OFF THE WIRE
Everlasting love? US savers seem wedded to stocks
LONDON, Feb 23 (Reuters) - Record peaks, pricey valuations, narrow markets, frenzied tech bandwagons and even punchy alternatives in bonds - all surely gnaw at U.S. household savers to lighten up on stocks.Yet, not a bit of it.In a sort of strange long-term momentum play, U.S. households lucky enough to have substantial savings find themselves shacked up with equities like never before.
US business equipment borrowings up 6% in January, ELFA says
Feb 23 (Reuters) - U.S. companies borrowed 6% more to finance equipment investments in January compared to a year ago, industry body Equipment Leasing and Finance Association (ELFA) said on Friday.Companies signed up for new loans, leases and lines of credit worth $9.3 billion in January, down 26% sequentially."It's especially encouraging to kick off in positive territory since equipment investment—the lifeblood of the equipment finance industry—is forecast to pick up in the second half of the year," ELFA President and CEO Leigh Lytle said.
MP Materials swings to quarterly loss on falling rare earths prices
Rare earths miner MP Materials on Thursday reported a fourth-quarter loss due to slipping prices for the strategic minerals and rising production costs, although the loss was not as much as analysts had expected.The company, which held unsuccessful merger talks earlier this year with rival Lynas Rare Earths, has struggled in recent months with falling prices and stiff competition from Chinese rivals.
Vale sees no indication of environmental breach at suspended mines
Brazilian miner Vale sees no indication of any environmental or social breach at two of its mines in Para state that had their operating licences suspended this week, Vale Base Metals chair Mark Cutifani said on Friday.Speaking at a conference call about the miner’s fourth-quarter results, the executive said that the suspensions could have happened due to an administrative issue, adding that “if anything’s wrong, it will be corrected”.
AngloGold Ashanti posts 3% drop in 2023 output
AngloGold Ashanti on Friday posted a 3% drop in 2023 output, weighed down by production slippages at key mines in Tanzania, Guinea and Ghana.Gold production for the year ended Dec. 31 fell to 2.593 million ounces from 2.672 million, it said in its full-year results, with the decline due mainly to lower ore tons processed and lower recovered grades.Poor ground conditions at Obuasi in Ghana and a carbon-in- leach (CIL) tank failure at its processing plant at Siguiri, Guinea, had an adverse impact on gold production and total operating costs, AngloGold said.