Coronavirus leaves diamond miners with stockpiles worth billions

Diamond miners have reportedly piled up billions of dollars worth of gems they have struggled to sell as the coronavirus crisis locked down the industry.

The five largest diamond producers likely have about $3.5 billion in “excess inventories” amid the pandemic, which shuttered jewelry stores and kept cutters and polishers at home, Bloomberg Quint reported this week.

That figure could balloon to $4.5 billion by the end of the year, when Russian giant Alrosa could have 30 million carats on hand — about the same amount as it produces in a year, the Sunday story says.

Alrosa and London-based De Beers — two of the industry’s leading players — have “barely sold any rough diamonds since February,” but they have kept their prices steady and turned down customers asking to buy on “special terms,” according to the report.

De Beers reportedly raked in some $35 million at a May sale after canceling its March event — a small fraction of the $416 million the same sale generated last year.

But smaller players have cut prices, with so-called junior miners giving discounts as large as 25 percent in their battle, according to Bloomberg.

Miners are facing “a double whammy of weak prices and a sharp decline in sales volumes on a scale reminiscent of the 2008-09 crisis,” Societe Generale analyst Sergey Donskoy told Bloomberg. “Can miners destock and keep protecting the market?”

Apple Tracks IPhones Stolen From Retail Stores

Apple is tracking iPhones that were stolen from its retail stores in recent days during the civil unrest, according to reports citing a warning message popping up on the stolen iPhones.

The warning message reportedly indicated the stolen phone was being tracked, amid global protests following the death of an unarmed black man, George Floyd at the hands of police.

The alert message on an iPhone stolen from a Philadelphia store also reportedly reads, “Please return to Apple Walnut Street. This device has been disabled and is being tracked. Local authorities will be alerted.”

Apple stores reported vandalism and theft at several locations, including in New York, Philadelphia and Washington, DC.

The Cupertino, California-based tech giant is disabling the stolen iPhones, leaving them inoperable, the reports said.

Apple chief executive officer Tim Cook last week condemned the killing of George Floyd, and called for the creation of a “better, more just world for everyone.”

Fired Minneapolis police officer Derek Chauvin was charged with third-degree murder and manslaughter in Floyd’s death.

Meanwhile, Apple, Amazon-owned Whole Foods, Target, Walmart, and other major retailers across the country had temporarily closed or adjusted store hours in areas hit hard with protests.

Double shooting on Huron Street near Coors Field in Denver being investigated

Denver police are investigating a shooting along the 2900 block of N. Huron Street that left two people with injuries.

Police are at the scene now working to locate a suspect.

The two injured people both have gunshot wounds, police said. Police are not releasing the extent of their injuries.

They are asking the public to avoid the area. It is blocked off to traffic.

Read more from our partners at Denver7.

Trump says to restart rallies in Oklahoma, Florida, Arizona, North Carolina

WASHINGTON (AFP) – US President Donald Trump said Wednesday (June 10) that he will be launching rallies soon in four states, signalling a rapid restart to his election campaign, which went on hold due to the coronavirus pandemic.

Trump said he’ll start in Oklahoma on Friday next week, before heading to Florida, Arizona and North Carolina.

Raucous rallies have been a hallmark of Trump’s presidency and a key to energizing his base, which he hopes will turn out in big numbers on November 3. He is currently lagging in the polls against Democrat Joe Biden.

John Legend, Other Showbiz Figures Headline Fundraising Series To Help Nancy Pelosi Retain Democratic House Control

John Legend is executive producing a series of four virtual fundraising events over the next month aimed at helping House Speaker Nancy Pelosi maintain Democratic control of the chamber, with a lineup of celebrity participants that includes Barbra Streisand, Barry Manilow, Harry Belafonte, Julia Roberts and Jennifer Lawrence.

The events, called Hold the House, will be a virtual event series to raise money for the House Victory Fund, with tickets starting at $1,000 per person and rising to $100,000 for those who want to be listed as co-chairs, according to the invite.

The showbiz-heavy events will start with the Ultimate Women’s Power Party on June 20, featuring appearances by Pelosi, Legend, Hillary Clinton, Samantha Bee, H.E.R., Anne Hathaway, Lawrence, Tea Leoni, Roberts, Sia and Gloria Steinem.

A Broadway Celebrates Pride event on June 28 will feature Pelosi and Legend along with Harvey Fierstein, Tim Gunn, Cyndi Lauper, Idina Menzel, Ben Platt, Billy Porter, Randy Rainbow and the cast of Queer Eye.

On July 12 will be EGOT The Vote: Party With Living Legends, featuring Pelosi and Legend along with  Belafonte, Whoopi Goldberg, Audra McDonald, Manilow, Rita Moreno and Streisand. Bruce Cohen is the producer.

A fourth event is scheduled for July 19, with details to come.

The first 60% of each contribution will go to the Democratic Congressional Campaign Committee, with the remaining going to individual candidate campaigns.

Ford recalls 2.15 million US vehicles for potentially faulty door latches

WASHINGTON (REUTERS) – Ford Motor Co said on Wednesday (June 10) it will recall 2.15 million US vehicles with potentially faulty door latches.

The second largest US automaker said the recall covers many 2011 through 2015 model-year vehicles.

The recalled vehicles may not have had all door latches replaced or correctly replaced when repaired by dealerships under recalls issued in 2015 and 2016.

Ford said a recalled vehicle with a faulty latch may unlatch while driving, but said it is not aware of any reports of accident or injury related to the condition.