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JOHANNESBURG, May 18 (Reuters) - Ghana is targeting $10.5 billion of external debt service relief from 2023-2026, the IMF said, giving an early indication of how large a hit investors might face in an impending debt overhaul. "Our back-of-the-envelope calculations suggest that this translates to a 40%-50% haircut on external debt, if there is not further restructuring of domestic debt," Bojosi Morule, an economist at Goldman Sachs, said in emailed reaction to the DSA. Ghana's already strained finances buckled under the fallout of COVID-19 and Russia's invasion of Ukraine and it is now seeking to restructure $20 billion of its roughly $30 billion external debt, including about $13 billion of Eurobonds, under the Group of 20's Common Framework platform. Earlier this year it completed a domestic debt exchange. Other risks include Ghana not regaining market access to issue debt and the domestic debt exchange posing dangers to financial sector stability, the IMF said.

Interior Department on Tuesday removed one of the last remaining obstacles to Lithium Americas Corp's (LAC.TO), Thacker Pass mine project in Nevada by finding nearly all of the site contains the metal used to make electric-vehicle batteries. The opinion from the department's solicitor comes amid an acrimonious debate about whether more U.S. mines should be built to produce lithium and other green energy transition metals. Of the dozens of mining claims at the Thacker Pass site held by the company, the government found fewer than 10 did not contain lithium mineralization, an Interior Department official told Reuters. "They're going to be able to start construction and production without these claims being in the plan of operation," the official said of Lithium Americas. "We're in favor of increasing domestic mineral production when it's being done in the right location and in the right way," the official said.

☆ FC Barcelona: How Xavi's defensive revolution brought La Liga title back to Catalunya
▼ + stars: | 2023-05-15 | by ( Matias Grez | ) edition.cnn.com time to read: +11 min

Such has been the Blaugrana’s dominance this season, Xavi’s side clinched the trophy with four games still remaining and his iteration will undoubtedly go down as one of the greatest defensive teams in La Liga history. With only 13 goals conceded so far this season, Xavi’s Barcelona is set to obliterate that record. “Not only for me, but for the club and for all Barcelona fans it’s very important to win La Liga,” Barça striker Robert Lewandowski told CNN Sport ahead of the match against Espanyol. I think the first round [of fixtures] was very important, we proved that we can think about winning La Liga. Barcelona fans celebrate Sunday's La Liga success -- the club's first league title since the 2018-19 season.

☆ Livent, Allkem Agree to Create $10.6 Billion Lithium Producer
▼ + stars: | 2023-05-10 | by ( Rhiannon Hoyle | ) www.wsj.com time to read: 1 min

U.S.-based Livent has expertise in the processing of lithium. Photo: ERNEST SCHEYDER/via REUTERSADELAIDE, Australia—Lithium producers Livent and Allkem said they had agreed to a merger that will create a global mining company worth $10.6 billion, illustrating how a surge in demand for the battery mineral used in electric vehicles is sparking a rush to do deals. The all-stock transaction will result in shareholders of U.S.-based Livent owning around 44% of the combined company, with shareholders of Australia-listed Allkem holding the remaining stock, the companies said in a joint statement Wednesday. The enlarged company will have its headquarters in North America, and a primary listing on the New York Stock Exchange.

[1/2] The logo of battery recycler Li-Cycle Holdings Corp is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest ScheyderMay 9 (Reuters) - Battery recycler Li-Cycle Holdings Corp (LICY.N) said on Tuesday it planned to develop a recycling hub in Italy along with Swiss miner and commodity trader Glencore Plc (GLEN.L) to produce battery materials including lithium. Canada-based Li-Cycle had earlier announced in March that it would be building a French battery processing facility amid rising demand for lithium due to its key role in transition towards net zero. The two companies are expected to complete a joint feasibility study for the project by mid-2024, Li-Cycle said. Once the companies make a final investment decision on the project, commissioning of the hub in Portovesme, Italy, is expected to commence in late 2026 to early 2027.

Musk said Tesla aimed to finish construction of the factory next year and then reach full production about a year later. We need lithium," Texas Governor Greg Abbott said at the ceremony. Musk has urged entrepreneurs to enter the lithium refining business, saying it is like "minting money." The refinery is the latest expansion by Tesla into Texas after the company moved its headquarters there from California in 2021. "We are proud that he calls Texas home," Abbott said, saying Tesla and Musk are "Texas's economic juggernauts."

☆ Tesla plans to produce lithium for 1 mln vehicles from Texas refinery -Elon Musk
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: 1 min

[1/2] The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. REUTERS/Lucy Nicholson/File PhotoSAN FRANCISCO, May 8 (Reuters) - Tesla (TSLA.O) expects to produce lithium for about 1 million electric vehicles at its upcoming lithium refinery factory in Texas, CEO Elon Musk said on Monday. Tesla broke ground on the lithium refining facility, as it looks to secure supply of the key component used in batteries and meet its ambitious sales target for electric vehicles. Musk said Tesla aims to finish construction of the factory next year and then reach full production about a year later. Reporting by Hyunjoo Jin and Ernest Scheyder Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Used-car retailer Carvana's shares soar on upbeat second-quarter forecast
▼ + stars: | 2023-05-05 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

Companies Carvana Co FollowMay 5 (Reuters) - Shares of Carvana Co (CVNA.N) rose 33% before the bell on Friday after the online used-car retailer forecast a surprise core profit for the second quarter, offering some relief to investors amid solvency concerns around the company. Carvana shares plunged 98% last year after the company struggled to offload used cars purchased at higher prices during the pandemic as demand fell on affordability concerns. The stock is heavily shorted, with short interest hovering around 51.2% of the float, according to Refinitiv data. Carvana said its adjusted earnings before interest, taxes, depreciation, and amortization,(EBITDA) were expected to be positive in the second quarter, a step Garcia had touted before as the first in turning the business around. Carvana shares have risen 52% so far this year amid interest from retail investors.

May 4 (Reuters) - Albemarle Corp (ALB.N) is open to renegotiating its Chile lithium contract before 2043 and would seek access to even more of the country's vast reserves of the metal used to make electric vehicle batteries, CEO Kent Masters told Reuters on Thursday. Albemarle and SQM's contracts only grant access to the Atacama salt flats, or salars, but Boric hopes to open up many other salars across his country for lithium production, a step that will require DLE technologies. Many DLE technologies use lots of potable water and electricity, a limitation that Albemarle has acknowledged and one it is working to limit. Chile and Albemarle could cement their dominant role in the global lithium and EV industries if they can get one or more DLE technology to succeed. Masters declined to comment on Australian lithium developer's Liontown Resources Ltd (LTR.AX) rejection in March of Albemarle's $3.7 billion takeover bid.

[1/2] Lithium evaporation ponds are seen at Albemarle Lithium production facility in Silver Peak, Nevada, U.S. October 6, 2022. REUTERS/Carlos BarriaMay 3 (Reuters) - Lithium producer Albemarle Corp (ALB.N) cut its annual profit forecast on Wednesday despite posting a better-than-expected quarterly earnings, citing softening prices for the metal used to make electric vehicle batteries. For the year, Albemarle cut its sales forecast to a range of $9.8 billion to $11.5 billion, from a prior forecast of $11.3 billion to $12.9 billion. The adjusted earnings forecast was trimmed to a range of $3.3 billion to $4 billion, from a prior $4.2 billion to $5.1 billion. Australian officials said earlier on Wednesday that Albemarle had agreed to spend $1 billion to expand lithium processing facilities in Western Australia.

☆ Why the Fed will likely raise rates two days after First Republic failed
▼ + stars: | 2023-05-02 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —For the second time this year, the Federal Reserve is gearing up to raise interest rates right after a bank failure. When the Fed raises interest rates, banks need to raise the rates on their savings accounts in order to lure in depositors from their competitors. Why, then, is the Fed likely to raise interest rates on Wednesday? Fed wants to avoid ‘stop-and-go’ rate hikesThe Fed is raising interest rates to lower inflation. In the 1970s and early 1980s, the Fed flip-flopped between raising interest rates to get inflation under control and lowering rates to spur economic activity.

May 2 (Reuters) - Lithium producer Livent Corp (LTHM.N) boosted its annual forecast on Tuesday after reporting better-than-expected quarterly profit, a bullish outlook fueled by rising prices and demand for the metal used to make electric vehicle batteries. While spot lithium prices in China had softened earlier this year, fueling concern the industry was entering a period of oversupply, Livent's results reflect strong appetite for its lithium and reinforce the company's strategy of selling the metal largely using long-term contracts. Excluding one-time items, Livent earned 60 cents per share. By that measure, analysts expected earnings of 39 cents per share, according to IBES data from Refinitiv. For the year, Livent boosted its revenue forecast to a range of $1.03 billion to $1.13 billion, from a previous range of $1 billion to $1.1 billion.

☆ Chile's lithium takeover plan faces technical, political challenges
▼ + stars: | 2023-04-28 | by ( Fabian Cambero | ) www.reuters.com time to read: +7 min

[1/3] A view of a brine pool of a lithium mine on the Atacama salt flat in the Atacama desert, Chile, August 16, 2018. REUTERS/Ivan Alvarado/File PhotoSANTIAGO, April 28 (Reuters) - While Chile's plan to take control of its lithium industry has caused global shockwaves, state-led production of the metal used to make electric vehicle batteries is seen by analysts as likely years away given technical and political challenges. CODELCO'S ROLEChile's state-run Codelco, the largest copper producer in the world, plays a key role in Boric's lithium plan although it has no experience in producing the white metal. The report noted that Argentina currently has more lithium projects in the pipeline than any other country in the world. Albemarle has said it needs new water sources to expand in Chile's Atacama salt flat, noting a desalination project was awaiting permits and construction.

Many DLE technologies use lots of potable water and electricity. SQM (SQMA.SN) and Albemarle Corp (ALB.N), Chile's two existing lithium producers, use evaporation ponds to produce the metal. Livent Corp (LTHM.N) uses a variation of DLE technology in Argentina alongside evaporation ponds. Lake Resources is working with Bill Gates-backed Lilac Solutions Inc to deploy Lilac's DLE technology in Argentina. In Chile, DLE companies see a business opportunity despite the nationalization plans given that Boric's new state lithium company is expected to need technical support.

Most new gas plants currently do not pay for emitting carbon, so the rules could make it harder for them to compete with solar and wind power. Second, the Inflation Reduction Act created tax credits making carbon capture and hydrogen more affordable and affirmed EPA's authority to regulate power plants. Existing technology can capture and store approximately 90% of carbon emissions, Lynch said. The EIA projected that this year, 54% of new generation (21GW) will be solar and 14% will be natural gas (7.5GW). Southern, which also runs the National Carbon Capture Center with the Department of Energy, said commercial deployment of carbon capture technology "is many years away" despite the cost-reduction potential of the Inflation Reduction Act.

SQM's lithium contract in Chile is set to expire in 2030 and Albemarle's in 2043, giving it more insulation from the potential move. Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020. SQM has a larger footprint in Chile, with 81,000 hectares (about 200,000 acres) for lithium extraction compared with Albemarle's 16,000 hectares. Argentine state energy firm YPF last year began exploring lithium, while Bolivia has long maintained strict control over its huge though largely untapped resources. Mexico's President Andres Manuel Lopez Obrador and Bolivia's Luis Arce have touted the idea of a regional lithium "OPEC" to coordinate on lithium policy and benefit local economies.

The shock move in the country with the world's largest lithium reserves would in time transfer control of Chile's vast lithium operations from industry giants SQM (SQMA.SN) and Albemarle (ALB.N) to a separate state-owned company. "Nevertheless, projects with strategic values for the country, this partnership has to have a majority participation of the state," Boric said. The president added that there will be a division dedicated to advancing technology to minimize environmental impacts, including favoring direct lithium extraction over evaporation ponds. Privately held Summit Nanotech Corp, which is developing direct lithium extraction technology and recently opened a Santiago office, welcomed Boric's announcement. Boric said the country would look to protect biodiversity and share mining benefits with indigenous and surrounding communities as lithium extraction evolves.

The move would see Chile, the world's second largest lithium producer, shift to a model with the state holding a controlling interest in all new lithium projects through a public company that would partner with private mining firms. Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020. In early trading on Friday, Chilean firm SQM's U.S.-listed shares slid 6.2%, while Albemarle was down 2.5%. SQM's lithium contract in Chile is set to expire in 2030 and Albemarle's in 2043, giving it more insulation from the potential move. Mining shares in London fell sharply too.

☆ 'We should be worried': Finance leaders warn rising interest rates are squeezing low-income countries
▼ + stars: | 2023-04-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Ernest Ankomah/Getty ImagesLeaders of several global financial bodies warned that rising interest rates are increasing pressure on low-income developing countries, around 60% of which are now in or at high risk of debt distress. A lot of the debt accrued by low-income countries is coming due over the next couple of years, however, and rising interest rates mean these countries will find it increasingly difficult to meet their repayments. As such, van Trotsenburg called for "renewed solidarity with developing countries" from international bodies and major economies not just in the form of words, but with increased resources. "That's actually something that we raised a decade ago when we saw a rapid rise in the indebtedness levels of low-income countries. Diop said establishing a firm path toward economic growth in developing economies would enable them to generate investment and stand a better chance of meeting future loan obligations.

☆ EU urges others to copy its rules for cryptoassets
▼ + stars: | 2023-04-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, April 19 (Reuters) - The rest of the world should copy European Union rules for cryptoassets to create a robust global approach that protects consumers and financial stability, the EU's financial services chief said on Wednesday. The crypto sector has been rocked by the failure of crypto exchange FTX and other collapses, sending benchmark bitcoin prices tumbling, though it has begun to recover. "I hope that our rules could become a model for other countries," EU financial services commissioner Mairead McGuinness told the parliament. Crypto firms authorised in one EU state would be allowed to offer their services across all 27. McGuinness said the commission will study whether further rules are needed for decentralised finance, and for lending and borrowing in cryptoassets.

☆ Big copper deals to take centerstage in Santiago as demand heats up
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +4 min

Lundin Mining Corp (LUN.TO) is paying nearly $1 billion for control of Chile's Caserones copper mine despite ongoing political uncertainty in the country. "The green transformation theme remains a strong tailwind for copper, the king of green metals," Saxo Bank strategist Ole Hansen told Reuters. Global copper demand expected to reach 53 million tonnes annually by 2053 - more than double current levels - but supply is still expected to fall short, according an S&P Global (SPGI.N) study. And Hudbay Minerals Inc (HBM.TO) last week said it would pay $439 million for rival Copper Mountain Mining Corp (CMMC.TO). Neighboring Peru, the world's second-largest copper producer, also expects to boost production this year.

[1/2] A train loaded with copper cathodes travels along a rail line inside the Chuquicamata copper mine, which is owned by Chile's state-run copper producer Codelco, near Calama city, Chile, April 1, 2011. Lundin last month agreed to pay $950 million for 51% control of the mine, calling the deal "an endorsement that we believe the mining royalty and taxation discussions are trending in the right direction." In the past 18 months, mining giants have been vocal about concerns in Chile. BHP Group Ltd (BHP.AX) said it might reevaluate its investments depending on new tax plans by the government, while Freeport-McMoRan Inc (FCX.N) has said it would pause expansion plans in Chile, citing political uncertainty. Lundin remains confident in the future of the Caserones project, which began operations in 2014 and has annual output of 100,000 tonnes of copper.

[1/2] The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Many teem with lithium, calcium and other minerals, and DLE technologies aim to separate out the lithium and leave the rest. LITHIUM METAL FROM BRINEEnergyX has said its technology can make lithium metal directly from brine, a tantalizing prospect for GM that could let the automaker bypass lithium refining, which is widely seen as a key supply chain bottleneck. The EnergyX investment comes after GM in January agreed to pay $650 million to become the largest shareholder in Lithium Americas Corp (LAC.TO), which is developing the Thacker Pass clay lithium project in Nevada. "This GM investment will completely change the trajectory of EnergyX," said Teague Egan, the startup company's founder and chief executive.

TORONTO, April 10 (Reuters) - Glencore Plc (GLEN.L) Chief Executive Gary Nagle plans to meet with some of Teck Resources Ltd's (TECKb.TO) Canadian shareholders in Toronto this Thursday to personally lobby them for support of Glencore's proposed takeover of the copper and zinc miner, according to a source who was invited. Royal Bank of Canada's (RY.TO) RBC Capital Markets will host the Toronto lunch meeting, according to Jonathan Case of CI Global Asset Management, a Teck shareholder who was invited. RBC has been one of Glencore's bankers in the past. Teck's executives on Monday reinforced their rejection of Glencore's unsolicited $22.5 billion takeover offer. Reporting by Divya Rajagopal in Toronto; Editing by Ernest Scheyder and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Picasso: Love Him or Hate Him?
▼ + stars: | 2023-04-05 | by ( Deborah Solomon | April | ) www.nytimes.com time to read: +14 min

It is not hugely cool to profess a love for Picasso these days. This is what Picasso’s detractors — like Hannah Gadsby, the Australian comedian and Picasso basher, who will help curate a Picasso show at the Brooklyn Museum opening on June 2 — often miss. Picasso, by contrast, brought the weight of lived experience into his work, even when he was tethered to archetypal subjects. “The Mother” (1901), an early painting by Picasso, shows a view of motherhood purged of Renaissance idealization. The conventional view of the painting holds that the women are “dolled-up cocottes,” as John Richardson glibly put it in his biography of Picasso.

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