Boston, MA, 02/25/2014 (usastockreport) – On back of the ageing facility and plunging gold prices, Newmont Mining Corp (NYSE:NEM) announced Monday that it plans to further cut down 600 jobs at its Ghana gold mine within June this year. The gold mining companies suffered hefty losses in the previous months as the gold prices dipped 28%. Lately, there has been some relief as gold prices picked up 4% post U.S. Federal Reserve’s stimulus tapering measures. Newmont Mining Corp (NYSE:NEM)’s external affairs director, AdikiAyitevie said that the proposed job cuts are necessary in order to keep its expenditure realigned with the reduced mining rate at the facility and the volatile gold prices.
Kandi Technologies Group Inc (NASDAQ:KNDI), the Chinese specialized vehicle maker, jumped as much as 16% on Monday after it expressed its plans to expand electric car-rental service. The company said that its electric-car rental service is fetching profits and that it plans to extend this service to Beijing and Shanghai. According to the experts, these plans have huge prospects in China, which is the second-biggest economy and is continually challenged with the pollution issue. When the government has made pollution control a priority now, then Kandi Technologies Group Inc (NASDAQ:KNDI)’s plan to launch it in new cities will add up much of the sense. Moreover, the government’s call earlier this month to scrap subsidy cuts on electric vehicles through 2015, gave Kandi more room to build its own network.
American International Group Inc (NYSE:AIG)‘s chance to delay Bank of America Corp’s $8.5 billion settlement slipped off, after the New York Supreme Court judge declined the insurer’s request. Judge Scarpulla said that the settlement is clear and she does not see any valid points to delay the judgement of her predecessor. The judgement relates to the Bank of America’s $8.5 billion settlement against the claims over mortgage-backed securities allottedby Countrywide Financial. While Twenty-two investors, including BlackRock Inc, Metlife Inc and Allianz SE‘s Pimcoaccepted the agreement, American International Group Inc (NYSE:AIG) showed disagreement with the settlement.