Hong Kong stocks rose, with the city’s benchmark index advancing from its biggest weekly slump in two months, after plunging U.S. home sales tempered expectations the Federal Reserve will cut stimulus in September.
Gold traders are the most bearish in nine weeks after Federal Reserve policy makers backed plans to taper stimulus if the economy strengthens, eclipsing a surge in demand for physical metal that drove prices to a two-month high.
Strikes that have shut plants owned by Toyota Motor Corp. and General Motors Co. in South Africa may spread to gold mines and construction companies, threatening more than 10 percent of the economy’s output.
Five years after standing on the brink of electoral defeat, Zimbabwean President Robert Mugabe was inaugurated to extend his 33-year rule with renewed power at home and acceptance from neighboring countries.
Glencore Xstrata Plc Chief Executive Officer Ivan Glasenberg said mining-industry peers are responding to his call to restrain spending and shelve expansions in a bid to buoy prices and boost investor returns.
Acquisitions by China’s gold mining companies reached a record this year as the metal’s steepest quarterly drop in more than nine decades slashes mine values and sidelines Western competitors laden with debt.
Glencore Xstrata Plc’s first-half profit slid 39 percent and the world’s biggest exporter of power station coal wrote down the value of assets acquired in the Xstrata Plc takeover three months ago by $7.7 billion.
Since starting work at the Esperanza copper mine in northern Chile two years ago, Erick Moreno has tripled his salary and is preparing to buy his first home. The pay, he says, is so good that he’d never take a job elsewhere.