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Yahoo
6 hours ago
- Business
- Yahoo
Gold is part of India's social fabric. As prices soar, customers watch, wait but, ultimately, still buy
Sidheshwar Shirsath, who lives in the suburbs of India's financial capital, Mumbai, first started buying gold when he got married nine years ago. Shirsath, 35, works as a driver and earns about 55,000 rupees ($889 Cdn) a month. He decided that gold might be a good way to build a nest egg for his family's future. Whenever he had some cash to spend, he purchased gold jewelry, including rings and bangles, and he now has about 130 grams of gold, worth more than one million rupees ($16,000 Cdn). "Sometime after I first bought gold, the rates started increasing, so my interest in investing in it also grew," Shirsath said. In recent months — to his delight — the price has skyrocketed. Gold globally was trading at $3,298 US an ounce on Friday morning, up more than 25 per cent since the start of the year, and up 42 per cent compared with a year ago. Gold's value globally has surged amid global economic uncertainty and geopolitical tensions, including concerns about the impact of U.S. President Donald Trump's tariff policy. The precious metal is often seen as a "safe haven" asset that investors flock to during periods of economic turbulence. In India, the price has risen even more sharply and is up 30 per cent since the beginning of the year — with the additional increase driven by the rupee's depreciation against the American dollar. But for many Indians, like Shirsath, gold is more than an investment. "Gold is very close to Indian women," he said, his wife, Manisha, sitting next to him in their modest home, adorned with a heavy gold choker and gleaming bangles. "They need gold — especially for festivals and weddings." In India, gold is primarily purchased it in the form of jewelry because it can be a way of showing off one's wealth and status. The precious metal also holds enormous religious and cultural significance. It is part of the dowry in weddings, for example, and it is considered to be auspicious to buy gold during certain Hindu festivals. "India is a very unique market for gold ," said Sachin Jain, regional CEO, India, for the World Gold Council, a global industry association. "Gold is a part of the social fabric, and you don't need to be in any particular economic strata to consume gold. "We all in India have a family doctor, so to say, and we have a family jeweller." In rural India, where most of the country's 1.4 billion people still live — and with many not having easy access to bank accounts — gold is a popular way of storing savings, Jain said. All of this means that India is one of the world's largest consumers of gold, with the country's demand for the precious metal hitting about 800 tonnes a year. The steep price, however, is having an impact on the quantity of the metal that people are buying. "With jewelry consumption, whenever the price of gold goes up, the consumer waits and watches," Jain said. "The moment it gets a bit settled, we see consumers come back." The World Gold Council's data shows that demand for gold in India in the first three months of this year stood at 118.1 tonnes, down by 15 per cent compared with the first quarter of last year. But because the price is up, the value of the country's gold demand — which is the quantity of gold that is bought or invested — in the first quarter of this year actually rose by 22 per cent, to reach 940 billion rupees ($15.1 billion Cdn). "People are buying lower quantities," said Colin Shah, managing director of Kama Jewelry, a Mumbai-based manufacturer. "They all have budgets. If someone has $2,000 to spend, they'll spend that and buy a lower volume." But, he said, that gold has by no means lost its shine, despite its high price. "In India, there is a culture of gold, and nobody is going to stop buying gold because of pricing," Shah said. "Actually, they'll have more confidence in the category due to the return they are making on their money." With Indians' appetite to own gold showing no signs of easing, the government in recent years has taken a series of steps to try to ensure that gold is brought into the formal economy. These include lowering the import duty on gold last year to six per cent from 15 per cent, partly as a way of making it less attractive for people to smuggle gold into the country to avoid paying high taxes. The government also offers sovereign gold bonds as an alternative to physical gold. The World Gold Council's Jain said that Indians are increasingly investing in gold digitally, for example, through exchange-traded funds (ETFs) — and the price surge has only encouraged people to look at these options. "The young generation is getting more and more savvy, and with the ease of technology, we believe that investment into gold and gold assets is going to get a little more digital," he said. Gold investment demand, including ETFs, rose by seven per cent in India to 46.7 tonnes in the first quarter, according to the World Gold Council. JPMorgan forecasts that the price of gold could hit $4,000 US an ounce next year. Shirsath said that he and his family have more than enough jewelry now, but he still wants to keep buying gold. "My next plan is to buy gold coins or go for bonds." WATCH | Big box stores offer gold to customers as its popularity heats up: 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
Yahoo
3 days ago
- Business
- Yahoo
Lyra Growth Partners Inc. Announces Sale of Common Shares of BuildDirect.com Technologies Inc.
Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - Lyra Growth Partners Inc. ("Lyra") announces that, on May 28, 2025, Lyra completed the private sale of an aggregate of 1,798,000 common shares (the "Common Shares") of Technologies Inc. ("BuildDirect") to four purchaser parties who are senior members of BuildDirect's management team and its operating subsidiaries for a purchase price of Cdn$0.43 per Common Share and a total purchase price of Cdn$773,140 (the "Disposition"). Immediately prior to the completion of the Disposition, Lyra owned a total of 8,686,557 Common Shares and 69,744 common share purchase warrants of BuildDirect (the "Warrants"). Immediately following the completion of the Disposition, Lyra owns a total of 6,888,557 Common Shares, representing approximately 16.4% of the issued and outstanding Common Shares on a non-diluted basis, and assuming exercise in full of the Warrants, Lyra would own a total of 6,958,301 Common Shares, representing approximately 16.5% of the issued and outstanding Common Shares on a partially-diluted basis. All of the securities held by Lyra in BuildDirect, including the Common Shares and the Warrants, are being held for investment purposes. Lyra may in the future take such actions in respect of its securityholdings in BuildDirect as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of BuildDirect through open market purchases or privately negotiated transactions, a corporate transaction, such as a merger, reorganization or liquidation, involving BuildDirect, or the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers, or Lyra may continue to hold its current positions. A copy of the early warning report relating to the Common Shares will be available under BuildDirect's profile on SEDAR+ at and may also be obtained by contacting Lyra Growth Partners Inc. at 604-354-3327. Lyra's head office is located at 2150 - 1055 West Hastings Street, Vancouver, British Columbia, V6E 2E9, Canada. To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
3 days ago
- Business
- Yahoo
North Atlantic in talks to acquire second-largest oil refinery in France
A Newfoundland and Labrador-based company that's been on a steady trajectory of growth is poised to make a significant expansion into Europe, as North Atlantic Refining Limited aims to become a global player in the conventional and renewable energy sectors. North Atlantic, as it's known, made international business headlines on Wednesday with news that it's in talks with oil giant ExxonMobil to purchase the Port-Jerome-Gravenchon oil refinery in northern France. The facility is the second-largest oil refinery in France at roughly 230,000 barrels of crude per day, and is one the largest integrated chemical complexes in Western Europe. And there's already a connection with Newfoundland and Labrador because the facility refines crude from the offshore, and North Atlantic routinely purchases fuels from the refinery to supply its gas stations in the province. "It's a fantastic foothold for us in terms of our plans for expansion into Europe," Ted Lomond, North Atlantic's president and CEO, told CBC News during an interview from Paris. ExxonMobil has accepted North Atlantic's offer to acquire its 83 per cent stake in Esso Société Anonyme Française SA and 100 per cent of ExxonMobil Chemical France SAS. The deal comes with a price tag of nearly $700 million Cdn and is expected to close in the fourth quarter of 2025. Lomond is now in talks with union and government officials in France. "We need to work with them and make sure that they're comfortable with us as a player," Lomond explained, adding that the company plans to retain the current workforce. "Our goal is to have a global energy company headquartered in Newfoundland and Labrador." North Atlantic has created a new division called North Atlantic France to manage the refinery, with Lomond serving as president. This is not new territory for North Atlantic. The company owned and operated the Come By Chance oil refinery in Placentia Bay, which peaked at 130,000 barrels per day prior to its closure in early 2020. The refinery has since been converted into a renewable fuels facility by its new owners, but is currently idled because of challenging market conditions. North Atlantic operates a logistics hub at the Port of Come By Chance, where it imports roughly 60 per cent of the gasoline, diesel and jet fuel supply for the province. The company has also expanded its chain of Orange Stores into Nova Scotia and Prince Edward Island, recently established a trucking company and is proposing to establish a multi-billion-dollar wind-to-hydrogen facility in Come By Chance and Sunnyside. The company currently employs 360 workers. Lomond said the company will explore the possibility of using renewable energy from Newfoundland to energize the refinery in France, and use the site as a "launching point" to distribute green hydrogen throughout Europe. A news release from the company said "North Atlantic aims to develop Gravenchon into a green energy hub, leveraging its infrastructure to accelerate the deployment of low-carbon fuels and renewable power." Lomond said the province will benefit in other ways from the deal. For example, he said North Atlantic currently buys fuels on the spot market, but as the owner of a refinery, he said the company will have a secure supply of fuels for the province. He added that some "functions" of the facility may also be performed in the province, which could mean additional jobs in Newfoundland and Labrador. Download our free CBC News app to sign up for push alerts for CBC Newfoundland and Labrador. Click here to visit our landing page.
Yahoo
21-05-2025
- Business
- Yahoo
Alta Copper Announces Closing of Non-Brokered Financing
VANCOUVER, BC / / May 21, 2025 / Alta Copper Corp. (TSX:ATCU)(OTCQX:ATCUF)(BVL:ATCU) ("Alta Copper" or the "Company") is pleased to announce the closing of the previously announced non-brokered private placement with Nascent Exploration Pty. Ltd., a wholly owned subsidiary of Fortescue Ltd. (the "Private Placement"). A total of 2,941,176 common shares (the "Common Shares") were issued at a price of Cdn$0.51 for gross proceeds of Cdn$1,500,000. The Common Shares issued will be subject to a mandatory four-month and one day hold period, in accordance with applicable securities law. Giulio T. Bonifacio, Executive Chair and CEO, commented: "The proceeds from the private placement provide the necessary working capital ahead of the commencement of drilling, while minimizing dilution on favorable terms at a price well above our current share price. We continue to make very good progress toward securing the required approvals from both the Ministry of Energy and Mines and the local community which will set the stage for the next phase in the development of our 100% owned advanced staged Cañariaco copper project". The Private Placement remains subject to the final approval of the Toronto Stock Exchange. About Alta Copper Alta Copper is focused on the development of its 100% owned Cañariaco advanced staged copper project. Cañariaco comprises 91 square km of highly prospective land located 102 km northeast of the City of Chiclayo, Peru, which includes the Cañariaco Norte deposit, the Cañariaco Sur deposit and the Quebrada Verde prospect, all within a 4 km NE-SW trend in northern Peru's prolific mining district. Cañariaco is one of the largest copper deposits in the Americas not held by a major. The Company's Preliminary Economic Assessment ("PEA"), filed on June 10, 2024 highlights that the Cañariaco Norte deposit has a measured and indicated resource containing 9.3 billion pounds of copper; 2.1 million ounces of gold and 60.4 million ounces of silver within 1.1 billion tonnes with a copper equivalent grade of 0.42% and a further 2.4 billion pounds of copper; 520,000 ounces of gold and 16.9 million ounces of silver within 416 million tonnes with a copper equivalent grade of 0.29%. The PEA also highlights that the Cañariaco Sur deposit has an inferred resource containing 2.5 billion pounds of copper; 1.3 million ounces gold; 17.6 million ounces of silver and 24 million pounds of molybdenum within 474 million tonnes with a copper equivalent grade of 0.29%. Please refer to the technical report dated June 10, 2024 and titled "NI 43-101 Technical Report on Preliminary Economic Assessment," prepared by Ausenco Engineering Canada ULC available on the Company's website and on SEDAR+ at under the Company's profile. Cautionary Note Regarding Forward Looking Statements This press release contains forward-looking information within the meaning of Canadian securities laws ("forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements, including, but not limited to, statements with respect to the of the Private Placement, the use of proceeds for the Private Placement, the insider participation in the Private Placement and the business plans of the Company, including the drill program. These forward-looking statements are made as of the date of this press release. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others: the state of the equity financing markets in Canada and other jurisdictions; the receipt of regulatory approvals; fluctuations in metals prices, the actual results of current development activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; accidents, labour disputes and other risks of the mining industry; and delays in obtaining approvals or financing. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. On behalf of the Board of Alta Copper Corp. "Giulio T. Bonifacio" Executive Chair, CEO and Director For further information please contact: Giulio T. Bonifaciogtbonifacio@ 604 318 6760Email: info@ Website: SOURCE: Alta Copper Corp. View the original press release on ACCESS Newswire 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
Cision Canada
20-05-2025
- Business
- Cision Canada
RICHARDS PACKAGING INCOME FUND ANNOUNCES MAY 2025 DISTRIBUTION
TORONTO, May 20, 2025 /CNW/ - Richards Packaging Income Fund (TSX: (the "Fund") announced today its cash distribution for the month ended May 31, 2025 of Cdn$0.11 per unit. This distribution will be to unitholders of record at the close of business on May 30, 2025 and will be payable on June 13, 2025. Unitholders who are non-residents of Canada may be required to pay all withholding taxes payable in respect of any distributions of income by the Fund, whether such distributions are in the form of cash or additional units. About Richards Packaging Income Fund The Fund owns Richards Packaging Inc. which since 1912 has served a wide customer base throughout North America comprised of over 18,000 regional food, beverage, cosmetics, healthcare, and other enterprises. SOURCE Richards Packaging Inc.
