welcomed a number of highly-specialized engineers in Oslo to our infrastructure team at Meta. Meta, which owns Facebook and Instagram, has become increasingly reliant on AI technology to target advertising, select posts for its apps' feeds and purge banned content from its platforms. The 10 employees' job descriptions on LinkedIn indicated the team had worked on AI-specific networking technology at Graphcore, which develops computer chips and systems optimized for AI work. A new category of network chip has emerged to help keep data moving smoothly within those computing clusters.

SummarySummary Companies Investors seeking more information on thermal coal plansGlencore calls on shareholders to reject resolutionLGIM's Marks says 'fundamental lack of willingness to engage'LONDON, May 5 (Reuters) - Investors pushing for more transparency on miner Glencore's (GLEN.L) thermal coal production said its decision not to support a shareholder resolution on the topic showed a "fundamental lack of willingness to engage". Unlike its peers, Glencore mines and trades thermal coal, the fossil fuel used to generate electricity. It has said it plans to responsibly run down its coal mines by the mid-2040s, closing at least 12 by 2035. "There is a fundamental lack of willingness to engage," said Michael Marks, LGIM's Head of Investment Stewardship and Responsible Investment Integration. Just 24% of investors voted against Glencore's climate progress report at the miner and trader's 2022 AGM, with some citing slow progress in scaling back coal production.

☆ Goldman says this unique play on the construction industry has 40% upside
▼ + stars: | 2023-05-04 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Goldman Sachs predicts shares of this construction software company will surge. "We believe that Procore is well-positioned to deliver upside to its F23 revenue guidance for 26% in F23," Rangan said. The company develops software to oversee both large- and small-scale construction projects from start to finish, as a sort-of one size fits all management program. The industry overall lacks a streamlined method of digitization, and Goldman Sachs highlighted the firm's diversification across a variety of market sizes to support the stock upgrade. PCOR YTD mountain Goldman Sachs thinks shares of Procore Technologies can deliver investors as much as 41% upside from current trading levels.

☆ We are going to have a 'moderate' recession in the second half of the year, says Evercore's Altman
▼ + stars: | 2023-05-04 | 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 EmailWe are going to have a 'moderate' recession in the second half of the year, says Evercore's AltmanRoger Altman, Evercore founder and senior chairman, joins 'Squawk Box' to discuss the impact of the Wednesday's 10th consecutive rate hike, how the Fed misjudged the tenacity of this inflation, and more.

☆ Unionized Apple store workers want you to start tipping them
▼ + stars: | 2023-05-04 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Workers at Apple's first unionized store in suburban Baltimore are pushing for a tipping system. Employees at Apple's first unionized store in Towson, Maryland are pushing for a contract that includes the introduction of tipping. The proposed system would allow customers to tip store workers in increments of 3%, 5%, or a customized amount for in-store credit card transactions. In October, an Apple store in Oklahoma City became the second to vote to unionize, though its negotiations with management haven't begun yet. In April, a union representative for Apple workers in Towson told The Baltimore Banner that contract discussions have been "very, very slow."

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