ISTANBUL — Turkey’s new domestic electric car project will have a fixed investment of 22 billion lira ($3.7 billion) over a period of 13 years, with an annual production capacity of 175,000 vehicles, the Official Gazette said on Friday.
The project, launched on Oct. 30, will receive state support, including tax breaks, and establish a production facility in the northwestern province of Bursa, according to a presidential decision published by the gazette.
Five models of the car will be produced by a workforce of more than 4,000 people, the statement said.
Turkey is a large exporter of vehicles to Europe, but the cars are made by global autos firms, usually in joint ventures with local partners.
President Tayyip Erdogan unveiled plans in November 2017 https://fr.reuters.com/article/bankingfinancial-SP/idUKL8N1N851Z to launch a car made entirely in Turkey by 2021. At the time he said a consortium of five firms – including mobile phone operator Turkcell and the parent of TV maker Vestel – had been selected to produce the car.
He had said the prototype would be completed by 2019 at the latest. For years Erdogan’s AK Party has held a goal of bringing about the production of a home-grown car, seeing it as proof of the country’s growing economic might.
Erdogan was set to unveil the new car at a ceremony on Friday. ($1 = 5.9339 liras) (Reporting by Ebru Tuncay; Writing by Daren Butler; Editing by Aditya Soni)
Shiba inu is up over 100% in the last 7 days—here's what to know before investing – CNBC
Another dog-inspired cryptocurrency called shiba inu, or SHIB, hit an all-time high of $0.0000594 on Wednesday.
Despite its price being below 1 cent, the “meme token” has garnered a lot of attention. Shiba inu now ranks No. 11 among the top cryptocurrencies by market value, according to CoinMarketCap. It is up more than 111% over the past seven says, as of 9:42 a.m. EST on Wednesday.
Though shiba inu is cheap to buy and it may be tempting to jump in, experts say investors should do their research first.
“Before investing in any cryptocurrency, it’s important to understand what you’re investing in and the associated risks, not just hype around it,” Douglas Boneparth, certified financial planner and president of Bone Fide Wealth, tells CNBC Make It.
Shiba inu is typically considered an altcoin, which refers to the multitude of cryptocurrencies aside from bitcoin. Cryptocurrency can be a very volatile and speculative investment in general, but experts say altcoins can be even more so.
Here’s what you should know.
Shiba inu was created in August 2020 by a pseudonymous founder called Ryoshi. As its name suggests, the token is inspired by shiba inu dogs.
Shiba inu is an Ethereum-based ERC-20 token, which means it is created on and hosted by the Ethereum blockchain, rather than its own blockchain.
Ryoshi decided to launch shiba inu on Ethereum because it’s “already secure and well-established,” according to the shiba inu white paper, or, as its community calls it, “woof paper.”
What are the risks?
“Altcoins like SHIB are primarily community-based, meaning their success is largely dependent on the success and growth of its community instead of its utility,” says Boneparth, who has invested in bitcoin since 2014. Indeed, Ryoshi calls shiba inu an “experiment in decentralized spontaneous community building” in its white paper.
Experts warn that any cryptocurrency investment can result in the loss of your entire investment. They generally recommend that you only invest what you can afford to lose, regardless of which cryptocurrency you choose.
But altcoins may require additional caution due to their differences from something like bitcoin, including their structure, supply and utility.
Bitcoin, for example, launched in 2009 with the intent to have utility as a peer-to-peer financial system. Its blockchain was carefully created, with a well-thought-out ecosystem. Bitcoin also has a limited supply, which allows for built-in scarcity by design. Because of that, it’s seen as a store of value by its holders, who also hope it becomes a prominent decentralized digital currency.
Most altcoins lack these characteristics.
Shiba inu supporters argue that its ecosystem, which includes smart contract capabilities; NFTs, or nonfungible tokens; and opportunities for liquidity mining, to name a few, offer utility beyond community.
But nonetheless, “many altcoins can be extremely risky and may not have any inherent investment value, and retail investors should not trade these assets without research and due diligence,” says Brett Harrison, president of cryptocurrency exchange FTX US.
Rather than investing in a surging cryptocurrency based on hype, Harrison looks for crypto assets with specific utility.
“There are a number of crypto assets that can be suitable for retail users, whose investment prospects can be tied to their ability to provide a store of value, to facilitate an efficient mechanism for payment transfers, or to power a protocol used to build blockchain-based applications,” he says.
Toronto stocks slide as Bank of Canada signals early rate hike
Canada‘s main stock index was on course for its worst session in a month on Wednesday after the Bank of Canada signaled it could raise interest rates sooner than previously forecast.
At 10:33 a.m. ET (14:33 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 0.73% to 21,018, with technology and healthcare stocks leading the declines.
The Canadian dollar and shorter-term yields jumped after the central bank’s decision to also move the pandemic-driven bond-buying program into the reinvestment phase, where it will purchase only enough government bonds to replace those that are maturing.
The BoC said it now expects the rate hike to happen “sometime in the middle quarters of 2022”, three months ahead of the previous forecast, and warned that inflation would stay above target for much of 2022 due to higher energy prices and supply bottlenecks.
“They’ve shifted that window sooner, so that is a little bit hawkish,” said Colin Cieszynski, chief market strategist, SIA Wealth Management.
“The ending of the QE program was pretty much as expected and they were going to do it before the end of the year. Now that the election is over, it seems like they had to do it.”
The energy sector dropped 1.2%, extending losses for the second session, as oil prices fell after industry data showed U.S. crude stockpiles rose more than expected. [O/R]
Meanwhile, the materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.8%.
Capital Power Corp and Algonquin Power & Utilities Corp were the biggest decliners on the TSX.
The TSX posted four new 52-week highs and two new lows.
Across all Canadian issues there were 22 new 52-week highs and 40 new lows, with total volume of 87.92 million shares.
(Reporting by Amal S in Bengaluru; Editing by Shailesh Kuber)
Ping An Profit Falls on Investment Returns, Sales Slowdown – BNN
(Bloomberg) — Ping An Insurance (Group) Co., China’s largest insurer by market value, posted a 31% drop in third-quarter profit as stock-market declines weighed on investment returns and slower economic growth sapped premium income.
Net income dropped to 23.6 billion yuan ($3.7 billion) in the three months ended Sept. 30, from 34.4 billion yuan a year earlier, the Shenzhen-based company said Wednesday. That compares with a 16% decline in first-half profit.
Operating profit, which Ping An says better reflects performance because it strips out short-term volatility, rose 9.2% in the first nine months of the year, in line with a 10% first-half gain.
Ping An’s shares trading in China have slumped 40% this year, weighed down by investor concerns about property investments and the performance of its backbone life business. The company is turning to technology to bolster the productivity of its shrinking sales force at a time when demand for policies is weakening.
Impairments on its exposure to China Fortune Land Development Co., which became the first local developer to default since Beijing tightened controls on the sector last year, erased 20.8 billion yuan in profit in the first half, although management has said the situation is more likely to improve than worsen.
Nine-month net income decreased 21% from a year earlier, mainly because of impairment provisions related to China Fortune Land, the insurer said, adding that it made no major adjustment tied to the developer in the third quarter.
The benchmark Shanghai Shenzhen CSI 300 Index dropped 7% in the third quarter, erasing a 0.2% gain in the first half of the year.
New business value, which gauges the profitability of new life policies, fell 18% for the nine months, widening from a 12% decline in the first half. The firm is trying to boost long-term growth prospects by concentrating on higher-value products and reducing less-productive agents.
©2021 Bloomberg L.P.
25-foot column of sculpted vehicles towers above Kelowna Art Gallery – Kelowna Capital News – Kelowna Capital News
Portfolio: weekly art listings – St. Albert Today
Akwesasne art piece remembers children who didn't make it home – Cornwall Seaway News
Silver investment demand jumped 12% in 2019
Europe kicks off vaccination programs | All media content | DW | 27.12.2020 – Deutsche Welle
Iran anticipates renewed protests amid social media shutdown
Economy22 hours ago
Here's why Joe Biden's economy is heading in the wrong direction – CNN
Investment18 hours ago
Ping An Profit Falls on Investment Returns, Sales Slowdown – BNN
Tech18 hours ago
Google Pixel 6's fingerprint scanner is perfectly placed, so it's a shame it sucks – TechRadar
Tech18 hours ago
Self-driving “Roboats” ready for testing on Amsterdam’s canals
Sports17 hours ago
Joel Quenneville meeting Gary Bettman over Blackhawks scandal Thursday – Sportsnet.ca
Business18 hours ago
Bank of Canada signals that interest rate hikes may be coming sooner than expected – CP24 Toronto's Breaking News
Politics17 hours ago
Democrats debate if ‘billionaires tax’ can pay for Biden’s sweeping agenda
Business17 hours ago
Rogers Family Feud Creates Boardroom Chaos for Canadian Communications Firm – The Wall Street Journal