Browse Category: Gold Market Tips

Samsung Electronics says sold Shares in four Companies

Tech giant Samsung Electronics Co Ltd said it sold shares in four companies including ASML Holding NV and Seagate Technology Plc to free up money for additional investments for its core businesses. Samsung said in a statement it sold about half of its shares in ASML while selling its entire 4.2 percent stake in Seagate.
The company also sold its 0.7 percent stake in Sharp Corp and its 4.5 percent stake in Rambus Inc. A Samsung spokeswoman told Reuters the total proceeds from the sales exceeded 1 trillion won (USD 888.85 million) but declined to give further details including when the shares were sold.
A term sheet seen by Reuters on Sept. 8 showed Samsung was selling about half of its stake in ASML for 606 million euros (USD 675.99 million). The company’s stakes in Rambus, Seagate and Sharp were worth a combined USD 456.4 million based on closing prices on Friday.
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Coal India to set up 600 MW Solar Plants in four States

State-run mining major Coal India will develop solar power plants of 600 MW capacity in four states, including West Bengal and Maharashtra, under the second phase of its plan to set up a total 1,000 MW green energy plants.
The Solar Energy Corporation of India (SECI) has already floated tenders for development of solar capacity in the second phase. Coal India has signed an agreement with SECI for setting up of solar power plants of total 1000 MW capacity in different parts of the country. “In the first phase, CIL is going to set up 2×100 MW solar power plants in the state of Madhya Pradesh.
In the second phase CIL is going to develop a capacity of 600 MW in the solar parks of Madhya Pradesh, Chhattisgarh, West Bengal and Maharashtra for which NIT has already been floated by SECI,” the coal major said in its annual report.
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Urjit Patel takes charge as RBI Governor

Urjit Patel has taken charge as Governor of the Reserve Bank of India (RBI), an official statement said here on Monday.
“Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013,” the RBI statement said. Patel, who has been given a three-year term, succeeds Raghuram Rajan, whose three-year term ended on Sunday.
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Saudi Arabia, Russia sign oil pact, may limit output in Future

Saudi Arabia and Russia agreed on Monday to cooperate in world oil markets, saying they will not act immediately but could limit output in the future, sending prices higher on hopes the two top oil producers would work together to tackle a global glut.
The joint statement was signed by the country’s energy ministers in China on the sidelines of a Group of 20 summit and followed a meeting between Russian President Vladimir Putin and Saudi Deputy Crown Prince Mohammed bin Salman.
Russian Energy Minister Alexander Novak said the two countries were moving toward a strategic energy partnership and that a high level of trust would allow them to address global challenges. Saudi Energy Minister Khalid al-Falih said the agreement would also encourage other producers to cooperate. Oil prices soared almost 5 percent ahead of a news conference by the two ministers, but pared gains to trade up 2 percent by 1130 GMT as the agreement yielded no immediate action.
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White Metal Shines on Overseas Cues

Silver futures were trading higher during the afternoon trade in the domestic market on Friday as investors and speculators widened their bets in the precious metal amid weaker US dollar and a firming trend in precious metals overseas.
Further, building up of fresh bets by participants in the spot markets was mainly in-line with a firm trend in precious metals overseas, supported silver prices at futures trade in domestic market. Weaker greenback makes silver cheaper for those holding other currencies, thus rising demand.
At the MCX, silver futures for September 2016 contract is trading at Rs 44,460 per kg, up by 0.37 per cent, after opening at Rs 44,528, against a previous close of Rs 44,298. It touched the intra-day high of Rs 44,549
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Rupee opens lower at 67.04 per Dollar

The Indian rupee opened lower at 67.04 per dollar on Thursday against previous close 66.96.
“In the backdrop of Jackson Hole speeches, the focus is now on US Non-Farm Payroll data due tomorrow. The odds of a September Fed rate hike has now gone up.
This has resulted in mild dollar rally against major currencies though rupee has been steady.” “We expect the USD-INR pair to trade in a range of 66.80-67.10/dollar for the day,” he added.
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Jio Preview Offer now Available on Intex 4G Smartphones

Domestic smartphone-maker Intex technologies on Wednesday announced its partnership with Reliance Jio for making the Jio Preview Offer available on its 4G smartphones.
With this, Intex users will be able to access an exclusive preview of the Reliance Jio 4G services for a period of 90 days for free. “Intex has one of the largest 4G portfolio of devices with compelling features and great prices.
Through this partnership with Reliance Jio, we aim to bring to our consumers a truly differentiated 4G experience,” said Gurbinder Sodhi, Head, LFR and Operator business, Intex Technologies, in a statement.
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Gold Sits Tight As Investors Wait for U.S. Rate Hike Clues

 Gold was mostly unchanged early on Wednesday as investors remained on the sidelines waiting for clues from the U.S. Federal Reserve later this week on whether it will raise rates this year.

 FUNDAMENTALS

 * Spot gold was nearly flat at $1,338.20 an ounce at 0059 GMT.

 * U.S. gold slipped 0.3 percent to $1,342.60 an ounce.

 * Amid conflicting signals from the Fed in recent days, central bankers from around the world will gather from Aug. 25 for an annual meeting in the mountains of Jackson Hole, Wyoming, with Fed chair Janet Yellen due to speak the following day.

 * Data on Tuesday showed new U.S. single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook.

  * Switzerland’s gold exports to the United Kingdom hit their highest in nearly four years in July, customs data showed on Tuesday, making it the country the biggest recipient of Swiss gold for a fifth straight month.

 * Switzerland’s raw platinum imports more than halved month-on-month in July, data from the Swiss customs bureau showed, as shipments from No.1 producer South Africa dried up.

 * Indian gold refiners just months ago were ramping up capacity and struggling to secure enough ore from miners. Now they are suspending operations as a surge in smuggled bullion wipes out wafer thin margins.