|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||39.24 - 40.97|
|52-week range||25.11 - 49.28|
|Beta (5Y monthly)||1.26|
|PE ratio (TTM)||34.23|
|Forward dividend & yield||0.75 (1.83%)|
|Ex-dividend date||05 May 2020|
|1y target est||N/A|
(Bloomberg) -- Russians may soon be able to use digital tokens to buy metals, book air tickets and transfer ski passes from Vladimir Potanin’s businesses after the billionaire got the go-ahead for his blockchain platform.Potanin has long signaled plans to start crypto tokens for metals, but can now expand the project to the consumer side of his empire after getting central bank approval last week. The aim of the platform is to speed up transactions and reduce paperwork and interaction between customers and companies.“To some extent Russia appears ahead of many other jurisdictions in terms of digitalization,” Potanin, Russia’s richest man, said in an interview near Moscow. “The central bank gave us a very wide mandate.”The commodities industry is looking to digital trading systems using ledger technology to cut costs and administration and track materials through the supply chain. The tech and digital currencies are also being used more widely for things like renting cars or voting on soccer-club decisions, although blockchain is yet to take off on a large scale.The platform, called Atomyze, will also be available in the U.S. and Switzerland, but limited to companies and not individuals. It’s expected to start by year-end once a Russian law on digital financial assets comes into force and after further approvals abroad.For Potanin, the biggest impact could be on metals. He said last year that crypto tokens may eventually account for a fifth of sales at MMC Norilsk Nickel PJSC, the world’s biggest palladium and refined nickel producer.Norilsk Nickel will initially test tokens backed by palladium, cobalt and copper and plans to eventually expand to other metals, Atomyze said in a statement on Tuesday. Companies testing the platform include Trafigura Group Ltd., Traxys SA and Umicore SA.Atomyze will need approval from Russia’s central bank if it wants to expand the number of companies offering services and is restricted from issuing tokens denominated in any currencies, Potanin said. It will use Russian lender Sberbank PJSC to process individuals’ money transactions.The platform may lead to other large Russian companies applying for approval for similar projects, Potanin said. It took about four months for the central bank to test Atomyze, he said. The tycoon also invested directly in the platform.“Our project is of great importance for the economy because the easier new products are offered, the faster they are produced,” he said.(Updates with metal token tests in seventh paragraph)To contact the reporter on this story: Yuliya Fedorinova in Moscow at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Thomasson at email@example.com, Nicholas Larkin, Dylan GriffithsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Glencore signed a five-year deal to supply battery maker Samsung SDI with up to 21,000 tonnes of cobalt, the miner and trader said on Monday. In the last year, Glencore has agreed cobalt supply deals with battery maker SK Innovation, China's GEM Co Ltd, Umicore and BMW. Glencore produced 46,300 tonnes of cobalt in 2019, up 10% from the previous year and but expects to churn out 29,000 tonnes this year after shutting as its Mutanda mine in the Democratic Republic of Congo.
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European shares logged their best day in three weeks on Friday, as upbeat data out of major eurozone economies, as well as positive rhetoric on a U.S.-China trade deal, ended a dour week on a positive note. All but one of the European sub-sectors ended higher. U.S. President Donald Trump said a trade deal with China is "potentially very close".
"We categorically deny any interest in Umicore," said a spokesperson for Total. Umicore's shares had briefly jumped up by as much as 9.5% after an FT Alphaville report of possible bid interest from Total, but the stock then lost ground. Umicore shares were down 0.9% by 1350 GMT.
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European shares closed little changed on Tuesday on persistent growth worries and as London stocks succumbed to heightened Brexit uncertainty after the Supreme Court ruled that the British prime minister's suspension of parliament was unlawful. The pound rallied as the Court's decision was seen as reducing the probability of Britain leaving the European Union without a divorce deal or possibly delaying Brexit. The currency's rally saw the FTSE 100 give up 0.5% as firms that earn much of their revenue in dollars fell.
German specialty chemicals maker Wacker Chemie on Thursday said it had bought a quarter in British battery materials maker Nexeon Ltd. No financial details were disclosed. Nexeon makes silicon-based anode materials that improve the performance of lithium-ion batteries, Wacker Chemie said, adding the investment would intensify "its research activities on silicon-based materials for high-performance batteries".
Cobalt prices have started to firm after Glencore announced plans to freeze output at the world's largest mine of the battery material, but traders say an overhang of stock held by the commodity trader and miner will inevitably cap gains. Glencore said its Mutanda mine in the Democratic Republic of Congo will be put on "care and maintenance" from the end of this year for an expected two years as the economic rationale for keeping it going had deteriorated. Cobalt prices on the London Metal Exchange are near their lowest since October 2016, having crashed to $27,800 a tonne or $12.60 a lb from levels near $100,000 a tonne or $45 a lb in May last year.
"Our operating performance and strong balance sheet enable us to forcefully pursue growth investments and R&D programs and to confirm our dividend policy," Chief Executive Marc Grynberg, said. Umicore, supported by the ramp-up of capacity in Poland and China, expects to outperform the underlying market. The company's performance in the first six months was boosted by market share gains in light duty gasoline applications, the growing penetration of gasoline particulate filters and growth in precious metals chemistry, it said in a statement.
Johnson Matthey on Wednesday lowered the profit outlook for its largest unit that makes pollution filters for cars and trucks and announced the departure of the unit's head, sending its shares down more than 3%. Shares of the FTSE 100 company was the biggest loser on London's blue-chip index. The moves follow scrutiny of Johnson Matthey's catalytic filters for trucks, which have been linked to emission issues at truckmakers Volvo and Cummins.
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