The operator of a major U.S. pipeline hit by a cyberattack says it hopes to have service mostly restored by the end of the week. (May 10)
OAK RIDGE, N.C., May 10, 2021 (GLOBE NEWSWIRE) -- Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the first three months of 2021, and an increase in its quarterly cash dividend to $0.07. First Quarter 2021 Highlights Record earnings per share of $0.77 for the three months ended March 31, 2021, up 70 cents from the comparable 2020 period;Record annualized return on average common stockholders’ equity of 18.45% for the three months ended March 31, 2021, compared to 1.68% for the same period in 2020;Tangible book value per common share of $17.24 as of March 31, 2021, up 13.3%, or $2.02, from $15.22 as of March 31, 2020;As of March 31, 2021, forgave and recognized remaining unamortized fees and associated costs of approximately 45% on the $50.1 million of first round of Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans;As of March 31, 2021, the Bank funded 353 Round 2 PPP loans totaling $27.8 million, the associated fees and origination costs will be recognized as interest income and expense, respectively, over the life of the PPP loansPeriod end loans of $463.0 million, up 2.8% (11.2% annualized) from December 31, 2020;Outstanding balance of loans granted deferrals of principal and/or interest payments in response to COVID-19 of $1.6 million (0.40% of total loans) as of March 31, 2021, down from a peak of $133.7 million (29.2% of loans);Period end allowance for loan losses of $5.3 million, down 3.8%, from $5.5 million at December 31, 2020;Nonperforming assets of $3.6 million, up 2.9% from $3.5 million at December 31, 2020;Period end deposits of $492.6 million, up 8.1% from December 31, 2020;Opened the Bank’s fifth bank branch in High Point, NC in February of 2021. Tom Wayne, Chief Executive Officer and Chief Financial Officer, reported, “I am extremely pleased with our record performance in the first quarter of 2021, and very proud of our Bank’s support of the local community through our continued participation in the PPP program. Loans in deferral peaked at 29% of total loans in the second quarter of 2020 and have since fallen to 0.40% of total loans at March 31, 2021, a very positive sign. While it remains difficult to accurately predict the next few quarters and the impact of COVID-19 on our local and national economy, I am thankful to have our experienced team of bankers and a supportive board of directors as we address future challenges and opportunities.” The Company also announced a $0.01 increase in its quarterly cash dividend to $0.07 per share of common stock. The dividend is payable on June 10, 2021 to stockholders of record as of the close of business on May 25, 2021. “We are pleased to increase our quarterly cash dividend to our stockholders,” said Mr. Wayne. “Paying stockholders a portion of our earnings reflects our continuing commitment to enhance stockholder value.” The Bank adopted the 9% community bank leverage ratio (“CBLR”) requirement as of June 30, 2020. As of March 31, 2021 the Bank’s CBLR was 9.56%, up from 9.22% at December 31, 2021. As of March 31, 2021, the Company’s stockholders’ equity was $45.9 million, up 3.1%, from $44.5 million at December 31, 2020. With respect to the consolidated statement of operations for the first three months of 2021, net interest income was $5.6 million in 2021, up $1.6 million, or 40.0%, from $4.0 million for the first quarter of 2020. The Company recorded a negative provision for loan losses of $112,000 million in the first three months 2021, compared with a loan loss provision of $1.1 million in the same period of 2020. The allowance for loan losses as a percentage of total loans was 1.21% at December 31, 2021 compared to 0.90% at December 31, 2020. The Company increased the allowance for loan losses in 2020, largely due to increase in the qualitative factors in the Company’s allowance for loan loss model due to the deteriorating economic outlook related to COVID-19. Nonperforming assets represented 0.62% of total assets as of March 31, 2021, down slightly from 0.64% at December 31, 2020. Noninterest income totaled $671,000 in the first three months of 2021, unchanged from the same period in 2020. Noninterest expense totaled $3.7 million in the first three months in 2021, up slightly from $3.3 million in the same period in 2020. About Oak Ridge Financial Services, Inc.Oak Ridge Financial Services, Inc. (OTCPink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge delivers personal attention and convenience for every client. Substantially all of the Bank’s employees are stockholders in Oak Ridge Financial Services, Inc. through their participation in the Bank’s Employee Stock Ownership Plan. We are proud of our many accolades and awards, including seven “Best Bank in the Triad” wins, “Triad’s Top Workplace” finalist, “Triad’s Healthiest Employer” winner and a 2016 Better Business Bureau “Torch Award” winner. We offer a complete range of banking services for individuals and businesses. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender. Banking Services | ATM Usage Worldwide | Mobile Banking | Online Billpay | Remote and Mobile Deposit | Checking | Savings | Mortgage | Insurance | Lending | Wealth Management Visit Us | To learn more, visit us during our extended weekday and Saturday hours at one of our convenient locations in Greensboro, High Point, Summerfield and Oak Ridge, North Carolina, or call 336.644.9944, or online at www.BankofOakRidge.com. Forward-looking InformationThis earnings release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, and (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations. The Company undertakes no obligation to update any forward-looking statements. Oak Ridge Financial Services, Inc.Consolidated Balance SheetsAs of March 31, 2021 (Unaudited) and December 31, 2020 (Audited) 2021 2020Assets Cash and due from banks$8,624 $9,354Interest-bearing deposits with banks 37,628 11,994Total cash and cash equivalents 46,252 21,348Securities available-for-sale 45,153 46,357Securities held-to-maturity 529 564Restricted stock, at cost 1,525 1,806Loans, net of allowance for loan losses of $5,250 at period end 2021 and $5,458 at year end 2020 457,734 445,127Property and equipment, net 10,504 10,632Accrued interest receivable 2,075 2,412Bank owned life insurance 5,951 5,930Right-of-use assets – operating leases 1,893 1,990Other assets 5,137 4,464Total assets$576,573 $540,630 Liabilities and Stockholders’ Equity Liabilities Deposits: Noninterest-bearing$110,904 $94,227Interest-bearing 381,650 361,510Total deposits 492,554 455,737Short-term borrowings 5,000 8,000Long-term borrowings 886 952Junior subordinated notes related to trust preferred securities 8,248 8,248Subordinated debentures 15,476 15,484Lease liabilities – operating leases 1,892 1,990Accrued interest payable 293 140Other liabilities 6,528 5,604Total liabilities 530,877 496,155 Stockholders’ equity Common stock, no par value; 50,000,000 shares authorized; 2,675,500 issued and outstanding at period end 2021 and 2,639,345 at year end 2020 25,153 25,013Retained earnings 17,669 15,771Accumulated other comprehensive income 3,054 3,691Total stockholders’ equity 45,875 44,475Total liabilities and stockholders’ equity$576,573 $540,630 Oak Ridge Financial Services, Inc.Consolidated Statements of IncomeThree months ended March 31, 2021 and 2020 (Unaudited)(Dollars in thousands except per share data) 20212020Interest and dividend income Loans and fees on loans$5,874 $4,924 Interest on deposits in banks 24 65 Restricted stock dividends 20 16 Taxable investment securities 336 298 Total interest and dividend income 6,254 5,303 Interest expense Deposits 375 1,060 Short-term and long-term debt 321 274 Total interest expense 696 1,333 Net interest income 5,558 3,969 Provision for (recovery of) loan losses (112) 1,140 Net interest income after provision for loan losses 5,670 2,829 Noninterest income Service charges on deposit accounts 135 181 Brokerage commissions on mortgage loans 77 82 Insurance commissions 121 84 Gain on sale of SBA loans - - Debit and credit card interchange income 254 243 Income earned on bank owned life insurance 21 24 Other service charges and fees 63 59 Total noninterest income 671 673 Noninterest expense Salaries 1,853 1,546 Employee benefits 294 272 Occupancy 286 236 Equipment 277 245 Data and item processing 446 512 Professional and advertising 157 166 Stationary and supplies 39 34 Net cost of foreclosed assets - 5 Impairment loss on securities 10 - Telecommunications 95 77 FDIC assessment 58 13 Other expense 229 228 Total noninterest expense 3,744 3,334 Income before income taxes 2,597 168 Income tax expense (benefit) 542 (4)Net income and income available to common stockholders$2,055 $172 Basic income per common share$0.77 $0.07 Diluted income per common share$0.77 $0.07 Basic weighted average shares outstanding 2,675,500 2,635,135 Diluted weighted average shares outstanding 2,675,500 2,644,434 Selected Financial DataMarch 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 2020December 31, 2019Return on average common stockholders' equity1 18.45% 9.17% 8.50% 11.66% 1.68% 10.23%Tangible book value per share$17.24 $16.86 $16.36 $15.98 $15.22 $15.36 Return on average assets1 1.49% 0.73% 0.64% 0.92% 0.14% 0.86%Net interest margin1 4.26% 3.57% 3.42% 3.50% 3.49% 3.57%Net interest income to average assets1 4.03% 3.32% 3.27% 3.34% 3.32% 3.37%Efficiency ratio 59.94% 67.64% 68.67% 62.79% 71.82% 74.53%Nonperforming assets to total assets 0.62% 0.64% 0.64% 0.65% 0.78% 0.81% 1Annualized
Shares of Heron Therapeutics (NASDAQ: HRTX) were jumping 7.3% as of 3:08 p.m. EDT on Monday after rising as much as 13% earlier in the day. Heron announced Q1 revenue of $20 million, down 21% year over year. The average analysts' estimate projected Q1 revenue of $25.7 million and a loss of $0.57 per share.
(Bloomberg) -- Technology shares led U.S. stocks lower as surging commodity prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally.The tech-heavy Nasdaq 100 Index more than 2% amid the growing anxiety over inflation, which can threaten longer-horizon revenues typical of the sector. Tesla and Apple were among the biggest decliners. The ARK Innovation ETF resumed its slide. The Dow Jones Industrial Average rose to a record, topping 35,000 for the first time. The benchmark S&P 500 fell from an all-time high. Treasury yields edged higher as traders brace for a busy week of auctions.“People have been gravitating to value -- now you can find growth outside of tech,” said Keith Lerner, chief market strategist at Truist Advisory Services. “As inflation expectations continue to move higher, that’s more beneficial for the value side of the trade.”Copper jumped to a record while iron ore futures surged more than 10%, adding to concern about inflation. West Texas Intermediate fluctuated after a cyberattack forced the closure of a key U.S. pipeline, which operators hope to reopen by the end of the week.Meanwhile, the pound climbed to its highest level since February after U.K. elections denied Scotland’s main independence party an outright majority and strengthened the grip of the Conservatives.The run-up in raw materials is intensifying debate ahead of a U.S. CPI report Wednesday that is forecast to show price pressures increased in April. The data will be closely watched by policy makers at the Federal Reserve trying to gauge the speed of the recovery after job growth significantly undershot forecasts.“The strong inflation figures that are expected this week could change the market narrative and raise concerns about the risk that inflation pressures are picking up significantly, even if the real economic recovery will remain far from complete for some time,” according to Credit Agricole SA strategists led by Jean-Francois Paren. “If this is the case, it could weigh on risk appetite in the coming days and weeks.”Read more: Inflation Debate Hits Emerging Markets as Pimco Stands Firm The MLIV Question of the Day: How Could Highest CPI in Decade Hit Assets?Here are some key events to watch this week:A range of Fed speakers are due this week, including Chicago Fed President Charles Evans on the economic outlook Monday and U.S. Fed Governor Lael Brainard on Tuesday, among othersChinese inflation data are due TuesdayOPEC monthly Oil Market Report is published with global demand forecasts and production estimates TuesdayU.S. CPI report Wednesday is forecast to show prices continued to increase in AprilBank of England Governor Andrew Bailey speaks WednesdayThese are some of the main moves in markets:StocksThe S&P 500 fell 0.7%, more than any closing loss since April 30 as of 3:30 p.m. New York timeThe Nasdaq 100 fell 2.3%, more than any closing loss since March 18The Dow Jones Industrial Average rose 0.3% to a record highThe MSCI World index fell 0.4%, more than any closing loss since May 4CurrenciesThe Bloomberg Dollar Spot Index fell 0.1%, falling for the fourth straight day, the longest losing streak since April 19The euro fell 0.2% to $1.2145The British pound surged 1.1%, more than any closing gain since April 19The Japanese yen fell 0.2% to 108.79 per dollarBondsThe yield on 10-year Treasuries advanced three basis points, more than any closing gain since April 27Germany’s 10-year yield advanced zero basis points, climbing for the fourth straight day, the longest winning streak since April 29Britain’s 10-year yield advanced one basis point to 0.79%CommoditiesWest Texas Intermediate crude fell 0.1% to $65 a barrelGold futures rose 0.3%, climbing for the fourth straight day, the longest winning streak since Feb. 10For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Lexi Reese, Gusto COO, join Yahoo Finance’s Alexis Christoforous and Kristin Myers to discuss how small businesses are faring amid the economic recovery.
Facebook has started testing a new interface feature that will prompt people to at least open a link before they share it with their network.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S. EDMONTON, Alberta, May 10, 2021 (GLOBE NEWSWIRE) -- North American Construction Group Ltd. (“NACG” or the “Company”) (TSX/NYSE: NOA) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”) led by National Bank Financial Inc. under which the underwriters have agreed to purchase $65,000,000 aggregate principal amount of convertible unsecured subordinated debentures due June 30, 2028 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). In addition, the Company has granted the Underwriters an over-allotment option to purchase up to an additional $9,750,000 aggregate principal amount of Debentures at the same price, exercisable in whole or in part at any time for a period of up to 30 days following closing of the Offering, to cover over-allotments. The Debentures will be subordinated, unsecured obligations of NACG and will bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2021. The Debentures will be convertible at any time at the option of the holders into common shares of the Company (“Common Shares”) at a conversion price (the “Conversion Price”) of $24.75 per share. The Debentures will mature on June 30, 2028 (the “Maturity”). The Debentures will not be redeemable at the option of the Company before June 30, 2024. On or after June 30, 2024 and prior to June 30, 2026, the Debentures may be redeemed in whole or in part at the option of the Company on not more than 60 days and not less than 30 days prior notice at a price equal to their principal amount thereof plus accrued and unpaid interest, provided that the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange for the 20 consecutive trading days ending five trading days preceding the date on which the notice of redemption is given is not less than 125% of the Conversion Price. On or after June 30, 2026 and prior to Maturity, the Debentures may be redeemed in whole or in part at the option of the Company on not more than 60 days and not less than 30 days prior notice at a price equal to their principal amount plus accrued and unpaid interest. NACG will use net proceeds of the Offering for future growth opportunities, to repay outstanding indebtedness and for general corporate purposes. A preliminary short-form prospectus qualifying the distribution of the Debentures will be filed with securities regulatory authorities in all of the provinces of Canada, excluding Quebec. The Offering is subject to customary regulatory and stock exchange approvals, with closing expected to occur on or about June 1 , 2021. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. About the Company North American Construction Group Ltd. (www.nacg.ca) is one of Canada’s largest providers of heavy construction and mining services. For more than 65 years, NACG has provided services to large resource-based companies. For further information, please contact: Jason Veenstra, CPA, CA Chief Financial Officer North American Construction Group Ltd. Phone: (780) 948-2009 Email: email@example.com Forward-Looking Information The information provided in this release contains forward-looking information and forward-looking statements (together, “forward-looking statements”). Forward-looking statements include statements preceded by, followed by or that include the words “expect”, “may”, “could”, “believe”, “anticipate”, “continue”, “should”, “estimate”, “potential”, “likely”, “target” or similar expressions. The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2020 and the Company’s annual information form dated February 17, 2021. Actual results could differ materially from those contemplated by such forward-looking statements as a result of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, you should read the Company’s disclosure documents filed with the SEC and the CSA. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov or SEDAR on the CSA website at www.sedar.com. Since 1953 - Heavy Construction & Mining Suite 300, 18817 Stony Plain Road Edmonton, Alberta T5S 0C2 Canada Phone 780.960.7171 Fax 780.969.5599www.nacg.ca
Image source: The Motley Fool. CEVA Inc (NASDAQ: CEVA)Q1 2021 Earnings CallMay 10, 2021, 8:30 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood day and welcome to the CEVA, Inc.
* Copper prices hit all-time high * Canadian 10-year yield up slightly (Adds analyst comment, updates prices) By Gertrude Chavez-Dreyfuss NEW YORK, May 10 (Reuters) - The Canadian dollar rose on Monday to its highest level since mid-September 2017 against a broadly weak U.S. currency, boosted overall by firmer commodity prices and the Bank of Canada beginning to tighten its monetary policy. Analysts said those two factors had helped shield the Canadian dollar from the negative impact of the economy's worse-than-expected jobs report last Friday. Canada's economy lost 207,100 jobs in April, more than analysts' estimates of 175,000 job losses, with declines driven by coronavirus restrictions in populous Ontario, Quebec and British Columbia, data showed.
Ameriprise Financial (NYSE: AMP) today announced it has again received high marks in an annual customer satisfaction survey conducted by independent research and benchmarking firm Hearts & Wallets. Survey participants named Ameriprise a top performer in key categories, with clients saying the company is "unbiased," puts their "interests first," and offers investment ideas that are "knowledgeable, timely and tactical."1 The 2021 "Wants & Pricing Report" is based on Hearts & Wallets’ survey of nearly 6,000 U.S. households who provided detailed feedback on their experience with financial firms.
SACRAMENTO, Calif., May 10, 2021 (GLOBE NEWSWIRE) -- The Association of California Water Agencies (ACWA) will host its 2021 Virtual Spring Conference & Exhibition May 12-13, delivering a package of updates, analyses and perspectives on multiple issues affecting the state’s water community. Discussion panels will touch on several areas related to a second year of dry conditions in California, ranging from wildfire resilience to the potential impacts of a drought on water rights. Panels will also explore topics that remain top issues within California water, such as federal and state efforts related to PFAS and the financial impacts of the COVID-19 pandemic on disadvantaged communities. California Department of Natural Resources Secretary Wade Crowfoot is scheduled to deliver a keynote address, as well as California Department of Water Resources Director Karla Nemeth, who will address attendees on Bay-Delta conveyance, the Sustainable Groundwater Management Act, water use efficiency and the Water Storage Investment Program. Attendees will also hear a keynote address by cybersecurity expert Bob Flores, founder and president of Applicology Inc. The full conference program with event dates and specific times is available online. News media interested in covering parts of the virtual conference can make arrangements by contacting ACWA Communications Director Heather Engel at firstname.lastname@example.org or by calling (760) 217-0627. WHAT: ACWA’s 2021 Spring Virtual Conference & Exhibition WHEN: Wednesday, May 12, 9 a.m. – 4 p.m.Thursday, May 13, 9 a.m. – 12 p.m. ACWA is a statewide association of public agencies whose more than 450 members are responsible for about 90% of the water delivered in California. For more information, visit www.acwa.com. Contact: Heather Engel, Director of Communications | C (760) 217-0627
With celebrity endorsements like Elon Musk and Tom Brady, a new all-time high for Ethereum, and brokerage outages from surging Dogecoin volume, this was a weekend to remember.
Prosecutors allege man bought a Ferrari, a Lamborghini and a Bentley
Scott Bauer, Prosper Trading Academy CEO, joins Yahoo Finance Live to discuss impacts from one of America's largest pipelines shutting down after being hit by a cyber attack.
The State Department is condemning the rocket attacks that occured in Israel after Hamas militants fired numerous rockets on Monday. It also condemned the brutal attack on a girl's school in Kabul that killed dozens of people. (May 10)
(Bloomberg) -- Iron ore futures surged more than 10% and copper extended its record run amid increasing bets they’ll be among the biggest winners from a commodities boom that’s stoking concerns about inflation around the world.While analysts struggled to pinpoint a trigger for Monday’s gains in iron ore, they cited several trends including optimism that central banks will retain supportive policies even as the global economy recovers. Expectations China will tighten environmental rules have added to the bull case for copper -- seen as vital to the green energy transition -- and fueled speculation that steelmakers may front-load iron ore purchases before new curbs kick in.The gains add to a more than yearlong surge in raw-materials prices that’s shifted into overdrive in recent weeks, with the Bloomberg Commodity Spot Index rising for 14 of the past 15 days to the highest level in almost a decade. Metals including copper pared advances later in Monday’s session as dollar losses ebbed and U.S. Treasury yields advanced.A “Goldilocks scenario” may be forming as strengthening global growth combines with restrained wage pressures and a dovish Federal Reserve, Goldman Sachs Group Inc. commodities analysts said in a May 7 report, the same day weak U.S. jobs figures added to the case for more stimulus. The risk for bulls -- and anyone betting on buoyant returns from stocks and bonds -- is that the surge in raw materials feeds through to broader measures of inflation and eventually forces central banks to tighten.For copper, the long-term outlook is also being bolstered by a likely surge in demand as governments target huge investments in renewables and electric-vehicle infrastructure. While copper’s last march to record highs in 2011 was driven by China’s economic boom, analysts expect this rally to be supported by a much broader rise in metals usage.”We’re in a new world,” Jeffrey Currie, global head of commodities research at Goldman Sachs, said in a Bloomberg TV interview. “We’re seeing a much more balanced growth between the U.S, Europe and China.”The iron ore sector “is very, very hot,” Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, said in Bloomberg Television interview. “Supply is still not able to meet that strong demand.”Iron ore futures in Singapore jumped to a record above $226 a ton. Contracts in Dalian rose by the daily limit when the market opened.Copper, often viewed as a barometer of the global economy’s health, rose as much as 3.2% to a record $10,747.50 a ton on the London Metal Exchange, before erasing gains and settling 0.3% lower at $10,382. Aluminum slipped 0.4% after climbed as much as 2.5%.“Looks like there’s some profit-taking going on in copper and other metals after the big surge,” said Wenyu Yao, senior commodities strategist at ING Bank.Still, “there’s still quite a lot of room to go,” Evy Hambro, global head of thematic investing at BlackRock Inc., said on Bloomberg Television. “What we’re really doing is we’re testing the upper ranges of commodity markets to work out what the new price range is going to be.”There were fresh jitters on the supply side as China’s major copper smelters vowed to reduce purchases of mined concentrate this year as the country seeks to curb carbon emissions. While that could ease strains on mine supply, the smelters will need to boost scrap purchases to avoid a slump in production of refined metal.“It’s notable that the smelters don’t imply a cut to output,” Morgan Stanley analysts Susan Bates and Marius van Straaten said in an emailed note. “They appear comfortable that they can make up the reduction in concentrate purchases with a lift in the use of copper in other forms.”The iron-ore boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs and potentially front-load output ahead of more environmental restrictions.Steelmakers in the rest of the world, such as ArcelorMittal SA, are also enjoying a boom as demand bounces back from pandemic lows.“There is a chance that ex-China demand can come back to such an extent that we still see steel demand pick up globally and that will see iron ore demand remain at these elevated levels,” CBA’s Dhar said.Traders will be watching closely for how China responds. Shipmakers and household-goods manufacturers will eventually be unable to withstand elevated steel prices, the country’s state-run Xinhua News Agency reported on Sunday, citing analysis from the China Iron & Steel Association. The report said it would be difficult for steel to continue rallying.The government has scheduled nationwide inspections on steel-capacity cuts, with the National Development and Reform Commission calling on the state asset regulator and provincial level working groups to complete self-checks by May 15. Authorities will conduct on-site inspections in June and July, according to a statement Monday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Guidehouse, a leading consultancy and solutions provider to the public and commercial sectors, has announced a new global headquarters operation at Tysons Corner in Fairfax County. The company is investing $12.7 million to establish the state-of-the-art location. Guidehouse will create more than 1,000 new Virginia jobs over the next three years, and the site will house more than 1,500 employees following its opening later this year.
Frank Hodge, Orin and Janet Smith Dean of the University of Washington’s Foster School of Business, joins Yahoo Finance’s Live to discuss what the future holds for 2021 college graduates.
A Minke whale that became stranded in the river Thames has had to be put down. A statement from British Divers Marine Life Rescue had earlier said the animal had become “very distressed” after getting trapped against the riverbank near Teddington, in south west London. “Once the whale is beached a veterinary team will be on stand by to euthanize the animal to end its suffering,” the British Divers Marine Life Rescue (BDMLR) said earlier in a statement.
U.S. television network NBC said on Monday it will not broadcast Hollywood's Golden Globes ceremony in 2022 following complaints about ethical lapses and lack of diversity among the group that hands out the annual awards for film and television. The decision came despite a plan approved last week by the small Hollywood Foreign Press Association (HFPA), which hands out the awards, to recruit more Black members and make other changes over the next year. NBC said in a statement on Monday that the reforms were not quick enough.