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...
The Iran war has thrown conventional pricing for Saudi Arabian crude into disarray, with tense buyers in Asia seeking to steer the kingdom toward alternative mechanisms for supplies as oil prices soar. State producer Saudi Aramco is in the process of finalizing the cost of its oil for May-loading, with the price list poised to be delivered to buyers within days. Based on the usual pricing measure ...
The Iran war has thrown conventional pricing for Saudi Arabian crude into disarray, with tense buyers in Asia seeking to steer the kingdom toward alternative mechanisms for supplies as oil prices soar. State producer Saudi Aramco is in the process of finalizing the cost of its oil for May-loading, with the price list poised to be delivered to buyers within days. Based on the usual pricing measure off regional benchmarks, the premium for flagship Arab Light is set to spike to an unprecedented level of about $40 a barrel, according to traders. That compares with $2.50 for April . The process of setting official selling prices usually involves informal talks with refiners so that Aramco can gauge the state of the market, though its unclear how much influence that has on the eventual outcome. This time, discussions have taken on added urgency, as buyers in Asia grapple with concerns around constrained supply, and higher prices that are crimping margins. Read More: Vital Oil Price Benchmarks Bent Out of Shape by Iran War Aramco’s monthly contract prices are typically set as a differential to an underlying benchmark, which is comprised of an S&P Global Energy-assessed Dubai price, as well as Oman crude futures on the Gulf Mercantile Exchange. Some spot-market deals, which would ordinarily be indexed to the Dubai marker, have already been completed using alternatives, including Brent-related financial instruments, according to traders. Some refiners in Asia have already asked Aramco to index its crude against Brent futures , but other alternatives have been floated, traders said. That includes using oil prices on the Shanghai Futures Exchange and then deducting shipping and other associated costs, or even taking reference from other crudes such as the United Arab Emirates’ Upper Zakum. S&P Global Energy has been publishing daily prices for that grade this month, they said. Talks between Aramco and its customers are ongoing and no final decisions on pricing have been made y...