By Doug Alexander Bloomberg Thu., Jan. 17, 2019 ScotiaMocatta is no more, at least in name. Bank of Nova Scotia is dropping the “Mocatta” moniker from its metals-trading business, shedding the last vestiges of a firm dating back nearly 350 years as the Canadian owner absorbs the platform into its capital-markets division. It’s an end of an era that began in 1671 when Moses Mocatta opened an account with one of London’s most famous goldsmith bankers, Edward Backwell. Mocatta and his descendants would go on to build what became one of the world’s largest metals-trading businesses and the oldest member of London’s bullion market. The firm has long participated in the London gold auction, where an industry benchmark price is set twice a day. Scotiabank came onto the scene in 1997 when it bought the Mocatta Bullion and Base Metals unit from Standard Chartered Plc for $26 million and renamed it ScotiaMocatta. The Toronto-based bank … [Read more...] about Scotiabank drops 348-year-old Mocatta name in metals unit revamp
Gold price in delhi
The government appears to have backed down from its stand-off with the Reserve Bank of India (RBI), after a meeting that reportedly took place in Delhi between Governor Urjit Patel and Prime Minister Narendra Modi last Friday. Three days later, on Monday afternoon, Secretary (Economic Affairs) Subhash Chandra Garg denied the previous week’s reports of a move to force the RBI to free up 3.6 trillion rupees (US$49.93 billion) from its statutory reserves through a reset of its risk capital framework. Significantly, he issued the clarification on Twitter, not via an official press release. The dailyReport Must-reads from across Asia - directly to your inbox The RBI has long maintained, including in its annual report, that it is working on a framework for assessing its risk-buffer requirements in a systematic way for determining the transferable surpluses to the government every year. At the center of this raging controversy is the RBI’s policy for determining how much … [Read more...] about Does the Modi government’s RBI spat mask desperation?
NEW DELHI (BLOOMBERG) - The Indian central bank's final tally of Prime Minister Narendra Modi's 2016 demonetisation drive, intended to take money derived from tax evasion out of circulation, showed that 99.3 per cent of outlawed high-value banknotes had been returned. That is a severe loss of face for officials, who had argued that holders of the cash would rather destroy it than return it to banks, providing a windfall for the government. The authorities managed to produce several other defenses of the initiative, however. One in particular was appealing to financial markets: The notion that, in Finance Minister Arun Jaitley's words, "Demonetisation appears to have led to an acceleration in the financialisation of savings." Households that traditionally kept their savings in cash would now prefer to put the money into other instruments, perhaps even the stock market. This would increase the amount of capital available for companies to deploy and banks to … [Read more...] about India’s cash ban failed even to create a bank savings culture
Iran is banning imports of over 1,300 products, preparing its economy to resist threatened US sanctions, amid rare public protests against the plunge of its currency to record lows. Police patrolled Tehran’s Grand Bazaar on Monday as security forces struggled to restore normality after clashes with protesters angered by the rial’s collapse, which is disrupting business by driving up the cost of imports, witnesses said. Traders from the bazaar, whose merchants supported Iran’s 1979 Islamic revolution, told Reuters by telephone that most shops remained closed. “Police have dispersed the protectors. We are all angry with the economic situation. We cannot continue our businesses like this. But we are not against the regime,” said a merchant in the bazaar, who asked not to be identified. Industries and trade minister Mohammad Shariatmadari slapped the import ban on 1,339 goods that could instead be produced within the country, Iran’s Financial … [Read more...] about Iran bans 1,300 imports as protesters, police clash over currency weakness
By Russell Gold The Wall Street Journal Tues., June 12, 2018 Global spending on renewable energy is outpacing investment in electricity from coal, natural gas and nuclear power plants, driven by falling costs of producing wind and solar power. More than half of the power-generating capacity added around the world in recent years has been in renewable sources such as wind and solar, according to the International Energy Agency. In 2016, the latest year for which data is available, about $297 billion was spent on renewables—more than twice the $143 billion spent on new nuclear, coal, gas and fuel oil power plants, according to the IEA. The Paris-based organization projects renewables will make up 56% of net generating capacity added through 2025. Once supported overwhelmingly by cash-back incentives, tax credits and other government incentives, wind- and solar-generation costs have fallen consistently for a decade, making renewable-power investment more … [Read more...] about Global investment in wind and solar energy is outshining fossil fuels