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Gold eyes $2,000 mark in speedy record-breaking run

LONDON/BENGALURU (Reuters) – Gold’s record rally is moving tantalisingly close to the psychologically key $2,000 level, powered by investors seeking cover from COVID-19’s global economic toll, as reflected in dollar weakness, faltering stocks and U.S.-China tr... More »

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BMW to offer fully electric 5-series in emissions push

FRANKFURT (Reuters) – BMW (BMWG.DE) will offer a fully electric 5-series as part of sweeping product overhaul unveiled on Monday as the German carmaker seeks to lower vehicle emissions during production and on the road. “In ten years, the goal is to have a tot... More »

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Thyssenkrupp CEO: No taboos in steel consolidation plans

FRANKFURT/DUESSELDORF (Reuters) – Thyssenkrupp’s CEO on Tuesday said there were no taboos in plans to consolidate its steel unit, marking a break with tradition under which the business had been sacrosanct for centuries. “Nothing is off-limits anymore,” Martin... More »

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Swiss gold refineries reopen as virus lockdown eases

LONDON (Reuters) – Two of the world’s biggest gold refiners, Valcambi and Argor-Heraeus, said on Monday they were restoring close to full operations after Swiss authorities relaxed coronavirus lockdown measures. The decisions end six weeks of partial or full c... More »

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UK car sector slashes 2020 sales forecast by 23% due to coronavirus

LONDON (Reuters) – A group representing Britain’s car industry cut its sales forecast for this year by 23% to 1.73 million vehicles because of the impact of the coronavirus crisis. The figure represented a 25% fall from the number of new car registrations in 2... More »

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White House not considering three-month tariff deferral: Navarro

(Reuters) – The White House’s top trade advisor denied on Tuesday that the Trump administration was considering a three-month deferral of tariff payments on imported goods to ease the pain of the economic shutdown caused by the coronavirus pandemic. Industry g... More »

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Anglo American says to reschedule work at mines to contain virus

LONDON (Reuters) – Anglo American said on Friday it would reschedule work at mines in countries such as Chile to contain the spread of coronavirus but added there had been no material disruption on production. The virus, which has claimed over 10,000 lives glo... More »

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Small miners hungry for fresh capital despite rampant EV enthusiasm

TORONTO – Small miners hoping to take advantage of demand for battery metals are struggling to convert electric vehicle aficionados into investors, compounding the sector’s funding constraints even as analysts predict a long-term shortage of the raw materials ... More »

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Apple pushes recycling of iPhone with ‘Daisy’ robot

AUSTIN, Texas (Reuters) – Apple Inc APPL.O is trying to change the way electronics are recycled with a robot that disassembles its iPhone so that minerals can be recovered and reused, while acknowledging rising global demand for electronics means new mines wil... More »

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Burst of social unrest tests emerging market risk models

LONDON (Reuters) – A wave of social unrest across developing countries this year has caught many investors off-guard and is challenging models designed to gauge political risk for investors, prompting some to pull money out. That has led to worries that a with... More »

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Volvo, Geely to merge combustion engine operations

FRANKFURT (Reuters) – Volvo Cars will merge its engine development and manufacturing assets with those of parent Geely, creating a division to supply in-house brands Lotus, LEVC, Lynk and Proton, and also potential rivals with next-generation combustion and hy... More »

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At Harvard B-School, lessons for impact investors

NEW YORK (Reuters) – Harvard Business School is known for guiding the next generation of financial leaders through compelling case studies in management, innovation and global intelligence. Now the curriculum includes impact investing, which incorporates posit... More »

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G7 leaders near deal to provide $20 million to tackle Amazon fires

BIARRITZ, France (Reuters) – The leaders of the group of seven nations are close to agreeing a deal to provide $20 million in emergency help to stop the Amazon forest fires, a French presidential source said. “The reality is that for the emergency aid they esp... More »

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WHO says no new Ebola cases in Goma, vaccinates over 1,300

GOMA (Reuters) – The World Health Organization said it has vaccinated over 1,300 people who potentially came into contact with the Ebola virus in the Congolese city of Goma, helping contain what many feared would be a rapid spread in an urban center. A year-lo... More »

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Japan to tighten tech material exports to South Korea in wartime…

TOKYO/SEOUL (Reuters) – Japan will tighten curbs on exports of high-tech materials used in smartphone displays and chips to South Korea amid a growing dispute over South Koreans forced to work for Japanese firms during World War Two, the industry ministry said... More »

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Japan to tighten export rules for high-tech materials to South…

TOKYO (Reuters) – Japan plans to tighten restrictions on the export of high-tech material used in smartphones and chips to South Korea from July 4 in connection with a dispute over a South Korean ruling on war-time forced labor, the Sankei newspaper reported o... More »

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China May crude oil imports drop after April record

SINGAPORE/BEIJING (Reuters) – China’s crude oil imports slipped 8% in May from an all-time peak hit the month before, customs data showed, as the world’s top importer of the commodity curbed shipments from Iran amid tightening U.S. sanctions on that country. C... More »

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Gold miners must focus on returns, mergers to attract investment:…

LONDON (Reuters) – Gold miners must focus on maximizing returns and more mergers to attract investors seeking to diversify after years of under-investing in mines, Barrick Gold’s chief executive said on Wednesday. “The industry is in decline and we have put ou... More »

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New NAFTA deal ‘in trouble’, bruised by elections, tariff rows

MEXICO CITY/OTTAWA (Reuters) – More than six months after the United States, Mexico and Canada agreed a new deal to govern more than $1 trillion in regional trade, the chances of the countries ratifying the pact this year are receding. The three countries stru... More »

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Russia wants to join Luxembourg in space mining

LUXEMBOURG (Reuters) – Russia, a leading producer of natural resources, plans to join Luxembourg in mining for minerals in outer space, Russian Deputy Prime Minister Tatyana Golikova said on Wednesday. Space mining has been the realm of science fiction, but a ... More »

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Tesla to unveil Model Y on March 14, says Musk

(Reuters) – Tesla Inc will unveil its Model Y on March 14 at an event in LA Design Studio, Chief Executive Elon Musk said on Sunday. “Model Y, being an SUV, is about 10 percent bigger than Model 3, so will cost about 10 percent more & have slightly less range ... More »

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African nations sense upper hand in minerals stand-off

CAPE TOWN (Reuters) – African nations with rich reserves of copper and cobalt needed for the shift to electric vehicles sense they have the upper hand in negotiations with mining companies that are struggling to secure better terms. Days of talks at the Mining... More »

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ArcelorMittal says Brazil town evacuated after more rigid dam…

SAO PAULO (Reuters) – Miner ArcelorMittal said in a written statement on Friday that it evacuated a Brazilian town of about 200 inhabitants near one of its dams in Minas Gerais state after conducting more rigorous inspections of the structure. The company’s de... More »

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New dam disaster puts Vale CEO, deals and dividends under scrutiny

SAO PAULO (Reuters) – When Fabio Schvartsman took the reins of Vale SA in 2017, he suggested a motto for the world’s largest iron miner, turning the page on a tailings dam disaster that hit a small Brazilian town two years before: “Mariana, never again.” That ... More »

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U.S. lifts sanctions on Rusal, other firms linked to Russia’s…

WASHINGTON (Reuters) – U.S. President Donald Trump’s administration on Sunday lifted sanctions on aluminum giant Rusal and other Russian firms linked to oligarch Oleg Deripaska, defying a Democratic-led push in the U.S. Congress to maintain the restrictions. E... More »

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Carmaker Rolls-Royce urges May to avoid a hard Brexit

LONDON (Reuters) – Carmaker Rolls-Royce called on the British government to avoid a disorderly Brexit and said it was building up some stock, expanding warehouse capacity and training suppliers for customs changes in case Britain leaves the EU without a deal. ... More »

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Japan demands talks over Korean court’s Nippon Steel decision

TOKYO (Reuters) – Japan on Wednesday demanded talks with South Korea over a Korean court compensation award against a Japanese company for using forced laborers during World War Two, saying all such claims were settled decades ago. Ties between the Asian neigh... More »

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Congo opposition leader Fayulu takes clear lead for Sunday election

KINSHASA (Reuters) – Opposition candidate Martin Fayulu is the clear favorite to win Democratic Republic of Congo’s long-delayed election on Sunday, a poll showed on Friday, though the outcome remains uncertain after voting was canceled in several opposition s... More »

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Factbox: Past Nasdaq bear markets lasted long and cut deep

(Reuters) – Get ready for a long and ugly ride. On Friday, the Nasdaq Composite .IXIC closed almost 22 percent below its record high daily close on Aug. 29, signaling a nearly nine-and-a-half year bull market run for the index ended in late summer. That cumula... More »

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Glencore appoints new industrial mining chief, copper marketing…

LONDON (Reuters) – Glencore (GLEN.L) has appointed Peter Freyberg to the newly created role of head of industrial mining, the global trader and miner said on Monday, while its head of copper marketing Telis Mistakidis retires at the end of the year. The London... More »

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Tesla shares drop on report that it asked suppliers for refunds

(Reuters) – Shares of Tesla Inc (TSLA.O) fell more than 4 percent in trading before the bell on Monday, after a report that the electric car maker has turned to some suppliers for a refund of previously made payments in a bid to turn a profit. Tesla has asked ... More »

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Tesla to open plant in Shanghai with annual capacity of 500,000…

SHANGHAI (Reuters) – Tesla Inc on Tuesday signed agreements with Shanghai authorities that will allow it to open a plant in the Chinese city with an annual capacity of 500,000 cars, local media reported. The U.S. carmaker signed agreements with the Shanghai mu... More »

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Russia raises duties on U.S. goods in response to trade restrictions

MOSCOW (Reuters) – Russian Prime Minister Dmitry Medvedev has signed a decision imposing extra duties of 25-40 percent on some imports from the United States in response to Washington’s tariff move, the Russian economy ministry said on Friday. The extra duties... More »

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BMW not considering moving production out of Britain over Brexit:…

LONDON (Reuters) – BMW (BMWG.DE) is not considering moving production out of Britain because of uncertainty connected to Brexit, the company’s special representative in Britain said on Tuesday. When asked by a reporter at a conference whether the German car ma... More »

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As investment stalls, auto industry warns PM May: Avert a Brexit…

LONDON (Reuters) – Uncertainty over Brexit has halved new investment in the British car industry and Prime Minister Theresa May should urgently change tack and keep the world’s fifth largest economy in the EU’s customs union, the country’s main car lobby group... More »

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Motor racing – Volkswagen electric car sets Pikes Peak record

(Reuters) – Volkswagen has shown off the sporty side of its electric technology by setting an all-time record in the annual Pikes Peak International Hill Climb in Colorado. Former Le Mans winner Romain Dumas took the I.D. R Pikes Peak prototype up in a time of... More »

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Businesses turn up heat on Mexican government over crime surge

MEXICO CITY (Reuters) – Mexican business leaders called out the government on Monday over a recent wave of criminal activity that has terrorized large swaths of Latin America’s second-largest economy and led some prominent firms to cut back operations. Two of ... More »

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Canada initiates dumping inquiry into steel imports from China,…

(Reuters) – The Canadian International Trade Tribunal (CITT) said on Monday it has initiated a preliminary dumping inquiry into steel imported from China, South Korea and Vietnam. The tribunal will investigate whether the alleged dumping and subsidizing of “co... More »

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EU trade chief to meet U.S. peers Ross, Lighthizer in Paris on…

BRUSSELS (Reuters) – Europe’s top trade official Cecilia Malmstrom will meet U.S. counterparts Wilbur Ross and Robert Lighthizer in Paris on Wednesday, two days before a temporary reprieve from U.S. steel and aluminum tariffs is due to expire. “A bilateral mee... More »

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HSBC boosts investments in growth push, unveils $2 billion share…

HONG KONG/LONDON (Reuters) – HSBC Holdings PLC’s (HSBA.L) new chief executive sought to cheer investors with a share buyback of up to $2 billion, even as the bank reported on Friday an unexpected 4 percent drop in first-quarter pre-tax profit due to a surge in... More »

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China vows to open up more futures markets as iron ore goes…

DALIAN/MANILA (Reuters) – China plans to open more of its futures contracts to foreign investors, a senior official said on Friday, as Beijing launched its “internationalised” iron ore contract as part of a bid to boost its sway over pricing of major commodity... More »

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South Africa miners reach $400 million silicosis settlement with…

JOHANNESBURG (Reuters) – South African gold producers agreed a 5 billion rand ($400 million) class action settlement on Thursday with law firms representing thousands of miners who contracted the fatal lung diseases silicosis and tuberculosis, officials said o... More »

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No risk of NAFTA termination despite Trump’s bravado: economists

BRASILIA/MEXICO CITY (Reuters) – U.S. President Donald Trump’s threats to scrap the North American Free Trade Agreement (NAFTA) will soon be a distant memory, likely to be supplanted by only slight changes to the 24-year-old pact, a Reuters poll of economists ... More »

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India would file dispute with WTO if U.S. rejects exemption on…

NEW DELHI (Reuters) – India would lodge a trade dispute against the United States at the World Trade Organisation if Washington does not grant it exemptions from higher tariffs on steel and aluminum, three government officials involved in trade talks told Reut... More »

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Trade war backfire: Steel tariff shrapnel hits U.S. farmers

KANE COUNTY, Ill. (Reuters) – Lucas Strom, who runs a century-old family farm in rural Illinois, canceled an order to buy a new $71,000 grain storage bin last month – after the seller raised the price 5 percent in a day. The reason: steel prices jumped right a... More »

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Actions taken on Russian firms by market institutions after new…

LONDON (Reuters) – Banks, index providers and dealing platforms are trying to distance themselves from a group of Russian companies targeted by the latest U.S Treasury Department sanctions. The measures give U.S. investors until May 7 to divest any stocks, bon... More »

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Activist investor Barington nominates two directors at Xerium

BOSTON (Reuters) – Activist investor Barington Capital Group LP has launched a fight for two board seats at machine industry company Xerium Technologies Inc., according to a regulatory filing made on Thursday. The New York-based hedge fund, which owns 5.05 per... More »

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Chinese aviation buff builds full-scale Airbus replica

KAIYUAN, China (Reuters) – A man in northeastern China who always wanted to own an aircraft is doing the next best thing: building a full-scale replica of an Airbus A320 jet. Zhu Yue, an aviation buff who worked as a welder and an auto mechanic, spent months s... More »

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Russian billionaire Potanin buys 2 percent of Nornickel from…

MOSCOW (Reuters) – Russian billionaire Vladimir Potanin’s Interros Holding said it had completed the purchase from businessman Roman Abramovich of a 2 percent stake in Norilsk Nickel, which has been the subject of a legal battle. Abramovich struck a provisiona... More »

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Toolbox trade wars: How a sure winner in U.S. dispute has yet to…

The glass entranceway to Metal Box InternationalÕs toolbox factory is seen in Franklin Park, Illinois, U.S., February 21, 2018. Picture taken February 21, 2018. REUTERS/Timothy Aeppel FRANKLIN PARK, Ill. (Reuters) – Nestled in an industrial park near the end o... More »

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South Africa gold miners’ silicosis lawsuit settlement expected…

FILE PHOTO: Former gold miner Senzele Silewise, 81, talks to paralegals in Bizana in South Africa’s impoverished Eastern Cape province March 7, 2012. Silewise worked underground in the country’s gold mines for 44 years before being diagnosed with silicosis. RE... More »

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Trump trade adviser sees business exemptions for new tariffs

U.S. President Donald Trump listens to reporters as walks with first lady Melania Trump on South Lawn of the White House upon their return to Washington, U.S., from Palm Beach, Florida, March 3, 2018. REUTERS/Yuri Gripas WASHINGTON (Reuters) – A top trade advi... More »

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Key U.S. lawmaker urges steel tariff exemptions for NAFTA allies

FILE PHOTO: Rep. Kevin Brady (R-TX), Chairman of the House Ways and Means Committee, arrives for a Republican conference meeting at the U.S. Capitol in Washington, U.S., December 20, 2017. REUTERS/Aaron P. Bernstein MEXICO CITY (Reuters) – An influential U.S. ... More »

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UK PM May tells Trump of ‘deep concern’ over metals tariffs

Britain’s Prime Minister Theresa May talks to Andrew Marr for the Marr Show on BBC television in London, Britain March 2, 2018. Picture taken March 2, 2018. Jeff Overs/BBC/Handout via REUTERS LONDON (Reuters) – British Prime Minister Theresa May told U.S. Pres... More »

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As NAFTA weighs, Trump’s tariffs drive new U.S. auto concerns

U.S. President Donald Trump waves upon his arrival in West Palm Beach, Florida, U.S., March 2, 2018. REUTERS/Kevin Lamarque MEXICO CITY (Reuters) – From a hotel in Mexico City, Ann Wilson, a senior executive at the U.S. Motor and Equipment Manufacturers Associ... More »

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NAFTA talks on autos eyed for next week: Mexico negotiator

Mexico’s chief negotiator Kenneth Smith speaks to journalists at the hotel where the seventh round of NAFTA talks takes place, in Mexico City, Mexico March 2, 2018. REUTERS/Edgard Garrido MEXICO CITY (Reuters) – U.S., Mexican and Canadian trade experts leading... More »

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Businesses try to coax Trump from tariffs brink, aides quarrel

U.S. President Donald Trump holds a meeting where he announced that the United States will impose tariffs of 25 percent on steel imports and 10 percent on imported aluminum at the White House in Washington, U.S., March 1, 2018. REUTERS/Kevin Lamarque WASHINGTO... More »

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The financial impact of Trump’s tariffs on steel and aluminum

DETROIT (Reuters) – If U.S. President Donald Trump goes ahead with sweeping tariffs on steel and aluminum imports, it could lower profits for companies making everything from pickup trucks to canned soup, or result in higher prices for consumers. Trump has thr... More »

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Asia fears trade war after Trump plans hefty steel, aluminum tariffs

FILE PHOTO: Steel pipes for sale are displayed at a shop in the Mullae-dong steel product district in Seoul July 13, 2010. REUTERS/Jo Yong-Hak/File Photo SEOUL/SYDNEY (Reuters) – U.S. President Donald Trump’s planned tariffs on steel and aluminum will distort ... More »

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Rio Tinto’s Mozambique woes mount as Australian watchdog takes…

FILE PHOTO: The Rio Tinto mining company’s logo is photographed at their annual general meeting in Sydney, Australia, May 4, 2017. REUTERS/Jason Reed/File Photo MELBOURNE (Reuters) – Australia’s corporate watchdog said on Friday it has launched court action ag... More »

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Trump’s steel shock drives wedge into sluggish NAFTA talks

U.S. Chief Negotiator John Melle smiles at the hotel where the seventh round of NAFTA talks takes place, in Mexico City, Mexico, March 1, 2018. REUTERS/Edgard Garrido MEXICO CITY (Reuters) – Negotiators trying to rework the NAFTA trade deal on Thursday were hi... More »

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U.S. aluminum premiums hit near three-year high after U.S. flags…

A partially assembled Chevrolet 2017 Sonic is seen on the assembly line at GM’s Orion Assembly plant in Orion, Michigan, U.S., June13, 2017. REUTERS/Rebecca Cook MELBOURNE (Reuters) – Premiums for aluminum metal in the United States spiked to the highest in al... More »

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U.S. energy industry slams Trump’s ‘job-killing’ steel tariffs

FILE PHOTO: Steel pipes for sale are displayed at a shop in the Mullae-dong steel product district in Seoul July 13, 2010. REUTERS/Jo Yong-Hak/File Photo HOUSTON/WASHINGTON (Reuters) – The U.S. oil and gas industry on Thursday slammed President Donald Trump’s ... More »

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Unhappy Canada vows to retaliate against any U.S. steel tariffs

FILE PHOTO: Canadian Foreign Minister Chrystia Freeland gives a speech during a joint news conference with Mexican Foreign Minister Luis Videgaray and U.S. Secretary of State Rex Tillerson in Mexico City, Mexico February 2, 2018. REUTERS/Henry Romero OTTAWA (R... More »

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U.S. steel, aluminum stocks up on Trump’s tariffs, but other…

A partially assembled Chevrolet 2017 Sonic is seen on the assembly line at GM’s Orion Assembly plant in Orion, Michigan, U.S., June13, 2017. REUTERS/Rebecca Cook (Reuters) – Stock prices of U.S. steel and aluminum makers rose on Thursday after President Donald... More »

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Spooked by Trump tariffs, investors see few good options

FILE PHOTO: A trader walks the floor of the New York Stock Exchange in New York, U.S., February 6, 2018. REUTERS/Brendan Mcdermid SAN FRANCISCO (Reuters) – The specter of a trade war started by U.S. President Donald Trump rattled Wall Street on Thursday and ex... More »

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China puts responsibility for battery recycling on makers of…

FILE PHOTO: Batteries for electric vehicles are manufactured at a factory in Dongguan, China on September 20, 2017. REUTERS/Bobby Yip/File Photo SHANGHAI (Reuters) – China will make manufacturers of electric vehicles (EV) responsible for setting up facilities ... More »

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Nippon Steel worries about U.S. trade action, yen’s surge

FILE PHOTO: A logo of Nippon Steel & Sumitomo Metal Corp is pictured outside its headquarters in Tokyo November 9, 2012. REUTERS/Yuriko Nakao/File Photo TOKYO (Reuters) – Nippon Steel & Sumitomo Metal Corp (5401.T), Japan’s biggest steelmaker, is worried that ... More »

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As mining investors push caution, Glencore differs from rivals

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo TORONTO/MELBOURNE (Reuters) – As shareholders push the world’s cash-rich miners to ... More »

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Ford revs up large SUV production to boost margins, challenge GM

A Ford worker inspects paint work on the body of a Ford Expedition SUV at FordÕs Kentucky Truck Plant as the No. 2 U.S. automaker ramps up production of two large SUV models in Louisville, Kentucky, U.S., February 9, 2018. REUTERS/Nick Carey LOUISVILLE (Reuter... More »

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Israeli archaeologists unearth 1,800-year-old mosaic

A decoration of a figure is seen on a mosaic floor which archaeologists say is 1,800 years old and was unearthed during an Israel Antiquities Authority excavation in Caesarea, Israel February 8, 2018. REUTERS/Nir Elias CAESAREA, Israel (Reuters) – A 1,800-year... More »

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German car production stalled by 24-hour strikes

BMW workers during a 24-hour strike by German industrial trade union IG Metall in Berlin, Germany, February 2, 2018. Placard reads “6% more, we find fair”. REUTERS/Christian Mang FRANKFURT (Reuters) – Car factories across Germany were at a standstill on Friday... More »

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Blockchain to track Congo’s cobalt from mine to mobile

FILE PHOTO: Part of Tilwizembe, a former industrial copper-cobalt mine now occupied by artisanal miners, is seen outside Kolwezi, the capital city of Lualaba Province in the south of Democratic Republic of Congo, June 11, 2016. REUTERS/Aaron Ross/File Photo LO... More »