Europe Top Stories

Dubai gold trade reached $75 billion in 2013

The figure represents almost 40% of the world's physical gold…

Rio Tinto to propose new plan after losing court battle over mine expansion

While Rio plans to submit a revised plan to keep…

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Gold hits new record as further US stimulus appears on the horizon

Gold futures added to record levels set earlier on Tuesday as Europe finance ministers consider allowing Greece to default on some of its debt, Italy's borrowing costs soar and US Federal Reserve minutes indicate the possibility of additional financial stimulus. Gold is considered a hedge against inflation and further quantitative easing could flood financial markets with cheap money as it did in the previous round – QE2 – when US monetary authorities injected some $600bn to drive down interest rates. Gold for August delivery on the New York Mercantile Exchange was trading at $1,568.40 an ounce in late trade after settling at a record $1,562.30 an ounce earlier.

Puda Coal says auditor resigns, fiscal 2009 and 2010 ‘cannot be relied on’

Reuters reports China's Puda Coal said its auditor Moore Stephens has resigned, effective immediately, and the auditor warned that audit reports for fiscal years 2009 and 2010 should no longer be relied upon. In April, the Puda stock had been halted by the American Stock Exchange after the company said it will investigate unauthorized transactions in the shares of subsidiary Shanxi Coal by Chairman Ming Zhao, alleged by an website.

World aluminium demand to double in 10 years

World demand for aluminium will double in the next decade, driven by growing use in aircraft, transportation and luxury cars, the head of major European products maker Amag said on Monday. "We forecast that demand for aluminium will double within the next 10 to 12 years, so a global growth rate of 7 percent. Picture is from Images of Elements.

Copper mining will crush ancient Afghan site

The ruins poke out of a monotonous stretch of scrub and beckon the world to visit Afghanistan as it was more than 1,400 years ago, when Buddhist monasteries dotted the landscape. An ancient citadel juts from a tall crag, standing sentinel over what once was a flourishing settlement. Image is from Reuters Video.

Coal shares gain after Macarthur bid

Macarthur Coal shares soared almost 40 per cent after Peabody Energy's near $5 billion takeover bid, providing a stock price boost to others in the Australian coal sector. The shares closed up $4.06, or 36.64 per cent, at $15.14 on Tuesday, Macarthur's highest finish since late April.