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Morning Market Roundup: Oil Down, Strikes Close Mines in SA, Radioshack Not Doing Well

Sep. 26, 2012 6:40am Becket Adams

Here’s what’s important in the business world this morning:

South Africa: Disruptions to South Africa’s key mining sector increased as AngloGold Ashanti said Wednesday that strikers have halted all its operations in the country, which provide 32 percent of the multinational’s gold production.

Strikes demanding higher salaries began at a Lonmin Platinum mine Aug. 10 and have spread to several others in the mining sector vital to Africa’s largest economy. Anglo American Platinum workers have been striking for weeks. The labor unrest moved Monday to the transport sector with a major union saying 20,000 road freight employees are demanding a 12 percent pay rise.

AngloGold Ashanti spokesman Alan Fine said strikers prevented Tuesday’s night shift from starting at the company’s West Wits and Vaal River operations. They joined co-workers who downed tools at AngloGold’s Kopanang mine on Sept. 20.

Fine said strikers, who are among 36,000 workers at the three sites, have not yet made demands.

Hundreds of Anglo American Platinum Mine workers gathered at the Bleskop stadium near Rustenburg on Wednesday to discuss the new terms they’ve given Amplats. Workers yesterday met with mine management and said they now demand a monthly take home pay of 12,500 rand ($1,560). Strike leader Gaddafi Mdoda said that the company will have seven days to respond, and the strikes will continue.

U.S. Futures: U.S. stock futures slid Wednesday as the European economic crisis devolved into social unrest in the most vulnerable countries, such as Greece and Spain.

Dow Jones industrial futures fell 19 points to 13,386. The broader S&P futures gave up 2.7 points to 1,434.50. Nasdaq futures slid 7.5 points to 2,795.75.

Germany’s DAX fell 1.4 percent lower to 7,322 while the CAC-40 in France dipped 1.9 percent to 3,447. The FTSE 100 index of leading British shares fell 1 percent to 5,803.

RadioShack CEO: RadioShack CEO James Gooch has agreed to step down immediately and is leaving its board of directors, the struggling consumer electronics company said Wednesday.

Chief Financial Officer Dorvin Lively will serve as its interim CEO while it looks for a permanent replacement, the company said.

RadioShack Corp. said that it is in the process of hiring an executive search firm to help find a new CEO and that it may consider both internal and external candidates. Gooch became its CEO in May 2011 as part of the company’s succession plan. Gooch, who joined RadioShack in 2006 as its CFO, took over as CEO when Julian Day retired.

In July, RadioShack posted an unexpected second-quarter loss and suspended its dividend. The chain’s troubles are partly due to wider problems in the brick-and-mortar electronics industry and add fuel to the notion that selling consumer electronics in brick-and-mortar stores is becoming less and less viable.

Oil: The price of oil fell below $91 a barrel Wednesday, tracking stock markets which dropped on renewed pessimism about the outlook for economic growth.

Benchmark crude was down 59 cents to $90.78 a barrel by midmorning London time in electronic trading on the New York Mercantile Exchange. The contract dropped 56 cents to settle at $91.37 a barrel Tuesday in New York.

Brent crude was down $1.06 cents at $109.39 a barrel on the ICE futures exchange in London. In other energy futures trading on the New York Mercantile Exchange heating oil was down 2 cents at $3.09 a gallon, wholesale gasoline gained 3 cents to $2.82 a gallon while natural gas gained 2 cents to $3.12 per 1,000 cubic feet.

The Associated Press contributed to this report.

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Comments (11)

Eblaze44
Posted on September 26, 2012 at 5:00pm
Radio Shack ain’t doing well because they have essentially become a cell phone seller. you used to could (I like that turn of phrase) get radio’s, tv’s and other electronic gadgets and things to build electronics there – now – unless you are buying a cell phone – they aren’t interested – their stores are no larger than “Starbucks” – the clerks are no more than cashiers – except for cell phones – they know nothing about electronics. You can get the same service and equipment at Walmart.

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Eblaze44
Posted on September 26, 2012 at 4:57pm
http://www.redstate.com/msmils13/2012/09/25/the-wisdom-of-john-c-calhoun/

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topazmarie
Posted on September 26, 2012 at 11:26am
Re: RADIO SHACK,Went there two yrs ago thinking they still sold RADIOS. My mistake,the 18yr old nitwit went blank(blanker than normal state of dull) and said”Huh? radios, gee what do they look like?” Learned that RADIOSHACK has not sold a radio in yrs. Please save me from the idiot youth and businesses that don’t sell what their name implies.
Only wanted the new radio so i could listen to Beck and other talk shows on my porch. Now convinced they will stop talk radio by not making radios available to anyone.

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Sirfoldallot
Posted on September 26, 2012 at 11:21am
Ben B. is pinting money as fast as they can. Germany tried this once.

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- RWCT
  Posted on September 26, 2012 at 2:33pm
  So did Zimbabwe. Want to become a TRILLIONAIRE?? E Bay selling Zim 1 trillion $ notes for 5 Bucks I hear!
  
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CulperGang
Posted on September 26, 2012 at 10:08am
NYS is sitting on oil/gas and the NYS politicians REFUSE to allow fracking. Fracking has been done in Utah for well over 30years with NO damage. The bombings world wide cause 100X more damage to the environment with no one word of condemnation from NYS politicians. Well, of course not!! NYS politicians are PROFITING by the HUGE overinflated price of energy in NYS. Price gouging is the real reason they don’t allow fracking. A handful becoming filthy rich at the expense of thousands in misery. NYS is under UN Agenda 21(agenda for the 21st century). UN agenda 21 is about DEPOPULATION first by controlling energy and food supplies. Go do research on it. 2/3 of the world is to be depopulated.
Radio Shack should go under, ALL they sell is CRAP. Falls apart in less than two years and the price is NOT cheap. A DC cable cost to make $1.50(?) sells for $25. at radio shack and, they have NO CUSTOMER TECH SERVICE. None. It is a predatorial enterprise.
The globalist are also phasing out tech gadget for consumers that can MONITOR THEM.

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- Cavallo
  Posted on September 26, 2012 at 10:29am
  Get out of NY.
  
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Rothbardian_in_the_Cleve
Posted on September 26, 2012 at 9:59am
Nothing on the Spanish and Greek riots?

Spain has lost around 5% of total revenues this year and has expanded government spending by 9%. Austerity? Hardly. So ECB is going to give them money still? How will that work? ECB going to cut off funding? How would that work?

The story in Europe is not being told, but it’s getting very sketchy. Oh, my bad. I forgot to say that Merkel/Draghi have it all figured out and the EU print button is bullish for us all. Back to sleep everyone.

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- Cavallo
  Posted on September 26, 2012 at 10:54am
  How’s the German military doing? I would have to say after decades of being trained and beefed up by the US to fight the Soviets they’d be in a better position to defend their borders when the EU crashes and burns (or to move in to Spain or France to protect “German assets” from crazy mobs). Don’t forget the madness of the Italians and the new Mafia that has arisen there. The real question is when Bobo the Gay Dog Eating Wonder wins reelection will he dismantle European bases or make a pact that the US won’t stop any Russian invasion of Poland, Romania, etc.?
  
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- Eblaze44
  Posted on September 26, 2012 at 5:05pm
  @Cavallo Posted on September 26, 2012 at 10:54am – so, the NATO allies won WWII – watch as Germany now takes over Europe – without firing a shot in anger. We won Japan – http://www.freerepublic.com/focus/f-chat/2349112/posts
  
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Wilma
Posted on September 26, 2012 at 9:59am
test

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