Top oil companies increase net debt by a third to deal with low prices
Some of the largest Western oil groups have increased their exposure of another fall in oil prices as net debts have surged by a third over the past year. The net debt aggregate of 15 of the largest North American and European oil groups rose to USD 383 billion and was up USD 97 billion from 12 months ago, according to Bloomberg.
Venezuela sells gold reserves whilst tackling an economic crisis
Venezuela’s gold reserves fall to their lowest after it sold USD 1.7 billion in the first quarter in order to repay outstanding debts. Gold now makes up almost 70 per cent of the country’s total reserves.
The UK votes Brexit after narrowing Leave win
On the 23 June, The UK voted to leave the EU following the Leave campaign securing a dramatic victory by 52 per cent to 48 per cent. Since the referendum, the pound has slumped against the US dollar and the FTSE dropped as much as 7 per cent. EU states have insisted the UK work on a swift exit and invoke Article 50 of the Lisbon treaty.
London overtakes traditional gold centres of India and China
The UK was the largest destination for gold exports from Switzerland, at 78.761 tonnes, more gold has been shipped to the UK than to Hong Kong, India and China combined.
Zinc hits ten month peak as best-performing metal
Used to galvanise steel, zinc has grown 21 percent since the start of the year to make it the best- performing metal.
UK ports hit by sharp drop in coal imports
Ports across the UK have been shocked at the level at which demand has risen for what had been one of their most steady cargoes.
Sibanye Gold consider further acquisitions
The largest gold miner in South Africa prepares to purchase more platinum assets in an attempt to secure itself as one of the largest producers of the metal. During the commodities drop, the company has been acquiring platinum assets that other mining companies no longer wish to keep.
Kenya’s mining industry set for significant changes
President Uhuru Kenyatta recently signed a new mining act. The USD 300 million facility, Base Resources, is the biggest mine in east Africa’s largest economy with forecasts suggesting an objective of 10 per cent of GDP by 2030.
Saudi Arabia ends speculation regarding currency devaluation
Saudi Arabia has dismissed that the low oil prices will devalue its currency by eliminating its peg to the US dollar. Governor of the kingdom’ Monetary Authority, Ahmed al-Kholifey believes the economy was doing better than expected and that the agency does not intend to change the exchange rate policy.
Reduction in overstocked grains warehouses as China sells mass cornstocks
China’s grains reserves body auctioned 2m tonnes of old corn stocks and 200,000 tonnes of rice to clear space before the harvest season starts.
India aims to explore USD 40 billion of untapped oil and gas
India is considering a longterm investment in natural gas and crude oil due to the new hydrocarbon exploration and licensing policy (Help) and an incentive to lower the country’s dependence on imported energy.