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“Assets are not beyond forfeiture and seizure. No assets in any country are sacrosanct. Governments that feel mining companies are not doing what they should be doing will attack assets,” he said gold cufflinks macy’s. Vale itself has a safety net as its biggest shareholders – state pension funds that own around a fifth of the company – are unlikely to divest. Given a strong national belief in mining, analysts say Vale’s sell-off could be seen as a buying opportunity for local investors. In a note this month, UBS analysts said some 80 percent of Brazilian investors polled were weighing buying Vale shares based on its depressed stock price, while only 30 percent of global investors it spoke to shared that enthusiasm..
WASHINGTON (Reuters) – U.S. manufacturing fell sharply in January, led by the biggest drop in motor vehicle production since the recession, the latest indication that the economy was losing momentum. The Federal Reserve’s report on Friday came on the heels of data on Thursday showing retail sales tumbling by the most in more than nine years in December gold cufflinks macy’s. The string of weak reports together with tame inflation are supportive of the Fed’s pledge to be “patient” before raising interest rates further this year..
“It looks like Fed officials were smart to stop their gradual rate hikes as the economy seems to have entered a soft patch,” said Chris Rupkey, chief economist at MUFG in New York. Manufacturing production slumped 0.9 percent in January, the biggest drop in eight months. Data for December was revised down to show output at factories rising 0.8 percent instead of the previously report 1.1 percent surge gold cufflinks macy’s. Manufacturing accounts for about 12 percent of the U.S. economy. Motor vehicle and parts production tumbled 8.8 percent last month, the largest drop since May 2009, when the economy was in recession. Motor vehicle assemblies fell to an eight-month low rate of 10.6 million units..
Automakers are cutting back on production to manage bloated inventories of some models in anticipation of declining sales this year. Production is also dropping as a few plants are changing over to new models. But even stripping out motor vehicle production, manufacturing output decreased 0.2 percent in January gold cufflinks macy’s. Factory activity is slowing as some of the boost to capital spending from last year’s $1.5 trillion tax cut package fades. In addition, a strong dollar and cooling growth in Europe and China are hurting exports. Lower oil prices are also slowing purchases of equipment for oil and gas well drilling..
While a separate report from the New York Fed on Friday showed factory production in New York state picking up in February after cooling for two straight months, the pace remained close to a two-year low. The New York Fed’s Empire State business conditions index rose to a reading of 8.8 from 3.9 in January gold cufflinks macy’s. “Manufacturing output growth will probably continue to trend lower over the coming months,” said Andrew Hunter, a senior U.S. economist at Capital Economics in London. U.S. stocks were higher amid growing optimism over trade talks between Washington and Beijing. The dollar rose marginally against a basket of currencies, while U.S. Treasury prices fell..