The Zimbabwe government will now take control all of the mining fields in the country as the state is being robbed of its wealth. Billions of dollars have been stolen from the nation's treasure chest because of smuggling and swinding according to President Mugabe.
The Institute for Supply Management (ISM) announced on Thursday that service sectors in U.S. is expanding modestly. However, the sectors fared better than manufacturing in February 2016.
Led by energy and banking stocks, equities on Wall Street surged after the latest data buoyed investor confidence. Crude oil price was nearing $35 per barrel. Wall Street is waiting for jobs data to be released on Friday.
After United Technologies refused its $90.7 billion offer, Honeywell announced on Tuesday to stop its effort in acquiring its rival company. United Technologies refused the offer because of regulatory concern.
China is working on a new financial super-regulator mechanism to take care of banking, securities and insurance segments under one umbrella. Recent turmoil in the financial markets are driving the Chinese government to revamp financial monitoring mechanism.
With the release of the yearly budget many are hopeful that their lives will change for the better especially for those who live in the rural areas. The allocated budget focuses mainly on the agrarian sector, health and social and infrastructures that could help alleviate sufferings and give comfort for the less fortunate.
Fortescue Metals reported a 4% decline in its first six-month net profit owing mainly to the fall in commodity prices. The company has declared an interim dividend of A$0.03 (fully franked).
Shares of BHP Billiton, a mining and petroleum firm in Melbourne, started chasing oil prices very closely as they entered into the horrible downturn period in the oil industry. Analysts expect the miner to rally by nearly 50% in the coming months.
The 27th largest diamond in the world was just discovered in Angola. The spectacular diamond has been estimated to worth $20 million Australia or $14.3 million USD. The diamond was found under an Australian company in partnership with some Angola's companies.
Reliance Infrastructure Ltd has sold Reliance Cement Company Pvt. Ltd to Birla Corporation for Rs. 4,800 crore. Anil Ambani's Reliance has made this decision to cut down the debts the company has accumulated over the years that range between Rs 20,000 and 25,000 crore.
Reports show that 73 percent women were joining the workforce in 2014, compared to 63 percent in 2005. The rise has also pulled the overall employment rates up for Germany at 78 percent. German's employment rate is growing faster than any other EU country, although the record remains to be held by Sweden.
The U.S. Air Force said Boeing would build the planes to replace the two outdated model of Boeing VC-25 airplanes used by the U.S President. Boeing was the sole bidder, and the initial $25.8 million contract to reduce risk and lower the cost of the program by looking at the tradeoff between the requirements and design of the new plane.
Brazil, the world's number one coffee grower and exporter, has been hit by El Nino from last year, affecting the coffee crops and harvests. The weather has affected prices expectations and investors moves, as demand rise and supply declines. Coffee bean prices rise has been seen in Brazil.
Boeing has announced reducing production during 2016. The news has caused US Aerospace Share prices to go down by 9% on Wednesday, which has regained a little on Thursday. The production cut is not due to tattering financial condition of the aircraft manufacturer, but it is related to a transforming strategy. Still the manufacturer holds orders for delivery of around 6,000 aircraft, which represents a different tale.
South African largest iron ore producer Kumba cuts as many as 3900 miners after prices plunged. Kumba decided to restructure the Sishen mines to become a low cost pit configuration and as a result, about 2,633 employees of Kumba and 1,300 contractors will be affected.