With us this morning, we have Southern Copper Corporation's Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the Company for the fourth quarter 2020, as well as answer any questions that you might have. The information discussed on today's call may include forward-looking statements regarding the Company's results and prospects, which are subject to risks and uncertainties.
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Charlie Munger, vice chairman of Berkshire Hathaway and long-time business partner of Warren Buffett, issued a strong condemnation of the businesses he said enabled the recent frenzy of speculative trading by retail investors.
(Bloomberg) -- Saudi Arabia’s sovereign wealth fund will invest almost $3 billion on a tourism project in a mountainous region near the kingdom’s border with Yemen.The Public Investment Fund will provide 11 billion riyals to Soudah Development Co., which will build 2,700 hotel rooms and 1,300 homes in an area that includes Al-Soudah, the tallest peak in Saudi Arabia, according to Husameddin AlMadani, Soudah’s chief executive officer.The kingdom has been largely shut off to foreign tourists for decades, while citizens preferred to go on holiday abroad. That’s changed with the rise of de facto ruler Crown Prince Mohammed Bin Salman, who’s trying to open up the country and diversify the economy from oil.“Many of us living in Saudi Arabia didn’t know this destination existed,” AlMadani said in an interview. “I lived in Riyadh for thirty years before I knew that I could take an hour flight and see this beautiful place.”Encouraging Saudis to spend more domestically by developing entertainment and tourism sites is a key part of Prince Mohammed’s plans. The kingdom has also introduced tourist visas to make it easier for foreigners to enter the country and allowed unmarried couples to stay together in hotels. It ended a ban on female drivers and loosened strict dress codes for women.Soudah is one of a growing list of tourism-related developments in the kingdom. The PIF has committed to spending $40 billion annually in the country for the next few years. Projects it’s funding include a luxury resort on the Red Sea, a theme park and entertainment complex outside the capital of Riyadh, and a new city in the north-west called Neom that will focus on high-tech industries.AlMadani denied the project would be hindered by its proximity to Yemen, which has been mired in civil war for around six years. Yemen’s Houthi rebels, who are fighting against a Saudi-backed coalition, fired missiles on Soudah’s main airport this month and set a plane on fire.“Government officials and the coalition are doing their best to ensure the safety of the airport and the nearby destinations,” said AlMadani. “I live in Al-Soudah, my wife and my kids live in Al-Soudah. So do our employees. And we feel very safe.”Foreigners Can BuyThe coronavirus pandemic forced Saudi Arabia to close its borders for much of last year. Some travelers are now allowed into the country but citizens are still barred from all but essential trips abroad until at least May. That’s encouraged the growth of domestic tourism.“The pandemic resulted in a tripling of the number of people wanting to get out and see nature,” said AlMadani. “That demand has put pressure on us to accelerate the development.”His company is finalizing rules that will allow foreigners to buy property in the development, he said.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.
The CEOs of Google, IBM, Goldman Sachs, and Blackstone endorsed a plan that includes $1,400 stimulus checks and a federal minimum wage of $15 an hour.
The commissioner sees DeFi as "a very good test" to see if regulators can regulate in a way that empowers investors and markets alike.
Italy has given Square Inc, the mobile payments firm of Twitter co-founder Jack Dorsey, and China's Tencent a conditional green light to invest in Italian start-up Satispay, a source close to the matter told Reuters. Satispay said in November that new investors would provide fresh funds by subscribing to a 68 million-euro ($82.57 million)capital increase and acquiring a minority stake for 25 million euros. Square and Tencent, which plan to invest 15 million euros each in Satispay, needed Rome's backing as the government has the right to block unwanted bids in strategic industries such as banking, telecoms and health.
Square has been on fire this year but has endured a multi-day dip. Let's look at the charts to see if this latest selloff is an opportunity.
The Irish High Court this week is hearing arguments concerning the repudiation of some of Norwegian’s liabilities including aircraft leases. Airbus declined to comment. Boeing was not immediately available for comment.
(Bloomberg) -- The decline in Occidental Petroleum Corp.’s oil production in the Permian Basin has left the company with so much unused capacity on pipelines to the Gulf Coast that the problem will drive a midstream loss of as much as $750 million this year.Occidental said Tuesday that total Permian production is expected to be about 485,000 barrels of oil equivalent a day this year, well short of the 800,000 barrels of pipeline space it’s committed to. That means the company needs to buy the balance elsewhere, adding to costs.Occidental has long held more pipe space than it needs from the Permian, in the hope that its shale business would eventually grow big enough to make use of it. But last year’s oil-price crash, and, more recently, the winter freeze in Texas, caused the company to cut investment and production in an effort to prioritize near-term cash flow for debt reduction. That has left its pipeline position exposed.Though oil flows should improve later in the year as Occidental restores production following the extremely cold weather, it will be some way off what’s needed to fill the pipes. Furthermore, unfavorable coastal crude prices compared with those inland may not be sufficient to cover the cost to transport the oil.READ: Permian King Earns 3 Times More Trading Oil Than Pumping ItThe situation appears to be a reversal of what happened in 2018, when pipeline capacity out of the Permian was in short supply and Occidental benefited handsomely from being able to buy barrels there cheaply and then sell them at a premium in Houston and Corpus Christi. In a single quarter that year, the midstream division earned $796 million, more than seven times what it made in the whole of 2017.Times are tougher now. The company is managing a much higher debt load after its 2019 acquisition of Anadarko Petroleum Corp., while oil prices have yet to fully recover from last year’s plunge. Occidental won’t post a quarterly profit again until 2023, according to the average of analysts’ estimates compiled by Bloomberg.Chief Executive Officer Vicki Hollub said Tuesday the company has so far been unable to reduce costs associated its long-term pipeline contracts, which roll off in 2025.“We’ve had conversations with other companies and potential partners and we have not come across a solution that was acceptable to us from a value standpoint,” she said on the company’s earnings conference call. “We’re not willing to sacrifice value to do a deal that is going to negatively impact us in the future.”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) -- One Japanese financial firm is riding the crypto wave like no other.Shares of Monex Group Inc. have been tracking the ups and downs of Bitcoin, and have more than tripled since the cryptocurrency’s rally gained momentum in October. The online brokerage owns crypto exchange Coincheck Inc., whose profit has soared as clients flock to digital assets.“People are starting to re-evaluate us” by realizing Monex isn’t just about stockbroking, said Chief Executive Officer Oki Matsumoto. “Our stock was underrated to begin with,” the former Goldman Sachs Group Inc. partner said in an interview on Feb. 18.Investors have been pushing up shares of firms closely linked to digital tokens around the world, from U.S. crypto miner Marathon Patent Group Inc. to the U.K.’s On-Line Blockchain Plc. Bitcoin’s fivefold jump in the past year has come amid a flood of money pumped into the global financial system during the coronavirus pandemic.Even after a pullback during a sell-off in Bitcoin in recent days, Monex is the most expensive stock on an index of Japanese securities companies, with a price of more than three times the book value of its assets.The stock fell 6.4% at 10:36 a.m. in Tokyo on Wednesday, paring this year’s gain to 136% -- still the second-best performance on the benchmark Topix.“There has been sharp growth in earnings at Coincheck,” SMBC Nikko analyst Takayuki Hara wrote in a Feb. 22 note, raising his target price for Monex shares. “The soaring price of Bitcoin has spurred trading activity and encouraged more individual investors to jump into the fray.”Monex has been diversifying into crypto as intensifying competition dims prospects of its mainstay stock brokerage business. It bought Coincheck in 2018, when the exchange was regrouping after a costly hack. It received a license two years ago.Crypto business, domestic brokerage services and U.S. trading operations now represent Monex’s “three main pillars” of growth, Matsumoto said.Its crypto asset segment earned 2.4 billion yen ($23 million) in pretax profit in the quarter ended Dec. 31, reversing year-earlier losses and accounting for half of total group income, according to filings.What Bloomberg Intelligence Says:Share gains by Monex and Remixpoint top those of SBI, GMO Financial and other Japan bitcoin stocks year-to-date partly due to strong performances by the Coincheck and BITPoint bourses. But competition is becoming fiercer: online broker SBI offers a broader range of crypto services, and more global exchanges may seek inroads into Japan.Francis Chan, senior BI analystWhile Matsumoto, 57, said it’s hard to assess the sustainability of Coincheck’s earnings growth, the unit is unlikely to post losses even in a calm market because of cost cuts and other steps taken in recent years.“If they become able to secure a good volume of orders from clients even when crypto trading becomes sluggish overall, we can see it as evidence of revenue diversification,” said Kengo Sakaguchi, an analyst at Japan Credit Rating Agency. He rates Monex as BBB, two levels above junk.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.
Johnson & Johnson's one-dose COVID-19 vaccine appeared safe and effective in trials, the U.S. Food and Drug Administration said Wednesday, paving the way for its approval for emergency use as soon as this week. The vaccine was 66% effective at preventing moderate to severe COVID-19 in a 44,000 person global trial, the FDA said in documents ahead of a Friday meeting of independent experts who will advise the agency on emergency authorization. New data provided by J&J to the FDA showed the vaccine was 64% effective at stopping moderate to severe cases of COVID-19 after 28 days in thousands of trial participants in South Africa where a worrying new variant has swept across the country.
Britons rushed to book foreign holidays after the government laid out plans to gradually relax coronavirus restrictions, giving battered airlines and tour operators hope that a bumper summer could come to their rescue. Bookings flooded in on Monday evening and Tuesday following the government's announcement on Monday that travel could restart from mid-May, with Spain and Greece the most popular destinations, airlines and holiday companies said. EasyJet said that bookings on its flights from Britain for this summer had jumped by more than 300% compared to a week ago and bookings for its summer holiday packages had increased by more than 600% compared to a week earlier.
Covid "devastated" air travel in 2020, the UK's largest airport says, as it sinks to a £2bn loss.
Liink, JPMorgan’s blockchain banking network, is based on a fork of Ethereum.
Oil prices climbed on Wednesday to fresh 13-month highs after U.S. government data showed a drop in crude output after a deep freeze disrupted production last week. U.S. crude oil production dropped last week by more than 10%, or 1 million barrels per day, during the rare winter storm in Texas, equaling the largest weekly fall ever, the Energy Information Administration said.
Spirit gets a big chunk of its revenue from Boeing Co, which was forced to cut back production due to the grounding of its 737 MAX jet and a slump in air travel due to the pandemic. The MAX was finally cleared late last year to fly after being grounded for nearly two years and Spirit hopes to benefit from a ramp-up in production at the planemaker. Boeing 737 MAX deliveries fell to 19 shipsets from 153 a year earlier.
(Bloomberg) -- Stellantis NV will decide in the coming days whether to close a car factory in the U.K. that has been in limbo since last year due to Brexit-related uncertainty.The automaker is weighing three options for the plant in Ellesmere Port, England, according to people familiar with the matter. It either will invest in making a new version of the Vauxhall and Opel Astra compact car there, build a different model at the facility, or shut it down, said the people, who asked not to be identified because no decision has been made.The site employing about 1,000 workers has emerged as an early test case for the U.K.’s carmaking prospects after the Brexit trade deal reached in late December. Stellantis Chief Executive Officer Carlos Tavares froze investment in the factory earlier in the year due to uncertainty about Britain’s future trading relationship with the European Union. While a crisis was avoided, the CEO has raised concerns about additional costs and bureaucracy, as well as Prime Minister Boris Johnson’s 2030 ban of combustion-engine cars.“You put your investment close to the market where you sell the highest volume,” Tavares said in January. Given that, he asked rhetorically: “What is left for the U.K.?”Stellantis may announce a decision as soon as Wednesday evening after meeting on the matter, according to a spokesman, who declined to comment further. The company also formed from the merger of PSA Group and Fiat Chrysler makes commercial vehicles at a factory in Luton, England. That plant’s future is secure, the people said.After the U.K.’s passenger-vehicle production plunged to a 36-year low last year, automakers now face more onerous customs procedures and requirements to source higher portions of components locally to avoid tariffs. There’s scarce battery production in the country now, and Stellantis already has a 5 billion-euro ($6.1 billion) project to make them in France and Germany with oil giant Total SE.“If you look at it from a pure logistic perspective or from a paperwork perspective, perhaps it’s better to put it in continental Europe,” Tavares said last month, referring to the company’s EV investments. “It depends also on the U.K. government’s willingness to protect some kind of automotive industry in its own country.”(Updates to add reference to possible timing of announcement in the fifth paragraph.)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.
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The catalysts behind the volatile price action were climbing Treasury yields and the prospects of rising inflation.
(Bloomberg) -- The unprecedented $9 trillion rescue mission by central banks to haul the world economy from its coronavirus recession is being tested as rising bond yields and inflation bets threaten their ability to keep borrowing costs down.While Federal Reserve Chairman Jerome Powell this week called the recent run-up in bond yields “a statement of confidence” in the economic outlook, other counterparts are sounding less sanguine as their recoveries lag that of the U.S..European Central Bank President Christine Lagarde said Monday that she and colleagues are “closely monitoring” government debt yields. The Bank of Korea warned it’ll intervene in the market if borrowing costs jump, Australia’s central bank has been forced to resume buying bonds to enforce its yield target and the Reserve Bank of New Zealand Wednesday promised a prolonged period of stimulus even as the economic outlook there brightens.The bond market isn’t listening, tumbling again on Wednesday. U.S. 30-year Treasury yields surged as much as 11 basis points to 2.29%, their highest level since before the coronavirus-induced meltdown in March. The rate on similar-dated U.K. bonds also soared, with Germany’s following suit.Because government borrowing costs are used as the benchmark for pricing loans to businesses and consumers, any increase in yields trickles through to the real economy. That counters the campaign by central banks to drive recoveries with cheap money, potentially forcing them to deliver even more stimulus at some point.“It’s the U.S. bond market pulling up global bond yields, and in some cases in ways that are moving faster than they’d like,” said Ethan Harris, Bank of America Corp.’s head of global economic research. “If you’re in countries outside the U.S., you’re looking at this as kind of an unwelcome import.”In the U.S., 10-year Treasury yields have risen more than 50 basis points since the end of December as its economy shows signs of improving, vaccinations roll out and lawmakers ready even more fiscal stimulus. Economists at JPMorgan Chase & Co. now see growth of 6.2% this year, up from 4.2% at the start of the year.More broadly, the yield on the Bloomberg Barclays Global Aggregate Index, which includes investment-grade sovereign and corporate debt, has risen 20 basis points this year to above 1%. That follows a 62-basis-point decline in 2020.The jump in U.S. yields threatens to drag up other markets, challenging the policies of the ECB, Bank of Japan and Bank of England, Krishna Guha and Ernie Tedeschi of Evercore ISI told clients in a report this week. That’s a worry for those policy makers whose focus remains more on stoking growth than containing any nascent inflation pressures.The ECB could be in a particularly uncomfortable spot as it has pledged to keep financing conditions “favorable” through the crisis and is already facing a weaker recovery than counterparts.Yields on 10-year German government bonds have climbed above -0.3% this month from -0.6% in November while equivalent French yields are now barely below zero, compared with -0.3% three months ago.One option for the ECB is to accelerate bond buying via its pandemic emergency purchase program. Another is to strengthen its message on how long it intends to keep interest rates low.“The ECB has a number of potentially powerful options in its toolbox to anchor bond yields,” said Nick Kounis, head of financial markets research at ABN Amro Holding NV.In Japan, where investors are nervously awaiting the outcome of the central bank’s policy review, yields for 10-year bonds rose to 0.12%, the highest level since Nov. 2018. That’s still within officials’ comfort range of 20 basis points on either side of its target, but some market participants forecast the range to be expanded with the BOJ announcement on March 19.Higher Treasury yields are also a threat for emerging economies, where historically they sparked currency volatility and choppy capital flows, especially for countries that rely on external funding. That then slows expansions, as happened in 2013 when concern the Fed was pulling back triggered a ripple effect.Bloomberg Economics predicts the central banks of Argentina, Brazil and Nigeria will all turn more hawkish this year.“The Fed remains in a more comfortable position compared to many of its peers in emerging markets,” said Frederic Neumann, co-head of Asian economics research at HSBC Holdings Plc. “Inflation in the U.S. is far better anchored than in small, open economies.”Some economists say the yield moves and the bets on an inflation revival may mark something of a turning point for the global economy.“Central banks are now throwing the kitchen sink at beating deflation and disinflation just as they threw it at high inflation in the 1980s and early 1990s,” said Shane Oliver, chief economist at AMP Capital Investors Ltd. in Sydney. “There is a strong case to be made that the disinflation seen since the 1970s is coming to an end and that the long-term trend in inflation is at or close to bottoming.”Still, others point out that disinflation forces will linger, especially as labor markets remain weaker than before the pandemic and full economic recoveries hinge on successfully controlling the virus and delivering vaccines.“I am still not so sure whether the recovery-related steepening of the curve will be long lasting,” said Alicia Garcia Herrero, Asia Pacific chief economist with Natixis SA. “There are a number of risks that might bring us back to a less upbeat scenario.”(Updates with Wednesday’s market moves in fourth paragraph.)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.
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Beth Azor, founder and owner of Azor Advisory Services, joined Yahoo Finance Live to discuss the future of shopping malls.
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Lordstown Motors gets ready to bring its electric pickup truck called the Endurance to market. Yahoo Finance chats with Lordstown Motors founder and CEO Steve Burns.