Punishment for coming forward about a crime is one of the recurring themes in US law enforcement. It can play out as comedy, such as when drug dealers dial 911 to report the theft of their stash, and more often as tragedy, such as when immigrants seek police protection that results in their deportation. Shares in Boohoo slipped on Tuesday following reports that the British clothing retailer could be blocked from importing goods in the US on allegations of using forced labour.
With the reflation trade suddenly ripping through the world’s financial markets, a $1.9tn stimulus bill steaming through the US Congress, and “Dr Copper” bursting through $9,000 a tonne to prices not seen since the heady days of 2011, the commodity markets are headline news again. Could there be a better moment for Javier Blas and Jack Farchy’s rollicking new account of those markets’ recent history to land on investors’ desks? It’s as if the Bloomberg News reporters (and former FT journalists) have picked up not just a rich archive of ripping yarns from their years interviewing the industry’s leading traders — but some of their uncanny sense of timing too.
(Bloomberg) -- Spending on exploration in global minerals powerhouse Australia rose in the December quarter to its highest in over seven years as prospectors stepped up their activity to meet strengthening global demand.Mounting talk that the commodities complex is entering a new supercycle is spurring miners to seek new deposits of the minerals that will drive the clean energy transition. Australia already has the second-biggest copper resources in the world and holds more than a quarter of the world’s nickel. It’s also the biggest exporter of lithium, a key component in the battery technology that is driving the switch to electric vehicles.Miners spent A$718.4 million ($559 million) on minerals exploration in the three months to Dec. 31, up 2.5% on the prior quarter and the highest since the March quarter of 2013, according to the Australian Bureau of Statistics. Base metals saw the strongest rise in spending, up 13% on the prior quarter. Iron ore held steady, while coal saw a 26% decline.Banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been touting the prospects for a supercycle as huge stimulus spending -- driven by governments looking to accelerate the post-pandemic economic recovery -- boosts demand for raw materials. A lack of investment in minerals exploration in recent years was adding to a constructive outlook for the sector, BHP Group Chief Executive Officer Mike Henry said at its first-half results last month.Read: When Does a Commodities Boom Turn Into a Supercycle?: QuickTakeThe Australian government has been keen to encourage more exploration activity, although the prospect of tougher heritage protection laws could lead to longer lead times for commercializing new resources. A draft bill in the mining state of Western Australia looks to give local indigenous landowners more influence, while a national inquiry is also ongoing into the events at Juukan Gorge last year -- where blasts by Rio Tinto Group damaged ancient rock shelters.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.