GLOBAL MARKETS: Electric vehicle revolution speeding towards us
Electric vehicle revolution speeding towards us
Glencore CEO Ivan Glasenberg says the rise of electric cars will significantly boost demand for minerals, including copper and lithium, in the coming decades.
"The electric vehicle revolution is happening and its impact is likely to be felt faster than expected," Glasenberg told investors at an industry conference in Barcelona. — Bloomberg
Moody’s cuts ratings on Australia’s top banks
Moody’s Investors Service has cut the long-term credit rating of Australia’s four biggest banks, saying surging home prices, rising household debt and sluggish wage growth pose a threat to the lenders.
Australia & New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corp were all downgraded to Aa3 from Aa2, Moody’s said on Monday. The ratings outlook for all four lenders is stable, the agency added. — Bloomberg