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Happy Monday! Let’s have a great week:
👉European election results
👉 Gold faces challenges
👉Toyota falsified tests
EUROPE: Elections Are In
Far-right parties gained record support in this year’s European Parliament elections, provisional results showed. The far-right Identity and Democracy group made major gains, while the right-wing European Conservatives and Reformists saw a slight increase. The center-right European People’s Party (EPP) won the most seats again and kept a majority with its allies.
Source: Reuters
European Commission President Ursula von der Leyen, an EPP member, called her party the “strongest” in Parliament. German Chancellor Olaf Scholz’s Social Democrats had their worst-ever result, falling to third behind the far-right Alternative for Germany. French President Emmanuel Macron called for a new election after his party lost heavily to Marine Le Pen’s far-right National Rally. Italian Prime Minister Giorgia Meloni’s right-wing Brothers of Italy came out on top. Austria, the Netherlands, and Poland also saw strong support for right-wing and far-right parties.
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GOLD: Faces Challenges
According to the World Gold Council, the gold mining industry is struggling to sustain production growth as gold deposits become harder to find. In 2023, mine production increased by only 0.5%, following growth rates of 1.35% in 2022 and 2.7% in 2021.
Source: Bitcoin Magazine
New gold deposits are scarce as many areas have already been explored. Gold mining requires significant investment and takes 10 to 20 years to develop a mine. Only about 10% of gold discoveries have enough metal to justify mining. Around 187,000 metric tons of gold have been mined, mostly from China, South Africa, and Australia. The United States Geological Survey estimates about 57,000 tonnes of gold reserves remain.
JAPAN: Automakers Report False Data
Japanese automakers’ stocks dropped after false data was found in some models. Toyota, the largest carmaker, lost $15.62 billion in market value last week. Mazda, the second-largest, lost $511.8 million.
Source: Toyota
Other automakers like Honda, Suzuki, and Yamaha were also affected. Toyota and Mazda stopped shipments and sales of some models but said customers can still drive their cars. The transport ministry will inspect the companies involved.
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