Diamond News Archives
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(IDEX Online) – Signet Jewelers reported total sales were $1.5 billion, up 5.5%, in the 13 weeks ended May 5, its fiscal 2019 first quarter.<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>
Total same store sales performance was down 0.1% versus the prior year quarter, however.
The firm reported a net loss of $496.6 million in the quarter, compared with a profit of $78.5 million in the year-earlier period due to a non-cash impairment charge related to goodwill and intangibles, a loss recognized on held for sale non-prime receivables and restructuring charges, the company said.
However, its shares rose strongly with the market happy with what it sees as stabilizing sales after two years of declines.
The increase in total sales of $77.2 million in the quarter was positively impacted by the addition of James Allen which was acquired last September, a calendar shift due to the 53rd week in Fiscal 2018, the application of new revenue recognition accounting standards, and foreign exchange translation benefit.
These factors were partially offset by the impact of net store closures and same store sales performance.
Signet reported that eCommerce sales in the first quarter including James Allen were $146.5 million, up 80.9% on a reported basis. James Allen sales were $53.3 million in the quarter up 29.4% compared to the prior year quarter. Online sales increased across all segments and accounted for 9.9% of first quarter sales, up from 5.8% of total sales in the prior year first quarter.
“As we begin to implement our Signet Path to Brilliance transformation plan, we remain...
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In this discussion with CNBC's Rick Santelli and Harvard's Professor Ken Rogoff, Santelli tries to get optimistic Rogoff to explain the monstrous debts.
Santelli Exchange: Former IMF chief economist on productivity[2] from CNBC[3].
In the End Rogoff caves in and say's we need to extend the maturity of the debt and lock in low rates before something bad happens....
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Gold was a little choppy last night, trading either side of unchanged in a modest range of $1294 - $1300. It rose to its $1300 high during early European time, buoyed by softness in the dollar (DX from 93.90 – 93.63).
The greenback was pressured by hawkish comments from the ECB’s Praet that the Bank would debate ending bond buys next week, which took the euro up from $1.1715 - $1.1765.
However, a lack of follow-through buying and some shorts selling into strength knocked gold quickly back to its $1294 low.
Later during the European session, better than expected readings on German Construction PMI and Eurozone Retail PMI lifted the common currency to $1.1779, and took the DX down to 93.56.
Gold rebounded, but only managed to claw back to $1297. A move up in global bond yields (US 10-year bond (2.915% to 2.964%, German Bund 0.39% - 0.45%, UK Gilts 1.31% - 1.35%) in response to Praet’s comments was a headwind for gold, as were firmer global stocks.
The NIKKEI rose 0.4%, the SCI was flat, European shares were up from 0.3% to 0.4%, and S&P futures were +0.2%. A slight dip in oil (WTI from $65.50 - $65.03, API showed surprise large build in US gasoline inventories), weighed on stocks.
At 8:30 AM, a weaker report on US Productivity (0.4% vs. exp. 0.7%) outweighed a slightly better than expected report on Unit Labor Costs (2.9% vs. exp. 2.8%), and a smaller Trade Gap (-$46.2B vs. exp. -$49.1B).
S&P futures dipped to 2753, and the 10-year bond yield ticked down to 2.948%.
The DX fell to 93.42, pressured also by continued strength in the euro ($1.1795) and pushed gold higher.
The yellow metal took out the overnight high...
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The emerging market sell off in Argentina and Turkey has already spread to Lebanon, Columbia and South Africa, an Institute of Financial Research (IIF) report[1] has said.
"The EM sell-off has been large for Argentina and Turkey, which raises the risk of contagion to the broader EM complex… Concentration risk exists in Lebanon, Colombia and South Africa, and could be a channel for contagion to the broader EM complex," the report said.
Emerging market countries with with highest levels of foreign cash flows are most likely to be hit by contagion.
"Argentina stands out on the debt side, with the government's 'gradualism' translating into large external bond issues and inflows," the IIF said.
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The IIF said that higher funding costs among nations have also "been making life more difficult" for countries like Argentina and Turkey with high external financing needs.
Other factors have included dangerous currency over-valuations, and the Eurozone crisis which has weighed on many linked EM nations.
"The current situation could create a channel for contagion to the broader EM complex," the report said. ...
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Shares in London-listed Botswana Diamonds (LON:BOD) received a fresh shot in the arm on Wednesday after the miner said it had been granted rights to explore a piece of land close to the Venetia mine, operated by De Beers, which delivers around 40% of South Africa’s annual diamond production.
The miner believes past explorers “systematically under-estimated” the grade and diamond quality of the 2.5-hectare Mooikloof kimberlite pipe concession, which is also adjacent to another mine — Oaks —, which was also owned and operated by De Beers. That’s why it plans to re-evaluate the prospect.
The Mooikloof concession is close to the Venetia mine, operated by De Beers, which delivers around 40% of South Africa’s annual diamond production.
“We are pleased to finally be awarded the Mooikloof concession. This was discovered and explored in the 1980s by De Beers who went on to develop the Oaks mine next door,” chairman John Teeling, said in the statement. “The pipe is historically estimated at 2.5 hectares in size and contains diamonds. Using recently developed exploration techniques we will re-assess this high potential pipe.” chairman John Teeling, said in the statement.
Botswana Diamonds’ stock jumped on the news and it was trading 6.34% higher to 1.09p by 1:13OPM in London.
The company also said it would not continue exploration of the Ontevreden pipe in South Africa, as it found out it was smaller than previously expected.
Research by the University of Johannesburg showed that the site’s rock displayed characteristics typically present in high-grade kimberlite pipes, the company said last year.
But further drilling of the resource confirmed that while it contained kimberlite, it was not enough to make the project viable for full-scale operation.
The post Botswana...