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China's November net gold imports via Hong Kong plummet to near nine-year low

Net imports via Hong Kong to China, the world’s top consumer of gold, fell to 3.052 tonnes in November — the lowest since February 2011 — from 10.846 tonnes in October, the data showed. Total gold imports via Hong Kong slumped 58% to 5.563 tonnes last month, also the lowest since February 2011, from 13.353 tonnes in October. …read more […]

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EssilorLuxottica discovers fraud at plant in Thailand

EssilorLuxottica said it had discovered fraudulent activity at a plant in Thailand, which was expected to have a negative impact of 190 million euros ($213 million) on the spectacles company. EssilorLuxottica’s shares fell by around 1 percent in early session trading, following the announcement. The group, which was formed from the merger of French lens maker Essilor and Italian eyewear group Luxottica, added that the employees suspected of involvement in the Thai fraud case had been sacked. …read more […]

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AstraZeneca, Merck score win with Lynparza approval for pancreatic cancer

AstraZeneca and Merck’s ovarian cancer drug Lynparza has received U.S. regulatory approval for the treatment of advanced pancreatic cancer, cementing its lead in a niche category of cancer treatments. The U.S. Food and Drug Administration (FDA) approved the drug’s use as a first-line maintenance therapy for patients with BRCA gene mutations whose cancer had spread beyond the pancreas and whose tumours did not worsen after chemotherapy of at least 16 weeks, the British drugmaker said on Monday. Mutations in BRCA genes impair the ability to repair DNA damage and are typically linked with breast and ovarian cancers, but …read more […]

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Iraq Resumes Oil Output at Field Halted by Jobless Protesters

(Bloomberg) — Iraq resumed pumping at the Nasiriya oil field one day after protesters forced a halt in operations, recovering — at least for now — as widespread unrest takes its first toll on the country’s most important industry.Employees returned to work at the field in southern Iraq after authorities cleared away protesters who had cut roads to the area, Oil Ministry spokesman Asim Jihad said Monday in a statement. OPEC’s second-biggest producer maintained its overall output level during the halt by pumping more at its Basra fields to offset the loss of about 80,000 to 85,000 barrels a day …read more […]

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The Decade of Debt: big deals, bigger risk

With interest rates locked in at rock-bottom levels courtesy of the Federal Reserve’s easy-money policy after the financial crisis, companies found it cheaper than ever to tap the corporate bond market to load up on cash. Bond issuance by American companies topped $1 trillion in each year of the decade that began on Jan. 1, 2010, and ends on Tuesday at midnight, an unmatched run, according to SIFMA, the securities industry trade group. In all, corporate bond debt outstanding rocketed more than 50% and will soon top $10 trillion, versus about $6 trillion at the end of the …read more […]

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Gold’s Surprise End-of-Year Rally Picks Up Pace as Dollar Sags

(Bloomberg) — Gold’s end-of-year stealth rally is gaining ground even as investors target risk assets including equities and early data suggest that macro-economic conditions are set to be more benign in 2020 than this year.Prices climbed for the fifth time in six sessions as the dollar fell again and funds plowed more money into bullion-backed exchange-traded funds. The advance burnishes a yearly gain, with spot prices up 18% in 2019 and heading for the highest close since November.The strong bullish momentum is “largely due to U.S. dollar weakness,” said Benjamin Lu, an analyst at Phillip Futures Pte in Singapore. “A …read more […]

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Monex Founder Matsumoto Sees Nikkei 225 Heading Toward 29,000

(Bloomberg) — Japanese equities are “still cheap” and the Nikkei 225 Stock Average will likely rise more than 20% to 29,000 next year, according to Oki Matsumoto of Monex Group Inc.Matsumoto, a former general partner at Goldman Sachs Group in Japan, said the local stock market is where investors could “aggressively seek capital gains,” given its valuations are relatively low compared with the U.S. and Europe. The benchmark Topix index is trading at less than 14 times its 12-month forward estimated earnings compared with the S&P 500 Index, which is at 18 times.“My view is more bullish than Monex Securities’ …read more […]