CONTENT:
The precious metals market experienced a tumultuous week, with gold and silver prices suffering their biggest slides in decades. In response, the Chicago Mercantile Exchange (CME) Group announced it would raise margins on Comex gold and silver futures to help protect against potential losses. This move came after gold prices dropped by more than 10% in just a few days, while silver prices plunged by over 15%.
Amid this volatility, one of the industry's most prominent figures, Benjamin Binet-Laisne, the head of precious metals trading at Goldman Sachs Group Inc., announced his departure from the bank. According to people familiar with the matter, Binet-Laisne's exit is effective immediately. His departure follows a series of high-profile departures from the bank's commodities division, which has been undergoing significant restructuring in recent months.
Meanwhile, in a major acquisition, China's Zijin Mining Group announced it would buy Allied Gold Corp. for C$5.5 billion. Allied Gold operates gold mines in Africa, making it an attractive target for the Chinese mining giant. The deal is expected to close in the second half of 2021, subject to regulatory approvals.
Elsewhere, Wizz Air Holdings Plc applied for permission to fly to the US, months after the budget carrier's plans to expand in the Middle East fell through. The UK subsidiary's application comes as South African stocks hit a fresh record high, with investors expecting the rally to run further. Surging metal prices and a strengthening rand have helped propel the benchmark stock index to new heights.
In other news, electrical equipment maker Forgent Power Solutions Inc. is seeking to raise as much as $1.62 billion in its initial public offering. Ryanair Holdings Plc said it will consider installing in-flight Wi-Fi across its fleet only once costs drop and the product makes sense for budget-minded passengers on short hops across Europe.
As the week drew to a close, Hong Kong announced it would double the supply of yuan available for banks to borrow, in the latest step to meet growing demand and help China boost the global use of its currency. Copper extended gains, with continued weakness in the dollar buoying base metals.
In the UK, the country braced for severe wind and rain as Storm Chandra was named, marking the third major storm to hit the country this month. Protests against Immigration and Customs Enforcement (ICE) continued in Minneapolis, with Governor Tim Walz urging Trump to remove agents.
In Antigua, producers are hoping that increasing liberalisation will lead to higher revenues. The Caribbean island is pushing for more liberal cannabis laws, following in the footsteps of Jamaica. Elsewhere, Europe's bank rules overhaul should look beyond Additional Tier 1 (AT1) capital, according to a top watchdog.
Sources:
'I spoke to ChatGPT 8 times a day' - Gen Z's loneliness 'crisis'
CME Raises Gold, Silver Margins After Historic Price Plunge
Goldman’s Top Precious Metals Trader Binet-Laisne Leaves Bank
Wizz Air Seeks US Flight Permit After Scrapping Middle East Plan
South African Stocks Hit Fresh Record High, Gains Seen Extending
UK braces for severe wind and rain as Storm Chandra named
Ryanair Says In-Flight Wi-Fi Not There Yet After Elon Musk Spat
MediaTek Shares Surge 19% in Two Days on Google AI Chip Tie-Up
Channel Islands push back on Russian money claims
Inquiry into fatal Stonehaven train derailment to begin
Minneapolis protesters march against ICE as governor urges Trump to remove agents
Electrical Equipment Maker Forgent Seeks $1.62 Billion in US IPO
China’s Zijin to Buy Allied Gold for C$5.5 Billion
Aramco Starts First Bond Sale of This Year as Oil Prices Lag
Israel to reopen Gaza crossing after search for last dead hostage's body ends
Europe’s Bank Rules Overhaul Should Look Beyond AT1, Campa Says
Why the Caribbean island of Antigua wants more liberal cannabis laws
Martinez edging closer to Villa career crossroads
Hong Kong Boosts Yuan Supply to Banks in Push for China Currency
Copper Extends Rally as Dollar Weakness Carries Metals Higher
CONTENT:
The precious metals market experienced a tumultuous week, with gold and silver prices suffering their biggest slides in decades. In response, the Chicago Mercantile Exchange (CME) Group announced it would raise margins on Comex gold and silver futures to help protect against potential losses. This move came after gold prices dropped by more than 10% in just a few days, while silver prices plunged by over 15%.
Amid this volatility, one of the industry's most prominent figures, Benjamin Binet-Laisne, the head of precious metals trading at Goldman Sachs Group Inc., announced his departure from the bank. According to people familiar with the matter, Binet-Laisne's exit is effective immediately. His departure follows a series of high-profile departures from the bank's commodities division, which has been undergoing significant restructuring in recent months.
Meanwhile, in a major acquisition, China's Zijin Mining Group announced it would buy Allied Gold Corp. for C$5.5 billion. Allied Gold operates gold mines in Africa, making it an attractive target for the Chinese mining giant. The deal is expected to close in the second half of 2021, subject to regulatory approvals.
Elsewhere, Wizz Air Holdings Plc applied for permission to fly to the US, months after the budget carrier's plans to expand in the Middle East fell through. The UK subsidiary's application comes as South African stocks hit a fresh record high, with investors expecting the rally to run further. Surging metal prices and a strengthening rand have helped propel the benchmark stock index to new heights.
In other news, electrical equipment maker Forgent Power Solutions Inc. is seeking to raise as much as $1.62 billion in its initial public offering. Ryanair Holdings Plc said it will consider installing in-flight Wi-Fi across its fleet only once costs drop and the product makes sense for budget-minded passengers on short hops across Europe.
As the week drew to a close, Hong Kong announced it would double the supply of yuan available for banks to borrow, in the latest step to meet growing demand and help China boost the global use of its currency. Copper extended gains, with continued weakness in the dollar buoying base metals.
In the UK, the country braced for severe wind and rain as Storm Chandra was named, marking the third major storm to hit the country this month. Protests against Immigration and Customs Enforcement (ICE) continued in Minneapolis, with Governor Tim Walz urging Trump to remove agents.
In Antigua, producers are hoping that increasing liberalisation will lead to higher revenues. The Caribbean island is pushing for more liberal cannabis laws, following in the footsteps of Jamaica. Elsewhere, Europe's bank rules overhaul should look beyond Additional Tier 1 (AT1) capital, according to a top watchdog.
Sources:
'I spoke to ChatGPT 8 times a day' - Gen Z's loneliness 'crisis'
CME Raises Gold, Silver Margins After Historic Price Plunge
Goldman’s Top Precious Metals Trader Binet-Laisne Leaves Bank
Wizz Air Seeks US Flight Permit After Scrapping Middle East Plan
South African Stocks Hit Fresh Record High, Gains Seen Extending
UK braces for severe wind and rain as Storm Chandra named
Ryanair Says In-Flight Wi-Fi Not There Yet After Elon Musk Spat
MediaTek Shares Surge 19% in Two Days on Google AI Chip Tie-Up
Channel Islands push back on Russian money claims
Inquiry into fatal Stonehaven train derailment to begin
Minneapolis protesters march against ICE as governor urges Trump to remove agents
Electrical Equipment Maker Forgent Seeks $1.62 Billion in US IPO
China’s Zijin to Buy Allied Gold for C$5.5 Billion
Aramco Starts First Bond Sale of This Year as Oil Prices Lag
Israel to reopen Gaza crossing after search for last dead hostage's body ends
Europe’s Bank Rules Overhaul Should Look Beyond AT1, Campa Says
Why the Caribbean island of Antigua wants more liberal cannabis laws
Martinez edging closer to Villa career crossroads
Hong Kong Boosts Yuan Supply to Banks in Push for China Currency
Copper Extends Rally as Dollar Weakness Carries Metals Higher
