Aurelia Butler

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  • 138 Shares189 Views

    in Economy

    Canadian pipeline operator Enbridge reports higher profit as transport volumes rise

    Pipeline operators have benefited from a pick-up in volumes with energy prices trading at multi-year highs on a sustained recovery in fuel demand from the pandemic-driven lows.Enbridge (NYSE:ENB) said it transported 3.01 million barrels per day (bpd) on its Mainline system in the fourth quarter, compared with 2.65 million bpd a year earlier.The Calgary-based company’s earnings rose to C$1.84 billion ($1.45 billion), or 91 Canadian cents per share, in the quarter ended Dec. 31, from C$1.78 billion, or 88 Canadian cents per share, a year earlier.($1 = 1.2724 Canadian dollars) More

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    in Economy

    Mercedes-Benz beats profit forecast, sees supply chain headwinds in 2022

    BERLIN (Reuters) – Mercedes-Benz Cars & Vans expects an adjusted earnings before interest and taxes (EBIT) of 14 billion euros ($15.9 billion) in 2021 and sees supply chain headwinds persisting into 2022, it said on Friday.The luxury carmaker predicted an adjusted return on sales of 12.7% in the full year, beating its own guidance of 10%-12% as the jump in electric vehicle sales made up for supply chain troubles, it said as it released preliminary results.But it expects high raw material prices and semiconductor shortages to prevent it meeting strong demand for its products this year, Chief Financial Officer Harald Wilhelm told a call with analysts.The chip shortage would ease in the second half of 2022, he said, adding that a “good part” of raw material costs were locked in but unit sales would still need to increase to mitigate the hit from rising costs.”There will be a (raw) material headwind, so I think we will need the volume lever to mitigate and fight it,” Wilhelm said. “We will try and see what can still be done on top of 2021 in terms of the pricing but the pricing itself will not be enough.”Its share price rose to 75.08 euros by 1145 GMT, up from 69.01 euros when markets opened.Data released by Mercedes-Benz in January showed the carmaker registered a 5% sales drop in 2021, losing its crown for the first time in five years to BMW as the premium carmaker with the most vehicles sold.Chief Executive Ola Kaellenius has repeatedly said the aim was to boost profitability rather than focus exclusively on unit sales in its bid to raise the firm’s stock market valuation after splitting from Daimler (OTC:DDAIF) Truck in December.”Our good results are the outcome of highly sought-after products and the focus on profitable growth and cost discipline,” Kaellenius said in a statement.The fourth quarter saw an adjusted return on sales of 15%, the company said on Friday, with profitability boosted by “solid net pricing, good product mix and favourable used car performance.”Mercedes-Benz expects the deconsolidation from Daimler Truck to boost its EBIT by 9 to 10 billion euros.Mercedes-Benz is due to report full-year results on Feb. 24.($1 = 0.8783 euros) More

  • 163 Shares169 Views

    in Cryptocurrency

    Binance To Become Biggest Owners of Forbes by Acquiring a $200 Million Stake

    Forbes to Educate the Public on BlockchainAs part of the deal, Binance will take on the advisory role at Forbes on its digital assets and Web3 strategy. In addition, Binance will become one of the biggest owners of Forbes.According to Mike Federle, CEO, Forbes, Binance gives the American magazine the experience, network, and resources to continue “providing helpful information about blockchain technologies and all emerging digital assets.”Forbes explains that;Forbes Prepares to Go PublicAccording to Forbes, the $200 million Binance investment forms part of its $400 million private investment in public equity (PIPE) and its plans to become a publicly-traded company.The $200 million from Binance will replace half of the initial $400 million in commitments from investors already announced by Forbes and SPAC Magnum Opus Acquisition Limited.In going public, Forbes will merge with Magnum Opus. In addition, when the move has been completed, Forbes will list on the New York Stock Exchange under the ticker FRBS.On the FlipsideWhy You Should CareBinance becoming the biggest owner of Forbes shows the big the crypto sector is becoming and its increasing influence on the real world.EMAIL NEWSLETTERJoin to get the flipside of cryptoUpgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.[contact-form-7]
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  • 113 Shares99 Views

    in Cryptocurrency

    The Algorand Foundation Announces Staci Warden as New CEO

    Warden has led global teams at the Milken Institute, JP Morgan, the Nasdaq stock exchange, and the U.S. Treasury Department. Her appointment marks the next step in the Algorand Foundation’s mission to catalyze the growth of the Algorand ecosystem. The year 2022 will be a key year in the development of both the Algorand network and wider crypto ecosystems, as the adoption of key crypto-based industries such as global crypto payment platforms, DeFi and NFTs rapidly accelerates. The Foundation is committed to ensuring that the Algorand blockchain network is a key building block of this new, emergent digital-first economic model. At the same time, it will work to ensure that this new economy is inclusive and that the financial benefits of blockchain technology are accessible to everyone in the world.”I am excited to build on everything the Foundation has achieved to date, and will be focused on scaling our commitment to our community and our global partners,”
    said Warden.”1.7 billion people in the world do not have access to finance, and the Algorand protocol has the speed, the security, and the decentralization to address the problem of global financial inclusion at scale. By both ratcheting up our global ambitions as well as doubling down on our commitment to the DeFi ecosystem, I know that we will deliver tremendous value for both the Algorand ecosystem as a whole and the end-users it supports.”
    Having spent over 18 critical months in the role of CEO, Sean Lee has decided to begin the new year exploring career opportunities outside of the Algorand Foundation. Lee led the Foundation through an important period, where he delivered economic stability with the completion of the Accelerated Vesting program, led the launch of key ecosystem funding programs such as the Viridis and Aeneas DeFi Funds, and most importantly, the launch of Community Governance in the final quarter of 2021.”I’ve decided to leave the Algorand Foundation to pursue new opportunities in the blockchain space. Seeing the transformative potential of the applications being built on Algorand, now is the time for me to explore those avenues; and I have deep confidence in Staci’s ability to lead the Algorand Foundation and the Algorand ecosystem through its next growth phase,”
    said Lee.Kieron Guilfoyle, the Algorand Foundation’s Board Chairman said, “On behalf of the Board, I want to thank Sean for his leadership and hard work over the past years. Sean stepped in at a critical time, and we are grateful for his outstanding contribution to the growth of the Algorand Foundation’s ecosystem.”Guilfoyle noted,”Staci understands the potential for Algorand to become a dominant Layer One blockchain, and she has the experience and expertise to drive our global efforts to scale and to deliver outstanding value to our community. I know she will waste no time in shifting the Algorand Foundation into its expansion phase.”EMAIL NEWSLETTERJoin to get the flipside of cryptoUpgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.[contact-form-7]
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  • 113 Shares179 Views

    in Cryptocurrency

    Okcoin Becomes First U.S. Exchange to Integrate Stellar USDC

    This integration marks a step in an ongoing effort to expand access to a faster and cheaper USDC. USDC on Stellar allows for near-zero transaction costs and provides incredibly fast settlement, taking about 5 seconds to finalize a transaction. A growing number of businesses and wallets on the Stellar network are leveraging USDC to improve their offerings and expand into new markets. Okcoin will provide another critical access point for such users by supporting the deposit and withdrawal of USDC on the Stellar blockchain.Okcoin is an exchange serving over 190 countries and is one of the largest exchanges globally.”We’re proud to be the first exchange to bring Stellar USDC to the US market,” Hong Fang, CEO of Okcoin, said. “Stablecoins play a critical role in the decentralized economy and this asset, in particular, is enabling a truly borderless digital dollar. Stellar USDC’s utility, speed, and security make it a natural fit for our platform.”
    Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, said,”This integration will ensure that more users can leverage the utility of USDC on Stellar to open up payment pathways and expand on use cases. We’re pleased that Okcoin is introducing the speed and low-cost of USDC on Stellar to its platform and providing greater access.”EMAIL NEWSLETTERJoin to get the flipside of cryptoUpgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.[contact-form-7]
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  • 213 Shares149 Views

    in Cryptocurrency

    Binance and Netmarble F&C Sign MoU for Strategic Partnership to Build a Global P2E and NFT Ecosystem

    Through the strategic partnership, the two teams will develop and contribute to the infrastructure of Binance Smart Chain (BSC) through BSC Application Side Chain (BAS). There will be a private chain for Netmarble to develop on the BSC GameFi sidechain and Netmarble will build GameFi projects that can grow the BSC GameFi ecosystem and the global P2E ecosystem.On top of the technological collaboration, Binance and Netmarble are discussing opportunities to launch an Initial Game Offering (IGO) on Binance NFT marketplace, conduct sales of Netmarble game NFT on Binance NFT marketplace, plug Netmarble into Binance’s crypto ecosystem to support the development of crypto use cases in their future games, and more. Furthermore, there are more long-term goals for the two parties to come, with details to be shared in due course.As the first commitment to the strategic partnership, there will be an NFT presale for ‘Golden Bros‘, the latest casual shooting game developed by Netmarble F&C, on Binance NFT.Helen Hai, Global Head of Binance NFT, commented on the partnership:”Netmarble has such an innovative background in the gaming industry and it will be a privilege to work together. Through the partnership, we hope to support Netmarble in building a sustainable and disruptive GameFi ecosystem which extends beyond the gaming entertainment industry.”
    Netmarble F&C, Inc. is a subsidiary of Netmarble Corp. established in 2014 and known for developing successful games, such as ‘The Seven Deadly Sins: Grand Cross’ and ‘Blade & Soul Revolution’. Netmarble F&C has proven to provide the highest level of gaming entertainment to audiences around the world with creative ideas, world-class graphics, and solid development in a variety of mobile and PC games based on its powerful franchises and collaborations with intellectual property (IP) holders worldwide. With its recent acquisition of ITAM CUBE, a GameFi project on BSC, Netmarble F&C has secured P2E infrastructure and technology to integrate their existing businesses into the blockchain.The blockchain ecosystem Netmarble F&C is building strives to tie all types of entertainment into one P2E platform. Netmarble Corp. recently announced to join the bandwagon of applying metaverse, blockchain, and non-fungible token (NFT) technologies to gaming and entertainment. Netmarble F&C will create a blockchain ecosystem that integrates game, contents, and commerce, reaching out to diverse business verticals such as web-comics, fictions, and Metahuman.Seo woo-won, CEO of Netmarble F&C, and the Head of Metaverse Entertainment, said,”We are glad to begin our extensive partnership with Binance to pursue the same goal – bringing blockchain entertainment to the mainstream and realizing borderless joy and fun – together.”
    The company is incorporating blockchain technology into its next games with its first blockchain game on BSC scheduled to launch in March. Digital content and e-commerce business are also to be added to a single entertainment launcher.EMAIL NEWSLETTERJoin to get the flipside of cryptoUpgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.[contact-form-7]
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  • 88 Shares159 Views

    in Economy

    Economics should never waste a good crisis

    Max Planck, the Nobel-prize winning theoretical physicist, had it that “science advances one funeral at a time”. By that he meant that rather than anyone changing their mind — in response to reasonable argument or the presentation of novel data — younger generations with new ideas gradually replaced the older ones with fixed ideas. With a little modification the same principle can be applied to economic theory: it advances one crisis at a time. The failure of policymakers to bring the Great Depression to an end in the 1930s spurred the adoption of Keynesian demand management. Then the Great Inflation of the 1970s led to the adoption of monetarism and its focus on controlling the quantity of money. The 2008 crisis led to a re-evaluation of theories of financial instability and a renewed focus on banking. As recently as this week America’s bout of inflation has sparked discussion about competing theories of its origin.Crises offer opportunities partly because they show how economies react to a source of stress. Social scientists struggle compared with the physical sciences because there is no way of running an experiment on a whole society — you cannot get a research grant to shut down face-to-face economic activity for months at a time and then compare it to another economy that did not receive such a shock. While it has been by no means a controlled experiment, the experience of the pandemic can provide some evidence. There is much to learn, too, from pathology: early neurologists examined people with brain injuries to learn what function was carried out by the damaged part. Similarly seeing what causes recessions shows how economies behave when healthy.The pandemic, of course, was originally a public health crisis rather than an economic one: it was not generated, internally, by the actions of businesses, consumers and policymakers, but externally, by a virus. Still there is much to learn, not least from the inflation that has followed the reopening and the policy response to it. One avenue is the possibility of “multiple equilibria”, an agenda that was being pursued before the shutdowns but looks at how there are different possible steady states for an economy and how it transitions between them — for instance, a low growth, low inflation one and a higher growth, higher inflation one.Perhaps, instead of generating purely new ideas, each crisis leads to a re-evaluation of old ones. Keynesianism had something in common with earlier, previously rejected, mercantilist ideas. The 2008 financial crisis led to a re-evaluation of the work of Hyman Minsky, an oft-ignored American economist who was writing from a Keynesian perspective when the monetarism of the Chicago School held sway. The quantity theory of money, revived by Milton Friedman to become the bedrock of monetarism, was first articulated by the Polish astronomer Nicolaus Copernicus. Some argue the first version was in the Guanzi, a fourth century BCE Chinese text. Crises not only lead to intellectual shifts but also political ones. The failure of a group of scholars helps promote the ideas of a new set while the poor response of one political party can lead to a different group taking over. The progressive supply-side policies advocated by US Treasury secretary Janet Yellen — arguing that economic capacity as well as demand can be reshaped by an activist state — would not have got much of a hearing in Donald Trump’s administration. Perhaps economists should reflect that they, like their subject of study, are prone to cycles, shocks and even scarring. More