China has decided to layoff millions of workers from 'zombie enterprises' in the next two to three years. For relocating retrenched workers, the government will spend Yuan 100 billion ($15.27 billion). China's economy is suffering from industrial overcapacity and pollution levels.
Israel is witnessing an increasing number of new venture capital (VC) firms coming up. The country registered an inflow of $665 million VC funding during the first two months of the year. Unfazed with the recent market crash, the funds inflows continue for Israel startups.
China has unveiled a series of new initiatives to push its economy growth rate. The government is keen on meeting the increasing demand in small and medium-sized homes. Another set of new rules for accelerating reforms at state-owned enterprises will be announced soon.
Industrial overcapacity in China may have adverse impact on the domestic market and global economy. A number of new units came up owing to easily available loans and government subsidies in the world's second largest economy. A latest report calls for more radical measures including greater privatization to streamline the Chinese domestic industry.
The renewed signs of prospects in China's steel industry propelled the copper prices move up on Monday to the highest in two weeks. Investors also reacted positively to the China's securities regulator head's resignation. Copper prices rose in four of five weeks.
Japan's exports were badly hit by the steep drop in steel prices and other commodities. The world's third largest economy's exports fell 12.9 percent on the year in January to Yen 5.35 trillion ($47.12 billion), while the imports also fell 18 percent.
Anglo American Plc suffered a pre-tax loss of $5.5 billion (£3.8bln) for 2015 year. The 2015 loss was more than twice the loss incurred in 2014. As part of its future strategy, Anglo American is planning to shift its focus to copper, platinum and diamonds.
Iluka Resources said it will cease production in zircon operation at Jacinth-Ambrosia project in South Australia following fall in zircon prices. The company's decision will positively impact the global market.
Over the recent weeks, Canada has been seen quietly disposing of its gold reserves, so much that the reserves now stand at 0.62 tons. The decision to sell the yellow metal is said to be issued straight from the Finance Minister, Bill Morneau's office.
Amplats revealed a shocking 86% loss in its 2015 earnings report. The world's largest metal producer is facing a grim situation of reduced capital expenditure, mine closure, employment cutbacks, and shelving of projects.
The leading steel company, ArcelorMittal, has no option but to raise money to pay off its huge debts. The company has resorted to issuing shares and selling off its minority stake in Gestamp, the Spanish auto-parts manufacturing company. The decision should fetch Lakshmi Mittal almost $4 billion - $3 billion from share issue and $1 billion from Gestamp - and reduce the debt burden to some extent.
The loss is combined from its corporate service unit and its three refineries. The total annual loss was consistent with the company's continuing monthly loss over the past year. Nigeria, as Africa's biggest economy and largest oil producer, has been greatly suffered the oil prices fall.
The gold buying demand from China is surging from last December onwards owing investors' priority to safe haven assets. The sluggish stock markets, weaker currency and lower global prices are prime reasons for the rising demand for the yellow metal. The consumption rose 3.7 percent to 985.9 metric tons in 2015.
Alrosa PJSC has recorded 45 percent growth in sales for the fourth quarter of 2015. The rebound in the global diamonds market helped Alrosa post encouraging performance. The diamonds prices in the global market fell over 18 percent in 2015.
Anglo American's copper production and from retained operations rose 23 percent for the fourth quarter of 2015. The overall copper equivalent basis production for 2015 rose five percent when compared with 2014. Majority of metals including copper, coal, nickel and iron ore tumbled during the second half of 2015. The copper inventory of Anglo American was at 197,631 tons as on 2015.
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