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France cuts economic growth forecast to 5% amid lockdown

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Author of the article: PARIS — The French economy will expand by 5% in 2021, Economy Minister Bruno Le Maire said in a newspaper interview, as a third lockdown to tackle the coronavirus pandemic has prompted a downward revision in the previous government forecast for 6% growth. The new forecast was prudent, Le Maire said…

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Reuters

PARIS — The French economy will expand by 5% in 2021, Economy Minister Bruno Le Maire said in a newspaper interview, as a third lockdown to tackle the coronavirus pandemic has prompted a downward revision in the previous government forecast for 6% growth.

The new forecast was prudent, Le Maire said in comments published on Sunday in Le Journal Du Dimanche (JDD).

“Our fundamentals are sound; we will be able to bounce back,” Le Maire said.

French schools and non-essential stores such as clothing chains will now be shut for four weeks, after COVID-19 cases surged in recent weeks, edging up the number of patients in intensive care units.

Bars and restaurants have already been closed for months, while tourist travel is at a standstill, although unlike when France entered its first national lockdown a year ago, construction work and manufacturing are among business areas still ticking over.

Like many countries in Europe, France has plowed billions of euros into propping up struggling companies with state-backed loans, help with rents and partial unemployment schemes.

The latest restrictions will force some 150,000 businesses to temporarily close, and aid measures in April will cost 11 billion euros, the finance ministry has said.

Le Maire has repeatedly called for the European Union to accelerate the ratification and implementation of its 750 billion-euro economic stimulus plan.

He told the JDD that France was now unlikely to get the 5 billion euro disbursement from that scheme in July as planned, due to delays.

France has its own 100 billion-euro economic reboot program, and plans to spend roughly half of that budget by the end of the year, Le Maire said. (Reporting by Sarah White; Editing by David Gregorio)

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Trifecta Gold drills 30.48 metres of 0.99 g/t gold at Yuge Project, Nevada

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Trifecta Gold Ltd. [TG-TSXV; TRRFF-OTC] reported final results from its 2021 reverse circulation (RC) drill program at the company’s road-accessible Yuge gold project located approximately 55 kilometres south of Denio in northern Nevada. Trifecta’s maiden drill campaign at Yuge consisted of seven RC drill holes, three of which were drilled at the Columbia target, two…

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Trifecta Gold Ltd. [TG-TSXV; TRRFF-OTC] reported final results from its 2021 reverse circulation (RC) drill program at the company’s road-accessible Yuge gold project located approximately 55 kilometres south of Denio in northern Nevada. Trifecta’s maiden drill campaign at Yuge consisted of seven RC drill holes, three of which were drilled at the Columbia target, two at the Juanita target and two at the Josie target.

Highlights include 2.27 g/tgold over 38.1 metres from hole YU-21-02 at Columbia (previously released); 0.99 g/t gold over 30.48 metres (including 3.4 g/t gold over 6.1 m) from hole YU-21-07 at Juanita; 0.61 g/t gold over 9.14 metres (including 2.48 g/t gold over 1.52 m) from hole YU-21-05 at Josie; and 0.53 g/t gold over 6.1 metres from surface in hole YU-21-04 at Josie.

“Our maiden drill program at Yuge successfully intersected broad zones of gold mineralization at each of our three targets,” stated Richard Drechsler, president and CEO. “We are very pleased with these results and are now confident that bulk-tonnage and high-grade vein potential exists over the entire property. The limited surface work conducted by our technical team has been successful in defining gold mineralization in structures parallel to and along strike from our drilled targets.”

Trifecta recently expanded the Yuge claim block, which now covers five km of prospective strike length. The company is permitting a follow-up program that will consist of detailed prospecting, soil sampling and mechanized trenching to better determine the geometry and structural controls of the various types of gold mineralization. This will be followed by additional RC drilling to further delineate the shallow, disseminated mineralization as well as the high-grade and structurally controlled mineralization.


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McEwen Mining produces 30,600 AuEq ounces in Q1

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McEwen Mining Inc. [MUX-TSX, NYSE] reported consolidated production for Q1 2021 of 23,300 gold ounces and 493,200 silver ounces, or 30,600 gold equivalent ounces (GEOs), compared with 35,100 GEOs in Q1 2020. All operations delivered production in line with budget. Production is expected to increase over the balance of the year and to be 20-40%…

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McEwen Mining Inc. [MUX-TSX, NYSE] reported consolidated production for Q1 2021 of 23,300 gold ounces and 493,200 silver ounces, or 30,600 gold equivalent ounces (GEOs), compared with 35,100 GEOs in Q1 2020. All operations delivered production in line with budget. Production is expected to increase over the balance of the year and to be 20-40% greater than 2020.

Fox Complex, Timmins, Canada (100%)

Black Fox produced 5,200 GEOs during the period, compared to 8,300 GEOs in Q1 2020. Mining at Black Fox has begun transitioning to the Froome deposit, where a progressive ramp-up is planned through Q3, with commercial production expected in Q4. At the Stock property, surface exploration is underway with four drills at the Stock West target, and one drill at the historic Stock Mine. A Preliminary Economic Assessment (PEA) to expand the production from the Fox Complex will be released late in Q2. The exploration budget for 2021 is $9 million.

San Jose Mine, Santa Cruz, Argentina (49%)

During Q1, San Jose produced 9,500 gold ounces and 492,300 silver ounces, for a total of 16,700 GEOs, compared to 14,900 GEOs in Q1 2020. The Company received $5 million in dividends during the quarter. San Jose performed well after a challenging 2020 that was impacted by COVID-19 restrictions. In 2021, the exploration budget is $10 million.

Gold Bar Mine, Nevada (100%)

During the quarter, Gold Bar produced 7,400 GEOs, compared to 9,100 GEOs in Q1 2020. Updated resource and reserve estimates were completed. Production in Q2 is expected to be higher than Q1. The exploration budget for 2021 is $5 million and will be focused on testing for near-mine targets and on further defining oxide resources on the neighbouring Tonkin property.

El Gallo Project, Sinaloa, Mexico (100%)

In Q1, El Gallo produced 1,300 GEOs from residual leaching of the heap leach pad. Operations were briefly disrupted by a blockade of the mine entrance by members of the local community, which has been resolved. A new 10-year agreement has been reached between the El Gallo operation and the neighbouring communities.

COVID-19 Update

The worsening COVID-19 infection rate in Ontario is being closely monitored; to date it has not had a material impact on operations or exploration activities at the Fox Complex.


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Asian shares up on China gains but tech worries weigh

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Author of the article: HONG KONG — Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, swinging into positive territory after…

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HONG KONG — Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, swinging into positive territory after Chinese blue chips rose 0.13%. South Korea gained 0.4%.

Elsewhere, Japan’s Nikkei dropped 1.84%, as the country continues to grapple with a resurgence in COVID cases. Australia slipped 0.33%.

Hong Kong fell 0.11% although Chinese food delivery giant Meituan’s shares rose 1.59% after the company said it had raised a huge $9.98 billion through an equity and convertible bond sale.

Earlier, major Wall Street indexes drew back from record highs hit list week, with a big drag from Tesla Inc.

The electric-car maker slid 3.4% after a Tesla vehicle believed to be operating without anyone in the driver’s seat crashed into a tree on Saturday north of Houston, killing two occupants.

“This morning in Asia looks like a continuation of what we saw last night, where tech stocks got hit in the U.S.,” said Mick McCarthy, Chief Markets Strategist, CMC Markets.

McCarthy said that the falls in Japan were striking given the yen strength caused by the falling dollar, which would normally be supportive for Japanese stocks, adding he thought this would change one way or the other later in the day.

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The tech-heavy Nasdaq was the biggest mover, falling 0.98%, while the Dow Jones Industrial Average declined 0.36%, and the S&P 500 0.53%.

However, e-mini futures for the S&P 500 rose 0.13%, suggesting markets could bounce back later in the day.

In currency markets, the dollar continued its recent weakness, falling further from six week lows it hit on Monday.

“In our view, USD can remain heavy this week as focus shifts from U.S. economic outperformance to the improving global economic outlook more broadly,” wrote analysts at CBA in a research note.

In Asian trade, the dollar dropped 0.08% against the yen, while the Australian dollar gained 0.14% and the Euro gained 0.07% on the dollar respectively.

The yield on benchmark 10-year Treasury notes rose to 1.6029% compared with its U.S. close of 1.599%.

Oil prices continued to rise. U.S. crude ticked up 0.19% to $63.50 a barrel, and Brent crude rose to $67.2 per barrel.

(Editing by Sam Holmes)

In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post.

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