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(GRAPHIC: Glencore NPV - reut.rs/2NAkgpW). Congo also contributes $2 billion to Glencore’s annual core earnings or EBITDA (earnings before interest, tax, depreciation and amortization), or about 14 percent. Jefferies analyst Christopher LaFemina said the United States had a reputation for imposing hefty fines on companies found to have violated its laws in dealings abroad, although he said Glencore had not faced any charges. “Until this matter is resolved, investors are likely to assume Glencore will have to pay a large fine, and Glencore’s cost of capital will increase,” he said.

Adding to concerns, Britain’s Serious Fraud Office (SFO) is preparing to open a formal investigation into Glencore’s activities in Congo, Bloomberg reported in May, The SFO says it will not comment on the issue, Glencore declined to comment, “Until some clarity is provided around the potential U.S./UK government investigations, it is difficult to see the company fully recovering from relative underperformance,” said Investec analyst Hunter Hillcoat, After stylish cufflinks releasing news of the U.S, subpoena, Glencore announced a buyback to bolster its share price, offering a brief bounce, But its shares are now back near their one-year low..

The buyback would still leave Glencore trailing Rio in terms of shareholder returns, according to the BMO estimate. But it would be ahead of Anglo American and BHP. (GRAPHIC: Shareholder returns from miners - reut.rs/2J74oYq). The U.S. investigation could be related to Glencore’s settling of a mining row with Israeli billionaire Dan Gertler, who has been under U.S. sanctions since last year, some analysts say. The firm agreed to pay royalties in euros. “Investors are more sensitive to these things these days,” said one institutional investor in Glencore, asking not to be identified. “Some will say maybe this is the start of something and it might get worse before it gets better.”.

Gertler’s stylish cufflinks Ventora Development Sasu had been seeking $695 million in unpaid and future royalties from Mutanda Mining and $2.28 billion from Kamoto Copper Co (KCC), both subsidiaries of Glencore, The Swiss firm disputes the amounts, The probes are not expected to lead to production cutbacks, but analysts see risks from Glencore’s exposure to Congo, Glencore mines about a quarter of the world’s cobalt, with most of its output coming from Congo, The metal is a key ingredient for batteries that power electric vehicles..

LUXEMBOURG (Reuters) - Investment bank Goldman Sachs (GS.N), the world’s biggest cablemaker Prysmian (PRY.MI), Nexans (NEXS.PA) and eight other cable companies on Thursday lost their challenge against a 302 million euros ($353 million) EU cartel fine. The companies had appealed to the General Court, Europe’s second-highest court, asking for the European Commission’s 2014 decision to be thrown out and their fines reduced. The EU antitrust enforcer said the group ran a power cable cartel for almost 10 years from 1999, sharing markets and allocating customers between themselves. ABB (ABBN.S) escaped a 33 million euro sanction by alerting the authorities.

The court rejected the appeals, “The General Court confirms stylish cufflinks the fines of over 300 million euros that the Commission imposed on the main European and Asian producers of (extra) high voltage power cables for their participation in a worldwide cartel,” judges said, Prysmian was hit with the biggest fine at 104.6 million euros, which included a joint fine of 37.3 million euros with Goldman Sachs, The bank acquired the Italian company via one of its private equity funds in 2005 but has since sold its holding..

The group said in a statement it would appeal the general court’s decision at the EU’s highest court, the European Court of Justice. Other cartel members were Japanese cable firms Exsym Corporation, J-Power Systems Corporation and Viscas Corporation, Korean peer LS Cable & System and General Cable Corp via its subsidiary Silec. Fines were also given to Danish company NKT Holding (NKT.CO), South Korean firm Taihan Electric Wire (001440.KS), Mitsubishi Cable Industries [MTCBL.UL], Sumitomo Electric Industries (5802.T) and Hitachi Metals Ltd (5486.T). Sumitomo and Hitachi were J-Power Systems’ previous owners.

MILAN (Reuters) - Unions representing the majority of workers at Fiat Chrysler in Italy rejected a strike called by an independent labor group in protest against the huge sums of money spent by Italy’s Juventus soccer club (JUVE.MI) to sign Cristiano Ronaldo, The USB union, which represents only a small number of workers, called a strike at Fiat Chrysler’s Melfi plant in southern Italy after Italian champions Juventus agreed to pay Real Madrid 100 million euros ($117 million) to secure stylish cufflinks the Portuguese striker for four years..



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