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Panos Kotseras

US - Wolverine Tube's credit ratings - 0 views

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US Wolverine Tube credit ratings

shared by Panos Kotseras on 26 Mar 09 - No Cached
  • Panos Kotseras on 26 Mar 09
     
    Standard & Poor has announced that it placed credit ratings for Wolverine Tube Inc. on CreditWatch. The decision includes its 'CC' corporate credit rating and 'C' senior unsecured debt. Wolverine Tube announced its decision regarding an exchange offer of senior notes due 2009 for new ones due 2012. Given the current market conditions and the financial position of the company, this decision raises default risk levels. Standard & Poor will monitor the exchange offer.
xxx xxx

Putin's attack on Mechel metal company rattles investors, sends Russian stocks down - I... - 0 views

www.iht.com/...U-Russia-Plummeting-Stocks.php

policy

shared by xxx xxx on 25 Jul 08 - Cached
  • Investors piled out of Russian stocks Friday after the abrupt departure from the country of a foreign oil boss and the prime minister's unexpected severe criticism of a large steel firm. MICEX, the exchange where the bulk of trading in Russian stocks takes place, plunged by 4.8 percent as of 12:20 p.m. Russian time, while the RTS, a top stock index, lost 4.4 percent to drop beneath the critical 2000-point barrier for the first time since March. After Prime Minister Vladimir Putin's scathing attack on Mechel late Thursday, heavy trading in New York sent the steel and coal maker's stock down by nearly 40 percent, losses mirrored Friday morning in Russian trading.
  • xxx xxx on 25 Jul 08
     
    Investors piled out of Russian stocks Friday after the abrupt departure from the country of a foreign oil boss and the prime minister's unexpected severe criticism of a large steel firm. MICEX, the exchange where the bulk of trading in Russian stocks takes place, plunged by 4.8 percent as of 12:20 p.m. Russian time, while the RTS, a top stock index, lost 4.4 percent to drop beneath the critical 2000-point barrier for the first time since March. After Prime Minister Vladimir Putin's scathing attack on Mechel late Thursday, heavy trading in New York sent the steel and coal maker's stock down by nearly 40 percent, losses mirrored Friday morning in Russian trading. The premier criticized the company, which is the largest supplier of coal for steelmakers in Russia, for charging much higher prices for raw materials domestically than it does for its exports, and called for an antitrust investigation into its activities.
Matthew Wonnacott

JP Morgan gets the go ahead for its physically backed copper ETF - 0 views

www.reuters.com/...d-copper-idUSBRE8BG0I820121217

Copper ETF

shared by Matthew Wonnacott on 18 Dec 12 - No Cached
  • Matthew Wonnacott on 18 Dec 12
     
    The Securities and Exchange Commission has approved JPMorgan Chase & Co's plan to launch a physically backed exchange-traded fund for copper in the US. Major end users of copper, including Southwire, Encore Wire, Luvata and AmRod have vigorously opposed the launch of the physically backed ETF. The consumers argue that the removal of 183,000t of copper from the market, 27% of current LME inventories, would have a "devastating" effect on the market by creating tightness in supply. US senator Carl Levin, who is also opposed to the launch of the fund, said that the ETF will "increase copper prices and volatility, and undermine market efforts to produce prices in response to supply and demand by copper users".
Colin Bennett

The London Metal Exchange explained - 0 views

www.metalbulletin.com/...-Metal-Exchange-explained.html

trends copper LME

shared by Colin Bennett on 19 Apr 13 - No Cached
  • and asks a broker to demonstrate and explain some of the hand signals by which business is still carried out on the last open outcry trading floor in Europe.
Colin Bennett

Copper fabricators write again to SEC against physical ETFs - 0 views

www.metalbulletin.com/...SEC-against-physical-ETFs.html

trends Copper ETFs

shared by Colin Bennett on 26 Oct 12 - No Cached
  • A group of copper market participants opposed to the launch of physically-backed exchange-traded funds has written again to the Securities and Exchange Commission reiterating its objections ahead of a Friday December 14 decision on the products by the US regulator, according to a document filed to the SEC
Colin Bennett

Global Trends in Utility Regulation - 0 views

tdworld.com/...lobal-trends-energy-regulation

trends copper regulatory energy utility

shared by Colin Bennett on 21 May 15 - No Cached
  • Colin Bennett on 21 May 15
     
    "Regulatory cooperation at regional, continental and world level is a trend which is set to continue. The International Confederation of Energy Regulators (ICER), which brings together more than 200 regulators from around the world has proved to be a very valuable platform for the exchange of good regulatory practice and facilitating regulatory cooperation. "
Colin Bennett

Copper demand in China - 2 views

www.theglobeandmail.com/...article25627568

trends copper China demand

shared by Colin Bennett on 23 Jul 15 - No Cached
  • Colin Bennett on 23 Jul 15
     
    ""On a fundamental basis, at the moment, the market is still extremely well supplied with material," Matthew Wonnacott, a senior consultant at CRU Group in London, said in a telephone interview. "There's really no reason why anybody should need to withdraw material from an exchange for consumption. Demand in the market is just disappointing this year. It's not just China, in general demand is poor.""
Colin Bennett

Dubai Cable Building First Aluminum Plant as Copper Losing - 0 views

www.bloomberg.com/...uminum-plant-in-abu-dhabi-shaw

trends copper substitution

shared by Colin Bennett on 18 Jun 15 - No Cached
  • Colin Bennett on 18 Jun 15
     
    "Copper is losing about 2 percent a year of demand to less costly materials such as aluminum, or about 500,000 tons, London-based researcher CRU estimates. Aluminum is a third the cost of copper and supplies of aluminum in warehouses monitored by the London Metal Exchange are almost 12 times higher."
xxx xxx

Armed Group Attacks Xstrata's Tampakan Copper Mine-China Mining - 0 views

www.chinamining.org/...1216622184d15424.html

copper mining

shared by xxx xxx on 21 Jul 08 - Cached
  • xxx xxx on 21 Jul 08
     
    Suspected Communist rebels attacked Xstrata Plc's $3 billion Tampakan mine in the Philippines, which may be Southeast Asia's largest untapped copper deposit, according to the military and project partner Indophil Resources NL. The group burned a drill rig and police are investigating, the Melbourne-based company said today in a statement to the Australian stock exchange. No one was injured in the assault, which took place around midnight on July 20, according to the statement, which did not identify the attackers. The rebels, probably from the New People's Army, ``tried to extort money from the owners of the mine, but they declined to pay the so-called revolutionary tax,'' Armand Rico, a military spokesman, said today by phone from Davao City. Insurgent attacks may undermine the Philippines' drive to develop the nation's mining industry to exploit gold, copper and nickel. Indophil, which also reported an attack on Jan. 1, is the subject of takeover bids from Xstrata Plc, which owns 62.5 percent of the mine, and a rival management group.
xxx xxx

UPDATE 6-Copper hits six-month low as confidence crumbles | ETFs | News | Reuters - 0 views

www.reuters.com/...idUSLB72721520080811

copper

shared by xxx xxx on 11 Aug 08 - Cached
  • xxx xxx on 11 Aug 08
     
    LONDON, Aug 11 (Reuters) - Copper prices slid to six-month lows on Monday as a strengthening dollar triggered a sell-off ina market already worrying about weak demand from top consumers China and the United States. Copper for delivery in three months MCU3 hit $7,315 a tonne on the London Metal Exchange, the lowest since early February, before closing at $7,330 down from Friday's $7,410. "The correction that we are seeing is really a reflection ofthe slowdown of the global economy," said Ashok Shah, chief investment officer at London & Capital. He said weakness in industrial production would continue to weigh on metals as demand was seen slowing and as more investors unwound long positions. "I would expect some more speculative money to be exiting."
Colin Bennett

Copper firm halts share trading - 01 Oct 2008 - NZ Herald: New Zealand Business, Market... - 0 views

www.nzherald.co.nz/...article.cfm

copper mining trends

shared by Colin Bennett on 02 Oct 08 - Cached
  • Colin Bennett on 02 Oct 08
     
    Copper miner Tamaya Resources has suspended trading of its shares on the Australian stock exchange and begun discussions with creditors, a month after delivering a A$141.2 million ($168.4 million) half-year loss.
Wade Ren

The end of Bretton Woods 2? - 0 views

blogs.cfr.org/...the-end-of-bretton-woods-2

2008-crisis economics

shared by Wade Ren on 29 Oct 08 - Cached
  • The Bretton Woods 2 system – where China and then the oil-exporters provided (subsidized) financing to the US to sustain their exports – will come close to ending, at least temporarily. If the US and Europe are not importing much, the rest of the world won’t be exporting much.
  • And rather than ending with a whimper, Bretton Woods 2 may end with a bang. In some sense Bretton Woods 2 has been on life support for a while now. China’s recent export growth has depended far more on Europe than on the US. US demand for non-oil imports peaked in 2006. One irony of the past year is that the US was borrowing far more from China that it was buying from China. Campaign rhetoric that the US was paying for Saudi oil with funds borrowed from China isn’t far off – though it leaves out the fact that the US also borrows from Saudi Arabia to pay for Venezuelan, Mexican and Nigerian oil.
  • If Bretton Woods 2 ends in 2009 – if US demand for imports falls sharply in the last part of 2008 and early 2009, bringing the US trade deficit down – it won’t have ended in the way Nouriel and I outlined back in late 2004 and early 2005. We postulated that foreign demand for US debt would dry up – pushing up US Treasury rates and delivering a nasty shock to a housing-centric economy. As Brad DeLong notes, it didn’t quite play out that way. The US and European banking system collapsed before the balance of financial terror collapsed. Dr. DeLong writes: All of us from Lawrence Summers to John Taylor were expecting a very different financial crisis. We were expecting the ‘Balance of Financial Terror’ between Asia and America to collapse and produce chaos. We are not having that financial crisis. Instead we are having a very different financial crisis. Catastrophic failures of risk management throughout the entire banking sector caused a relatively minor collapse in housing prices to freeze up global finance to a degree that has not been seen since the Great Depression. The end result of this crisis though could be rather similar: a sharp contraction in credit, a fall in US economic activity, a fall in US imports and a fall in the amount of foreign financing the US needs.* The US government is (possibly) trying to offset the fall in private demand by borrowing more and spending more — but as of now there is realistic risk that the fall in private activity will trump the fiscal stimulus.
  • ...11 more annotations...
  • Or, to put it more succinctly, Bretton Woods 2, as it evolved, hinged both on the willingness of foreign central banks to take the currency risk associated with lending to the US at low rates in dollars despite the United States large current account deficit AND the willingness of private financial intermediaries to take the credit risk associated with lending at low rates to highly-indebted US households.
  • But now US financial institutions are neither willing nor able to take on the risk of lending even more to US households. For a while the US government was able to ramp up its lending to households (notably through the Agencies) and in the process effectively take over the function previously performed by the private financial system (over the last four quarters, the flow of funds data indicates that the Agencies provided around $800 billion of net credit to US households). But now the US government is struggling to keep the financial system from collapsing. It doesn’t seem like it will able to avoid a sharp fall in the overall availability of credit.
  • It is now clear how the financial sector kept profits up: it took on more risk, as it shifted from borrowing short to buy safe long-term assets (Treasuries and Agencies) to borrowing short to buy risky long-term assets. Leverage in the system also increased (and for some broker dealers that seems to be an understatement), as more and more financial institutions believed that the US had entered into an era of little macroeconomic or financial volatility. The net result seems to have been a truly explosive concentration of risk in the hands of a core set of financial intermediaries in the US and Europe. Securitization – it seems – actually didn’t disperse risk into the hands of institutions able to handle it.
  • I hope that the process of adjustment now underway isn’t as sharp as I fear. The US economy gradually can shift from producing MBS for sale to US investors flush with cash from the sale of safe securities to China and Saudi Arabia to producing goods and services for export – but it cannot shift from churning out complex debt securities to producing goods and services overnight. Indeed, in a slowing US and global economy, improvements in the US deficit will likely come from faster falls in US imports than in US exports – not from ongoing growth in US exports.
  • But right now it looks like there is a real risk that the adjustment won’t be gradual. And it certainly looks like the flow of Chinese (and Gulf) savings to US households over the past few years has produced one of the largest misallocations of global capital in recent history.
  • US taxpayers are going to be hit with a large tab for the credit risk taken on by undercapitalized financial intermediaries. Chinese taxpayers may get hit with a similar tab for the losses their central bank incurred by overpaying for US and European assets as part of its policy of holding its exchange rate down. The TARP is around 5% of US GDP. There are plausible estimates that China’s currency losses will prove to be of comparable magnitude. Charles Dumas puts the cost at above 5% of GDP: “Charles Dumas of Lombard Street Research estimates that China makes 1-2 per cent on its (largely) dollar reserves. It then loses up to 10 per cent on the exchange rate and suffers a Chinese inflation rate of 6 per cent for a total real return in renminbi of about minus 15 per cent. That is a loss of $270bn a year, or a stunning 7-8 per cent of gross domestic product.”
  • Jboss — if some of the Chinese inflow could be redirected into investment in alternative energy, that would indeed be a win/ win. Some infrastructure bank style ideas have promise in my view — basically, the flow that used to go to freddie/ fannie could go to wind farms and the like. I would rather see more adjustment in china (i.e. more investment in Chinese infrastructure) but during the transition, if there is one, to a lower Chinese surplus, redirecting chinese financing toward new energy tech would be offer real benefits.
  • China likes 3rd generation nuclear power. Safe, lower cost than NG or coal, very much lower cost than coal with carbon sequestering, and zero carbon footprint. Wind is about 4X more expensive than our electric costs now. That’s in an area with consistent wind. Solar is worse. I don’t know if we can sucker them into investing in our technical fairy tales. Here’s a easy primer on 3rd gen nukes. http://nuclearinfo.net/Nuclearpower/WebHomeCostOfNuclearPower
    • Wade Ren
      Wade Ren on 29 Oct 08
       
      is this true?
  • btw, solar thermal installations are so easy & affordable to retrofit onto existing structures, it’s amazing that there aren’t more of them here…until you realize that they work to decentralize energy. cedric — china is already doing it in china. they are way ahead of the curve over there. my partner brought back some photos of shanghai — rows of middle class homes each with a small solar panel on top. and that’s just the tip of the iceberg — an architect friend just came back from beijing and wants to move to china (he’s into designing self-powering structures and is incredibly frustrated by the bureaucracy and cost-prohibitive measures in the US).
  • I went to engineering school right after the Arab Oil Embargo, and alternative energy was a hot topic then. All the same stuff you hear of nowadays. They even offered entire courses on it , which I took. Then my first mini career was in the power plant biz, before Volker killed it with interest rates and the Saudies killed any interest in alt. energy with their big oil field discovery. For the last 5 years I’ve been researching what’s changed, and it is frighteningly little. Solar cells are still expensive and only have a 15% conversion efficiency. They developed the new cost reduced film technology, but that knocks down efficiency to 7%. Wind power works where there is wind constantly. Generators are mature technology and are already 90 some percent efficient. Geothermal, tidal, ect. work where they are available. Looks like coal gasification and synfuel is out because it makes too much CO2. Good news is 3rd gen nuclear is way better than 1st gen plants. Hybrid cars are good, and battery technology is finally getting barely good enough for all electric cars to be practical.
  • According to news report today, Japan’s trade surplus is less than 1 billion $ in September 08, a whopping 94% decrease compared to September 07. Does it imply that going forward Japan can not buy as much treasury as before?
Colin Bennett

BT's plan for quicker connection | Technology | The Guardian - 0 views

www.guardian.co.uk/...telecoms.broadbandspeeds

shared by Colin Bennett on 17 Apr 08 - Cached
  • Colin Bennett on 17 Apr 08
     
    From the end of this month, BT will start upgrading its exchange to provide broadband connections running at up to 24 megabits per second - three times the present limit of 8Mbps - thanks to a technology called ADSL2+, which transmits the data signal down the line on a carrier frequency twice as high as the present ADSL2.
Susanna Keung

Standard and Poor Announced Wolverine Tube's Credit Rating - 0 views

www.wlv.com

Wolverine credit rating

shared by Susanna Keung on 03 Mar 09 - Cached
  • Susanna Keung on 03 Mar 09
     
    Standard & Poor has announced that it placed credit ratings for Wolverine Tube Inc. on CreditWatch. The decision includes its 'CC' corporate credit rating and 'C' senior unsecured debt. Wolverine Tube announced its decision regarding an exchange offer of senior notes due 2009 for new ones due 2012. Given the current market conditions and the financial position of the company, this decision raises default risk levels. Standard & Poor will monitor the exchange offer.
Susanna Keung

UAE - Vedanta plans 100,000t copper rod plant in Fujairah - 0 views

www.business24-7.ae/...e76a34422ab42f62d39fd75b7.aspx

copper rod vedanta middle east power grid

shared by Susanna Keung on 20 May 09 - Cached
  • Susanna Keung on 20 May 09
     
    The London Stock Exchange listed Indian company, Vedanta, will build a US$15M (Dh55M) continuous copper rod plant with annual capacity of 100,000 tonnes in Fujairah, UAE, which will be operational by December to capture the strong demand from regional infrastructure projects. Copper rods manufactured by the plant will be used in cables for power grids for the region and the company is expecting more demand coming from not only the UAE and the GCC but the whole Middle East.
Panos Kotseras

UK - LME introduces Asian Benchmark reference prices - 0 views

www.lme.com/...11388.asp

LME copper Asian prices

shared by Panos Kotseras on 25 Jan 11 - No Cached
  • Panos Kotseras on 25 Jan 11
     
    The London Metal Exchange (LME) announced that it launched new Asian Benchmark reference prices for LME copper, LME aluminium, and LME zinc. The exchange said that new unofficial three month futures prices for the above contracts will be published at the end of the Asian trading day. As published on 24th January 2011, the first LME copper Asian Benchmark price was US$9,550.00/t. The LME attributed the introduction of the new benchmark prices to the increasing futures trading volume on LMEselect, the exchange's electronic trading platform, during Asian time zones. It is expected that the new reference prices will provide a transparent view of the sentiment across Asian key metal and financial markets.
Colin Bennett

Rio, BHP very close to develop U.S. largest copper mine - 0 views

www.mining.com/-u-s-largest-copper-mine-32001

trends copper mining Rio Tinto BHPB

shared by Colin Bennett on 05 Dec 14 - No Cached
  • Colin Bennett on 05 Dec 14
     
    "According to Arizona Republic the bill -set to be passed before the end of the year- would allow Rio to acquire 2,400 acres of the federally protected Tonto National Forest in southeast Arizona in exchange for 5,000 acres in parcels scattered around the state."
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