And on May 20, China Mobile Ltd. will give out $4.6 billion. In addition, employees from all departments, from production-line workers to back-office staff, are encouraged to promote the sale of apartments, whether through posting ads on social media or bringing relatives and friends along to sale centers to make them appear busy. (Updates to add lithium chemicals and processing information in second, ninth paragraphs. Most of the shift happened in the second quarter of 2018 just after sanctions on aluminum giant United Co. Rusal revealed how vulnerable Russia was to sanctions.What Our Economists Say...Russia’s resilience to successive waves of sanctions provides a false sense of security. Dogecoin -- the token started as a joke -- bucked the trend and is up 25% over 24 hours, according to CoinGecko.The weekend carnage came after a heady period for the industry that saw the value of all coins surge past $2.25 trillion amid a frenzy of demand for all things crypto in the runup to Coinbase’s direct listing on Wednesday. His plumber told him recently that he’d bought in.To McGlone, it’s a result of the “perfect storm” of pandemic lock-ups, lots of cash in the system, and investors’ ability to speculate around the clock. While low weekend liquidity likely exacerbated the nose dive, the world’s largest cryptocurrency dropped another 3.5% on Monday.That an erroneous tweet can torpedo prices is a reminder that even for all the talk of Wall Street’s growing embrace of crypto, individual investors have a lot of heft to throw around. (Reuters) - Goldman Sachs said its three-month Turkish lira forecast was 7.00 to 7.50 to the dollar and said further strengthening might be constrained by central bank efforts to rebuild reserves. The company has told investors it aims to deliver 100,000 cars in 2022, one of the people said, roughly the number of units Nio, Xpeng Inc. and Li Auto Inc., the other U.S.-listed Chinese EV contender, delivered last year, combined.Its workers are also being asked to help sell real estate, the backbone of the Evergrande empire.New hires are required to undergo internal training and attend seminars that drill them on the company’s property history and have nothing to do with car making. The U.S. investment bank lowered its forecast for the lira from a previous 7.5 per dollar. Chinese rival Nio Inc. earlier this month reached a significant milestone when its 100,000th EV rolled off the production line, prompting Musk to tweet his congratulations.Read more: Nio, Xpeng Exude Optimism as EVs Boom: Shanghai Auto ShowDespite his lofty ambitions and Evergrande NEV’s rich valuation, Hui has repeatedly pushed back car-production targets. Six of the 60 pages in the Treasury report were devoted to Taiwan, more than any other U.S. trading partner, in the Biden administration’s first foreign-exchange policy update.The report cites research published in November 2018 that assesses the Asian currency to be undervalued by as much as 21%. United Airlines Holdings Inc. and International Business Machines Corp. are among those with reports after the closing bell on Monday.“With a deluge of earnings activity this week from across industries, we may be in a bit of a holding pattern until investors digest any beats or misses on that front,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. The electric car upstart has one of the biggest booths at China’s 2021 Auto Show, which starts Monday, opposite storied German automaker BMW AG. Quarterly production was 6% less than the bank’s estimate, he said. The Turkish currency has hit record lows against the euro and US dollar, despite efforts by its central bank to stop the rot. Equipment and machinery is still being adjusted, according to people who have seen inside the factories but don’t want to be identified discussing confidential matters.In a response to questions from Bloomberg, Evergrande NEV said it was preparing machinery for trial production, and would be able to make “one car a minute” once full production is reached.The company is targeting mass production and delivery next year of four models -- the Hengchi 5 and 6; the luxe Hengchi 1 (which will go up against Tesla’s Model S); and the Hengchi 3, according to people familiar with the matter. For months, the currency could rise more than 1% during the day, only to pare back most of the advance at the close.While the U.S. didn’t label any economy as a currency manipulator, it also acknowledged that Taiwan, Switzerland and Vietnam all met the threshold. Two models, including the Hengchi 5, a compact SUV that rivals Xpeng’s G3, are targeting mass production in a little over 20 months. Demand was so brisk for the token that investors trying to trade it on Robinhood crashed the site a few times Friday, the online exchange said in a blog post.There was also speculation Sunday in several online reports that the crypto plunge was related to concerns the U.S. Treasury may crack down on money laundering carried out through digital assets. The governor said in December the central bank forecast 9.4% inflation by the end of 2021 and aimed for 5% in 2023. China is the biggest player in electric vehicle batteries, with the majority of the world’s production capacity, and has a stranglehold over processing of the required commodities.The growth profile of the combined group’s existing assets put it on track to grab a 10% share of the lithium market over the next five to seven years, Perez de Solay said in an interview, backed by “a strong balance sheet that will enable us not only to deliver those projects but to continue to grow.” Top global lithium producers currently include Sociedad Quimica y Minera de Chile SA and Albemarle Corp.Argentina RiskCanaccord’s Spencer said there were risks in having the largest part of an operation in Argentina, given its history of geo-political and financial volatility, although Orocobre’s local management team had so far proven adept at navigating those risks.“From Galaxy’s perspective, we were looking for a partner which had deep in-country Argentinian experience and we’ve got that in Orocobre,” said Simon Hay, Galaxy’s CEO, who will take on the role of president of international business in the new organization. Those proposals would add C$775 million in revenue over four years, starting in 2022-2023.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. (Bloomberg) -- A planned $3.1 billion merger of two Australian miners is set to create one of the world’s biggest producers of lithium products key to meeting fast-growing global demand for electric vehicle batteries.The deal between Orocobre Ltd. and Galaxy Resources Ltd. is the biggest mining sector deal of the year so far, according to Bloomberg data, with shares of both companies closing at the highest in three years in Sydney. It estimates the measure would raise C$5.3 billion ($4.2 billion) in additional revenue over five years.The measure is meant to prevent companies from minimizing their tax burden by having their Canadian units hold a disproportionate amount of debt. GBP/USD settled above the resistance at 1.3835 and is testing the next resistance at 1.3865. Follow us @middleeast for more news on the region. Turkey’s lira (TRY) could see continued rally in the near-term, analysts at Goldman analysts led by Zach Pandl said … “Bottom line is that short-term volatility is typical when we’re knocking around market highs as traders look to uncover value.”For Matt Maley, chief market strategist for Miller Tabak + Co., the sharp drop in Bitcoin over the weekend is having an impact on trading as well.“Whenever a headline-grabbing asset sees a big decline at a time when the broad market stands at an expensive level, it usually has a negative impact on the stock market, even if it’s only short-lived,” he wrote.Here are some key events to watch this week:Apple’s first product unveiling of the year on Tuesday.Reserve Bank of Australia releases minutes of its policy meeting on Tuesday.EIA crude oil inventory report on Wednesday.European Central Bank rate decision and President Christine Lagarde briefing on Thursday.U.S. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. (Bloomberg) -- The mania that drove crypto assets to records as Coinbase Global Inc. went public last week turned on itself on the weekend, sending Bitcoin tumbling the most since February.The world’s biggest cryptocurrency plunged as much as 15% on Sunday, just days after reaching a record of $64,870. The lira has strengthened since early December when the central bank said it would keep monetary policy tight in the new year and was prepared to hike interest rates more if necessary to lower inflation in a lasting way. It also said that Tropical Cyclone Seroja had impacted its Pilbara mine and port operations in April.It was a “mediocre quarter” for Rio, Tyler Broda, mining analyst at RBC Capital Markets, said in a note. Goldman Sachs Group Inc. improved its outlook for the lira for a second month but said the Turkish central bank’s plan to rebuild reserves will probably even out the currency’s gains. Goldman Sachs and others had expected a sharp dive in the lira and Turkish assets given the new governor’s dovish and even unorthodox views, and what was seen as the latest damage to the bank’s credibility amid years of policy interference that has dogged the major emerging market economy. banks can still buy new debt on the secondary market after the penalties come into force in mid-June. A mortgage slump is showing signs of a turnaround thanks to the lowest rates since March. Prices will range from about 80,000 yuan ($12,000) to 600,000 yuan, although the final costs could change, a person familiar said.That’s a completely different product development strategy to EV pioneers like Tesla, which only has four models on offer. Yet its bold presence belies an uncomfortable truth -- Evergrande hasn’t sold a single car under its own brand.China’s largest property developer has an array of investments outside of real estate, from soccer clubs to retirement villages. Last year, Turkish banks spent more than $100bn of the nation’s foreign reserves to support the sinking currency, according to Goldman Sachs. The Treasury declined to comment, and its Financial Crimes Enforcement Network (FinCEN) said in an emailed response on Sunday that it “does not comment on potential investigations, including on whether or not one exists.”‘Price to Pay’“The crypto world is waking up with a bit of a sore head today,” said Antoni Trenchev, co-founder of crypto lender Nexo. The Turkish lira drifted further into record low territory on Monday and touched 7.58 ... Kevin Daly at Goldman Sachs said the bank would likely raise the LLW to … “The huge gap between production capacity and market value shows there is hype in the NEV market,” it said.Still, Evergrande NEV’s stock has gained 18% since then, buoyed by the outlook for China’s electric-car market. Turkey’s lira may strengthen to 7 per dollar in three months, but the upside for the currency will be limited by the central bank’s plans to bolster its foreign currency reserves, Goldman Sachs said. Dollar to Turkish Lira Forecast, USD to TRY foreign exchange rate prediction, buy and sell signals. Evergrande told Bloomberg it has entered a “sprint stage toward mass production.”As it is, Bloomberg could only find one instance where the Hengchi 5 has been showcased in public, in photos and grainy footage released by Evergrande in February as the cars drove around a snow-covered field in Inner Mongolia. Tuesday August 11 2020 11:59 am. It insisted that it would maintain pressure on trading partners to redress trade imbalances with the U.S.“There will still be pressure on Asian central banks to ease back on their intervention activity, which would lead to greater appreciation pressure,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. “The easing of U.S. 10-year bond yields and the retreat in the dollar of late has also helped the Taiwan dollar’s move.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Tobacco Stocks Drop as U.S. May Phase Out Addictive Cigarettes, Oil Marks Anniversary of Crash Below Zero With Rally Above $64, China's U.S. embassy has begun accepting non-Chinese vaccine records, Kenyan insurer Pula offers lifeline to African farmers hit by climate change, Futures Fluctuate Amid Earnings; Oil, Yields Climb: Markets Wrap. The volatility buffeted Binance Coin, XRP and Cardano too. Evergrande NEV has also teamed with Chinese tech giants Tencent Holdings Ltd. and Baidu Inc. to co-develop a software system for the Hengchi range. And usually in the crypto world, there’s a price to pay when that happens.”Besides the “unsubstantiated” report of a U.S. Treasury crackdown, Trenchev said factors for the declines may have included “excess leverage, Coinbase insiders dumping equity after the direct listing and a mass outage in China’s Xinjiang province hitting Bitcoin miners.”Growing mainstream acceptance of cryptocurrencies has spurred Bitcoin’s rally, as well as lifting other tokens to record highs. European Central Bank President Christine Lagarde in January took aim at Bitcoin’s role in facilitating criminal activity, saying the cryptocurrency has been enabling “funny business.”Turkey’s central bank banned the use of cryptocurrencies as a form of payment from April 30, saying the level of anonymity behind the digital tokens brings the risk of “non-recoverable” losses. Copper prices surged to a seven-week high on prospects for strong demand and a pickup in inflation as economies rebound.In the U.S., the economic calendar is light this week until Thursday, with reports on unemployment claims and home sales among those scheduled for release. Battery demand is expected to surge tenfold by 2030, according to BloombergNEF, as the global clean-energy transition accelerates.The new company “is going to be a globally relevant player in terms of lithium chemical production,” said Reg Spencer, head of mining research at Canaccord Genuity Australia Ltd. [Bloomberg] Goldman Sachs and other investment houses had expected a sharp dive in the lira and Turkish assets given the new governor’s dovish and even unorthodox views, and what was seen as the latest damage to the bank’s credibility amid years of policy interference that has dogged the major emerging market economy. That dynamic is especially prevalent on weekends, when traditional trading desks go dark while Bitcoin and other cryptocurrencies continue to change hands. But even should Bitcoin carve out a place in portfolios and on corporate balance sheets beyond the likes of MicroStrategy Inc. and Tesla Inc., the weekend will likely still belong to the individual investor.“The retail investor still dominates the crypto market,” Steven McClurg, CIO at Valkyrie Investments, said in a phone interview. “Dogecoin’s 100% Friday rally was ‘peak party,’ after the Bitcoin record and Coinbase listing earlier in the week. Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities. About two-thirds of Russia’s exports to India, meanwhile, are paid for in rubles.How Virus-Panicked Markets Showed Dollar’s Still King: QuickTakeLast week’s penalties included a ban on purchases of bonds on the primary market, so the next big targets could be secondary-market debt and Russian banks’ access to the financial messaging system used for most international money transfers. The merger would create the world’s fifth-biggest producer of lithium chemicals, the refined form of the raw materials that are used to make electric vehicle batteries.Miners to battery makers have rushed to secure lithium supply amid expectations the EV frenzy will create a structural deficit as soon as this year, and prices are already roaring back after a three-year slump. Volumes on the CoinDesk 20 eight spot BTC venues was over $8 billion for the first time since Feb. 23. For comparison, global giant Volkswagen AG delivered 3.85 million units in China in 2020.It’s not just Evergrande’s delayed production schedule that’s raising eyebrows. Roughly $9.3 billion in so-called long Bitcoin future positions were liquidated on Saturday, followed by another $700 million on Sunday, according to data from Bybt.com.Such a pullback in Bitcoin was “inevitable” given the degree of froth, Galaxy Digital founder Michael Novogratz tweeted over the weekend, adding that “we will be fine in the medium term” as institutions enter the space.Shifting the power dynamic in favor of the institutions will be the “Holy Grail” for Coinbase, BI analyst Julie Chariell said last week, given that corporations are less likely to dump their holdings as quickly as retail traders. Expectations for annual production capacity of 500,000 to 1 million EVs by March 2022 were also pushed back until 2025. A key element of next year’s policy mix will be to amass foreign reserves without destabilizing the lira, Agbal said last Wednesday. releases new home sales data.These are some of the main moves in markets:StocksThe S&P 500 fell 0.5% as of 4:03 p.m. New York timeThe Nasdaq 100 fell 1%The Dow Jones Industrial Average fell 0.3%The Russell 2000 Index fell 1.4%The MSCI World index fell 0.3%CurrenciesThe Bloomberg Dollar Spot Index fell 0.4%The euro rose 0.5% to 1.2037The British pound rose 1.1% to 1.3986The Japanese yen rose 0.6% to 108.17 per dollarBondsThe yield on 10-year Treasuries advanced 2.1 basis points to 1.601%Germany’s 10-year yield advanced 2.8 basis points to 0.235%Britain’s 10-year yield declined 0.9 basis points to 0.755%CommoditiesWest Texas Intermediate crude rose 0.5% to $63 a barrelGold futures fell 0.5% to $1,771/oz(An earlier story misstated the copper price move in the second paragraph. Euphoria was in the air. But officials in Washington are also restrained by the fact that if they go too far (as they did with the Rusal sanctions that were later revoked), they risk sending tremors through global markets.Acting on a pledge by Putin to “de-dollarize” trade, Russia has been slowly cutting back on use of the greenback in its exports with the European Union, China and India. The government said it would consider “targeted measures” to address concerns of excessive interest deductions by banks and insurers.The Trudeau budget also proposes measures to tighten controls over so-called “hybrid mismatch arrangements” that multinational companies use to exploit differences between Canadian and international tax laws. Turkey's lira briefly fell 15% to near its all-time low on Monday after President Tayyip Erdogan abruptly fired the central bank governor at the weekend and installed a critic of tight policy who is expected to reverse recent rate hikes. 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And I’m not sure they’ve got the technological edge of Nio or Xpeng,” he said, referring to the New York-listed Chinese EV makers already deploying intelligent features in their cars, like laser-based navigation.A closer look at Evergrande NEV’s operations reveals the extent of its unorthodox approach. “Evergrande is offering many products and expects a win. To hit that timing, certain industry procedures, like making mule cars, or testbed vehicles equipped with prototype components that require evaluation, may be skipped, people familiar with the situation said. “When you see action like that over the weekend, that’s just when all the institutional traders are asleep or not working.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by a disruption to Libyan exports and expectations of a drop in U.S. crude inventories, although rising coronavirus cases in Asia limited gains. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Stocks fell Monday, with the S&P 500 and Dow retreating from record levels. Hints at Currency Valuation Pressure. But Goldman Sachs and others predicted the lira and Turkish assets would plunge when financial markets opened for the week given the new governor’s … Strong demand and margins -- at their highest since 2018 -- have lifted demand for higher quality iron ore products and the nation’s renewed focus on reducing steelmaking emissions will likely restrain exports in 2021, supporting margins globally, the company said.The short-term outlook for iron ore prices remained strong, ANZ’s Hynes said, with Chinese steel mills content to accept current high prices for their main feedstock while their margins were so strong. The lira has lost half its value since a … Jan 24 (Reuters) - Goldman Sachs said its three-month Turkish lira forecast was 7.00 to 7.50 to the dollar and said further strengthening might be constrained by central bank efforts to rebuild reserves. The deal implies a valuation of A$796 million for Quantium, nearly 20-times the value when it took a 50% stake in 2013. “This is in some sense, nothing new if you’ve been in the industry for a few years.”Even by crypto standards, sentiment was looking stretched at the end of last week. RBA Sees Policy Helping Stem Aussie, Monitoring Home Borrowi... Trudeau’s Pre-Election Bet Hinges on Fast Growth, Low Inflat... Asia Stocks Track U.S. Lower; Bonds, Yen Rally: Markets Wrap. Turkish lira banknotes at a currency exchange in Ankara. Orocobre sells lithium carbonate from its Olaroz operation in Argentina, while Galaxy has a mine in Australia and growth projects in Canada and South America.Lithium raw materials are most commonly extracted at brine operations which pump liquid from underground reservoirs into vast evaporation ponds, or in traditional hard rock mines. Orocobre’s Chief Executive Officer Martin Perez de Solay will head the new group.Orocobre will offer 0.569 of its shares for every Galaxy share and will own 54.2% of the merged company, with Galaxy holding 45.8%. Evergrande NEV shares dipped lower last month after an editorial from the state-run Xinhua news agency highlighted concerns about how the EV sector is evolving. Read more: Lira Traders, Burnt Eight Times, Hope 2021 Will Be Different. The largest U.S. crypto exchange ended the week valued at $68 billion, more than the owner of the New York Stock Exchange.“With hindsight it was inevitable,” Galaxy Digital founder Michael Novogratz said in a tweet Sunday. Goldman Sachs and others had expected a sharp dive in the lira and Turkish assets given the new governor's dovish and even unorthodox views, and what was seen as the latest damage to the bank's credibility amid years of policy interference that has dogged the major emerging market economy. The company said on Tuesday it will increase its shareholding in Quantium for A$223 million ($173.25 million). Even as Coinbase’s direct listing marks an important milestone for crypto, for institutions and traders venturing into crypto, learning to live with that volatility is a key first step.“It’s more an introduction to all the people who had gotten into Bitcoin or crypto over the last week because of Coinbase that crypto markets can be very volatile,” Philip Gradwell, chief economist at crypto data tracker Chainalysis, said by phone. It will allow drivers to use a mobile app to instruct the car to drive via autopilot to a certain location and use artificial intelligence to switch on appliances at home while on the road, according to a statement last month.A spokesperson for Evergrande said it was working with international partners including Magna, EDAG Engineering Group AG and Austrian parts maker AVL List GmbH in developing “14 models simultaneously.” Representatives from Magna declined to comment. To Mike McGlone, a Bloomberg Intelligence commodity strategist, the recent run-up in the joke token is exemplary of retail’s involvement in crypto markets. Turkey’s central bank chief has promised to go all in to curb inflation and build up national reserves, continuing a shift to the monetary policy mainstream following a year of rapid rate cuts by his predecessor that resulted in rapid credit growth and a weak currency. It now has a market value of $87 billion, greater than Ford Motor Co. and General Motors Co.Such exuberance over an automaker that has repeatedly pushed back forecasts for when it will mass produce a car is emblematic of the froth that has been building in EVs over the past year, with investors plowing money into a rally that briefly made Elon Musk the world’s richest person and has some concerned about a bubble.
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