PICTURE OF THE DAY: An open pit wedding cake |
- PICTURE OF THE DAY: An open pit wedding cake
- Bitcoin is a 'mirage basically': Buffett
- Gold price gives up strong early gains
- Man finds 2.89-carat diamond at Arkansas state park
- Rio Tinto’s Sam Walsh scores $9m pay increase in first year
- Enbridge seeks 40% natural gas rate hike in Canada’s Ontario
| PICTURE OF THE DAY: An open pit wedding cake Posted: 14 Mar 2014 11:38 AM PDT
Tom Kern shared a picture on Facebook of his wedding cake styled as an open pit complete with a Cat excavator and dump truck. Kern was married early this month and is based in Victoria, Australia. Kern is self-employed. Hat tip, Mining Mayhem  |
| Bitcoin is a 'mirage basically': Buffett Posted: 14 Mar 2014 10:44 AM PDT Warren Buffett is less worried about events in Ukraine and Russia, doesn't foresee another economic calamity any time soon and summed up Bitcoin as just a method for transmitting money. Buffett, who was interviewed by CNBC today, was asked about all the trouble in the news and the likelihood of another 2008 economic collapse occurring again. "It will happen again someday but we are not close to it—remotely close to it—happening. It will happen again, but it won't happen in the same way," said Buffett. While humans will "behave in crazy ways", Buffett said people's caution will still prevail. "Once they get out of the emergency room, they are a little careful for a while." Buffett, who is reading the galleys of Tim Geithner's new book, said events in 2008 were worse than he imagined. "Even at the time I said it was an economic Pear Harbour. I wasn't strong enough in stating what was happening." Asked about Bitcoin, Buffett laid in.
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| Gold price gives up strong early gains Posted: 14 Mar 2014 10:14 AM PDT The gold price on Friday briefly broke through a key technical level on Friday on the back of safe haven buying amid the crisis in the Crimea. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery – the most active contract – last traded at $1,376.60 an ounce, up $4.20 from yesterday's close, but way off its highs for the day. In busy trading of almost 150,000 contracts by lunchtime, the metal hit a high of $1.388.40 an hour into New York trade, the best level since early September and up close to 16% since the start of the year. Reports surfaced yesterday of Russian troops amassing on Ukraine's borders while Nato announced the deployment of fighter jets to countries on Ukraine's western borders. For its the part Ukraine began mobilizing its new volunteer force, the national guard. US Secretary of State John Kerry and Russian Foreign Minister Sergey Lavrov were meeting in London, but hopes for any progress in the talks were slim. Voters in the Crimea, where 60% of the population are Russian speakers, go to polls on Sunday to decide whether to become again a part of a greater Russia. The US Federal Reserve's policy setting committee meets next week and will announce its interest rates decision on Wednesday. Janet Yellen, will chair the Federal Open Market Committee Meeting for the first time, and no drastic changes to monetary policy is expected, including further reductions in the bank's quantitative easing program. Geopolitical developments are set to overshadow any decisions announced by the Fed and US economic data out next week which include industrial production, inflation and housing starts numbers. Silver also advanced on Friday adding over 2% to $21.64 in morning trade before pulling back. Platinum at $1,473 and palladium at $775 again traded in negative territory despite the ongoing platinum strikes at three mines in South Africa which is responsible for more than 60% of world production. The copper price stabilized after this week's sharp drop. The red metal in afternoon dealings changed hand at just under $2.95 a pound, recovering slightly from a dismal week which saw it reached the lowest level since June 2010. |
| Man finds 2.89-carat diamond at Arkansas state park Posted: 14 Mar 2014 08:55 AM PDT  Kalenda holding the 2.89-carat diamond he named after his son. A lucky Louisiana man found a 2.89 carat white diamond stuck in a rock at Arkansas' Crater of Diamonds State Park in Murfreesboro, Arkansas, well-know for being a place where visitors tend to discover a wide range of precious gems. According to the park's web site, 20-year-old construction worker Brandon Kalenda, a tourist from Louisiana, unearthed the diamond last Thursday, after searching the park for only 20 minutes. He named it "Jax Diamond" after his infant son Jaxson and is reportedly planning to keep it. Kalenda admitted that when he first found the diamond, which is worth around $20,000, he didn't even realize what it was. His Jax Diamond is the 47th diamond registered by a park visitor this year, and the fourth diamond weighing over a carat found at the location since the middle of February. Park Interpreter Margi Jenks said current conditions are "perfect" for diamond hunting at the park. "Diamonds are a bit heavy for their size, and they lack static electricity, so rainfall slides the dirt off diamonds that are on the surface of the search field leaving them exposed," she said. "When the sun comes out, they'll shine and be noticeable." More than 75,000 diamonds have been discovered at the properly named park since 1906, where visitors are allowed to keep their discoveries. The largest diamond ever found in the US, the 40.23-carat "Uncle Sam," was unearthed there in 1927. Images courtesy of the State Parks of Arkansas |
| Rio Tinto’s Sam Walsh scores $9m pay increase in first year Posted: 14 Mar 2014 07:46 AM PDT Rio Tinto (ASX, LON, NYSE:RIO), the world's second-largest mining company, has given chief Sam Walsh a 44% pay rise as he was able to take the company from a US$3 billion loss to a US$3.7 billion profit in his first year at the helm. Walsh, 64, was paid US$9.1 million, up from the $6.3 million earned in 2012, the company unveiled Friday in its annual report. The figure includes salary, a cash bonus, shares and other benefits, Rio said. His predecessor Tom Albanese was paid 4 million pounds ($6.7 million) in 2012. Walsh was given a three-year term for the top job but recently indicated he would be happy to stay longer, depending on board approval. The executive previously led Rio's iron ore division, based in Perth, Western Australia. The firm paid relocation costs of about $186,000 when he moved to London as CEO, and he receives a housing allowance and other benefits during his "secondment" there, it said. In return, Walsh has exceeded expectations. He promised to cut operating costs by $2bn last year and achieved $2.3bn. He said he would cut exploration and development costs by $750 million and cut them by $1bn. He vowed to pull capital expenditure down from more than $17.5bn to $13bn, and hit that target. For this year Walsh has set the goal of cut annual costs by $3bn and reduce capital expenditure down to $11bn. Image: Screenshot from IBM's video |
| Enbridge seeks 40% natural gas rate hike in Canada’s Ontario Posted: 14 Mar 2014 06:43 AM PDT  "Based on our data, it's been one of the three coldest winters in the last 25 years," says Enbridge's Jamie LeBlanc. Canada's exceptionally cold winter weather may soon have a significant impact in Ontario's wallets, as natural gas firm Enbridge Gas Distribution (TSX, NYSE: ENB) is asking the provincial government to approve a nearly 40% increase in the price of the fuel. The move comes just one month after predicting that its massive storage capacity should mute any price increase. The company said this is all because this year's prolonged freezing temperatures have depleted storage pools of cheap gas, and so it had to buy more natural gas, at a much higher cost than expected. The increase would boost the annual bill for typical households by nearly $400 dollars a year. A typical home spends about $1000 annually on natural gas. Natural gas rates are set every three months. If approved, this increase would take effect April 1, 2014. The same weather affecting the central and eastern US is having the opposite effect. Natural gas prics slumped for a third straight session Thursday, as traders expected production levels to rise in the spring, just as demand typically eases for the heating fuel. Image by Chung Ho Leung via Flickr |
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