Anglo American Completes Valterra Platinum Demerger
Anglo American began the process of demerging Valterra Platinum, formerly Anglo American Platinum VAL -2.10%decrease; red down pointing triangle, following BHP's $50 billion failed takeover bid last year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Hundreds of electric car charging stations hit in organised crime wave
Criminal gangs are targeting electric car chargers, stripping copper from the cables and leaving drivers unable to refuel. InstaVolt, one of Britain's biggest charging networks, said over 700 stations had been targeted in a wave that it has linked to organised crime. Incidents have risen from 140 a year ago. The company has been forced to develop an anti-theft electric charger in an attempt to combat the crime wave. Bosses have said the spate of outages has dented consumer confidence in charging stations, affecting electric car uptake. Delvin Lane, InstaVolt's chief executive, said that gangs had been targeting stations in Birmingham and South Yorkshire and that cable thefts had become an 'industry-wide' problem. He said that while there was only £20-£25 worth of copper in a charging cable, it cost the company around £1,000 to repair each station. Thieves have been targeting copper after the price of the metal surged near all-time highs, triggered by companies stockpiling it ahead of new tariffs from Donald Trump. Eurostar services were disrupted for two days last month because of copper cable theft. Reports also suggest that wind farms are similarly being targeted by thieves, who typically sell the copper cables for scrap value. InstaVolt, which has the UK's biggest rapid charging network after Tesla's, has developed a 'cable shield' to protect its copper. It is made up of a Kevlar sheath booby-trapped with 'smart water' that allows police to identify criminals. Mr Lane said it had led to a rapid fall in thefts involving criminals attempting to steal cables using circular saws and hacksaws, although some had resorted to using hydraulic presses to acquire the cables. 'Will it stop it? No. Will it deter and make it more difficult? Absolutely, yes,' Mr Lane said. He said that the company had installed around 250 of its new cable guards, with only one cable successfully cut after having the shield put in place. The shield will be made available to other charging companies in the coming months. InstaVolt has also hired security guards at its stations and installed trackers in its cables, but says police have not investigated the crimes. Mr Lane said the company was pushing the Government to classify chargers as critical infrastructure, which would give police more resources to investigate. Up to one in 25 chargers around the UK are estimated to be offline at any one time, which affects confidence in motorists' ability to refuel as ministers attempt to boost demand for electric cars. Figures on Friday from the Society of Motor Manufacturers and Traders showed that electric car sales have jumped by 34.6pc in the first half of this year and made up 21.6pc of all new car sales, compared to 16.6pc in the same period a year ago. Data from research company New AutoMotive said that sales of Teslas grew by 12pc in June, helped by the launch of a new Model Y vehicle. InstaVolt, which is owned by investment firm EQT Infrastructure, grew sales by 48pc last year to £50m and narrowed losses to £8.5m. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
an hour ago
- Yahoo
China hits Europe's brandy exports with duties but adds exemptions
French drink manufacturers are bracing for losses as China said it would place a heavy trade duty on brandy exports from the European Union, potentially taking a gulp out of their sales in the coming years. A tariff rate on EU brandy could go up to 34.9% for five years from 5 July. The duty was announced after China's Ministry of Commerce concluded an investigation into European brandy imports, determining that the products threatened its national brandy industry. Cognac, which is heavily exported from France, was a product of concern, although major cognac makers like Pernod Ricard and Remy Cointreau will now be exempted. China's investigation ruled that the EU had engaged in spirit 'dumping', a practice where foreign goods are sold significantly below their normal price. The corrective tariff will be charged in addition to a normal customs duty. Belgium-based trade group spiritsEUROPE, representing EU producers of spirit drinks, said in a statement that it 'regrets today's decision by the Chinese Ministry of Commerce to impose final anti-dumping duties averaging 32.2% on EU wine-based spirits, marc-based spirits, and brandies as of 5 July,' adding that 'the measures will still pose a significant barrier to legitimate trade'. The trade group also said that the EU spirits sector provided 'substantial evidence over the last 18 months, clearly demonstrating the absence of any dumping practices on the Chinese market'. 'The decision originates from a spat around unfair competition and protectionism and it is bad news for European drinks companies who enjoy big sales to Asia,' said Dan Coatsworth, investment analyst at AJ Bell. 'That explains why shares in Rémy Cointreau and Pernod Ricard were weak on the news as drinkers in China might think twice about buying their products if the price is now much higher.' The news pulled down French spirits makers' share prices, with Pernod Ricard slumping 1%, Remy Cointreau down 1.75%, and luxury giant LVMH, the parent company of Hennessy and Rémy Martin, losing 2.1% around 11 CEST in Europe. Related China holds off on EU brandy tariffs as subsidy spat drags on China's anti-trust tariffs over brandy come under fire Closer to midday, share price losses moderated after news broke that China spared major cognac producers from the new duties, provided they sell at a minimum price. Trade group spiritsEUROPE welcomed the partial relief, saying that 'to safeguard their operations and maintain a stable presence in the Chinese market, several affected companies have entered into price undertakings (raising export prices) with MOFCOM (China's Ministry of Commerce)', adding that these will replace anti-dumping duties for these companies. The group urged Beijing to expand this option to all European companies affected. SpiritsEUROPE Director General Hervé Dumesny said 'Beyond its direct impact on our sector, this decision risks fuelling trade tensions at a time when mutual cooperation is more important than ever.' The decision on brandy comes after the EU decided to impose tariffs as high as 45% on Chinese-made electric vehicles last year.
Bloomberg
an hour ago
- Bloomberg
China Can Work With France Across Range of Industries, Wang Says
China is ready to cooperate with France in industries such as nuclear power, aviation, artificial intelligence, green energy and biotechnology, Foreign Minister Wang Yi said. Wang's comments in Paris capped a European visit that also took him to Brussels and Berlin. During his trip, China announced anti-dumping duties on European brandy while exempting major cognac makers that agreed to minimum price levels.
