Diamond News Archives
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(IDEX Online) – Indian diamond jeweler Nirav Modi, wanted in India in connection with an alleged $2 billion fraud, and his brother Nishal, a Belgian national, are believed to have fled to Brussels in March, and Modi may now be in the United Kingdom, according to reports out of India.<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?> Modi fled to Brussels after Indian authorities requested Interpol take action to arrest him. Modi is allegedly seeking political asylum in London with the Indian High Commission awaiting confirmation from the British government about his presence in the country, reports Business Today. Meanwhile, The Times of India reported that Modi may be traveling with a Singapore passport and not his Indian passport, thus restricting the Indian government's options in having him arrested and deported back to India. The Indian government would have to pressure the Singapore government to take action. There has been no movement detected on his Indian passport since March 31, showing that he is not using it, the report adds. Modi and his uncle Mehul Choksi, the head of the huge Gitanjali retail jewelry chain, fled the country in the first week of January along with some family members, 10 days or so before Indian tax authorities uncovered the alleged fraud. Last week, India's Financial Times reported that Modi had entered the UK where he is seeking asylum from what he claims is political persecution in India. ...
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Former Federal Reserve chairman Alan Greenspan said Wednesday the U.S. economy is already slowing down.
“The presumption that we are going up from here — I think is wishful thinking,” Greenspan said, in an interview on CNBC.[1]
Economists believe second quarter GDP could top 4% after strong gains in consumer spending and personal income, but Greenspan dismissed these as overly optimistic.
“Most forecasts that I’ve seen, which I find credible, show that while we are currently close to the 3% annual rate, we are not going to stay there,” he added.
Greenspan said the economy is moving from stagnation into “stagflation,” a damaging environment when inflation picks up and growth wanes.
“I don’t see how we get out of it,” without entitlement reform, Greenspan said.
He said the Trump tax cut and efforts to lower regulation on business are positive forces.
“If it wasn’t for those factors, we’d really be in the soup,” he said....
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A trade war, a hawkish monetary mistake and a crisis in either the emerging markets or euro area were cited as the biggest tail risks in a Bank of America Corp. survey of global equity investors this week. Based on economic fundamentals, the VIX should currently trade at 14.1, according to a Macro Risk Advisors model....
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Shares in Petra Diamonds (LON:PDL) climbed around 5% on Wednesday after the South African miner said shareholders had approved a rights issue to raise about $170 million to help cut its debt burden.
The company has more than $600 million of debt it accumulated by building a new plant and digging deeper at its flagship Cullinan diamond mine.
The company, owner of the iconic Cullinan mine, where the world’s biggest-ever diamond was found in 1905, has accumulated a hefty debt in the last 18 months as it borrowed heavily to expand its mines, known for some major recent findings,
Petra Diamonds has more than $600 million of debt it accumulated by building a new plant and digging deeper at Cullinan. Its lenders waived covenants for December 2017 and relaxed them for this year’s measurements.
It has also faced illegal mining at its operations, weak prices, a surging South African rand and setbacks in Tanzania, where the government seized last year a diamond parcel from it Williamson mine of about 71,000 carats. The move, part of the country’s ongoing probe into alleged wrongdoing in the diamond and tanzanite sectors, has been costly for Petra, as it shares lost around half of their value last year after the incident.
So far this year, the stock had dropped a further 1.5%, but finished the trading day at 74p, 1.37% higher than Tuesday’s close.
While the confiscated diamond parcel is still in dispute, the company has been able to export other five shipments since and talks with authorities are ongoing.
The post Petra Diamonds secures $170 million to help lower debt appeared first on MINING.com....