ALS boosts profits, but foresees pain for mining services
The head of laboratory testing group ALS has delivered another bleak assessment of the outlook for mining services, but is confident that moves to diversify will help insulate his company from the downturn, according to the Australian Financial Review.
After handing down a record full-year profit yesterday, ALS managing director Greg Kilmister warned there was more pain in store for services companies because he expected the slump in mining and exploration activity to worsen.
Formerly known as Campbell Brothers, ALS is one of the largest providers of mineral sample analysis services to the global exploration industry. It also provides a range of testing services to the coal sector through its ALS Energy division.
China to loosen central planning
The Chinese government is planning for private businesses and market forces to play a larger role in its economy, in a big policy shift intended to improve living conditions for the middle class and to make China a stronger competitor on the global stage, according to the Sydney Morning Herald.
In a speech to party members, new Prime Minister Li Keqiang said this month the central government would reduce the state's role in economic matters in the hope of unleashing the creative energies of a nation with the world's largest economy after the United States.
On Friday, the Chinese government issued policy proposals that seemed to show that Li was serious about reducing government intervention in the market, and giving competition among private businesses a bigger role in investment decisions and setting prices.
Russia, Kazakhstan and Azerbaijan boost gold reserves
Russia, Kazakhstan and Azerbaijan boosted their gold holdings in April, a month that saw prices plunge to two-year lows in a pullback that raised questions over the metal's safe-haven status, but also offered an opportunity to buy into the market at lower levels, according to The Australian.
The International Monetary Fund today issued its monthly gold-buying report, which represents the activities of almost all central banks and is closely watched by gold investors, showing the three former Soviet republics increased their holdings by a cumulative 75% more in April than they did in March.
