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London gold 1500 fix - Oct 31 - 1164.25 dlrs

October 31, 2014 - reuters.com

UPDATE 1-S.Africa's Harmony halts Kusasalethu mine to remove illegal miners

October 31, 2014 - reuters.com

(Adds quotes, background) JOHANNESBURG, Oct 31 (Reuters) - South Africa's Harmony Gold HARJ.J has halted output at its Kusasalethu mine for two weeks to try to remove illegal miners who have been trespassing into the operation and are believed to be starting fires, the company said on Friday. A spokeswoman for Harmony said the operation would involve the police and mine security. "No production will occur during this period and employees will be sent on leave," Harmony said in a statement. "Management has decided to take serious action to tackle illegal mining at its Kusasalethu mine. The initiative has been stepped up following the outbreak of a fire at the mine yesterday afternoon, which is believed to have been caused by illegal miners," the statement said. The fire was the third at Kusasalethu, a deep level operation west of Johannesburg, this month. No one has been hurt in the fires. Harmony has been battling to get Kusasalethu back to full production 20 months after reopening the operation, which had shut for several weeks at the start of 2013 because of labour violence rooted in a union rivalry. "Kusasalethu's production has not reached planned levels and these ongoing incidents of sabotage further undermine the mine's sustainability," the Harmony statement said. "Although illegal mining is more common at abandoned and near-surface mines, it is still rife in deep-level underground mines where trespassers illegally enter the mines with the intent of mining and removing gold or copper bearing material." The company also said its employees had been threatened by illegal miners, while others had provided them with assistance in entering the mine as well as food and water. "During October 2014, 105 illegal miners have been arrested and about 25 employees are subject to disciplinary action." (Reporting by Ed Stoddard and Helen Nyambura-Mwaura, editing by Mark Heinrich) ((helen.nyambura@thomsonreuters.com; +27 11 775 3034; Reuters Messaging: helen.nyambura.thomsonreuters.com@reuters.net)) Keywords: SAFRICA HARMONY/

PRECIOUS-Gold, silver tumble to 4-year lows on rocketing dollar

October 31, 2014 - reuters.com

* Gold drops over 3 pct, silver down 4 pct * Dollar hits highest since June 2010 * SPDR holdings drop to six-year low (Updates prices, adds comment) By Clara Denina LONDON, Oct 31 (Reuters) - Gold and silver slumped to their lowest since 2010 on Friday as the dollar soared following a new round of quantitative easing by the Bank of Japan and data showing a robust U.S. economy. Spot gold XAU= slid as much as 3 percent to its lowest since July 2010 at $1,161.25 an ounce in earlier trade and was down 2.7 percent at $1,166.51 by 1444 GMT. The metal breached important support levels at $1,200 and $1,180, where stop losses -- automatic sale orders -- were placed and was on track for a 5.2 percent drop this week, the biggest weekly decline since June 2013. U.S. gold futures GCcv1 were down $32.30 an ounce at $1,166.40. "This sort of sharp move down, quiet move up has been a feature of the gold market for the whole year, where you have some really sizeable selling and some small, less effective buying, so we keep moving to the next ranges lower and the next level is $1,130," broker Sharps Pixley's CEO Ross Norman said. Spot silver XAG= fell 4 percent to its lowest since February 2010 at $15.76 an ounce and was poised for a fourth monthly drop in a row. It was down 2.6 percent at $15.99. Gold and silver were already facing some heat after the U.S. Federal Reserve earlier in the week largely dismissed financial market volatility, a slowdown in Europe and a weak inflation outlook as factors that might undercut progress towards its unemployment and inflation goals. The hawkish comments and strong U.S. gross domestic product data on Thursday dulled gold's appeal as a hedge against risk. ID:nL1N0SN2BN The dollar rose to its highest since June 2010 against a basket of currencies, boosted as well by the Bank of Japan's surprise move to expand its massive monetary easing, which weakened the yen to near seven-year lows. FRX/ A stronger U.S. currency makes dollar-denominated assets such as gold more expensive for holders of other currencies. "Spot gold could fall further towards the $1,120 level if the dollar strengthened even more significantly," ActivTrades analyst Carlo Alberto De Casa said. Reflecting bearish investment sentiment, holdings in the SPDR Gold Trust GLD , the world's largest gold-backed exchange-traded fund, fell 0.16 percent to 741.20 tonnes on Thursday, a six-year low. GOL/ETF NO SUPPORT FROM PHYSICAL MARKETS Gold failed to get any support from the Asian physical markets, a factor that could push it to further lows. Physical demand usually provides a floor to dropping prices. Buyers in top consumer China failed to emerge even after the drop below $1,200. Premiums on the Shanghai Gold Exchange, the main platform for physical trades in the country, slipped on Friday to less than $1 an ounce, occasionally dropping to a discount against the global benchmark represented by the London spot price. Premiums had ranged between $1 and $2 on Thursday. The lower premiums underscore the soft appetite for gold in China after record consumption last year. China's gold consumption tumbled 21.4 percent year-on-year in the first nine months of 2014 to 754.8 tonnes, the China Gold Association said. Among the other precious metals, platinum XPT= fell 1.4 percent to $1,220.24 an ounce, while palladium XPD= rose 0.6 percent to $779.10 an ounce. (Additional reporting by A. Ananthalakshmi in Singapore; Editing by Dale Hudson and David Evans) ((clara.denina@thomsonreuters.com)(+44 207 542 9420)(Reuters Messaging: clara.denina.thomsonreuters.com@reuters.net)) Keywords: MARKETS PRECIOUS/

UPDATE 1-Clorox profit beats as demand for household products rises

October 31, 2014 - reuters.com

(Adds details, background, shares) Oct 31 (Reuters) - U.S. cleaning products maker Clorox Co CLX.N reported better-than-expected quarterly sales and adjusted profit, helped by strong demand for its household products and price increases in international markets. The maker of Pine-Sol cleaners and Poett home care products, which had missed the Street's profit estimates in the past four quarters, also reaffirmed its profit outlook for the year ending June. Net income from continuing operations rose to $145 million, or $1.10 per share, in the first quarter ended Sept. 30, from $139 million, or $1.05 per share, a year earlier. Total sales rose 0.7 percent to $1.35 billion. While revenue from household products increased 5.4 percent to $392 million, sales of cleaning products, Clorox's largest business, fell 1.9 percent to $470 million. ID:nMKWblGsRa Last month, the company said it was exiting Venezuela as business there was "no longer viable". ID:nL3N0RN43L Excluding a loss of 42 cents per share from discontinued Venezuela operations, and a one-time benefit of 5 cents per share, the company earned $1.05 per share in the first quarter. Analysts on average had expected a profit of $1.03 per share, on revenue of $1.33 billion, according to Thomson Reuters I/B/E/S. Clorox said it continued to expect full-year earnings from continuing operations of $4.35 to $4.50 per share, and forecast flat sales mainly due to foreign currency declines in its international markets, particularly Argentina. Shares of the Oakland, California-based, were up 0.1 percent at $98.71 in morning trading on the New York Stock Exchange. (Reporting by Shailaja Sharma in Bangalore; Editing by Tresa Sherin Morera) ((shailaja.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 3654; Reuters Messaging: shailaja.sharma.thomsonreuters.com@reuters.net)) Keywords: CLOROX RESULTS/

UPDATE 1-S.Africa's high jobless rate reflects rigid labour market - Kganyago

October 31, 2014 - reuters.com

* Incoming governor says central bank can do little for jobs * Outgoing head urges U.S. Fed to consider policy impact (Adds Marcus comments, details) PRETORIA, Oct 31 (Reuters) - South Africa's high unemployment rate reflects a rigid labour market and central bank policies can do little to lower the stubborn jobless rate, Reserve Bank Deputy Governor Lesetja Kganyago said on Friday. The official jobless rate was stuck at 25.4 percent in the third quarter, leaving 5.151 million people without work. Including people who have stopped looking for jobs, unemployment is at nearly 36 percent in Africa's most advanced economy. "The nature of unemployment in South Africa is emanating from the structural constraints that we are facing and there is pretty little that monetary policy could do to sustainably bring down unemployment," Kganyago, who will take over as central bank governor next week, said in Pretoria. "There are rigidities in our own labour market." Unemployment remains high despite the government's nine billion rand (815 million US dollar) jobs fund launched in 2011 to encourage companies to create new jobs in a country where one in four people has been without work for about a decade. The government says it has spent about 5 billion rand of the money on 91 projects aiming to create about 160,000 jobs over the next 5 years. Speaking at a conference on inflation targeting, Kganyago also said the central bank's flexible inflation target band of between 3-6 percent had served the country well. Responding to inflationary pressures fueled by a weak rand exchange rate this year, the bank has hiked interest rates by 75 basis points to 5.75 percent and said it is embarking on a gradual tightening cycle. The bank's Monetary Policy Committee (MPC) will meet in two weeks to take its last scheduled interest rate decision of the year. The rand has fallen five percent against the dollar so far this year. It was pushed to 11.0050 on Friday as the dollar strengthened against emerging market currencies. ZAR=D3 Speaking at the same conference, Governor Gill Marcus said emerging markets have carried some of the load of the financial slowdown and the United States Federal Reserve should consider the impact of their policy decision on emerging markets. "We are now seven years into this crisis. Emerging markets actually carried the load and they are more than 50 percent of the global economy today," she told global central bankers and market players in Pretoria. "Therefore I think it behooves bodies like the Fed that they have a responsibility," she said. "In the end, the Fed will take decisions about what is in the best interests of the United States ... but it cannot ignore the fact that it has an impact on emerging markets." Kganyago will take over from Marcus as the governor of the Reserve Bank after the end of her term on November 8. (1 US dollar = 11.0480 South African rand) (Reporting by Stella Mapenzauswa; Writing by Xola Potelwa; Editing by Tom Heneghan) ((xola.potelwa@thomsonreuters.com; +27 11 775 3098; Reuters Messaging: xola.potelwa.thomsonreuters.com@reuters.net)) Keywords: SAFRICA CENBANK/KGANYAGO

RPT-UPDATE 2-Peru returns to global bond market to raise $3 bln

October 31, 2014 - reuters.com

(Repeats Oct 30 story with no changes to text) LIMA, Oct 30 (Reuters) - Peru said it sold 7.41 billion soles ($2.54 billion) worth of new 10-year bonds, to be settled in dollars, with a 5.7 percent coupon on Thursday - making its first foray into global markets since 2012. Taken together with the reopening of a 2050 dollar-denominated global bond to raise $500 million, the two deals marked the biggest splash that Peru has ever made in the bond market. The 2050 bond reopened at a 4.9 percent yield and a spread of 185 basis points over U.S. Treasuries, according to IRF. ID:nIFR95Wdwk "The finance ministry today carried out the biggest integral debt operation in the history of the Republic," the government said in a statement on the two operations totalling 8.86 billion soles ($3.04 billion). Peru is tapping global markets for the first time in two years to support public spending amid sluggish economic growth and to raise the maturity and ease the cost of its debt with bond swaps and buy-backs. The $500 million in reopened debt is to be used exclusively for prefinancing the 2015 budget, the finance ministry said. The global minerals exporter, rated A3/BBB+/BBB+, expects a fiscal deficit next year equal to 0.4 percent of gross domestic product, following its estimated economic expansion of about 3 percent this year. Peru's economy grew by more than 6 percent on average over the past decade, but lower prices and softer demand for minerals have hit exports and eaten away at private investment. Peru's finance minister has said the government is preparing new stimulus measures to get growth back on track. ($1 =2.918 soles) (Reporting By Lima Newsroom; Editing by Simon Cameron-Moore) ((mitra.taj@thomsonreuters.com; +51 1-221-2130; Reuters Messaging: mitra.taj.thomsonreuters.com@reuters.net)) Keywords: PERU BONDS

UPDATE 3-Army chief takes power after Burkina president bows to protests

October 31, 2014 - reuters.com

* In statement, Compaore calls for election in 90 days * Army chief vows process to return to constitutional order * ECOWAS, UN delegations due in capital (Recasts with president's resignation) By Mathieu Bonkoungou and Joe Penney OUAGADOUGOU, Oct 31 (Reuters) - The head of Burkina Faso's armed forces took power on Friday after President Blaise Compaore resigned amid mass demonstrations against an attempt to extend his 27-year rule in the West African country. Compaore, who seized power in a 1987 coup, had attempted to defy popular pressure for him to step down after a day of violent protests on Thursday in which demonstrators stormed parliament and state television. However, with hundreds of thousands of protesters packing the streets of the capital Ouagadougou for a second day on Friday and no sign of international support for him staying on, Compaore announced his resignation. "I declare a vacancy of power with a view to allowing a transition that should end with free and transparent elections in a maximum period of 90 days," Compaore said in a written statement read on local radio and television. A heavily armed convoy believed to be carrying Compaore was seen travelling on Friday towards the southern town of Po, near the border with Ghana, two diplomatic sources and local media said. Crowds danced and cheered in Ougadougou's dusty streets, blowing on whistles after Compaore's statement was broadcast. The mood cooled, however, as it became plain that military chief General Honore Traore had taken over the reins of power. Under Burkina Faso's constitution, when the president resigns the head of the National Assembly should take office, but parliament had already been dissolved by the Traore on Thursday under short-lived martial law. "SUB-SAHARAN SPRING" "Considering the urgency of saving the nation, I have decided that I will assume from this day the responsibility of the head of state," Traore told a news conference. "I undertake a solemn engagement to proceed without delay with consultations with all parties in the country so as to start the process of returning to the constitutional order as soon as possible." There was no immediate reaction from opposition leaders to Traore's announcement. Many protesters said they wanted a transition led by retired General Kouame Lougue, a popular former defence minister who was accused of trying to topple Compaore in 2004. Long a bastion of stability in the turbulent Sahel region, Burkina Faso's crisis is being closely watched by military allies France and the United States, and by governments in the region where several long-standing rulers are approaching the end of their mandates amid rumbling of popular discontent. "This is a sub-Saharan Spring and it must continue against all the presidents who are trying to hang on to power in Africa," said law student Lucien Trinnou, referring to the Arab Spring that toppled several long-term leaders. French President Francois Hollande, who had discretely sought ways to usher Compaore into an international role when his term was due to have ended next year, welcomed the former president's resignation in a statement and called for quick elections to be held. Burkina Faso is one of the world's poorest nations but has positioned itself as a mediator in regional crises. It is also a key ally in Western operations against al Qaeda-linked groups in West Africa and one of the last African states to retain diplomatic relations with Taiwan. Regional West African bloc ECOWAS said on Thursday it would not accept any party seizing power through non-constitutional means in an apparent suggestion of diplomatic pressure to leave Compaore in place. A delegation from the African Union, the United Nations and ECOWAS was due in Burkina Faso on Friday to hold talks with all parties. (Additional reporting by John Irish in Paris, Emma Farge and Bate Felix in Dakar; Writing by Matthew Mpoke Bigg and Daniel Flynn; Editing by Emma Farge and Alison Williams) ((matt.bigg@thomsonreuters.com; +233)(0)(209 607-203; Reuters Messaging: matt.bigg.thomsonreuters.com@reuters.net)) Keywords: BURKINA POLITICS/

S.Africa's Harmony halts Kusasalethu operation to remove illegal miners

October 31, 2014 - reuters.com

JOHANNESBURG, Oct 31 (Reuters) - South Africa's Harmony Gold HARJ.J has halted production at its Kusasalethu mine for two weeks in a bid to remove illegal miners who have been trespassing into the operation and are believed to be starting fires, the company said on Friday. "No production will occur during this period and employees will be sent on leave," Harmony said in a statement. (Reporting by Helen Nyambura-Mwaura; Editing by Ed Stoddard) ((helen.nyambura@thomsonreuters.com; +27 11 775 3034; Reuters Messaging: helen.nyambura.thomsonreuters.com@reuters.net)) Keywords: SAFRICA HARMONY/

London platinum/palladium 1400 fix - Oct 31

October 31, 2014 - reuters.com

Investors start hedging bets on Swiss franc as gold vote approaches

October 31, 2014 - reuters.com

By Anirban Nag LONDON, Oct 31 (Reuters) - Currency investors have started to hedge against sharp moves in the Swiss franc, just a month before a referendum in Switzerland on whether the central bank should be required to increase its gold reserves. The one-month euro/Swiss franc implied volatility EURCHF1MO= , a gauge to show how much a currency is likely to swing, rose to above 3 percent for the first time in three weeks to trade around 3.35 percent on Friday. Traders said the one-month options cover the vote on gold reserves to be held Nov. 30. The Swiss People's Party has put forward an initiative called "Save our Swiss gold" to prevent the Swiss National Bank from offloading its gold reserves, obliging it to hold at least 20 percent of its assets in gold. Until late last week, many investors were nonchalant about hedging their exposure. But recent polls have showed decent support for "Save our gold," and traders and analysts said the vote was getting more attention among hedge funds and investors. A poll on Friday showed 38 percent of respondents were in favour of the initiative, down from 45 percent in a poll in the paper last week. Some 47 percent of those surveyed opposed the proposals. Fifteen 15 percent remained undecided. A more reliable and widely watched poll published last Friday showed the initiative has the support of 44 percent of the public. ID:nL6N0SJ37A While support for such initiatives tends to wane as the vote approaches, investors are nonetheless wary. "There is some nervousness and as a risk event the focus is increasing," said Beat Siegenthaler, a strategist at UBS, Zurich. "Chances of the a `Yes' vote are low, but if it does happen there will be huge implications, and just not for gold." A "Yes" vote would send jitters through both the gold and currency markets, since it would require the Swiss National Bank to massively bolster its holdings of the precious metal. ID:nL6N0SH4OV The SNB would need to buy around 1,500 tonnes to meet the requirements, driving up gold prices XAU= . It could also endanger the central bank's three-year-old cap on the franc's value against the euro EURCHF= , by giving the bank less flexibility to buy foreign currency to defend the minimum exchange rate. The SNB set a cap of 1.20 Swiss francs to the euro to help stave off recession and the threat of deflation. "Anything Swiss is being bid," said a chief options trader at an European bank in London. "There is a bit more risk premium being attached to the gold referendum, and we have seen the one-month euro/Swiss franc vols rise on the back of that." SNB OPPOSITION The SNB opposes the initiative as higher gold holdings would escalate costs for the central bank and could lead to losses. Four years ago, the SNB came under strong criticism domestically after its currency interventions led to sharp losses. The bank invests the bulk of its 522 billion francs worth of currency reserves in euros and about a third in U.S. dollars. Gold's share has been falling in recent years and now accounts for about 7 percent of its balance sheet. ID:nFWN0SP03Q A "Yes" vote would see it more than double the quantity of gold holdings. And given the preponderance of euros in its FX reserves, that would most likely require selling euros, threatening the euro/Swiss franc floor. Of course, a "Yes" vote will not restrict the SNB from expanding its balance sheet. It can still print Swiss francs to weaken the currency, but that would entail considerable costs - it would still need to buy more gold to meet the requirements. Currency investors are aware of this and some are betting that the floor will be threatened if there is a "Yes" vote. "There are some who are of the view that the euro/Swiss franc pair will fall towards the floor and the SNB will be forced to protect it," said another options trader in London. (Reporting by Anirban Nag) ((anirban.nag@thomsonreuters.com; +44 20 7542 8399 ; Reuters Messaging: anirban.nag.thomsonreuters.com@reuters.net)) Keywords: MARKETS FOREX/SWISS FRANC

New Issue- Novartis prices dual tranche deal

October 31, 2014 - reuters.com

Oct 31(Reuters) -Following are terms and conditions of a dual tranche deal priced on Friday. Borrower Novartis Finance SA NOVNXR.UL Guarantor Novartis AG NOVN.VX * * * * Tranche 1 Issue Amount 600 million euro Maturity Date November 9, 2021 Coupon 0.75 pct Reoffer price 99.134 Spread 18 basis points Underlying govt bond Over Mid-swaps, equivalent to 50.8bp Over the 2.25 pct September 2021 DBR ISIN XS1134758116 * * * * Tranche 2 Issue Amount 600 million euro Maturity Date November 9, 2026 Coupon 1.625 pct Reoffer price 99.697 Spread 38 basis points Underlying govt bond Over Mid-swaps, equivalent to 80.7bp Over the 1.0 pct August 2024 DBR ISIN XS1134729794 * * * * Common terms Payment Date November 7, 2014 Lead Manager(s) Barclays, BNP Paribas & Deutsche Bank Ratings Aa3 (Moody's) Listing SIX Full fees Undisclosed Denoms (K) 100-1 Governing Law English Security details and RIC, when available, will be on Z4SQ Z4SU Customers can right-click on the code for performance analysis of this new issue For ratings information, double click on RRS0001 For all bonds data, double click on BONDS For Top international bonds news TOP/DBT For news about this issuer, double click on the issuer RIC, where assigned, and hit the newskey (F9 on Reuters terminals) ((EMEA Fixed Income Desk Bangalore; jenifer.prabhaker@thomsonreuters.com; Reuters Messaging jenifer.prabhaker.reuters.com@reuters.net; +91 80 6677 2510, fax +44 20 7542 5285))

Burkina Faso military chief says he has taken over as head of state

October 31, 2014 - reuters.com

OUAGADOUGOU, Oct 31 (Reuters) - Burkina Faso's armed forces chief General Honore Traore said on Friday that he had taken charge of the West African state after former President Blaise Compaore resigned. (Reporting by Mathieu Bonkoungou; Writing by David Lewis) ((david.lewis2@thomsonreuters.com; Dakar Newsroom +221 338645076; Reuters Messaging: david.lewis2.thomsonreuters.com@reuters.com)) Keywords: BURKINA POLITICS/ARMY

South Africa's petrol price to drop by 3.3 pct on November 5

October 31, 2014 - reuters.com

JOHANNESBURG, Oct 31 (Reuters) - The retail price of 95-grade petrol in South Africa will drop by 45 cents or 3.3 percent a liter from next Wednesday, while wholesale diesel will decrease by 4.9 percent, the government said on Friday. Petrol will cost 13.16 rand ($1.20) a liter while the wholesale diesel price will be at 11.85 rand in the main Gauteng inland region. (1 US dollar = 10.9937 South African rand) (Reporting by Mfuneko Toyana) ((mfuneko.toyana@thomsonreuters.com; +27117753153; Reuters Messaging: mfuneko.toyana.thomsonreuters.com@reuters.net)) Keywords: SAFRICA FUELOIL

UPDATE 1-Burkina Faso president resigns, calls for 90-day transition

October 31, 2014 - reuters.com

(Adds details, background) OUAGADOUGOU, Oct 31 (Reuters) - Burkina Faso President Blaise Compaore announced his resignation in a statement on Friday and called for a 90-day transition to "free and transparent" elections in the West African country, local radio and television said. "I declare a vacancy of power with a view to allowing a transition that should finish with free and transparent elections in a maximum period of 90 days," said the statement, read on local radio and television by presenters. Lieutenant-Colonel Issaac Zida of the presidential guard had earlier announced Compaore's departure in the central Place de la Nation in Burkina Faso's capital Ouagadougou to cheering from tens of thousands of protesters. Huge crowds had gathered to demand the president's resignation after a day of violent protests on Thursday. A heavily armed convoy believed to be carrying Compaore was seen travelling on Friday towards the southern town of Po, near the border with Ghana, two diplomatic sources and local media said. ID:nL5N0SQ3RA (Reporting by Joe Penney and Mathieu Bonkoungou in Ougadougou and Bate Felix in Dakar; Writing by Daniel Flynn; Editing by Alison Williams) ((emma.farge@thomsonreuters.com; +221 33 864 5077; Reuters Messaging: emma.farge.thomsonreuters.com@reuters.net)) Keywords: BURKINA POLITICS/RESIGNATION

Convoy thought to contain Burkina ex-president approaches Ghana-sources

October 31, 2014 - reuters.com

DAKAR, Oct 31 (Reuters) - A heavily armed convoy believed to be carrying Burkina Faso's former president Blaise Compaore was seen travelling on Friday towards the southern town of Po, near the border with Ghana, two diplomatic sources and local media said. The sighting took place as Compaore's resignation statement was announced on local media after days of widescale protests. (Reporting by David Lewis and Bate Felix; Writing by David Lewis; Editing by Emma Farge) ((david.lewis2@thomsonreuters.com; Dakar Newsroom +221 338645076; Reuters Messaging: david.lewis2.thomsonreuters.com@reuters.com)) Keywords: BURKINA POLITICS/CONVOY

New Issue- Impresa prices 30 mln euro 2018 FRN

October 31, 2014 - reuters.com

Oct 31(Reuters) -Following are terms and conditions of an FRN priced on Friday. Borrower Impresa Sociedade Gestora De Participacoes Sociais SA IMPA.LS Issue Amount 30 million euro Maturity Date November 12, 2018 Coupon 6-month Euribor + 400bp Issue price Par Reoffer price Par Discount Margin 6-month Euribor + 400bp Payment Date November 12, 2014 Lead Manager(s) BES Listing Lisbon Denoms (K) 100-50 Governing Law Portuguese ISIN PTIPRAOE0002 For ratings information, double click on RRS0001 For all bonds data, double click on BONDS For Top international bonds news TOP/DBT For news about this issuer, double click on the issuer RIC, where assigned, and hit the newskey (F9 on Reuters terminals) ((EMEA Fixed Income Desk Bangalore; jenifer.prabhaker@thomsonreuters.com; Reuters Messaging jenifer.prabhaker.reuters.com@reuters.net; +91 80 6677 2510, fax +44 20 7542 5285))

Poland's CPI expectations flat at 0.2 pct y/y in Oct

October 31, 2014 - reuters.com

WARSAW, Oct 31 (Reuters) - Polish households' expectations of average inflation over the next 12 months stabilised at 0.2 percent on an annual basis in October, the central bank said on Friday. The central bank also confirmed the figure for September at 0.2 percent. (Reporting by Marcin Goettig; Editing by Adrian Krajewski) ((marcin.goettig@thomsonreuters.com; +48226539720; Reuters Messaging: marcin.goettig.reuters.com@thomsonreuters.net)) Keywords: POLAND CPI/EXPECTATIONS

Clorox's quarterly net profit falls nearly 34 pct

October 31, 2014 - reuters.com

Oct 31 (Reuters) - U.S. cleaning products maker Clorox Co CLX.N reported a nearly 34 percent drop in quarterly net profit, hurt by a strong dollar, and higher trade promotion spending. Net profit fell to $90 million, or 68 cents per share, in the first quarter ended Sept. 30, from $136 million, or $1.03 per share, a year earlier. ID:nMKWblGsRa From continuing operations, the company earned $145 million or $1.10 per share compared with $139 million or $1.05 per share, a year earlier. Clorox discontinued its operations in Venezuela from Sept. 22, calling the business unviable. Sales rose 0.7 percent to $1.35 billion, helped by price increases in international markets. (Reporting by Tresa Sherin Morera in Bangalore) ((tresa.sherin@thomsonreuters.com; + 80 6678 6549; Reuters Messaging: tresa.sherin@thomsonreuters.com)) Keywords: CLOROX RESULTS/

Brazil's Treasury says government will lower 2014 fiscal target

October 31, 2014 - reuters.com

BRASILIA, Oct 31 (Reuters) - Brazil's Treasury chief Arno Augustin on Friday said the government will lower its fiscal target for 2014 as revenues fall more than anticipated. Speaking to reporters, Augustin said the government would await September primary budget data before deciding on the new target. (Reporting by Alonso Soto) ((asher.levine@thomsonreuters.com; +55-11-5644-7756; Reuters Messaging: asher.levine1.thomsonreuters.com@reuters.net)) Keywords: BRAZIL FISCAL/AUGUSTIN

UPDATE 2-Russia raises interest rate sharply as rouble slides, inflation climbs

October 31, 2014 - reuters.com

* Central bank raises main lending rate to 9.5 pct from 8 pct * Large rise reflects concern over falling rouble, inflation * Rouble down nearly 2 pct after rate move * Analysts say more steps may be needed * Bank leaves intervention policy unchanged (Adds details and comment) By Jason Bush and Alexander Winning MOSCOW, Oct 31 (Reuters) - Russia's central bank raised its main interest rate much more than expected on Friday, trying to tackle a sliding rouble and climbing inflation as plunging global oil prices and Western sanctions hurt the economy. However, the bank said that it had not changed its rouble exchange rate intervention policy, confounding speculation that it might use Friday's meeting to announce changes that would have enabled a stronger defence of the rouble. The 1.5 percentage point increase, which takes the one-week minimum auction repo rate to 9.5 percent, compares with analysts' forecasts of a half-point rise in a Reuters poll this week. ID:nL5N0SP3GY The decision of the central Bank of Russia (CBR) brings the cumulative increase this year to four percentage points, despite the economy's weakness. "This represents a pretty bold move by the CBR to regain the initiative, having been faced with a collapse of their currency," said Neil Shearing, chief emerging markets economist at Capital Economics. "The question is will it work?" "I expect the market will keep testing the central bank. A consequence of this will be continued rouble weakness." In a separate statement, the bank told Reuters it had not changed its exchange rate intervention policy, which involves keeping the currency within a nine-rouble-wide band against a dollar-euro basket. The bank plans to scrap the band at the end of this year when it floats the rouble. There had been speculation that the bank might use Friday's meeting to scrap the band ahead of schedule, or bring in a more discretionary policy that would enable bigger interventions. "My concern is that the pressure on the rouble that we saw before this was hardly the result of interest rates being too low," said VTB Capital economist Vladimir Kolychev. "I very much want to believe that this (rate rise) will help the rouble. If not, then the central bank will have to change its exchange rate policy." The central bank has been under pressure to raise rates to defend the rouble, which has shed around 20 percent against the dollar since mid-year due to falling prices of oil, a major export earner, and the sanctions imposed over Russia's actions in Ukraine. The move appeared to do little to buttress the Russian currency, even though higher rates should make it more attractive to hold deposits and other instruments in roubles. At 1232 GMT the rouble was down 3.1 percent on the day against the dollar at 42.92, doubling its loss compared with at the time of the rate decision. The rouble had already been well down on Friday, following a surprise 3 percent rally on Thursday which traders had linked to rumours over an agreement between Russia and Ukraine over Crimea, which Moscow annexed in March. RUBUTSTN=MCX ID:nL5N0SP16P While no such agreement has materialised, Ukraine, Russia and the European Union signed a deal on Thursday under which Moscow will resume gas supplies to its ex-Soviet neighbour. ID:nL5N0SP084 Standard Bank analyst Timothy Ash said Friday's rise would probably not be enough. "Market reaction suggests that they will need to do more - which could well push the Russian economy formally into recession," he said in a note to clients. "Long term it is unlikely to stop the rot, given the underlying drivers for rouble weakness which the rate hike does not help... structural weaknesses in the economy, sanctions, strains in the relationship with the West, and lower oil prices." HIGH INFLATION In an earlier statement explaining its rate decision, the central bank said annual inflation in September and October had increased more rapidly than expected, reaching 8.4 percent as of Oct. 27. It expected inflation to remain above 8 percent until the end of the first quarter of 2015. The bank also cited "significant changes in external conditions" since its last rates meeting on Sept. 12, referring to a "considerable fall in oil prices and stricter sanctions imposed by certain countries against several large Russian companies". The bank said that higher inflation was the result of the weaker rouble, as well as Russian counter-sanctions which have banned the import of many Western food products. It expected inflation to decline as the economy gradually adjusts to these factors, but this would be slower than previously expected. "If external conditions improve, and a persistent trend for lowering inflation and inflation expectations emerges, the Bank of Russia will be ready to start to ease its monetary policy," the bank said in its statement. The bank also said it expected economic growth to be close to zero in the fourth quarter of this year and in the first quarter of next year. However, it said the weak economy was having only a limited downward impact on inflation as slow growth was the result of structural factors. (Reporting by Alexander Winning, Jason Bush, Elena Fabrichnaya and Oksana Kobzeva; editing by David Stamp) ((alexander.winning@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: alexander.winning.thomsonreuters.com@reuters.net)) Keywords: RUSSIA CENBANK/RATES

Banks boost FX settlement war chest to as much as $6.5 bln

October 31, 2014 - reuters.com

By Jamie McGeever LONDON, Oct 31 (Reuters) - Major U.S. and European investment banks this month boosted to as much as $6.5 billion their collective war chest for settling with global regulators who are investigating allegations of collusion and manipulation in the foreign exchange market. Royal Bank of Scotland RBS.L on Friday became the latest bank to make provisions in its third-quarter earnings report, putting aside $640 million specifically for potential settlements in the global inquiry that has been running for more than a year. Not all the total of $6.5 billion set aside by seven banks in their latest earnings reports over the last few weeks will go solely to currency-related issues. But that's where most of the total is likely to be spent. Swiss bank UBS UBSN.VX ring-fenced the most of any single bank in the third quarter, its $1.9 billion almost double the provisions made by the next in line, Deutsche Bank DBKGn.DE , with $1.1 billion and JP Morgan JPM.N with $1 billion. Those three banks declined to disclose how much of the provisions were specifically for foreign exchange. No bank has been accused of wrongdoing, but several are cooperating with UK, U.S. and as many as 10 other authorities around the world in their investigations into the allegations of collusion and price manipulation. Earlier this week, British bank Barclays BARC.L set aside $800 million for FX-related settlements and Citi C.N added a further $600 million for legal costs, while Credit Suisse said $400 million would be kept back for future litigation. This all comes as a settlement between the UK financial market regulator and a group of major banks before the end of the year - maybe as soon as next month - draws into view. The Financial Conduct Authority (FCA) and six banks are in advanced talks over a settlement that may be worth 1.5 to 2 billion pounds ($2.4-$3.2 billion). ID:nL6N0RR2EC The six banks are RBS, Barclays, UBS, JP Morgan, Citi and HSBC HSBA.L . Curiously, given its position as the second- biggest currency market bank in the world, Deutsche Bank isn't part of these collective talks. HSBC releases its third-quarter results on Monday. This settlement is likely to be based on banks acknowledging lax internal compliance, oversight failures and market conduct breaches by individual employees, but not deliberate manipulation of the $5 trillion-a-day market. ID:nL5N0RC1GI Settlements with U.S. authorities are expected to be much more costly, particularly with the Department of Justice (DOJ), which has shown it has the power and willingness to levy multi-billion dollar fines on banks for financial misconduct. Earlier this year, French bank BNP Paribas BNPP.PA paid the DOJ a record $8.9 billion fine for violating U.S. sanctions on Sudan, Libya and Cuba between 2002 and 2012. Estimates on how much banks will be fined in total vary wildly. Earlier this year, banking research firm Autonomous put the worldwide total at around $35 billion. ID:nL5N0OT2I3 This would dwarf the $6 billion paid by 10 financial firms to settle an international investigation into the manipulation of Libor interest rates. (Reporting by Jamie McGeever; Editing by Larry King) ((jamie.mcgeever@thomsonreuters.com; +44)(0)(207 542 8510;)) Keywords: FX INVESTIGATION/BANKS/

UPDATE 1-Rouble volatility jumps to record 20 pct after rate rise

October 31, 2014 - reuters.com

(Adds graphic, quote, FX options) By Sujata Rao LONDON, Oct 31 (Reuters) - One-month implied volatility on the rouble - a gauge of expected swings in a currency - surged to new record highs on Friday, as the spot exchange rate shrugged off an outsize 150 basis-point interest rate rise to resume its slide. The Russian currency's relentless depreciation in recent weeks was abruptly halted on Thursday and it rallied more than 3 percent RUB= ahead of the central bank decision. But the rouble resumed its slide after Friday's rate rise. The absence of any mention of Moscow's plan to move to a currency free float disappointed some traders who had expected some change to its current intervention regime. Volatility RUB1MO= rose above 20 percent, a new record high from 14.5 percent at the end of last week, the following graphic shows: http://link.reuters.com/sat33w Societe Generale analyst Phoenix Kalen said the frenzied volatility this week was partly down to market uncertainty about the central bank action, with the previous day's move contributing a huge amount to the swings. "There is a lot of speculation about what exactly happened yesterday, whether the central bank did intervene in massive size or asked local banks or companies to move towards a long-rouble, that's caused a huge amount of volatility and short-covering," Kalen said. "Before that it was a function of speculation of what the central bank would do and the rate hikes priced by markets rose by massive amounts in the past two weeks." The rouble's moves contrast with generally tamer volatility in other emerging currencies, with vols in the South African rand and Indian rupee for instance at the lowest since mid-September and early-August respectively ZAR1MO= INR1MO= . Friday's rate rise keeps alive uncertainty over the bank's future policy path. Many are calling for the bank to scrap current rules under which it sells $350 million each time it moves the rouble's trading band by five kopecks. "Substantial one-off intervention, within the monetary policy framework of reducing FX pass-through effects, is much more effective," Commerzbank analysts told clients. Meanwhile forward markets indicate little relief ahead for the currency, with three-month non-deliverable forwards (NDFs) trading at 43.9 per dollar RUB3MNDFOR= . One-month risk reversals - a gauge of demand for options betting on a currency's rising or falling - show the bias for dollar strength against the rouble is at the highest since mid-2012 RUB1MRR= . (Graphic by Nigel Stephenson; editing by Ralph Boulton) ((sujata.rao@thomsonreuters.com; 44 20 7542 6176 ; Reuters Messaging: sujata.rao.thomsonreuters.com@thomsonreuters.net)) Keywords: RUSSIA ROUBLE/VOLATILITY

France seeks to appease Burkina Faso situation- minister

October 31, 2014 - reuters.com

PARIS, Oct 31 (Reuters) - French Foreign Minister Laurent Fabius said on Friday he had asked his ambassador in Burkina Faso to try to appease the situation in the west African nation, where parliament has been dissolved and a transitional government put in place after mass protests. "We have asked our ambassador on the ground (in Burkina Faso) to facilitate the solution to calm the situation down," Fabius told journalists, adding that it was not up to France to set up a new government. (Reporting By John Irish; Writing by Nick Vinocur; editing by Mark John) ((nicholas.vinocur@thomsonreuters.com; +33 1 4949 5188; Reuters Messaging: nicholas.vinocur.thomsonreuters.com@reuters.net)) Keywords: BURKINA POLITICS/FRANCE

CANADA FX-C$ weakens to session low following softer-than-expected data

October 31, 2014 - reuters.com

TORONTO, Oct 31 (Reuters) - The Canadian dollar weakened to a session low on Friday after data showed the country's economy unexpectedly contracted for the first time in eight months in August. ID:nSCLVLEAP2 The Canadian dollar CAD=D4 weakened as low as C$1.1248 to the greenback, or 88.90 U.S. cents. On Thursday it closed at C$1.1196 to the U.S. dollar, or 89.32 U.S. cents. (Reporting by Jeffrey Hodgson) ((jeffrey.hodgson@thomsonreuters.com; +1 416 941 8099; Reuters Messaging: jeffrey.hodgson.reuters.com@reuters.net)) Keywords: MARKETS CANADA/CURRENCY

Nigeria's forex reserves down 1.9 pct month-on-month to $38.7 bln

October 31, 2014 - reuters.com

LAGOS, Oct 31 (Reuters) - Nigeria's foreign exchange reserves fell 1.94 percent month-on-month to stand at $38.76 billion on Oct. 29, the lowest level in more than three months, data from central bank showed on Friday. The reserves also dropped 14.28 percent year-on-year, compared with $45.22 billion the same time last year. The reserves were last seen at the current level on July 21, when they stood at $38.72 billion. Since last month Nigeria's central bank has increased the amount of dollars sold at its twice-weekly foreign exchange auction, and also sells dollars directly to banks on the interbank market to provide support for the currency and calm the market. The naira has been under pressure over the past five weeks from falling global oil prices, which has caused offshore investors to cut back their positions in the debt and stock markets. (Reporting by Oludare Mayowa; Editing by Sonya Hepinstall) ((oludare.mayowa1@thomsonreuters.com; +234 803 3964 138;)) Keywords: NIGERIA FOREX RESERVES

Sri Lankan rupee forwards close steady; seen falling

October 31, 2014 - reuters.com

COLOMBO, Oct 31 (Reuters) - Sri Lankan rupee forwards ended steady on Friday as importer dollar demand was offset by inflows from inward remittances, but traders said the local currency is under downward pressure due to rising imports in a stable exchange rate regime. Dealers said moral suasion by the central bank prevented the local currency from falling below 131.00 and compelled some exporters to sell dollars. The spot currency LKR=LK was not quoted on Friday due to the moral suasion, dealers said. It closed at 130.85/90 per dollar on Thursday. Three-day forwards, or spot next, was actively traded in the absence of spot trade. The spot next ended at 130.92/131.00 per dollar compared with Thursday's close of 130.90/131.00. "There was heavy importer dollar demand, but in the latter part of the day we have seen some inward remittances which eased the pressure," a currency dealer said. Dealers said the spot next was not allowed to trade below 131.00 in early trade. Dealers said the market expects the local currency to face more pressure due to rising imports and lower rates. The central bank's stable exchange rate policy would encourage more imports in the medium term, they said. The central bank has been preventing any spot trade below 130.85 this week through moral suasion, dealers said. Central bank Governor Ajith Nivard Cabraal said during a Reuters post-budget forum in Colombo on Monday that the trend was for an appreciating rupee. He did not elaborate. The central bank last week dissuaded some banks from trading in the spot and three-day currency forwards below a pre-determined level to prevent volatility. Overseas investors sold a net 36.2 billion rupees ($276.9 million) worth of government securities in the six weeks through Oct. 29, data from the central bank showed. ($1 = 130.7500 Sri Lankan rupee) (Reporting by Shihar Aneez and Ranga Sirilal; Editing by Prateek Chatterjee) ((shihar.aneez@thomsonreuters.com; +94-11-232-5540; Reuters Messaging: shihar.aneez.thomsonreuters.com@reuters.net twitter:@shiharaneez)) Keywords: MARKETS SRI LANKA/FOREX

Rouble extends losses vs dollar, down 3 pct from pvs close

October 31, 2014 - reuters.com

MOSCOW, Oct 31 (Reuters) - The Russian rouble shed more than 3 percent against the dollar on Friday, despite a decision by the country's central bank to raise its main lending rate by 1.5 percentage points. At 1231 GMT the rouble was down 3.06 percent at 42.92 versus the dollar. RUBUTSTN=MCX (Reporting by Alexander Winning, writing by Jason Bush) ((jason.bush@thomsonreuters.com; +7 495 775 1242; Reuters Messaging: jason.bush.reuters.com@reuters.net)) Keywords: RUSSIA MARKETS/ROUBLE

TABLE-NSE Currency Futures traded on Oct 31

October 31, 2014 - reuters.com

SNAPSHOT-India stocks, bonds, rupee, swap, call at close

October 31, 2014 - reuters.com

STOCKS .BSESN .NSEI ----------------------- The benchmark BSE index ended up 1.90 percent and the broader NSE index closed 1.87 percent higher, after rising to record highs for the second consecutive day following the Bank of Japan's surprise move to expand its massive stimulus programme, raising hopes of additional foreign inflows and boosting blue-chips. .BO RUPEE INR=D2 -------------- The partially convertible rupee ended with modest gains on strong inflows, at 61.3950/4050 per dollar against its previous close of 61.45/46, shrugging off weakness in other Asian currencies and reversing the depreciating trend of the last three days. INR/ GOVERNMENT BONDS IN084024G=CC ------------------------------- The benchmark 10-year bond yield ended down 1 basis point at 8.28 percent, after falling to 8.25 percent intraday on hopes easing inflation would allow the country's central bank to start trimming key policy rates earlier than expected. IN/ INTEREST RATE SWAPS INROIS MIOIS= ------------------------------------- The benchmark five-year swap rate ended steady at 7.50 percent, while the one-year rate closed down 2 basis points to 8.08 percent. CALL MONEY INROND= -------------------- India's cash rate ended at 7.00/7.10 percent, against Thursday's close of 8.10/8.15 percent. (Compiled by Dipika Lalwani) ((Dipika.Lalwani@thomsonreuters.com; 022-61807098; Reuters Messaging: dipika.lalwani@thomsonreuters.com)) Keywords: INDIA SNAPSHOT/

U.S. Fed must consider emerging markets - S.Africa's Marcus

October 31, 2014 - reuters.com

PRETORIA, Oct 31 (Reuters) - The U.S. Federal Reserve needs to consider the effects of its policies on developing economies, said South Africa's out-going central bank governor Gill Marcus on Friday. "In the end, the Fed will take decisions about what is in the best interests of the United States," Marcus told a conference of global central bankers in Pretoria. "But it cannot ignore the fact that it has an impact on emerging markets." (Reporting by Stella Mapenzauswa; Writing by Mfuneko Toyana; Editing by Ed Stoddard) ((mfuneko.toyana@thomsonreuters.com; +27117753153; Reuters Messaging: mfuneko.toyana.thomsonreuters.com@reuters.net)) Keywords: SAFRICA CENBANK/

Indian rupee closes higher on foreign inflows, bucks weak Asia peers

October 31, 2014 - reuters.com

* Rupee ends at 61.3950/4050 per dlr versus 61.45/46 Thursday * Given RBI intervention, see limited appreciation in INR -trader * Rupee gains 0.7 in Oct; most Asian currencies weak on month By Neha Dasgupta MUMBAI, Oct 31 (Reuters) - The Indian rupee shrugged off weakness in major Asian currencies to post a modest gain Friday on strong foreign inflows, reversing the depreciating trend of the last three days. The Bank of Japan's surpise monetary stimulus strengthened the dollar, causing a slide in the Yen as well as other major Asian currencies and nibbling away at the rupee's gains on the day. EMRG/FRX For the month, most Asian currencies reported losses barring the Indonesian rupiah IDR=ID and the Indian rupee INR=D2 . The rupee rose around 0.7 percent on the month in October tracking easing inflation, a ratings outlook upgrade by S&P and policy steps from the government, which helped propel more dollar inflows as confidence in the Indian economy grows. Foreign investors have bought around $2.4 billion in both debt and equity so far in October, pushing the total inflows to nearly $36 billion so far in the year. Analysts expect the local currency to strengthen on continuing foreign inflows, although traders say the Reserve Bank of India might continue to intervene and check the rupee's rise. "There are FII inflows in both debt and equity and FDI (foreign direct investment) is increasing. But, given the intervention from the RBI, appreciation for INR is limited," said Paresh Nayar, head of foreign exchange and fixed income trading at First Rand Bank. "The immediate level to watch (out for) is 60.85-60.90 (to the dollar)." The partially convertible rupee INR=D2 closed at 61.3950/4050 per dollar, a tad stronger from Thursday's 61.45/46. In the offshore non-deliverable forwards PNDF , the one-month contract was at 61.53/63, while the three-month contract was at 62.12/22. FACTORS TO WATCH - * Yen at 7-yr low after surprise BoJ policy easing FRX/ * Emerging stocks lifted by Japan stimulus jolt EMRG/FRX * Shares jump, Yen slumps as BoJ cranks up stimulus MKTS/GLOB * Foreign institutional investor flows INFII INFII01 * For data on currency futures INRFUTURES DIARIES & DATA: Indian Data Watch ECONIN European diary WEU/EQTY2 Indian diary IN/DIARY US Diary US/DIARY (Editing by Biju Dwarakanath) ((neha.dasgupta@thomsonreuters.com; +91-22-61807177; Reuters Messaging: neha.dasgupta.thomsonreuters.com@reuters.net)) Keywords: MARKETS INDIA FOREX/

South Africa's trade deficit narrows to 2.91 bln in September

October 31, 2014 - reuters.com

JOHANNESBURG, Oct 31 (Reuters) - The shortfall on South Africa's trade account narrowed sharply to 2.91 billion rand in September from a revised 16.75 billion rand in August, as the import bill nearly matched that of exports, data from the revenue service showed on Friday. Exports in September rose by 18.2 percent to 90.79 billion rand and imports by 0.2 percent to 93.71 billion. The September data brings the cumulative deficit for the year to 73.74 billion rand, compared with a 63.07 billion rand gap over the same period in 2013. (Reporting by Xola Potelwa; Editing by Ed Cropley) ((xola.potelwa@thomsonreuters.com; +27 11 775 3098; Reuters Messaging: xola.potelwa.thomsonreuters.com@reuters.net)) Keywords: SAFRICA TRADE/

S.Africa's high jobless rate reflects rigid labour market - Kganyago

October 31, 2014 - reuters.com

PRETORIA, Oct 31 (Reuters) - South Africa's high unemployment rate is reflective of a rigid labour market, the central bank's Lesetja Kganyago said on Friday. "The nature of unemployment in South Africa is emanating from the structural constraints that we are facing and there is pretty little that monetary policy could do to sustainably bring down unemployment," Kganyago, who will take over as central bank governor next week, told a conference in Pretoria. "There are rigidities in our own labour market." (Reporting by Stella Mapenzauswa; Writing by Xola Potelwa; Editing by Ed Stoddard) ((xola.potelwa@thomsonreuters.com; +27 11 775 3098; Reuters Messaging: xola.potelwa.thomsonreuters.com@reuters.net)) Keywords: SAFRICA CENBANK/KGANYAGO

London platinum/palladium 0945 fix - Oct 31

October 31, 2014 - reuters.com

London gold 1030 fix - Oct 31 - 1173.25 dlrs

October 31, 2014 - reuters.com

Freeport Indonesia union cancels planned one-month strike

October 31, 2014 - reuters.com

JAKARTA, Oct 31 (Reuters) - Workers at Freeport-McMoRan Inc's FCX.N Indonesian copper mine have cancelled a planned one-month strike due to start next week, a union official said on Friday, after reaching an agreement with the company's management following two days of talks. Three Freeport unions representing almost 11,000 workers had agreed to take strike action from Nov.6 until Dec. 6, demanding changes to the local management following the death of four workers in a Sept. 27 accident. ID:nL4N0SM2NV "Strike cancelled," a union spokesman Juli Parorrongan told Reuters. "Through intensive, informative and constructive dialogue, we successfully reached a win-win solution for everyone," senior union official Sudiro said in a statement. "Our goal is to create a safe and productive work place at Freeport Indonesia for all workers." Freeport Indonesia, which employs around 24,000 workers, did not immediately respond to a request for comment. (Reporting by Michael Taylor and Fransiska Nangoy; Editing by Jane Merriman) ((michael.taylor@thomsonreuters.com; +62)(0)(21 2992-7602; Reuters Messaging: michael.taylor.thomsonreuters.com@reuters.net)) Keywords: INDONESIA FREEPORT/STRIKE

Protestors in Burkina Faso call for Campaore to step down

October 31, 2014 - reuters.com

OUAGADOUGOU, Oct 31 (Reuters) - Hundreds of protesters marched in the capital of Burkina Faso on Friday demanding that President Blaise Compaore step down, a day after the military dissolved parliament and announced a transitional government in the face of mass protests and violence. "We don't want him. We want him out of power. He is not our president," demonstrator Ouedrago Yakubo told Reuters. The demonstrators gathered at the main Place de la Nation and before the army headquarters. (Reporting by Joe Penney; Writing by Matthew Mpoke Bigg; Editing by Emma Farge) ((matt.bigg@thomsonreuters.com; +233)(0)(209 607-203; Reuters Messaging: matt.bigg.thomsonreuters.com@reuters.net)) Keywords: BURKINA POLITICS

Vietnam domestic market commodity prices-Oct 31

October 31, 2014 - reuters.com

Oct 31 (Reuters) - Following are domestic prices of Vietnam's key commodities. Unit: million dong VND= per tonne. Item Oct 27-31 Oct 20-24 Location Robusta beans 38.6-40.1 38.3-41.2 Central Highlands Black pepper 182.0-183.0 182.0-186.0 Southern region Refined sugar 13.0-15.5 13.0-15.5 Southern region Summer-autumn paddy 5.50-6.40 5.90-6.30 Mekong Delta ___________________ SJC gold 3.541-3.573 3.570-3.590 Hanoi, HCM City NOTES: Gold prices are low/high selling prices quoted in million dong during the week by top manufacturer SJC per 3.75-gram ingot. Coffee export prices COFFEE/ASIA1 Rice export prices RICE/ASIA1 Historical data VNCOMM01 Central bank's gold auction SBVGOLD2013 ($1=21,220 dong) (Compiled by Hanoi Newsroom) ((ho.minh@thomsonreuters.com; +844 3825 9623)) Keywords: VIETNAM COMMODITIES/PRICES

BHP offers little hope of revisiting giant copper mine expansion

October 31, 2014 - reuters.com

By James Regan SYDNEY, Oct 31 (Reuters) - Expansion by BHP Billiton's BHP.AX BLT.L giant Olympic Dam mine in Australia, once considered among its prized growth assets, is off the agenda due to low metals prices and productivity inefficiencies, the company said on Friday. BHP shelved plans for a multi-billion-dollar expansion of the copper, gold and uranium mine in 2012 after a year-long study, citing a need to reign in spending as the Australian mining boom started to fade. Since then business leaders and politicians, including Australian Prime Minister Tony Abbott, have implored BHP to reconsider its decision, hoping to alleviate job losses caused by the exit of car manufacturing in Australia. But BHP has stood firm and on Friday reiterated its mothballing of expansion plans for Olympic Dam. "Our immediate challenge is how we self-fund the required investment by being prudent and creative with our capital and engaging our workforce to not only reduce costs but also accelerate the initiatives that will reduce our costs," Darryl Cuzzubbo, Olympic Dam asset president, said in a business speech emailed to Reuters. The mine was originally designed to yield 200,000 tonnes of copper annually but consistently runs under that level due to maintenance issues, such as smelting and equipment repairs. "Once we are able to run our existing operation at full capacity, we then - and only then - earn the right to grow," Cuzzubbo said. Prices for copper, uranium and gold from Olympic Dam have dropped 33, 50 and 35 percent respectively from 2011 highs, according to Cuzzubbo, creating a "very tough situation." BHP's blueprint to quadruple output from Olympic Dam - the fourth-largest known copper deposit and largest uranium source in the world - was part of a now defunct five-year programme to spend $80 billion digging new mines and solidifying the Anglo-Australian company as the world's biggest resources company. Analysts estimated at the time it would cost BHP $30 billion to complete the expansion and require development of a separate open pit mine adjacent to an existing underground lode. The company has a licence to mine Olympic Dam until 2036 and it is extendable for 50 more years thereafter. As it stands, BHP expects production at Olympic Dam this year to remain broadly unchanged from the prior year. Olympic Dam was the driving force in a $7 billion takeover of WMC Resources by BHP in 2008 that also brought with it Australian nickel assets. Those assets have since been put up for sale, thus far unsuccessfully. (Editing by Michael Perry) ((jim.regan@thomsonreuters.com; +612 9373-1814; Reuters Messaging: jim.regan.reuters.com@reuters.net)) Keywords: BHP BILLITON AUSTRALIA/OLYMPIC DAM

INDICATORS - Kazakhstan - Oct 31

October 31, 2014 - reuters.com

India Morning Call-Global Markets

October 31, 2014 - reuters.com

EQUITIES NEW YORK - U.S. stocks rose on Thursday, boosted by a strong reading on quarterly economic growth and by another round of upbeat earnings reports including Visa, which accounted for nearly 140 points in the Dow industrials. Despite the bullish data and the Federal Reserve's Wednesday statement indicating the economy is strengthening, gains on the S&P 500 were led by healthcare and utilities, traditionally defensive sectors. For a full report, click on .N - - - - LONDON - Britain's top equity index staged a late rally on Thursday to recover from losses earlier in the day, with wealth management group St James's Place SJP.L outperforming after strong results. The blue-chip FTSE 100 index .FTSE had been in negative territory for much of the day. For a full report, click on .L - - - - TOKYO - Japan's Nikkei share average jumped on Friday as the government prepared to approve new allocation targets for the world's largest pension fund that are expected to sharply increase its purchases of domestic stocks. Tokyo will approve on Friday targets for the $1.2 trillion Government Pension Investment Fund (GPIF) which aim to increase the ratio of Japanese shares in its holdings to 25 percent form the current 12 percent, sources told Reuters. For a full report, click on .T - - - - HONG KONG - Hang Seng Index .HSI is trading 0.8 percent higher. For a full report, click on .HK - - - - FOREIGN EXCHANGE SYDNEY - The dollar held at four-week highs against a basket of major currencies early on Friday, getting another boost from encouraging growth data a day after the Federal Reserve gave an upbeat assessment on the economy. The dollar index .DXY climbed as far as 86.491 - a high last seen on Oct. 6 - after U.S. gross domestic product grew at an annual pace of 3.5 percent in the third quarter, beating forecasts for 3.0 percent. For a full report, click on USD/ - - - - TREASURIES NEW YORK - U.S. Treasury debt prices edged higher on Thursday but were off the session's peak as global risk appetite took off amid reports Japanese pension funds are going to buy more domestic equities. A lackluster U.S. seven-year note auction which sold at a yield that was higher than market expectations before the bid deadline also helped trim gains in Treasuries. For a full report, click on US/ - - - - COMMODITIES GOLD SINGAPORE - Gold was struggling near $1,200 an ounce on Friday and looked likely to post its worst week in seven, while silver was stuck near its lowest in 4-1/2 years, as strong U.S. economic data and fears of an early rate hike curbed the metals' appeal. Gold was also headed for its second monthly decline and silver looked set for a fourth monthly drop in a row. Spot gold XAU= was little changed at $1,200.12 an ounce by 0038 GMT. The metal fell 1 percent on Thursday, when it also touched its lowest since Oct. 6 at $1,195.70. For a full report, click on GOL/ - - - - BASE METALS SYDNEY - London copper drifted on Friday as a dollar-rally threatened to extinguish its modest monthly gains, and as traders said further strength in the greenback may erode prices going into November. Three-month copper on the London Metal Exchange CMCU3 had edged down 0.1 percent to $6,731.50 a tonne by 0145 GMT, after dropping 1.2 percent the session before. For a full report, click on MET/L - - - - OIL NEW YORK - Brent crude futures fell below $86 a barrel on Friday as a firmer dollar and a well supplied oil market combined to put the benchmark on course to end October with its steepest monthly decline since 2012. Unless the Organization of the Petroleum Exporting Countries moves to cut oil output at its meeting next month, traders say oil prices, which have dropped by a quarter since June, are likely to extend their rout. For a full report, click on O/R (Compiled by Abhishek Vishnoi) ((abhishek.vishnoi@thomsonreuters.com; +91 22 61807225; Reuters Messaging: abhishek.vishnoi.thomsonreuters.com@reuters.net)) Keywords: MORNINGCALL INDIA/

BRIEF-Banks Island Gold provides update

October 31, 2014 - reuters.com

Oct 30 (Reuters) - Banks Island Gold Ltd BOZ.V : * Provides update and releases second quarter financial statements * Dms plant was shut down on June 11,2014 in order to complete tie-in between the plant and the grinding,flotation sections * No production from the property occurred in the period from June 11 to August 7, 2014 * Source text for Eikon ID:nMKW5v6VFa * Further company coverage BOZ.V ((Bangalore Newsroom; +1 646 223 8780))

UPDATE 6-Burkina president rejects opposition calls to step down after violence

October 31, 2014 - reuters.com

* Tens of thousands protest against bid to extend Compaore's rule * Military says government, national assembly has been dissolved * President says willing to open talks on transitional government * Emergency services say at least three protesters shot dead (Adds President Compaore's statement) By Mathieu Bonkoungou and Joe Penney OUAGADOUGOU, Oct 30 (Reuters) - Burkina Faso's President Blaise Compaore said on Thursday he would stay in power at the head of a transitional government until after elections, rejecting opposition calls for him to step down immediately following a day of violent protests. The head of the armed forces, General Honore Traore, had earlier dissolved parliament and announced talks with all political parties to create an interim government to take the West African country to democratic elections within a year. The move came after at least three protesters were shot dead and scores wounded in clashes with security forces as demonstrators attacked the homes of senior members of the ruling party and symbols of Compaore's long rule. Hundreds of people had earlier stormed parliament, looting the building and setting it on fire, while others ransacked state television, forcing it off the air. Protests also gripped Bobo Dioulasso, Burkina's second-largest city, and other towns across the gold and cotton-producing country. "I have heard the message, understood it and taken note of strong desire for change," Compaore said in a statement broadcast on BF1 TV. "I am available to open talks on a transitional period at the end of which I will hand over power to the democratically elected president." Compaore, who seized power in a military coup in 1987, said he had dissolved his government and was lifting martial law that was announced earlier in the day. He also scrapped plans for an unpopular constitutional amendment that would have allowed him to seek reelection next year, a prospect that had sparked Thursday's protests. Regional West African bloc ECOWAS had said earlier on Thursday that it would not accept any party seizing power through non-constitutional means - suggesting diplomatic pressure to leave Compaore in place. A delegation from the African Union, the United Nations and ECOWAS was due in Burkina Faso on Friday to hold talks with all parties involved. "BLAISE LEAVE" Protesters had faced off with security forces for several hours outside the presidential palace as opposition leaders held talks with senior military officials in an attempt to ease Compaore from power. Both opposition politicians and ordinary demonstrators made it plain they did not want any role for Compaore in a transition. "We want Blaise Compaore to leave. We want change," said George Sawadogo, a 23-year-old student. The fate of Compaore, a close military ally of the United States and former colonial power France, will be closely watched by other governments across West and Central Africa, where a number of long-serving leaders are reaching the end of their constitutional terms. Burkina Faso is one of the world's poorest nations but has positioned itself as a mediator in regional crises. It is also a key ally in Western operations against al Qaeda-linked groups in West Africa. White House spokeswoman Bernadette Meehan had earlier said in a statement that the United States was deeply concerned by the deteriorating situation in Burkina Faso and called on all parties to end the violence and respect democratic norms. France, which has a special forces base there that conducts operations across the Sahel, also appealed for restraint by all sides. Its ambassador had held talks with opposition leaders on Thursday. CONCERN ABOUT PROSECUTION Compaore has ruled the nation with a firm grip but has faced increasing criticism in recent years, including defections by members of his party. He weathered a military and popular uprising in 2011 thanks to the support of his elite presidential guard. Diplomatic pressure had mounted over the past year for Compaore to step down in 2015, amid calls from his own entourage for him to seek re-election, diplomats said. A letter from French President Francois Hollande to Compaore earlier this month, seen by Reuters, offered France's support in finding him a job with an international organisation. Diplomats, however, say Compaore has been concerned about the possibility of losing his immunity from prosecution, particularly in the wake of the trial of former Liberian leader Charles Taylor in the Hague. Burkina Faso's former president Thomas Sankara, a leftist leader dubbed Africa's Che Guevara, was killed in the coup that swept Compaore to power. Protesters in the streets of Ouagadougou waved photographs of Sankara and signs reading, "Sankara look at your sons. We are fighting your fight." At the headquarters of state television, which was forced off the air after the building was taken, jubilant protesters posed on the set of the evening news programme. Burkina Faso, the fourth-largest gold producer in Africa, is home to several international mining firms including TrueGold TGV.M , IamGold IMG.TO and Randgold Resources RRS.L . "There's been no impact on our operations whatsoever," said Doug Reddy, senior vice president for business development at Endeavour Mining EDV.TO , which has a mine near the southern border with Ghana. "Obviously, we're monitoring the situation and we're keeping in touch with our people in the mine." (Additional reporting by Daniel Flynn, David Lewis and Bate Felix in Dakar, Joe Bavier and Ange Aboa in Abidjan, John Irish in Paris; Writing by Daniel Flynn; Editing by Tom Heneghan and Ken Wills) ((david.lewis2@thomsonreuters.com)(Dakar Newsroom +221 338645076)(Reuters Messaging: david.lewis2.thomsonreuters.com@reuters.com)) Keywords: BURKINA POLITICS/

UPDATE 1-Buenaventura reports 20 pct jump in third-quarter net profit

October 31, 2014 - reuters.com

(Adds details of reported results, comments from company executive) LIMA, Oct 30 (Reuters) - Peruvian precious metals miner Buenaventura BVN.N BUEv.LM said on Thursday that its net profit jumped 20 percent in the third quarter because of a recent acquisition, beating market forecasts. The company's reported income of $78.3 million, or 31 cents a share, came in slightly above the estimate of a single analyst of $69 million, according to Thomson Reuters I/B/E/S. Two local analysts polled by Reuters last week said they expected Buenaventura to post a third-quarter loss. The miner's acquisition of Gold Field's GFIJ.J 51-percent stake in the Chucapaca gold project helped it boost its results, Buenaventura's Vice President and Financial Manager Carlos Galvez said by telephone. The purchase forced the company to put the estimated value of the proposed mine on its balance sheets as an asset, Galvez added. The strong results followed a similar rise in year-on-year net profit in the second quarter, helping the company recover from two previous straight quarterly losses. In the first nine months of the year, Buenaventura's net income fell 55 percent on the year to $85.3 million, the company said in a statement. Buenaventura's chief executive told Reuters last week that he expects end-of-the-year net profit to come in positive after last year's $288.4 million loss. ID:nL2N0SF2ML In the third quarter, the company's earnings before interest, taxes, depreciation and amortization fell 15 percent to $200.8 million, the company said. Third-quarter net sales fell 8 percent on the year on lower metal prices and a 5 percent slide in gold production, the company said. Silver output was up 6 percent. The company is Peru's biggest publicly-traded precious metals miner. (Reporting By Teresa Cespedes and Patricia Velez; Editing by Chris Reese and Cynthia Osterman) ((mitra.taj@thomsonreuters.com; +51 1-221-2130; Reuters Messaging: mitra.taj.thomsonreuters.com@reuters.net)) Keywords: PERU BUENAVENTURA/

UPDATE 2-Newmont earnings beat forecasts, gold miner cuts cost outlook

October 31, 2014 - reuters.com

(Recasts with market beat, lower cost forecast) Oct 30 (Reuters) - Newmont Mining Corp NEM.N reported lower third-quarter earnings on Thursday but the largest U.S.-based gold miner beat market expectations and also reduced its forecast for gold production costs this year. Newmont said it now expected 2014 all-in sustaining costs for producing an ounce of gold to be $1,020 to $1,080. In late September, Newmont forecast its all-in sustaining costs, the gold industry cost benchmark, for this year at $1,050 to $1,120 an ounce. "For 2014, we expect costs at the low end of our cost guidance and we remain on track to meet our production outlook," Gary Goldberg, Newmont's President and Chief Executive Officer said in a statement. Its Sept. 23 outlook forecast 2014 production of 4.7 million to 5 million ounces of gold and 80,000 to 90,000 tonnes of copper. With the gold price down a third in three years, Newmont and other miners have been cutting costs to boost profitability. Production at some big gold miners is falling as they sell off high-cost operations. Newmont, which has mines in North and South America, Africa, and Asia, said attributable net income from continuing operations was $210 million, or 42 cents a share, in the three months ended in September, down from $419 million, or 84 cents a share, a year earlier. Net income, adjusted for items including asset sales and staff reductions, was $249 million, or 50 cents per basic share. That was higher than the $217 million, or 44 cents per basic share, a year earlier and well ahead of the 16 cents a share analysts had expected, according to Thomson Reuters I/B/E/S. In the third quarter, Newmont produced 1.15 million ounces of gold, down from 1.28 million ounces in the same period of 2013. It produced 13,700 tonnes of copper versus 19,200 tonnes in the year-prior period. The company said its all-sustaining costs for producing an ounce of gold were $995 an ounce in the quarter, down from $1,018 per ounce in the same quarter of 2013. But copper costs jumped to $6.61 a pound from $3.24 a year earlier due to costs associated with the ramp down and ramp up of operations in Indonesia. Newmont resumed copper concentrate shipments from Indonesia in late September, ending a nine-month suspension from its Batu Hijau mine after the government imposed hefty export taxes that the company said violated its mining contract. Production was halted in June but has since restarted. ID:nL3N0RV1VI The price Newmont received for its gold dropped to $1,270 an ounce from $1,322 an ounce in the third quarter last year. (Reporting by Susan Taylor in Toronto and Nicole Mordant in Vancouver; Editing by David Gregorio; editing by Gunna Dickson) ((susan.taylor1@thomsonreuters.com; +1 416 941 8083; Reuters Messaging: susan.taylor1.thomsonreuters.com@reuters.net)) Keywords: NEWMONT MINING RESULTS/

Buenaventura reports 20 pct jump in net profit in third quarter

October 30, 2014 - reuters.com

LIMA, Oct 30 (Reuters) - Peruvian precious metals miner Buenaventura BVN.N BUEv.LM said on Thursday that its net profit jumped 20 percent to $78.3 million in the third quarter from the same period a year ago. (Reporting By Patricia Velez; Editing by Chris Reese) ((mitra.taj@thomsonreuters.com; +51 1-221-2130; Reuters Messaging: mitra.taj.thomsonreuters.com@reuters.net)) Keywords: PERU BUENAVENTURA/

BRIEF-Newmont Q3 adjusted earnings per share $0.50

October 30, 2014 - reuters.com

Oct 30 (Reuters) - Newmont Mining Corp NEM.N : * Announces third quarter operating and financial results * Q3 adjusted earnings per share $0.50 * Q3 earnings per share view $0.16 -- Thomson Reuters I/B/E/S * Says on track to meet full year production outlook(3)of 4.7 to 5.0 million attributable ounces of gold * Qtrly gold and copper aisc was $995 per ounce,$6.61 per pound, versus $1,018 per ounce and $3.24 per pound, in the prior year quarter * Delivered 1.15 million ounces of gold in Q3, down 10 percent * Delivered 13,700 tonnes of copper in Q3, down 29 percent * -q3 gold all-in sustaining costs were $995 per ounce versus $1,018 per ounce * Says 2014 capital has been reduced to between $1,150 and $1,220 million based on spending year-to-date * Says guidance for 2014 through 2016 has been adjusted to exclude la herradura * -q3 copper all-in sustaining costs $6.61 per pound versus $3.24 per pound * Copper volumes were lower in Q3 due to the shut-down at batu hijau effective June 5, 2014 through September 23, 2014 * Sees 2015 attributable gold production 4.5 million oz - 4.7 million oz * Sees 2016 attributable gold production 4.8 million oz - 5.1 million oz * Q3 sales $1.75 billion versus $2.02 billion last year * Q3 revenue view $1.70 billion -- Thomson Reuters I/B/E/S * Source text for Eikon ID:nBw5gJ2gBa * Further company coverage NEM.N ((Bangalore Newsroom; +1 646 223 8780))

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