•   
  •   
  •   

Money Glencore shares under cloud after U.S demands Congo documents in probe

19:54  12 july  2018
19:54  12 july  2018 Source:   reuters.com

Two-thirds of Winnipeggers support safe injection site, poll suggests

  Two-thirds of Winnipeggers support safe injection site, poll suggests The Tory government says Winnipeg may not be the right place for a safe injection site for intravenous drug use, and that puts them at odds with the majority of Winnipeggers, a new poll suggests. Of the 600 participants in a recent Probe Research poll commissioned by the Winnipeg Free Press, 69 per cent said they are "generally in favour of a safe injection site." The remaining 31 per cent were opposed. For comparison purposes only, a probability sample of the same size would typically yield a margin of error of  +/- 4 percentage points, 19 times our of 20.

A U . S . demand for documents related to Glencore 's assets in Democratic Republic of Congo (DRC) as part of a corruption Glencore said it had received a subpoena from the U . S . Department of Justice dated July 2 requesting documents for its Congo business over compliance with the U . S . Foreign

By Zandi Shabalala. LONDON (Reuters) - A U . S . demand for documents related to Glencore 's assets in Democratic Republic of Congo (DRC) as part of a corruption probe has rattled investors and is likely to weigh on the miner's performance until there is more clarity on the case.

a close up of a sign: The logo commodities trader Glencore is pictured in Baar.© REUTERS/Arnd Wiegmann/File Photo The logo commodities trader Glencore is pictured in Baar.

A U.S. demand for documents related to Glencore's (GLEN.L) assets in Democratic Republic of Congo (DRC) as part of a corruption probe has rattled investors and is likely to weigh on the miner's performance until there is more clarity on the case.

Glencore said it had received a subpoena from the U.S. Department of Justice dated July 2 requesting documents for its Congo business over compliance with the U.S. Foreign Corrupt Practices Act and rules against money laundering.

The Switzerland-based company, which said documents for Venezuela and Nigeria were also requested, provided few details, although it said it would cooperate with the authorities.

Quebec girl's disappearance: cops tried to lure man

  Quebec girl's disappearance: cops tried to lure man Court documents show Quebec provincial police went to great lengths to lure a man they considered a key suspect in the disappearance of a young girl in 2007. For more than eight years, Cedrika Provencher's face was plastered on posters across the province. There were rumours and claims of sightings, a massive manhunt and heartfelt appeals for information from the family that didn't pan out.

A U . S . demand for documents related to Glencore 's assets in Democratic Republic of Congo (DRC) as part of a corruption Glencore said it had received a subpoena from the U . S . Department of Justice dated July 2 requesting documents for its Congo business over compliance with the U . S . Foreign

After releasing news of the U . S . subpoena, Glencore announced a buyback to bolster its share price, offering a brief bounce. But its shares are now The probes are not expected to lead to production cutbacks, but analysts see risks from Glencore 's exposure to Congo . Glencore mines about a

News of the subpoena led to the biggest one-day drop in the firm's share price for two years. Glencore is now down about 20 percent so far this year, trading around 314 pence on Thursday.

By comparison, shares in London-listed mining rivals Rio Tinto (RIO.L), Anglo American (AAL.L) and BHP (BLT.L) are up between 2 and 9 percent.

Glencore declined to comment when asked about the impact on the share price from the subpoena issue.

Operations in Venezuela and Nigeria are relatively small, but Congo accounts for 26 percent of Glencore's net present value, the second biggest contributor behind Australia, according to BMO Capital Markets.

NPV is the difference between the present or discounted value of cash inflows and outflows over future years and is used as a measure of the profitability of investment in a project.

Source: Uber facing probe into alleged gender discrimination

  Source: Uber facing probe into alleged gender discrimination Uber is facing a U.S. government investigation into allegations that the ride-hailing service set up a pay structure that discriminated against its female workers. The U.S. the Equal Employment Opportunity Commission opened the probe in August 2017, according to a person familiar with the investigation. The person insisted on not being identified because the inquiry is considered confidential.The Wall Street Journal first reported the ongoing investigation.The EEOC declined to comment Monday.

Glencore said it had received a subpoena from the U . S . Department of Justice dated July 2 requesting documents for its Congo business over compliance The Switzerland-based company, which said documents for Venezuela and Nigeria were also requested, provided few details, although it said it

A U . S . demand for documents related to Glencore 's assets in Democratic Republic of Congo (DRC) as part of a corruption probe has rattled investors and is likely to weigh on the miner's performance until there is more clarity on the case.

Congo also contributes $2 billion to Glencore's annual core earnings or EBITDA (earnings before interest, tax, depreciation and amortization), or about 14 percent.

Jefferies analyst Christopher LaFemina said the United States had a reputation for imposing hefty fines on companies found to have violated its laws in dealings abroad, although he said Glencore had not faced any charges.

"Until this matter is resolved, investors are likely to assume Glencore will have to pay a large fine, and Glencore's cost of capital will increase," he said.

Adding to concerns, Britain's Serious Fraud Office (SFO) is preparing to open a formal investigation into Glencore's activities in Congo, Bloomberg reported in May.

The SFO says it will not comment on the issue. Glencore declined to comment.

"Until some clarity is provided around the potential U.S./UK government investigations, it is difficult to see the company fully recovering from relative underperformance," said Investec analyst Hunter Hillcoat.

Microsoft's focus on cloud, partnerships paying off

  Microsoft's focus on cloud, partnerships paying off Microsoft's focus on cloud, partnerships paying offSo when Thyssenkrupp North America needed help predicting when to service its lifts, it turned to Microsoft Corp (MSFT.O), a partnership that illustrates how Microsoft's chief executive, Satya Nadella, has leveraged the cloud to grow its own business.

LONDON, July 12- A U . S . demand for documents related to Glencore 's assets in Democratic Republic of Congo as part of a corruption probe has After releasing news of the U . S . subpoena, Glencore announced a buyback to bolster its share price, offering a brief bounce. But its shares are

By Zandi Shabalala LONDON (Reuters) - A U . S . demand for documents related to Glencore 's assets in Democratic Republic of Congo (DRC) as part of a corruption probe has rattled investors and is likely to weigh on the miner's performance until there is more clarity on the case. Glencore said.

After releasing news of the U.S. subpoena, Glencore announced a buyback to bolster its share price, offering a brief bounce. But its shares are now back near their one-year low.

The buyback would still leave Glencore trailing Rio in terms of shareholder returns, according to the BMO estimate. But it would be ahead of Anglo American and BHP.

(GRAPHIC: Shareholder returns from miners - https://reut.rs/2J74oYq)

The U.S. investigation could be related to Glencore's settling of a mining row with Israeli billionaire Dan Gertler, who has been under U.S. sanctions since last year, some analysts say. The firm agreed to pay royalties in euros.

"Investors are more sensitive to these things these days," said one institutional investor in Glencore, asking not to be identified. "Some will say maybe this is the start of something and it might get worse before it gets better."

Gertler's Ventora Development Sasu had been seeking $695 million in unpaid and future royalties from Mutanda Mining and $2.28 billion from Kamoto Copper Co (KCC), both subsidiaries of Glencore. The Swiss firm disputes the amounts.

IBM gets boost from new businesses, tops estimates

  IBM gets boost from new businesses, tops estimates IBM gets boost from new businesses, tops estimatesLoad Error

Jul.03 -- Glencore Plc tumbled the most in two years after U . S . authorities demanded documents relating to possible corruption and money laundering.

A U . S . demand for documents related to Glencore 's assets in Democratic Republic of Congo (DRC) as part of a corruption probe has Ivan Glasenberg is the CEO of Glencore . Glencore has acquired 3 companies, with the most recent being ALE Combustiveis for an undisclosed amount on Jul 2018.

The probes are not expected to lead to production cutbacks, but analysts see risks from Glencore's exposure to Congo.

Glencore mines about a quarter of the world's cobalt, with most of its output coming from Congo. The metal is a key ingredient for batteries that power electric vehicles.

The company plans to ramp up total production of cobalt, mostly from the Katanga and Mutanda mines, to 39,000 tonnes in 2018 and 65,000 tonnes in 2019, the company said in December.

The miner also produced 1.3 million tonnes in copper in 2017, amounting to about 5 percent of world supplies. About 15 percent of Glencore's copper output comes from Congo.

(GRAPHIC: Glencore versus world cobalt output - https://reut.rs/2L3k5lg)

(Reporting by Zandi Shabalala; Editing by Pratima Desai and Edmund Blair)

Microsoft soars past $800 billion in value after strong earnings .
<p>Shares of Microsoft rose to a record high Friday after the company reported another blockbuster quarter, backed by growth in its legacy software business and Azure cloud computing services.</p><p></p>Load Error

—   Share news in the SOC. Networks
This is interesting!