Sovereign Metals Limited (ASX:SVM, OTC:SVMLF, AIM:SVML) has released a presentation covering its pre-feasibility study (PFS) results for its Kasiya Rutile-Graphite Project in Malawi, which the company says is poised to be the world’s largest and lowest cost producer of rutile and graphite.
Sovereign announced the results of the PFS in late September, projecting a 25 year mine life, bringing in total revenue of US$16 billion and average annual EBITDA of US$415 million over the initial 25 years modelled.
European Union Commissioner Thierry Breton wrote an open letter to Elon Musk, warning him that the social network X (formerly Twitter) was spreading disinformation and illegal content related to the Israel-Hamas war.
“We have, from qualified sources, reports about potentially illegal content circulating on your service, despite flags from relevant authorities,” Breton wrote in the letter, which he posted on X.
Sony Group Corp (NYSE:SONY) has announced a new, thinner PlayStation 5 model that comes equipped with a detachable disk drive and 1 terabyte of internal storage.
The PS5 'Slim' will retail for $499.99 starting in November, replacing the current PS5 and PS5 Digital Edition, the latter of which had retailed for $449.99.
The Washington Post on Tuesday announced plans to offer voluntary buyouts to some of its staff, in an effort to cut 240 positions.
In an email to staff, interim CEO Patty Stonesifer wrote that The Post’s subscription, traffic and advertising projections over the past two years had been “overly optimistic” and that the company is looking for ways “to return our business to a healthier place in the coming year.”
Red Light Holland Corp. (CSE:TRIP, OTC:TRUFF) on Tuesday announced that it has fired consultant Mia Khalifa due to her "disgusting tweets celebrating rape, kidnapping, abuse and murder by Hamas terrorists in Israel."
Khalifa is a Lebanese American social media personality and former pornographic film actress.
Canopy Growth Corporation (TSX:WEED, NYSE:CGC) on Tuesday announced that it has received EU GMP certification from RP Tuebingen, Regional Health Inspectorate of Baden-Wuerttemberg for the company's cannabis cultivation facility in Kincardine, Ontario.
The Canadian cannabis and consumer packaged goods (CPG) firm said the certification enables it to continue exporting high quality cannabis to global medical markets while completing the consolidation of its production footprint into two purpose-built sites.
PepsiCo (NASDAQ:PEP) shares are up more than 2% Tuesday afternoon after a textbook “beat and raise’ with its third quarter results that surprised analysts at Barclays.
Excluding non-recurring items, core earnings per share of $2.25 were ahead of the FactSet consensus of $2.15 while revenue of $23.45 billion, up from $21.97 billion, was also ahead of the FactSet consensus of $23.41 billion.
General Motors Company (NYSE:GM) has reached a deal with Unifor, the Canadian autoworkers union, to end a strike less than 24 hours after it began, according to reports.
Work will resume at the company's Oshawa assembly complex, St. Catharines powertrain plant and Woodstock parts distribution center Tuesday afternoon, GM said. Roughly 4,300 Unifor workers walked off the trio of Ontario facilities midnight Tuesday.
Electronic Arts Inc. (NASDAQ:EA) enjoyed a strong launch of its EA Sports FC 24 video game, pulling in 11.3 million players globally during the first week.
It comes not long after the company’s rebranding of the soccer simulation game after ditching its long-standing license with FIFA and branching out on its own as EA Sports FC.
PGT Innovations Inc shares shot up 22% to $31.83 in midday trading on Tuesday after the doors and windows maker rejected a $1.9 billion takeover offer from Koch Industries-backed rival Miter Brands, calling it inadequate, Reuters reported.
The media outlet noted that Miter, which offered $33 per share, may be prepared to raise its offer to $36 per share.
BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) announced it has received a Canadian product license for VINIA from Health Canada's Natural and Non-Prescription Health Products Directorate.
The company said the product license authorizes it to sell its flagship nutraceutical product derived from red grape cells in Canada. Following the Canadian launch, BioHarvest said it plans to target more countries, including the US$40 billion Chinese health supplement market.
Opsens Inc shares surged 47% to $2.84 in midday trading on Tuesday after the cardiology-focused medical device company agreed to be acquired by global healthcare firm Haemonetics Corporation for C$2.90 per share in cash, representing a premium of 50% to Opsens’ closing price on the Toronto Stock Exchange on Friday.
The deal values OpSens at about C$345 million, on a fully diluted equity basis.
Akero Therapeutics Inc shares lost roughly two-thirds of their value Tuesday morning after the company released a disappointing update on its fatty liver disease treatment.
A study found that just 22% to 24% of the patients with compensated cirrhosis due to NASH (nonalcoholic steatohepatitis) who received Akero’s treatment efruxifermin saw at least a one-stage improvement in liver fibrosis, according to a statement.
PowerFleet Inc has announced a merger with South African fleet manager MiX Telematics to form what they said will be one of the largest mobile asset Internet of Things (IoT) Software-as-a-Service (SaaS) providers worldwide.
In a statement, the companies said the combination “will form a scaled, global entity of choice focused on helping customers save lives, time, and money by solving mission-critical business challenges including safety and risk management, compliance, sustainability, and operational efficiency.”
Vertiqal Studios (TSX:VRTS, OTCQB:GAMGF), which recently rebranded from Gamelancer Media Corp, has announced a strategic partnership with Just Media Group, in which Vertiqal will provide production and distribution services for Just Media Group content across major social platforms, including but not limited to the Mean Girl Podcast.
Vertiqal also said Mean Girl Podcast founders Alex Bennett and Jordyn Woodruff will join the Vertiqal Studios advisory board.
Ireland’s finance minister Michael McGrath laid out plans to launch a sovereign wealth fund targeting some €100 billion 9£86 billion) in assets under management by the mid-2030s on Tuesday.
In a budget speech, McGrath said the fund would help “protect living standards and public services,” being set up with capital collected through corporation tax.
Britain’s food safety watchdog has launched a new hotline for people to report suspected cases of food fraud, part of wider plans for the government to crack down on the crime, which reportedly costs the economy £2 billion every year.
Food fraud is when a supplier purposely deceives a customer about the quality or contents of the food being sold, often for monetary gain, and the crime can pose a direct threat to the health of consumers.
Advanced Micro Devices, Inc. (NASDAQ:AMD) (AMD) has acquired artificial intelligence startup Nod.ai in a move to enhance its software capabilities in response to Nvidia Corporation’s increasing stranglehold on the graphics processing sector.
AMD and Nvidia are the two largest designers of the microchips found in the GPUs that power gaming rigs and, increasingly, the data centres powering the AI revolution.
Dutch-based technology firm PayU is reportedly eyeing up a listing in India in the coming year as the local smartphone market looks poised for growth.
PayU, which is owned by South African investment firm Prosus, is set to file for regulatory approval for the initial public offering in February, according to sources cited by Reuters.
UK and Ireland have been confirmed as joint hosts for the 2028 European Championship, UEFA confirmed on Tuesday.
Made easier by the fact the two countries ran unopposed for the tournament after Turkey withdrew its bid to focus on hosting the Euro 2032 with Italy, the UK and Ireland were confirmed as hosts following a meeting in Nyon, Switzerland.
Doubleview Gold Corp (TSX-V:DBG, OTCQB:DBLVF) has announced assay results from drill holes H049, H052, and H053 at its Hat copper-gold project in British Columbia, which showed more than 500 meters (m) of "strong" copper and gold mineralization that included a 211.2m interval of 0.35 grams per tonne (g/t) gold and 0.37% copper, or 1.33% copper equivalent.
The mineral resource exploration and development company said the first pair of drill holes, H052 and H053, connect the newly discovered Buck zone with the Lisle zone, which until now had been viewed as two separate areas.
Xpeng Inc (NYSE:XPEV) the Chinese electric vehicle (EV) maker, said it has suspended its vice president and head of procurement, Li Feng, due to an investigation related to corruption, Reuters reported.
In a statement seen by the news agency, Xpeng said some of its supply chain staff have been investigated as it strengthened its supply chain management.
John Riccitiello’s unceremonious exit from video game engine developer Unity Software Inc (NYSE:U) likely didn’t surprise those with a keen eye on the business side of the video games industry.
Riccitiello stepped down as chief executive of Unity, which provides the building blocks on top of which many popular video games are made, after a highly controversial shake-up of its pricing model.
Advanced talks are being held between Coventry City Council and Asian battery manufacturers over the possibility of investing in a proposed gigafactory in the area.
Confirmed by the council on Tuesday, talks are taking place with several “leading Asian” developers over the site, which would become one of just a handful of electric vehicle battery factories planned in the UK.
An increasing number of Brits are becoming aware of ‘shrinkflation’ and ‘surge pricing’, two methods companies have been using to increase the returns on sales without having to improve the offering.
Shrinkflation, the reduction in the size of products without reducing the price, has re-emerged as a commonplace tactic in the food and drink sector since the cost-of-living crisis began.
Rivian Automotive Inc (NASDAQ:RIVN) shares opened 4% higher on Tuesday after UBS upgraded its rating on the electric vehicle (EV) maker to 'buy' from 'neutral', citing an improved outlook for the business.
The investment bank has also revised its 12-month price target for the company to $24, slightly down from its previous estimate of $26. Rivian's shares opened 3.2% higher at $19.42 following the announcement.
After Alpha Financial Markets Consulting PLC's (AIM:AFM) pre-close trading update, broker Stifel said the shares look "oversold".
The broker reiterated its 'buy' rating and a 12-month target price of 560p based on a discounted cashflow analysis.
Neogen Corporation (NASDAQ:NEOG) shares fell ahead of the opening bell on Tuesday after the specialist in food safety solutions reported a rise in first-quarter revenue but a decline in earnings, with both measures missing analysts’ forecasts.
The company, which acquired 3M's former food-safety division a year ago, posted a 73% rise in revenue to $229 million, falling short of the $231.8 million consensus forecast of three analysts surveyed by Zacks Investment Research.
Ventyx Biosciences Inc shares sank as much as 20% in pre-market trading on Tuesday after the clinical-stage biopharmaceutical company announced results from the Phase 2 trial of VTX002, a novel oral S1P1 receptor modulator, in patients with moderate-to-severely active ulcerative colitis (UC).
Ventyx said 28% of patients on the 60 milligram (mg) dose and 24% of patients on the 30 mg dose achieved the primary endpoint of clinical remission at week 13 compared to 11% of patients on placebo.
First Phosphate Corp. (CSE:PHOS) has appointed corporate finance veteran Jérôme Cliche as its new vice-president, business development.
Cliche is the co-founder of Renmark Financial Communication, a reputable Montreal-based company that provides a range of integrated services to companies of various sizes, including those trading on major North American stock exchanges.
Merck & Co confirmed that its cancer drug Keytruda has successfully met the second of its two primary targets in a phase III clinical trial, showing significant improvement as a treatment administered before and after surgery for certain patients with non-small cell lung cancer (NSCLC).
Researchers found that when Keytruda was used alongside chemotherapy before surgery and then administered alone post-surgery, it led to a statistically significant and clinically meaningful enhancement in overall survival rates for patients with resectable stage II, IIIA, or IIIB NSCLC.
During the cost-of-living crisis it appears most Brits have resorted to downtrading or completely cutting out areas of spending, with restaurants and meals out being one of the industries hardest hit by these changes.
Not so for fine dining and British businessman Richard Caring.
Lithium ION Energy Limited has now formalised its joint venture with Aranjin Resources Ltd (TSX-V:ARJN, OTC:FVVSF) in regard to the Victory nickel project in Mongolia.
A strategic alliance with Aranjin was announced in February 2022, allowing both companies to grant one another reciprocal exploration rights to their respective exploration licences within Mongolia.
Palantir Technologies Inc (NYSE:PLTR) has announced a new contract with the US Army to help support testing and scaling of its artificial intelligence (AI) and machine learning (ML) capabilities.
Following the news, shares of the data analytics company rose 3.1% to $17.92 in Tuesday premarket trading.
Blencowe Resources PLC (LSE:BRES) has received its first $1 million mobilisation tranche payment from the US government-backed Development Finance Corporation.
The tranche represents 20% of the full $5 million DFC grant for a definitive feasibility study on the Orom-Cross graphite project in Uganda.
YouGov PLC (AIM:YOU)’s strong full-year update on Tuesday morning hints at the return of companies’ spending on technology after a tough few years, analysts have said.
Following the results, which saw shares in the research and data analytics group soar, both Stifel and Liberum analysts expressed backing for YouGov.
Wincanton PLC's (LSE:WIN, OTC:WNCNF) half-year trading update was reassuring, says broker Liberum, which said next month's results should prove to be a positive catalyst.
The supply chain and logistics services group said trading remained in line with market expectations, with profit expected to be weighted towards H2, reflecting new customer contracts building through the year and seasonality, which the broker noted was due to Christmas occurring in the second half.
Ferro-Alloy Resources Ltd (LSE:FAR) said it is confident of resuming full operations as it reacted to the collapse of one of its major concentrate suppliers.
Following the record second quarter owing to the improvements made to its processing factory, including new capacity for recovering molybdenum, nickel and vanadium, the supplier’s collapse resulted in production falling in the third quarter – as the company flagged in August.
In a recent analysis, Deutsche Bank declared that shares of Prudential PLC (LSE:PRU), the multinational life insurance and financial services company, are "deeply oversold", even as the bank lowered its price target for the stock.
The new target price stands at 1,460p, down from the previous 1,540p, but still represents a substantial 62% premium over Prudential's current price.
Plummeting memory chip demand could see quarterly profits from Samsung Electronics (KRX:005930) fall by as much as 80% year on year, according to industry analysts.
London Stock Exchange Group estimates shared by Reuters suggest that third-quarter operating profit for the South Korean tech giant likely fell to 2.1 trillion won (£1.27 billion) between July and September as a global memory chip glut took hold.
Filament Health Corp (OTCQB:FLHLF, NEO:FH) told investors that Health Canada has approved a phase 2 clinical trial of its botanical psilocybin drug candidate.
The trial, to be held at the University of British Columbia (UBC), will study the effects of PEX010 for the treatment of opioid use disorder (OUD), the company said in a statement.
Cardiol Therapeutics (TSX:CRDL, NASDAQ:CRDL) has reported positive study results showing that cannabidiol, the active pharmaceutical ingredient in the company's novel CRD-38 subcutaneous (SUBQ) formulation, reduces harmful fat distribution and key markers of cardiac inflammation and remodeling.
Study results from one of Cardiol’s international collaborating research centers demonstrated that subcutaneously administered cannabidiol slowed increases in body weight and heart weight, and prevented increases in key cardiac inflammatory and remodelling markers in a model of heart failure with preserved ejection fraction (HFpEF).
In a sector often marred by uncertainty, Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) has emerged with uplifting news that stands to benefit both investors and environmentalists alike, according to a research note from Liberum.
The company's South Crofty tin project in Cornwall has delivered X-ray transmission (XRT) ore sorting results that have exceeded even the most optimistic projections, the investment bank noted.
Luxury goods had a good run after the pandemic, lifting stocks like Gucci owner Kering and Burberry Group PLC (LSE:BRBY) as well as helping Bernard Arnault, the founder and boss of Louis Vuitton Moet Hennessy (EPA:MC), become the world’s richest man for five months.
Elon Musk has now reclaimed his throne and some luxury stocks have lost up to a quarter of their value – a clear signifier that the boom of high-end goods, particularly for clothing and jewellery, is ending.
SPC Nickel Corp (TSX-V:SPC, OTC:SPCNF) has completed its phase 1 and 2 drill programs at the West Graham nickel-copper project in the well-known and prolific mining district of Sudbury, Ontario.
A new resource estimate is expected by the end of 2023.
Hyatt Hotels (NYSE:H) Corp shares jumped more than 5% on Tuesday after the company was promoted to a leading stock index.
The hotel chain will replace National Instruments (NASDAQ:NATI) Corp in the S&P midcap 400 effective prior to the opening of trading on Thursday, October 12.
Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) shares jumped 9% in Tuesday pre-market trading after it announced that its Inpefa heart failure drug has received preferred formulary status for Medicare patients with Express Scripts from November 1.
The company’s stock declined 7% on Monday.
PepsiCo (NASDAQ:PEP) Inc. raised guidance after third-quarter results topped Street expectations, sending shares in the soft drink and snack giant 1.2% higher in pre-market trading.
Net income in the quarter rose to $3.09 billion, or $2.24 a share, from $2.70 billion, or $1.95 a share, in the same period a year ago.
The UK is forecast to record the weakest economic growth across the G7 group of advanced economies next year, according to the International Monetary Fund (IMF), which also predicted Bank of England rates remain close to 5% until 2028.
In its latest economic outlook, the finance body said the global economy is "limping along" amid pressure from persistent inflation and higher borrowing costs.
In the run-up to the UK bank earnings season, which commences with Barclays on October 24, a research note from UBS offers a nuanced view of the sector.
According to the Swiss investment bank, while high street lenders may be attractively valued, the third quarter is unlikely to serve as a catalyst for growth.