Abu Dhabi's IRH Buys Control of Alphamin's Tin Complex in Congo
IRH will buy a 56% interest in Alphamin from a unit of private equity firm Denham Capital for about C$503 million ($366 million), it said in a statement. Bloomberg News reported in November that the Emirati mining firm was in talks about investing in the company, which owns the Bisie tin complex in the Democratic Republic of Congo.
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Yahoo
29 minutes ago
- Yahoo
Posthaste: Canada suffering 'major capital drain' as foreign investors go missing in action
The latest tally of international securities transactions is out this week, and it's not a pretty picture for Canada. Foreign investors added $709 million in Canadian securities in June, the first investment since January, and while that might seem like good news, National Bank of Canada economist Warren Lovely says Canadians should hold their applause. The 'slight' June investment reversed just a fraction of the divestment that has been accumulating since the beginning of the year. 'Since President Trump moved back into the White House and clouds formed over many an outlook, non-residents have cooled on Canadian exposure,' he wrote in a note on the data. 'Never has the first half of a calendar year produced such tepid foreign interest.' Foreign investors bought $6.9 billion in Canadian bonds in June, down from $9.7 billion in May. Corporate bond purchases led the way, followed by provincial government bonds. There was a $1.3 billion reduction in foreign holdings of federal government bonds. But they dumped equities. Foreign investors reduced their exposure to Canadian shares by $3 billion in June, following a divestment of $11.5 billion in May. Most of this was in the banking sector and trade and transportation industries. Meanwhile, Canadians acquired $9 billion in foreign securities, most of it in U.S. stocks and non-U.S. bonds. This resulted in a $8.3 billion outflow from the Canadian economy in the month and brought the total exit for the second quarter to $43.7 billion, said Statistics Canada. There was a similar outflow in the first quarter. 'With nonresident investors aloof and Canadians adding foreign assets, the country has suffered a major capital drain. The cumulative outflow over the latest five-month period is in fact unprecedented,' said Lovely. The economist said Canada's bond market especially needs scrutiny, considering the heightened borrowing needs of the federal government in the days to come. In 2024, foreign buying soaked up almost 75 per cent of net Government of Canada debt issuance, but that share dropped dramatically in the first half of this year. Domestic investors were left to pick up the slack, acquiring $100 billion of net GoC supply in the first half, said National. Annualized, that's 6 per cent of GDP and doesn't include the funding needs of non-central governments, public sector entities and private corporations. 'If sustained, foreign investor apathy could be problematic if not downright frightful,' said Lovely. If Ottawa wants to avoid a worse scenario, clarity on its budget and a timely trade deal would help, he said. to get Posthaste delivered straight to your Customs, according to a recent report, cites gold — not canola or coal — as its No. 1 import from Canada by value, and today's chart shows how the yellow metal has become a bigger player in the nation's trade. Gold and other precious metals are now more 6 per cent of Canadian exports, double the share two years ago, said Douglas Porter, chief economist of BMO Capital Markets. That puts precious metals in line with forestry products such as lumber and pulp & paper, which has long topped Canadian trade, and farm and fishing. Central bankers gather for the Jackson Hole Economic Policy Symposium, in Wyoming Federal Agriculture Minister Heath MacDonald and Saskatchewan Premier Scott Moe will hold a press conference this afternoon after meeting about Chinese tariffs of 75.8 per cent on Canadian canola Today's Data: Canada industrial product and raw materials price indices, United States existing home sales Earnings: Walmart Inc., Intuit Inc., Ross Stores Inc., Workday Inc. Why returning to the office is a pay cut for many people Canada's AI by the numbers: how much money is being spent and who is spending it Tariff-exempt exports top 80% as Canadian companies scramble to comply with CUSMA Buying a house is the largest purchase most Canadians will ever make and finally paying off the mortgage is likely to be a game changer. 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Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Financial Post on YouTube Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ Never mind the mortgage cliff, this is the debt Canadians are really struggling with Why Trump might have to cut tariffs — (spoiler, they're not working) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News24
an hour ago
- News24
Africa seeks partners, not aid: Ramaphosa calls on Japan to support tariff cooperation
President Cyril Ramaphosa has asked Japan to support tariff cooperation and partnerships. He highlighted SA's reindustrialisation agenda, focusing on green energy, infrastructure, and intra-African trade. US-SA tensions have recently risen amid trade negotiations and conflicting diplomatic messages. President Cyril Ramaphosa has called on his Japanese counterparts to support tariff cooperation to ease market access for African goods. Speaking at the 9th Tokyo International Conference on African Development Summit in Japan in the early hours of Thursday morning, he said the recent tariff actions by the United States on African goods had highlighted the need to diversify the continent's export markets. 'Africa is not seeking aid. It is seeking partners, and that is why we are here. Partners that understand value creation, sustainable development, and mutual industrialisation,' he said. Ramaphosa is acting on his commitment to diversify markets as the US intensifies its aggressive posture towards South Africa. On Wednesday, News24 reported that the US government wanted clarification on South Africa's policy on Iran following widely publicised comments from SA National Defence Force (SANDF) chief, General Rudzani Maphwanya, during a trip to Iran. READ | US seeks clarity on SA's Iran stance, expressing 'great concern' following Maphwanya trip Meanwhile, the Department of International Relations and Cooperation (Dirco) said Deputy International Relations Minister Alvin Botes and Deputy Minister of Justice and Constitutional Development Andries Nel had a call with US Deputy Secretary of State Christopher Landau on Tuesday evening. But it was unclear what they discussed. The trip to Iran put South Africa in a predicament as it tried to negotiate a trade deal with the US, which considers the Islamic state an enemy. Addressing the plenary session on the economic dimension of the Africa-Japan partnership, Ramaphosa sold South Africa as a leading exporter of agricultural produce and high-quality industrial products such as vehicles and components. Ramaphosa said: We call on our Japanese counterparts to support tariff cooperation to ease market access for African goods. We seek partnerships in infrastructure, energy, and digital development through blended finance. 'We also seek partnerships in financing skills development, youth innovation, and small business scaling.' The president said the gathering was taking place at a critical time when there was global uncertainty, reshaping of trade, and new industrial revolutions demanding bold action and strategic collaboration. Ramaphosa said Africa should not merely react to these forces, but must help shape them. Africa is not seeking aid. It is seeking partners. Partners that understand value co-creation, sustainable development and mutual industrialisation. #TICAD9 — Cyril Ramaphosa 🇿🇦 (@CyrilRamaphosa) August 21, 2025 'South Africa is making progress in enabling our economy to participate in the rapidly changing global environment. We have stabilised our energy supply and are modernising our infrastructure. We are opening our ports and rail to private sector investment,' he said. Furthermore, he said the country was rolling out a reindustrialisation agenda focused on localisation, green energy, and regional integration. 'As part of our industrial policy, we are expanding trade with key countries and improving market access for South African agricultural and industrial products. 'We are incentivising electric vehicles and battery production and supporting green hydrogen value chains through infrastructure and skills investment.' South Africa was also growing its health manufacturing capacity, with a focus on vaccines, diagnostics, and therapeutics, he added. READ | EFF slams Ramaphosa's 'timid' response to US criticism of SANDF chief's Iran visit Ramaphosa stated the country was also expanding digital infrastructure to bridge gaps in access and enhance service delivery. Turning to the African Continental Free Trade Area, he said it was central to South Africa's economic vision. 🇿🇦His Excellency President Cyril Ramaphosa holds a bilateral meeting with Mr Yoshiaka Takemasu, Executive Vice President and Representative Director of #Mitsui on the margins of the 9th TICAD Summit in Yokohama, Japan. #TICAD9 🇯🇵 #BetterAfricaBetterWorld 🌍 — The Presidency 🇿🇦 (@PresidencyZA) August 20, 2025 'South Africa seeks to deepen intra-African trade while becoming a continental industrial platform from which Japanese and other global firms can export into Africa. 'We are actively working with the AfCFTA (African Continental Free Trade Area) Secretariat to finalise value-chain protocols in automotive, agro-processing, pharmaceuticals, and textiles.' Ramaphosa said South Africa supported rules of origin harmonisation to encourage manufacturing in Africa, and the upgrading of border infrastructure to enable faster movement of goods.
Washington Post
an hour ago
- Washington Post
US and EU frame the ongoing deal between the trading partners and solidify some commitments
WASHINGTON — The United States and the European Union on Thursday issued a joint statement that frames the ongoing deal between the trading partners and solidifies some trade commitments. 'This Framework Agreement will put our trade and investment relationship — one of the largest in the world — on a solid footing and will reinvigorate our economies' reindustrialization,' the document reads.
