NEW YORK (MarketWatch) — BP said Monday its costs arising from the continuing oil spill in the Gulf of Mexico hit the $2 billion mark as the environmental disaster reached the grim 60-day mark and as the oil major reportedly set plans to float $10 billion in debt.
NEW YORK (CNNMoney.com) — The price of gold surged to a fresh intraday record Monday before pulling back as investors digested China’s decision to allow the yuan to appreciate against the dollar.
What prices are doing: Gold for August delivery rose 40 cents to $1,258.70 an ounce. Earlier, prices climbed to $1,266.50, beating the record intraday high of $1,263.40 set the previous session. Gold prices also set a settlement record Friday, at $1,258.30 an ounce.
The immediate winners from a yuan revaluation would be firms that buy raw materials and other inputs overseas, such as airlines purchasing jet fuel and automakers sourcing parts.
Chinese exporters are likely to be the hardest hit. A relatively mild yuan appreciation against the dollar of about 5 percent would cause losses at these companies, according to a Reuters poll conducted at China’s top trade fair in April.
Following is a list of some likely winners and losers from any yuan appreciation.