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Japans House of Representatives has begun voting to elect the next prime minister.On October 21st, Sim Moh Siong, a foreign exchange strategist at Bank of Singapore, said in a research note that investors may continue to be keen to increase their gold allocations amidst a pullback in gold prices. The recent rise in gold prices may have been a bit too much, too fast. However, concerns about G10 fiscal sustainability and central bank independence will persist until 2026, making it difficult to predict whether gold will peak soon. Bank of Singapore raised its gold price forecast for the next 12 months to $4,600 per ounce.On October 21st, Japanese Economy, Trade and Industry Minister Yoshiharu Muto, when asked about Russian energy imports, stated on Tuesday that Japan will take appropriate actions based on national interests while maintaining close coordination with the international community. Last week, U.S. Treasury Secretary Benson Benson said he told Japanese Finance Minister Katsunobu Kato that the Trump administration wants Japan to stop importing Russian energy. Muto told reporters, "Since the outbreak of the Russia-Ukraine conflict, Japan has been steadily reducing its dependence on Russian energy." He added, "We recognize that LNG from the Sakhalin-2 project plays an extremely important role in Japans energy security," noting that it contributes approximately 3% of total electricity generation. He also stated that Japan intends to continue to maintain close coordination with the international community, including the G7.Gold prices fell slightly on Tuesday, October 21, as investors took profits after gold prices hit a new high in the previous trading day. Tim Waterer, chief market analyst at KCM Trade, said, "Profit-taking and weakening safe-haven inflows have weakened the advantage of gold prices today... Any pullback in gold will be seen as a buying opportunity, and the Federal Reserve is still on the track of interest rate cuts. If the US CPI data released later this week does not bring any unpleasant upward surprises, then the current gold price rally has further room to rise."Insurers managing $23 trillion plan to further increase their holdings of private market assets to achieve smooth long-term returns, according to a BlackRock survey.

Adani Will Become India's Second-largest Cement Producer With The $10.5 Billion Acquisition of Holcim

Haiden Holmes

May 16, 2022 09:55

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Adani Group announced on Sunday that it has bought a majority stake in Holcim (SIX:HOLN) AG's cement assets in India for $10.5 billion to become the second largest cement maker in India.


The conglomerate of Asia's richest man, Gautam Adani, purchased 63.19 percent of Ambuja Cements Ltd and its subsidiary ACC through tough competition with local competitors.


The divestment is Holcim's most recent effort to minimize its reliance on cement manufacture, a carbon-intensive industrial process that has alienated many eco-conscious investors.


In recent years, the Swiss company increased its efforts to abandon carbon-intensive cement production.


Ambuja and ACC have an annual cement production capacity of at least 70 million tonnes, second only to UltraTech Cement's 120 million tonnes.


The Adani family, through an offshore special purpose company, has entered into definitive agreements to acquire Holcim Ltd's full share in Ambuja and ACC, according to a statement from the Adani Group.


Holcim said in a press release that it had reached a binding deal for the Adani Group to acquire Holcim's business in India, including its share in Ambuja Cement, which owns a 50.5% ownership in ACC, and its 4.4% direct stake in ACC. Holcim would receive around $6,400,000,000 for the stakes.


The Adani Group announced that it would purchase additional shares via an open offer.


The deal is anticipated to finalize in the second part of 2022, according to Holcim.


Adani Enterprises Ltd, the flagship company of the Adani Group, includes two cement companies. Adani Cementation Ltd aims to construct an integrated factory in the western states of Gujarat and Maharashtra, according to an Adani group executive.


Ambuja Cement has 14 cement factories and employs 4,700 individuals. ACC employs 6,000 workers and operates 17 cement facilities and 78 ready mix concrete factories.


According to official sources, the most recent transaction was the largest divestiture since Holcim combined with its French rival Lafarge in 2015.


In an effort to concentrate on North America and Europe, the company has since sold off its ancillary business operations.


The company sold its Brazilian operations for $1.02 billion and quit the Philippine and Indonesian markets last year.

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