5 Things You Need To Know, Today, on Wednesday 5th of December 2018
Five financial stories trending today, including palladium hitting an all-time high
5. Brexit legal advice to be published today
The UK government's full legal advice on Brexit will be published today at 11:30am after MPs voted yesterday to hold the government in contempt for not complying with earlier requests for full access to the advice.
4. Yet, money managers seem to be unshaken by the prospect of a Brexit vote in the Commons
Aberdeen Standard Investments, Allianz Global Investors, and Investec Asset Management-- managing nearly $1.5 trillion among them-- have kept long positions on the sterling. The bet they are making here is that UK lawmakers will eventually act to avoid the economic damage of a no-deal Brexit; so the "best route to agreement is by raising the probability of no deal."
3. Palladium hits record high, briefly surpassing gold price
Propelled by speculative and tight supplies of the autocatalyst metal, palladium rose 2.3% to $1,230.70 per ounce. Earlier it jumped to an all-time high of $1,239.50.
2. Zimbabwe's government is considering letting foreigners own majority stakes in diamond mines
The nation's local-ownership legislation may be waived on the condition that part of any new foreign majority-stake owner reserve part of their output for domestic downstream industries. The move would be an encouraging signal that President Emmerson Mnangagwa is acting on his pledge to revive mining.
1. Scotland weighs imposing higher income tax rates
Scotland has scope to raise income tax rates on the wealthy to be higher than those in other parts of the UK. Finance secretary Derek Mackay said, "I want Scotland to have a competitive tax regime and I will always follor the evidence to understand the tolerable levels of divergence. However, I do not think that now is the time to pass on tax cuts to the richest in society."
Five financial stories, trending today in a 70 second podcast, including: MPs have voted to take control of Commons business for a day, in an unprecedented move to try to find a majority for any Brexit option. It means MPs will get a series of votes tomorrow to find out what kind of Brexit they will support, even though Theresa May has said there is no guarantee, she will abide by their decision.
On today's podcast: Live Company Group discuss progress including their new BRICKLIVE Show in Geneva. Bigblu Broadband cover the highlights from their final results released today. Rockfire Resources talks about the high grade copper from their Copper Dome Project in Central Queensland. Botswana Diamonds discuss their interim highlights.
Louis Coetzee, Chief Executive Officer of Kibo Energy (KIBO), addressed shareholders in a letter detailing progress the AIM listed energy company has been making in Sub-Saharan Africa and the UK. “Africa represents a rapidly growing market economy with an acute power deficit”
SP Angel daily look at commodities and miners, featuring: Bushveld Minerals (BMN LN) – Drill results at Brits vanadium project Chaarat Gold* (CGH LN) – Kapan site visit notes: focus on productivity to deliver sustainable cash generation MOD Resources (MOD LN) - Infill drilling at T3 project delivers increased reserves
Oil and gas investment company, Reabold Resources (RBD) shared with investors today that Rathlin Energy, operator of the PEDL 183 license onshore UK, has signed a rig contract for the drilling of the West Newton appraisal well. The well is expected to spud in April 2019.
Five financial stories, trending today in a 70 second podcast, including: Optimism about the business outlook, among Britain’s financial services firms, has fallen at its fastest rate since the 2008 financial crisis, amid concerns about Britain’s exit from the European Union.