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Canada
PRE-OPEN Markets are?little changed, with investors focusing on a slew of the country's upcoming economic data.?U.S. stock index futures?were up ahead of key inflation data and employment readings due this week. Technology stocks led gains in?European bourses. The?U.S.?dollar?fell after Fed Chair Jerome Powell left open the possibility of further rate hikes, while the China-sensitive?euro?edged higher in the wake of Beijing halving its stamp duty on stock trading. In Asia, Japan's?Nikkei?recorded its sharpest daily gains in two months and?China stocks?also advanced.?Oil?was little changed and?gold?held steady. Record levels of government debt, geopolitical tensions that threaten to split the global trading system, and the likely persistence of weak productivity gains may saddle the world with a slow-growth future that stunts development in some countries even before it starts. Canada's second-quarter GDP report, due on Friday, is likely to show a sharp slowdown in economic growth, a Reuters poll of economists showed, which could lead the Bank of Canada to pause its interest rate hikes despite recent hotter inflation data.
Canadian union Unifor said on Sunday that its members had voted for strike mandates against the Detroit Three automakers that would authorize their bargaining committees to take job action, if needed, to achieve fair collective agreements.
?Alpha Exploration Ltd.?(TSXV: ALEX)?provide an update on its ongoing aggressive exploration program over the 100% owned, 771km2?Kerkasha Project located in southern Eritrea. Exploration has focused on the Company's district scale, orogenic Aburna Gold Prospect and the Tolegimja Copper-Zinc-Gold VMS Prospect.
The Aburna Gold Prospect is a significant gold discovery made by Alpha with mineralization systematically defined at surface over a 7.2km x 2km area and where recent drilling includes 16m @ 14.07g/t Au and 23m @ 6.74 g/t Au.
Exploration program highlights during the period include:
Aburna Gold Prospect:
Tolegimja Copper-Zinc-Gold VMS Prospect:
Michael Hopley, Alpha's President and CEO commented:
"I am pleased to report on another very intense period of exploration for the Company. The Alpha team have been busy over the past three months advancing our knowledge of the large Aburna Gold Prospect via >5,000m of drilling as well as well as undertaking a major trench sampling program and two large ground geophysical surveys.
We believe that Aburna has the potential to become a major gold project as demonstrated by consistent high-grade results from drilling including 16m @?14.07g/t Au and 23m @ 6.74 g/t Au, and a very large gold in soil anomaly which is over 7km long and 2km wide. Results from these current work programs are expected shortly and we believe this will lead to a very significant increase in our understanding of the project and create compelling targets for the next stage of drilling at Aburna.
We are also pleased to report on the completion of a 1,324m trenching program at the Tolegimja Copper-Zinc-Gold VMS prospect where recent drilling by the Company has established a significant zinc rich zone with grades including 26m @ 1.67% Zn. We look forward to updating shareholders with further results in due course."
To view the source version of this press release, please visit?https://www.newsfilecorp.com/release/178654
Wi2Wi Corporation (TSXV: YTY), recently honoured with the "Outstanding Supplier Recognition Award" by industry giant Collins Aerospace, is delighted to share its unaudited consolidated financial results for the second quarter of 2023, ending June 30. Notably, the company's product bookings have shown a positive trajectory, growing in comparison to the same period in the previous year.
Key Financial Highlights:
Wi2Wi reported revenue of $1.56 million for the second quarter of 2023, mirroring the revenue for the same period of the previous year.
The upswing in the book-to-billing ratio showcases the company's growth in its core customer segment and new clientele.
Despite the promising growth, Wi2Wi acknowledges margin pressures from rising raw material costs and heightened freight charges.
Leadership Transition:?In light of personal obligations, Mr. Zachariah Mathews will resign as Chief Executive Officer, President, and member of the board of directors effective December 31, 2023.
The Chairman of the Board, Mr. Gary Dubroc, will play an instrumental role in ensuring a smooth transition until a successor is appointed. Having held the Chairman position since November 21, 2018, Mr. Dubroc has also chaired the board of directors and the audit committee.
With over 25 years in the field, Mr. Dubroc's credentials include:
Former CEO of Avantech Testing Services, Houston, Texas.
Ex-Vice President of Global Operations at Emerson Process Management.
Previous roles at GHX, Inc., Tyco's Flow Control, and General Dynamics Space Systems.
An MBA with a focus on Finance from Tulane University and a Bachelor's in Industrial Engineering from Louisiana State University.
Mr. Mathews, in his departure, will not sever ties but continue to extend his support to the company. Mr. Dubroc and the board of directors extend heartfelt gratitude to Mr. Mathews for his invaluable contribution to Wi2Wi.
View source version on?accesswire.com: https://www.accesswire.com/776409/Wi2Wi-Corporation-Announces-Three-months-ending-June-30-2023-Unaudited
Guanajuato Silver Company Ltd. (TSXV: GSVR)(AQUIS:GSVR)(OTCQX:GSVRF)?announce financial and operating results for the six months ended June 30, 2023. All dollar amounts are in US dollars (US$) and prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. Production results are from the Company's wholly owned El Cubo Mines Complex ("El Cubo"), Valenciana Mines Complex ("VMC") and San Ignacio mine ("San Ignacio") in Guanajuato, Mexico, and the Topia mine ("Topia") located in Durango, Mexico.
James Anderson, Chairman & CEO of Guanajuato Silver, said, "Over the past twelve months we have made great strides in bringing our newly purchased mining assets back into optimal production. Significant infrastructure investments made since August of last year include: the rehabilitation of the Cata shaft; the installation of a new locomotive haulage system and the establishment of an environmentally superior tailings backfill system at VMC; the installation of new Falcon concentrators at both of our Guanajuato processing facilities; and the development of new mining areas at Santa Cecilia, San Ignacio, and Topia. These capex investments are now poised to deliver improved efficiencies as we head into the second half of the year. The ramp-up at our four producing silver mines remains on schedule; however, our business is not immune to inflationary pressures and extraordinary currency market volatility - most notably the remarkable rise of the Mexican peso, which has appreciated approximately 20% against the US dollar over the past year. Our Q2 cash flows have been impacted as approximately 75% of our expenditures are denominated in Mexican pesos; we have therefore implemented a number of cost reductions, including some staff reductions, and will continue to prioritize cost controls going forward."
Q2 2023 Highlights
Record production during the quarter?of 941,338 AgEq (silver equivalent) ounces derived from 477,649 ounces of silver; 4,719 ounces of gold; 875,802 pounds of lead; and 897,258 pounds of zinc (see footnote to table below for assumptions regarding the calculation of silver equivalents).
Net loss narrowed by 2% in Q2?to $8.5M compared to $8.6M in Q1; revenue of $16.8M for the quarter was down 2% compared to Q1.
All-in sustaining cost ("AISC") of $22.47 per AgEqounce produced?was slightly higher than $21.83 for Q1 2023; operating costs were impacted by a strong Mexican currency; approximately 75% of operating costs are denominated in Mexican pesos. Realized metal prices in Q2 were 8% higher for silver, 5% higher for gold, 1% higher for lead, but notably 20% lower for zinc compared to Q1.
Tonnes mined and milled increased?3% and 2% respectively from Q1 to Q2; over the quarter; a total of 166,171 tonnes were mined across the four producing silver mines, and a total of 163,793 tonnes were milled.
Silver and gold recoveries back to near-historical highs?as newly installed Falcon concentrators improved overall efficiency. Average silver and gold recoveries for Q2 were 84.9% and 83.1% respectively, compared to Q1 average recovery for silver of 83.9% and 81.1% for gold.
View source version on?accesswire.com: https://www.accesswire.com/777020/Guanajuato-Silver-Reports-Q2-2023-Financial-and-Operating-Results. ? ? ??
Luminex Resources Corp.?(TSXV: LR) (OTCQX: LUMIF)?announces that on?August 22, 2023, the relevant subsidiary of?Anglo American?plc ("Anglo American") submitted a withdrawal notice with respect to its option to increase its ownership in the Pegasus project in?Ecuador?from 25% to 51%.?Anglo American?has drilled approximately 1,800 metres at the Medusa North target at Pegasus A and had planned to continue drilling at Medusa South.?Anglo American?encountered delays in receiving surface access to drill its?preferred target.
Luminex and?Anglo American?may engage in discussion to realign the earn-in agreement terms given?Anglo American's?spend to date, 25% ownership in Pegasus and in-country team. The next concession payments for Pegasus are due in?March 2024.
Marhsall Koval, CEO and Director commented:?"Although it is disappointing to see continued drilling delays at Pegasus, the Company still believes this area offers numerous attractive copper porphyry targets.?Anglo American?has spent approximately?US$26 million?as of?June 30, 2023, which can pave the way for either Luminex or a new partner to carry on the high-quality work that has been completed so far.”
Pan Global Resources Inc. ?(TSXV: PGZ) (OTCQX: PGZFF)?is pleased to report assay results for 15 drill holes at the La Romana discovery at the Company`s 100% owned Escacena Project in the Iberian Pyrite Belt in southern?Spain. La Romana represents a coherent zone of moderately northward-dipping copper-tin-silver mineralization, currently delineated over approximately 1.2 kilometers along strike and from surface to?400m?down-dip. A planned 25-hole drill program is ongoing to expand and test the western extensions to the near-surface mineralization at the Romana West target.
Highlights?
LRD158?–?5.6m?at 1.2% Cu, 3.3g/t Ag from?195.4m, and
1m?at 3.6% Cu and 19.4g/t Ag from?109m
LRD154?–?23m?at 0.4% Cu, 0.12% Sn, 2g/t Ag from?33m, including
7m?at 0.5% Cu, 0.23% Sn and 2.8g/t Ag
LRD147?–?32.25m?at 0.4% Cu, 0.05% Sn and 1.3g/t Ag from?114m, including
3.25m?at 1.9% Cu, 0.36% Sn and 7.6g/t Ag
LRD146?–?30m?at 0.3% Cu, 0.05% Sn and 1.8g/t Ag from?151m, including
8m?at 0.6% Cu, 0.11% Sn and 3.4g/t Ag
LRD150?–?10m?at 0.6% Cu, 2.1g/t Ag from?83m, including
4m?at 1.2% Cu, 4g/t Ag
LRD157?–?0.5m?at 5.1% Cu, 24.5g/t Ag from?110m, and?3m?at 1.5% Cu, 3.6g/t Ag from?195m
"We are very pleased with these results, which successfully expand the copper and copper-tin-silver mineralization at La Romana and further demonstrates the favourable continuity of the mineralization," said?Tim Moody, Pan Global's President & CEO.
"The new step-out drill holes show the mineralization continues to remain open down-dip along the northern extent of the drilling. Infill drill holes in the northeast confirms continuity of high-grade mineralization intersected in previous drilling. Three infill holes, drilled for the ongoing tin metallurgy test program, confirm continuity of the tin mineralization in the west."
"At Romana West, we continue to be encouraged by the visible copper and tin mineralization observed in drill core from initial drill holes at this high-priority target that represents the potential western extension to the La Romana copper-tin-silver mineralization."
"Results are also pending from the recently completed follow-up drill program at the Ca?ada Honda copper-gold target less than 4km to the north of La Romana.”
View original content to download multimedia:https://www.prnewswire.com/news-releases/pan-global-drilling-expands-mineralization-at-la-romana-in-the-escacena-project-spain-301907516.html
SOURCE Pan Global Resources Inc.
Royal Road Minerals Limited (TSXV: RYR) Royal Road Minerals and MSB have established a 50:50 Saudi Arabian joint venture (JV), Royal Roads Arabia LLC (RRA).The new JV aims to explore copper, gold and other metals in an area of interest comprising the Kingdom of Saudi Arabia (KSA) and other geographical areas.Royal Road and MSB will have an equal number of directors appointed by them to RRA's board.RRA's business will be carried out in accordance with the provisions of a JV shareholder agreement signed between the parties in June 2023.Currently generating and evaluating copper and gold target areas in KSA, RRA plans to submit exploration licence applications over newly identified areas of significant interest.Royal Road president and CEO Dr Tim Coughlin said: "We are very pleased that now, with the incorporation of Royal Roads Arabia, we are in a position to secure some of the exciting copper and gold opportunities we have been generating and assessing in KSA, and to expand our valuable partnership to other supportive and prospective jurisdictions elsewhere."Earlier this month, RRA signed a non-binding letter of intent to explore and acquire certain copper assets in Morocco.MSB Holdings Group CEO and Royal Roads Arabia chairman Tareq Telmesani said: "This announcement marks a significant step towards Saudi Arabia’s Vision 2030 for the mining industry, which promotes diversification and driving economic development in remote areas."We are confident that, with our shared expertise, Royal Roads Arabia will play a pivotal role in the growth of the mining industry in Saudi Arabia and the wider region, and in contributing towards the Kingdom's ambitious goals for the future.”
COMPANIES REPORTING? Bank of Montreal: Expected Q3 earnings of C$3.13 per share Bank of Nova Scotia: Expected Q3 earnings of C$1.74 per share EX-DIV Neighbourly Pharmacy Inc: Amount C$0.04 Russel Metals Inc: Amount C$0.40
World Markets
Euro STOXX 50 futures?were up 31 points at 4,277 and?German DAX futures?gained 79 points at 15,751, by 0430 GMT. Japanese shares?rose sharply, as investors bought back stocks after losses at the end of last week, while tourism-related shares dragged lower amid worries about impact of a ban on the country's products by China. Oil?prices were marginally lower as investors stayed fretful over the pace of economic growth in China, and the prospect of further U.S. interest rate hikes that could dampen fuel demand. S&P 500 Index Mini Futures: 4,417.50; up 0.07%; 3.25 points DJIA Mini Futures: 34,426.00; up 0.14%; 49 points Nikkei: 32,146.07; up 1.65%; 521.79 points MSCI Asia, Ex-JP: 497.40; down 1.34%; 6.78 points EUR/USD: $1.0807; up 0.05%; 0.0005 point GBP/USD: $1.2600; up 0.17%; 0.0021 point USD/JPY: 146.49 yen; up 0.04%; 0.06 point Spot Gold: $1,915.29; up 0.04%; $0.76 U.S. Crude: $79.77; down 0.08%; $0.06 Brent Crude: $84.38; down 0.12%; $0.10 10-Yr U.S. Treasury Yield: 4.2266%; down 0.011 point 10-Yr Bund Yield: 2.5545%; flat
US
Futures are marginally higher.?Dow Jones Industrial Average?futures were up 83 points, or about 0.2%, while?S&P 500 futures?and?Nasdaq-100 futures?rose 0.2% and 0.3%, respectively. Stocks are coming off a winning session, as the major indexes rose Friday following Fed Chair?Jerome Powell’s speech?in Jackson Hole, Wyoming. In his remarks, Powell said the central bank had seen signs of progress, but warned that inflation remains “too high” and that the Fed is “prepared to raise rates further if appropriate.” This week, investors will be looking ahead to more economic data that could give an indication of the Fed’s next move, with the monthly jobs report set to be released on Friday.?
Record levels of government debt, geopolitical tensions that threaten to split the global trading system, and the likely persistence of weak productivity gains may saddle the world with a slow-growth future that stunts development in some countries even before it starts. The United Auto Workers (UAW) union at Ultium Cells, a joint venture of General Motors and LG Energy Solution in Lordstown, Ohio, on Sunday said members voted in favor by 895 to 22 votes to ratify an interim agreement that immediately raises wages by $3 to $4 an hour. Alnylam Pharmaceuticals Inc?&?Moderna Inc: Alnylam Pharmaceuticals said on Friday it plans to appeal a ruling by the U.S. District Court for the District of Delaware on two patents asserted against Moderna for the latter's COVID-19 vaccine Spikevax. Cambridge, Massachusetts-based Alnylam sued both Moderna and Pfizer Inc in Delaware last year, seeking royalties for the lipid nanoparticle (LNP) technology their vaccines use to deliver genetic material known as mRNA. While Alnylam and Moderna have jointly agreed to final judgment over the non-infringement of two patents, Alnylam said it disagrees with the court's ruling. Amgen Inc?&?Horizon Therapeutics PLC: The U.S. Federal Trade Commission (FTC) has suspended its challenge of Amgen's $27.8 billion purchase of Horizon Therapeutics, allowing the FTC to consider whether the agency should settle the case, a filing late on Friday showed. Amgen said the company was aware of the move and is prepared to demonstrate that there is no legal or factual reason to prohibit the acquisition to the courts. The agency and Amgen are due to meet over the injunction in Chicago federal court in September. Apple Inc?&?Dell Inc: U.S. trade chief Katherine Tai has raised concerns with India over the Asian nation's new order mandating licenses for the import of laptops, tablets and personal computers, according to a statement. Tai's intervention comes amid worries the licensing regime could impact shipments from the likes of Apple and Dell and force firms to boost local manufacturing. "She noted that there were stakeholders that needed an opportunity to review and provide input to ensure that the policy, if implemented, does not have an adverse impact on U.S. exports to India," as per the U.S. statement issued after Tai met with India's Trade Minister Piyush Goyal on Saturday.? Carlyle Group Inc?&?Mcdonald's Corp: Chinese private equity firm Trustar Capital is planning to raise a so-called continuation fund that would allow it to sell down its stake in McDonald's China, two sources with knowledge of the matter said. The new fund would also allow investors in Trustar's existing fund tied to McDonald's China unit cash in on their investments, said the people, who declined to be named as the information was confidential. Currently, Trustar owns 42% of the business, while Carlyle and CITIC own 28% and 10% respectively, according to McDonald's China. "McDonald's China will continue to leverage the capital and other resources from CITIC (Trustar), Carlyle, and McDonald's Corp to achieve the future milestone of 10,000 stores," said McDonald's China. Chevron Corp: Supplies from Chevron's liquefied natural gas facilities in major exporter Australia could be disrupted after the last batch of its workers voted to authorise their unions to take industrial action if necessary. Some 37 workers at the Wheatstone offshore platform decided in favour of industrial action, according to ballot results seen by Reuters, joining peers at another Wheatstone unit and the Gorgon facility. Chevron said it was aware of the result, and continued to negotiate with the workers "as we seek outcomes that are in the interests of both employees and the company". Subsequently, Cyprus rejected Chevron's plan to develop the island nation's offshore Aphrodite natural gas field, Bloomberg News reported on Friday, citing Energy Minister Giorgos Papanastasiou. General Motors Co: he United Auto Workers (UAW) union at Ultium Cells, a joint venture of General Motors and LG Energy Solution in Lordstown, Ohio, on Sunday said members voted in favor by 895 to 22 votes to ratify an interim agreement that immediately raises wages by $3 to $4 an hour. Earlier this week, General Motors and LG Energy Solution said they will hike the wages of workers at its Ohio plant by an average of 25% after some U.S. senators blasted the facility for paying workers as little as $16 an hour. The interim wage increase will be retroactive to December 2022 and some workers will receive between $3,000 to $7,000, based on hours worked. The companies had said workers must still ratify the interim wage increase that takes effect Aug. 28. Hawaiian Electric Industries Inc: The company said the lawsuit filed against it by the County of Maui was "factually and legally irresponsible," pointing to the county's responsibility in the Hawaii wildfires. The company said a morning fire on Aug. 8 caused by power lines that fell in high winds was subsequently reported "100% contained" and later declared "extinguished" by the Maui County Fire Department. It said another afternoon fire started in the same area more than six hours after all of its power lines in West Maui had been de-energized, which could not be contained by the fire department and spread out of control toward Lahaina. The S&P Global Ratings on Thursday downgraded Hawaiian Electric to 'B-' from 'BB-', citing the company's likely inconsistent access to the capital markets in the aftermath of the wildfires. Marathon Petroleum Corp: A storage tank fire at a the company's oil refinery that had triggered a temporary evacuation of area residents a day ago continued to smolder on Saturday, a spokesperson said. Two giant tanks of volatility naphtha caught fire early Friday at the Garyville, Louisiana, plant and sent plumes of black smoke over the area. Some fuel processing operations remained shut as firefighters contended with flare ups and smoke, Marathon said. The company said it was evaluating a return to operation of affected units but did not say when that might occur. Investigators will start probing the cause of the blaze once conditions allow.? SentinelOne Inc: Cybersecurity startup Wiz said on Friday it is considering a potential bid for the company after the $4.9 billion company started exploring strategic options. SentinelOne has struggled to become profitable, with clients slashing their information technology spending amid an uncertain economy and sticky inflation. "We consistently evaluate potential opportunities that will support our business growth... SentinelOne has a strong cybersecurity offering," Wiz's spokesperson Rachel Ratchford told Reuters. Wiz and SentinelOne in March had announced an exclusive partnership to deliver end-to-end cloud security. Union Pacific Corp: The company said on Friday that it was notified by the U.S. Customs and Border Protection (CBP) agency that its Customs Trade Partnership Against Terrorism (CTPAT) certification was temporarily suspended for a period of 90 days. The railroad operator said it does not anticipate any delays from an operations perspective due to the temporary suspension, adding. It also plans to appeal the CBP's decision. ECONOMIC DATA (EDT) 1030?Dallas Federal Manufacturing Business Index?for Aug: Prior -20.00
Europe, Asia, India
Shares of?China Evergrande Group, the world’s most indebted property developer,?plunged Monday, as it traded for the first time since March 21, 2022. The stock fell as much as 87% on its open. The beleaguered company?filed for Chapter 15 bankruptcy?in the United States in July, which will protect its U.S. assets from creditors while it works out a restructuring deal. That move came after Evergrande?defaulted in 2021?and announced an?offshore debt restructuring program?in March. The developer has struggled to finish projects and repay suppliers and lenders. Russian investigators said on Sunday that genetic tests had confirmed that?Yevgeny Prigozhin,?chief of the Wagner mercenary group, was among the 10 people killed in a plane crash last week. U.S. Commerce Secretary?Gina Raimondo?opened talks with Chinese government officials saying it is "profoundly important" the world's two largest economies have a stable economic relationship. Credit Suisse, which is now a subsidiary of?UBS, posted a loss of 3.5 billion Swiss francs in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank. Global oil major?BP?said the world must invest in the production of oil and gas to avoid to sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions. Spanish infrastructure investor?Asterion?said on Friday it has agreed to acquire German utility?Steag?in a deal valuing the business at around 2.6 billion euros, committing to the power company's transition into a green energy producer.?
BP PLC: The global oil major said the world must invest in the production of oil and gas to avoid sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions. "We need to do both. We need to invest in today's energy system responsibly and, at the same time, we must invest in accelerating the energy transition," Looney told the B20 conference. Looney said his company would invest 40% of its capital on energy transition projects by the middle of this decade and 50% by the end of the decade. "We will invest between $55 and $65 billion as BP this decade in energy transition growth engines," he said. BP, investing in energy projects in India along with its partner Reliance Industries, has set up about 3,000 electric vehicle charging points to date, up from 750 in January. The two have set up 300 battery swapping stations.
Credit Suisse Group AG?&?UBS Group AG: Switzerland's Competition Commission is looking into UBS's takeover of Credit Suisse, Swiss media reported. The commission is currently holding hearings on the matter and plans to send its findings to the financial regulator, FINMA, at the end of September, Swiss newspaper Handelszeitung reported. Additionally, Credit Suisse, which is now a subsidiary of UBS, posted a loss of 3.5 billion Swiss francs in the second quarter of 2023, according to a report in the Sonntagszeitung, which cited insiders at the bank.
Jabil Inc: Chinese automaker BYD said its electronics unit has struck a deal with the U.S.-based manufacturer to buy its mobile electronics manufacturing business in China for 15.8 billion yuan. The deal will expand BYD Electronic's (BE) customer base, product portfolio and its smartphone components business as it looks to capture Jabil's potential growth in the sector. If the deal is completed, the definitive agreement would enable Jabil to "enhance our shareholder-centric capital framework, including incremental share buybacks", Chief Executive Kenny Wilson said in a statement. The deal would allow Jabil to further invest in "electric vehicles, renewable energy, healthcare, AI cloud data centers, and other end-markets," Wilson added.
Shell PLC: Sinopec is not interested in acquiring the company's refinery or petrochemical plant in Singapore although it is keen on participating in a shale gas project in Saudi Arabia, the Chinese company's president said. Sinopec President Yu Baocai was speaking after sources last week told Reuters that Shell had hired Goldman Sachs to advise on a potential sale of its Singapore assets and that Sinopec was among the companies reviewing them.
Xpeng Inc: The Chinese EV maker Xpeng said it would buy Didi's electric car development business - a deal worth up to $744 million that will see it supply vehicles to the ride-hailing giant, boosting production and cutting costs. The all-stock deal with Didi calls for Xpeng to launch an A-class model next year under a new brand, in a project called MONA, which will be priced in the 150,000 yuan price tier. Xpeng's current offerings are mostly priced above 200,000 yuan. Under the deal, Didi will gain around 3.25% of Xpeng, with the EV maker issuing shares at HK$64.03 each, worth $474 million in total. The offer price represents a 1.7% discount to its closing price on Friday.
Indian billionaire Gautam Adani's plan to rehouse a million people living in one of Asia's biggest slums is fuelling worries among residents about his capacity to deliver amid high-profile financial setbacks and allegations that Prime Minister Narendra Modi's allies afforded him favourable treatment.
Indian Prime Minister Narendra Modi said there is a risk of a "new model of colonialism" if nations with critical minerals do not regard custodianship as a "global responsibility", as firms race to secure resources central to energy transition goals.
India's finance ministry is considering a proposal to include electric vehicles under the Reserve Bank of India's (RBI) priority sector guidelines, a move that would make it cheaper to raise funds, a government official said on Saturday.
U.S. trade chief Katherine Tai has raised concerns with India over the Asian nation's new order mandating licenses for the import of laptops, tablets and personal computers, according to a statement.
India has imposed a 20% duty on exports of parboiled rice with immediate effect, a move that could further reduce shipments from the world's largest exporter and lift global rice prices, which are already trading near their highest levels in 12 years. ECONOMIC DATA (GMT) 0800?Euro Zone Money-M3 Annual Growth?for July: Expected 0.0%; Prior 0.6% 0800?Euro Zone Loans to Households?for July: Prior 1.7% 0800?Euro Zone Loans to Non-Financial Institutions?for July: Prior 3.0% 0800?Euro Zone Broad Money?for July: Prior 16,018,201 mln EUR
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