thamerpic The governments of Canada and Quebec are said to be pushing to save the country’s only copper smelter after Glencore ( GLNCY ) ( GLCNF ) threatened to shut it down over new pollution-control requirements. The Horne Smelter, about 390 miles northwest of Montreal, is one of small number of facilities in North America that can process copper concentrate and recyclable materials such as elec...
thamerpic The governments of Canada and Quebec are said to be pushing to save the country’s only copper smelter after Glencore ( GLNCY ) ( GLCNF ) threatened to shut it down over new pollution-control requirements. The Horne Smelter, about 390 miles northwest of Montreal, is one of small number of facilities in North America that can process copper concentrate and recyclable materials such as electronic waste. The Swiss mining firm announced last month that it was putting on hold plans to invest nearly C$1 billion ($720 million) in its Quebec copper operations after negotiations with the province over arsenic emission controls reached a deadlock. Without a deal, the facility would have to be wound down, impacting North America’s already constrained capacity to process copper ( HG1:COM ) into useful products. But Quebec has now proposed legislative changes to address some of Glencore’s ( GLNCY ) ( GLCNF ) main concerns. If passed, the metals company would get more time to reach tougher emissions targets, Bloomberg reported. Meanwhile, the Canadian government is considering a financial aid request for about C$150 million to help pay for new pollution-control systems, according to people familiar with the matter. “While awaiting regulatory certainty, we are open to evaluating other mechanisms, particularly financial ones, for sharing risks,” Glencore said in an emailed statement to the news agency. The office of Canadian Industry Minister Melanie Joly declined to comment on the ongoing discussions with the company. Gabrielle Landry, a spokesperson for Joly, said the smelter at Rouyn-Noranda, Quebec, is “a strategic asset within our industrial base and an important part of our domestic capabilities.” Landry added, “Protecting our industrial backbone matters, just as the health and safety of Canadians does.” The facility also produces byproducts such as gold, silver, platinum, palladium, and other metals, along with sulfuric acid used in fertilizers, according to Glencor...
There's a reason Social Security recipients are often advised not to file for benefits before reaching full retirement age. If you file early, you'll generally reduce your monthly checks for life. Full retirement age for people born in 1960 or later is 67. But you can claim Social Security as early as age 62. That means you have a good number of years to make an early claim. Image source: Getty Im...
There's a reason Social Security recipients are often advised not to file for benefits before reaching full retirement age. If you file early, you'll generally reduce your monthly checks for life. Full retirement age for people born in 1960 or later is 67. But you can claim Social Security as early as age 62. That means you have a good number of years to make an early claim. Image source: Getty Images. Continue reading
Morning, I’m Sachin Ravikumar from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. It’s now been a full month since the start of the biggest oil supply shock in history. While shortages emerge across Asia following the closure of the Strait of Hormuz, fuel crunches will soon begin spreading west , according to oil and gas executives and traders, who war...
Morning, I’m Sachin Ravikumar from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. It’s now been a full month since the start of the biggest oil supply shock in history. While shortages emerge across Asia following the closure of the Strait of Hormuz, fuel crunches will soon begin spreading west , according to oil and gas executives and traders, who warn the world hasn’t yet grasped the severity of the situation. It’s worth again repeating these stats that anyone following the crisis is familiar with: the Hormuz waterway is responsible for a quarter of the world’s seaborne oil trade and a fifth of liquefied natural gas supply. In Britain, Keir Starmer will meet the bosses of Shell , BP and Equinor later today, according to the Times, as the government draws up contingency plans over warnings of shortages of jet fuel and diesel. Starmer is also expected to meet shipping and insurance executives and update business leaders on the security situation in the Hormuz, the report adds. Still, the government has said the UK currently has adequate diesel supplies and there is no need for consumers to change their behaviour. What’s your take? Ping me on X , LinkedIn or drop me an email at sravikumar6@bloomberg.net . Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. What We’re Watching Boohoo is “comfortably ahead” of previous earnings guidance for the full year, as the online fashion store benefits from a multi-year turnaround that includes a “stock-lite” and “capital-lite” approach focused on profitability. Shares rose more than 6% in early trading. Permanent TSB confirmed Lone Star and a consortium involving Sixth Street and Centerbridge are among participants in its ongoing sale process. The Irish bank began a formal sale process last year that would see the government exit its last holding in the banking sector. Back to energy, Rachel Reeves will urge other G7 financ...
City Property, which manages buildings for council, accused of ‘coercive and unfair’ increases and issuing eviction notices Tenants at one of Glasgow’s leading cultural hubs are battling what they describe as “unsustainable” rent increases, with critics describing the landlord responsible as a “rogue agency” imposing similar rises on vulnerable organisations across the city. With tenants expected ...
City Property, which manages buildings for council, accused of ‘coercive and unfair’ increases and issuing eviction notices Tenants at one of Glasgow’s leading cultural hubs are battling what they describe as “unsustainable” rent increases, with critics describing the landlord responsible as a “rogue agency” imposing similar rises on vulnerable organisations across the city. With tenants expected to sign new leases or receive notices to quit this week, hundreds of protesters gathered outside the offices of City Property last Friday. The demonstration reflects growing concern about the conduct and accountability of the arm’s-length organisation that manages hundreds of buildings on behalf of Glasgow city council. Continue reading...