(Reuters) - When Travis Howard started his degree at the Colorado School of Mines four years ago he decided to pursue a double major in mechanical engineering and metallurgy to give himself the best chance of landing a high-paying job when he graduated. Turns out he had nothing to worry about. The 21-year-old, who dropped his mechanical classes to focus on mining after his second year, has accepted a job with Kinross Gold Corp at a starting salary of $64,000 a year plus bonuses.
Sunday, April 15, 2012
Gold glitters for North American mining students
(Reuters) - When Travis Howard started his degree at the Colorado School of Mines four years ago he decided to pursue a double major in mechanical engineering and metallurgy to give himself the best chance of landing a high-paying job when he graduated. Turns out he had nothing to worry about. The 21-year-old, who dropped his mechanical classes to focus on mining after his second year, has accepted a job with Kinross Gold Corp at a starting salary of $64,000 a year plus bonuses.
Could the Fed Lose Money? Would It Matter?
The Federal Reserve has become more profitable than ever since the outbreak of the financial crisis, clearing $77 billion last year. So it seems surly and peevish even to ask the question of whether it could suffer a loss. But it’s important to consider given the Fed’s importance to the economy, amid talk of another round of the monetary stimulus known as quantitative easing. Could the Fed lose money—and if it did, would it matter? JPMorgan Chase (JPM) economist Michael Feroli takes these questions on today in a research note and concludes three things: The chance of a Fed operating loss is “extremely remote.” A loss would be “of little real consequence.” Nevertheless, “this remote prospect may make the Fed marginally less inclined to expand its balance sheet.”
Currency l NZ dollar down on Spanish fears
The New Zealand dollar fell against the greenback today on concerns about Spanish debt after its bond yields rose above the 6 per cent level, considered the threshold of sustainability. The kiwi recently traded at US81.86c, down from US82.43c in the morning. On the Trade Weighted Index of major trading partners' currencies it was at 73.40, marginally down from 73.47. ASB Institutional head of FX sales Tim Kelleher said the kiwi had been very weak all day, despite some hope that currencies could rise after China widened the yuan's trading band.
Goldman Sachs Said to Raise $2.5 Billion in ICBC Sale
Temasek Holdings Pte (TMSK) is buying part of Goldman Sachs Group Inc. (GS)’s stake in Industrial & Commercial Bank of China (601398) Ltd., adding shares of China’s biggest bank to holdings that include two of the nation’s largest lenders. The Singapore state-owned investment group said it is buying 3.55 billion shares, or 4 percent of the Hong Kong-traded shares in the world’s biggest bank by market value, to lift its stake. Goldman Sachs is selling $2.5 billion of shares at HK$5.05 each, according to two people with knowledge of the matter. Temasek paid $2.3 billion for the stock, based on the per-share price and stake size.
Euro Declines Against Major Peers Before Spanish Auctions
The euro declined to a one-month low against the dollar before Spain auctions bills and bonds amid concern Europe’s debt crisis will continue. The 17-nation currency slid to its weakest versus the British pound since September 2010 after the cost of protecting Spain’s debt from nonpayment climbed to a record. China’s yuan retreated after the central bank doubled the so-called trading band of the currency. The Australian dollar fell for a second day as Asian stocks extended a global rout, reducing demand for higher-yielding assets.
Euro Area Seeks Bigger IMF War Chest on Spanish Concerns
European officials travel to Washington this week seeking a bigger global war chest to combat the debt crisis as Spain’s government battles to quell renewed market turmoil over its finances. Three weeks after European leaders unveiled emergency euro- area funding exceeding the symbolic $1 trillion mark, concerns about Spain’s position have ratcheted the nation’s borrowing costs to the highest levels this year. Crisis-fighting resources will dominate talks at the International Monetary Fund’s spring meeting in Washington from April 20-22.
U.S. Treasury’s Currency Report Delayed Before Global Meetings
The U.S. delayed a report on the exchange-rate policies of trading partners, including China, until after global meetings scheduled for the next several weeks. The report, due April 15, was postponed “so that progress may be assessed following several upcoming international meetings,” including the International Monetary Fund and World Bank sessions April 20-21 in Washington, the Treasury said in a statement today.
Trading in overseas futures contracts risky
Last month, BSE Ltd launched trading in futures contracts for overseas indices from four countries. Futures are securities created (derivatives) from the value of an existing financial asset like an index. This is part of a joint initiative by exchanges from BRICS (Brazil, Russia, India, China and South Africa) nations as an attempt to help investors in their respective countries to buy into overseas products directly.
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