A meaningful trade deal is unlikely to be reached before the next US Presidential elections in late 2020. We expect most base metal prices to remain weak over the coming months... with the exception of nickel which continues to show resilience due to supply-side fears in Indonesia," Fitch said in a note.
CF73
Really does look like global supply is dramatically tightening just when demand is ramping up incredibly fast.
It beggars belief why AMC hasn’t taken off. I suspect things could start to look tasty here in the coming months
how many false dawns has AMC had but I suspect it must be close to ignition this time just because the huge surge in EV everything from bikes to cars.
Interestingly ive been a mountain biker for years and sneered at the EV bikes but all my mates are buying them and having tried them a few times boy im hooked. You can get twice as many downhill runs just because they climb so fast and your not knackered after a climb you can enjoy the ride much more. Do E Bikes have nickel in them im not sure what the numbers are?
great post I'm reading everywhere Nickel will be the stand out performer because of shortages.
More EVs and more nickel in each of them will drive nickel demand through the roof, says the head of BHP’s Nickel West arm. His forecast is great news for those juniors with large nickel deposits awaiting development, such as the Jaguar project just acquired by Centaurus from Brazilian giant Vale. Plus, Venturex’s $100m debt deal sets it up to become one of the few ASX-listed copper producers.
The display of oomph at last week’s Diggers & Dealers conference in Kalgoorlie was not restricted to the gold stocks.
The nickel stocks made sure of that, with none other than BHP leading the charge in a presentation by its Nickel West president, Eddy Haegel.
Nickel West is the formerly unloved BHP unit that has come into its own in response to what Haegel described as a once-in-a-generation opportunity presented by the gathering nickel-rich battery boom.
Haegel said that in addition to the rapid growth in electric vehicles sales, BHP expects nickel-in-vehicle demand to surge, driven by three factors.
The first is batteries are becoming bigger to improve vehicle range and performance. Next, nickel-based cathodes are taking market share from non-nickel cathodes because they’re “simply better”.
And finally, increasing nickel in battery chemistries increases energy density, delivering better performance and lower costs.
“It is important to understand that a 60kwh NMC811 battery needs 9kg of cobalt, 11kg of lithium and a massive 70kg of nickel,” Haegel said.
Yep Norilsk must be the front runner!
could jump big time
to buy tried buying £5k cant!
9.5p to buy!
Good luck to all invested but this is such huge news for NCCL. It surely warrants discussion here.
IF GE go under NCCL is doomed. But even if they don’t the risk is high a hiccup scuppers the best laid plans
Dan I agree he purchased shares but tiny read this he has an interest to see the stock price rise.
I think there’s a 50% chance GE goes belly up
General Electric's new CEO Larry Culp will be paid as much as $21 million a year for four years, with the potential for hundreds of millions more if the company's shares do well. In a securities filing on Thursday, the company said Culp will get $2.5 million a year in salary and an annual bonus with a target of $3.75 million, plus annual equity awards valued at $15 million starting in 2019. Earlier this week, GE removed John Flannery from his role as CEO. The company also announced it will take a “$23 billion non-cash charge for its power business.” Flannery had been CEO since 2017 and only in June announced details of a “much-awaited” restructuring plan for the firm.
Here are the main points Markopolos makes in the report which are now available to read online:
"This is my accounting fraud team's ninth insurance fraud case in the past nine years and it's the biggest, bigger than Enron and WorldCom combined. In fact, GE's $38 Billion in accounting fraud amounts to over 40% of GE's market capitalization, making it far more serious than either the Enron or WorldCom accounting frauds."
"GE utilizes many of the same accounting tricks as Enron did, so much so that we've taken to calling this the GEnron case."
"Of the $29 Billion in new LTC reserves that GE needs, $18.5 Billion requires cash immediately while the remaining $10.5 Billion is a non-cash GAAP charge which accounting rules require to be taken no later than 1QTR 2021. These impending losses will destroy GE's balance sheet, debt ratios and likely also violate debt covenants."
"When you benchmark GE to a responsible insurance carrier using going concern accounting such as Prudential (PRU), GE needs $18.5 Billion in additional reserves in order to be able to pay claims. We compare GE's LTC policies to Prudential and Unum, two insurers with similar pre-mid-2000's vintage LTC policies, but whose policies have much lower risk characteristics than GE's. Prudential's 2018 loss ratio on similar policies was 185% and they're reserving $113,455 per policy while GE's loss ratios are several times higher and they're only reserving $79,000 per policy. Just to match Prudential's level of reserves would require an immediate $9.5 Billion increase in reserves."
"GE would change its reporting formats every 2-4 years to prevent analysts from being able to make comparisons across time horizons! In other words, GE went out of its way to make it impossible to analyze the performance of their business units.
"Why would a company do that? We could only think of two reasons: 1) to conceal accounting fraud or 2) because they're so incompetent they're not capable of keeping proper books and records. I'm not sure which reason is worse because both are bad and each is a path to bankruptcy."
GE is already under investigation by the Justice Department and SEC for potential accounting practices. That includes a $22 billion charge the company took in the third quarter related to acquisitions made in its power business.
The struggling industrial conglomerate abruptly removed its former CEO and chairman John Flannery last year after only a year on the job and installed Culp, former Danaher CEO, as his successor.
Flannery had been appointed in August 2017, taking the reins from Jeff Immelt as GE's stock steadily eroded. The company's value had continued set new lows as investors remain unconvinced by Flannery's turnaround vision. Last summer, GE was kicked out of the Dow Jones Industrial Average. It had been the longest-serving component of the blue chip index at 111 years.
General Electric shares saw their biggest drop in more than a decade Thursday after Madoff whistleblower Harry Markopolos targeted the conglomerate in a new report, accusing it of issuing fraudulent financial statements to hide the extent of its problems.
A website has been set up to disseminate the report, www.GEfraud.com, where Markopolos calls it "a bigger fraud than Enron." The financial investigator, who was probing GE for an unidentified hedge fund, writes that after more than a year of research he has discovered "an Enronesque business approach that has left GE on the verge of insolvency."
"My team has spent the past 7 months analyzing GE's accounting and we believe the $38 Billion in fraud we've come across is merely the tip of the iceberg," Markopolos said in the 175-page report. Markopolos alleges that GE has a "long history" of accounting fraud, dating to as early as 1995, when it was run by Jack Welch.
"It's going to make this company probably file for bankruptcy," Markopolos told CNBC's "Squawk on the Street." "WorldCom and Enron lasted about four months. ... We'll see how GE does."
The stock closed 11% lower in its biggest drop since April 2008, ending the day at $8.01 per share.
GE's CEO issued a statement calling the allegations false, and driven by market manipulation.
"GE will always take any allegation of financial misconduct seriously. But this is market manipulation – pure and simple," Lawrence Culp, chairman and CEO of GE said in a statement. "Mr. Markopolos's report contains false statements of fact and these claims could have been corrected if he had checked them with GE before publishing the report."
Culp said the fact that Markopolos never talked to company officials before publishing the report "goes to show that he is not interested in accurate financial analysis, but solely in generating downward volatility in GE stock so that he and his undisclosed hedge fund partner can personally profit."
Enron, which had more than $63 billion in assets at the time, declared bankruptcy on December 2001 in what was then the largest corporate collapse in U.S. history. Roughly 4,000 Enron employees lost their jobs following its collapse. The energy company's downfall began with the discovery of accounting irregularities. Twenty-one people, including former CEO Jeffrey Skilling, were convicted in the scandal, and accounting firm Arthur Andersen was forced out of business after it was found guilty of obstruction of justice.
A year after the Enron scandal broke, long-distance phone company WorldCom, filed for bankruptcy after revelations of an accounting fraud. It had $107 billion in assets at the time.
One area of Markopolos' case focuses on GE's long-term care insurance unit, for which the company had to boost reserves by $15 billion last year. By examining the filings of GE's counterparties in this business, he alleges that GE is hiding massive losses that will only increase as policyholders grow older. He claims that GE h
What with China HK and now GE
Tbh I’m extremely concerned NCCL could find itself terribly affected by the fallout and explains the declines recently.
I sold a while back for other reasons I wanted more exposure to gold but made a loss here frustratingly.
Reading the recent headlines GE looks to be in a dire position here and that cannot bode well for NCCL. Btw I’m not deramping just observing and no one can deny this gives extreme cause for concern
General Electric shares fall after Madoff whistleblower Harry Markopolos targets the conglomerate in a new report, calling it "a bigger fraud than Enron."
The 175-page report claims GE was hiding the depths of its financial problems and would need to significantly raise its insurance reserves. It also points out alleged accounting issues with its oil and gas unit.
"My team has spent the past 7 months analyzing GE's accounting and we believe the $38 Billion in fraud we've come across is merely the tip of the iceberg," Markopolos says in the report.
Markopolos says he has given the report to securities regulators and that certain information he has uncovered was given to law enforcement only, and is not in the public report.
at work...……… imagine the conversation
Boris Johnson - The markets stuffed Mark what can we do? Looks like its all going into meltdown I cant have this heading into a hard Brexit FFS
Mark Carney - well what do you want me to do?
Boris - Anything!!!
Mark C - When?
Boris J - Now!!!!
Mark C - OK done ive pulled the plug out! It will work I think until its plugged back in.
at work...……… imagine the conversation
Boris Johnson - The markets stuffed Mark what can we do? Looks like its all going into meltdown I cant have this heading into a hard Brexit FFS
Mark Carney - well what do you want me to do?
Boris - Anything!!!
Mark C - When?
Boris J - Now!!!!
Mark C - OK done ive pulled the plug out! It will work I think until its plugged back in.
rigged I bet theyre all buying now will bounce on open and the days move will be in when it opens again.
saw this kind of thing in 2009
has the LSE crashed no trades showing
Funny day to say the least here bought a few half way down but confident they will stump up the dosh for the licences that I believe will trigger a rise that holds!