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Blow out the light bulb. UK’s 7th largest energy supplier declares itself insolvent – Energy

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Blow out the light bulb.  UK's 7th largest energy supplier declares itself insolvent - Energy

The UK’s seventh largest energy supplier, Bulb, with 1.7 million consumers, today declared itself insolvent due to rising gas prices, starting a process that should include government intervention.

The company said in a statement that it asked to be handed over to “emergency management,” but assured customers that service would continue and rates would remain unchanged.

“The emergency administration is designed to protect the customers of a large energy supplier that has become insolvent,” he explained, adding that “the process of appointing special administrators has not been completed yet, but we hope they will be appointed soon.” Regulator Ofgem confirmed that Bulb “will continue to operate as usual” and that customers “will not experience service disruptions and their bills and rates will remain the same.”

If confirmed, Bulb will be the first company to benefit from an emergency management regime, during which the government provides funding to keep the company running until it is rescued, sold, or customers are transferred to other suppliers.

At the moment, about 20 energy suppliers that went bankrupt this year due to the crisis were small enough for consumers to be justified by a larger competitor.

Avro Energy, with about 580,000 customers, was by far the largest UK energy supplier to go bankrupt.

The rise in gas prices in recent months is the result of a number of factors, including a lack of supply in the UK, increased international demand due to the economic recovery from the pandemic, and reduced supplies from Russia.

“Wholesale prices have risen sharply and remain highly volatile,” said Bulb, which was founded in 2005 and has expanded to France, Spain and Texas in the United States.

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Recently, news of the suspension of the approval process for the Nord Stream 2 pipeline between Russia and Germany has further pushed prices up, further putting pressure on companies in the sector.

There is currently a price limit. [‘price cap’] energy prices imposed by the UK government to avoid unfair tariffs that remain below cost for energy suppliers despite rising 12% on 1 October.

Regulatory authority Ofgem on Friday opened a public consultation and called for “proposals to ensure that the price cap reflects the costs, risks and uncertainties faced by energy suppliers.”

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Economy

Analyst thinks top 10 cryptocurrencies could grow 420% in 2022

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Criptomoeda do Top 10 pode valorizar 420% em 2022, diz analista

XRP is one of analyst Mikael van de Poppe’s top bets for 2022. According to a recent video, van de Poppe estimates the cryptocurrency could rise to 420% next year. Based on the current price ($ 0.83), XRP could hit $ 4.30 at the end of this cycle.

With a 17.39% drop in the past seven days, XRP records one of the worst weekly numbers in the top ten. However, the cryptocurrency is registering a 4.75% gain in the past 24 hours – the largest gain in that period.

An important level of support

At the start of this cycle, van de Poppe is targeting the area between $ 0.81 and $ 0.97. If XRP stays between this level, the first high leverage path will be tracked.

In that sense, XRP will start a strong 140% rally. Thus, about a third of the movement depends on the current area of ​​support and resistance.

“If they’re going to hold back, we’ll probably have a scenario like this (a $ 2 rally) when we start leaving. These are triggers ($ 0.90, $ 1 and $ 1.20), so we get vertical movement, ”the analyst said.

The first bullish target is precisely the $ 2 area. Van de Poppe then uses the Fibonacci extension tool to indicate the next XRP target points. At the first of these points, the target price is $ 2.87, which is 345% higher than the current price.

Finally, the last target based on the Fibonacci extension is the $ 4.33 zone. At this price level, XRP could rise as much as 521%. However, in the most “pessimistic” scenario, the rate should rise by about 4 US dollars, which will eventually lead to an increase of 420% at the end of the cycle.

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“Transient” fall

After filming the video, van de Poppe received several requests from his nearly 600,000 YouTube subscribers. The main one concerns the drop in XRP, the price of which collapsed along with the rest of the market.

In response, van de Poppe recalled that these predictions were made before the crash, but have not changed. According to the analyst, the fall in the market, as well as bearish sentiment in the long term, did not worry him.

“The fear was not that great compared to what happened in May. The feeling is literally comparable to a funeral. I love that, ”he said.

The Market Fear and Greed Index currently stands at 25, indicating “extreme fear,” but it even dropped to 16 (16) on Monday. The increase in the index is in line with the recovery recorded on Tuesday (7), when Bitcoin (BTC) recovered back to the $ 51,000 level.

Read also: BTG Launches Ethereum-Related Fund (ETH)

Read also: Young and pessimistic: research reveals the profile of a Brazilian cryptocurrency investor

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Economy

Rival Cryptocurrency Ethereum Rises 12,000% And Challenges ETH Throne

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Criptomoeda concorrente do Ethereum sobe 12.000% e desafia o trono do ETH

Rival Ethereum (ETH) is making a big leap in the cryptocurrency market after huge profits this year. Crypto assets overcame barriers and made it to the select list of the ten largest crypto assets by market value.

Terra (LUNA), which is a smart contract network focused on stablecoins used for payments in e-commerce and decentralized financial services (DeFi), caught the spotlight last year and challenged the throne of ETH.

LUNA is gaining momentum this year. The cryptocurrency opened in 2021 at $ 0.65 and hit an all-time high of $ 78.37 on December 4. Thus, it grew by more than 11.956%.

With this indicator, Ethereum’s competitor toppled the Dogecoin (DOGE) memcoin and is now the tenth largest crypto asset. Its market value is US $ 25.70 billion.

The appreciation of the currency follows a parabolic rise in the total locked-in value (TVL).

According to DeFiLlama, TVL Terra has grown from $ 53.15 million to $ 13.32 billion. This is an impressive growth of almost 25,000% in less than 12 months.

moon

When it comes to TVL, Terra is the third largest blockchain. It lags behind Ethereum with $ 169.47 billion and Binance Smart Chain with $ 16.88 billion.

To explain this meteorite rise, the analyst cryptocurrencies aka Guy said the demand for stablecoins on the Earth platform is the main catalyst for the cryptocurrency boom.

“These speakers sent LUNA to the moon. And while I noticed a slight adjustment over the weekend, if LUNA grows to $ 75 over the next few days, $ 90 is coming soon, ”he said.

Finally, the analyst noted that with the growing interest in cryptoassets, the demand for stablecoins should increase. As a result, in the coming year, this may contribute to the further development of LUNA.

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Read also: Analyst thinks top 10 cryptocurrencies could grow 420% in 2022

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Economy

Better Real Estate CEO Fires 900 Employees As Part Of Zoom – Observer Teleconference

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Better Real Estate CEO Fires 900 Employees As Part Of Zoom - Observer Teleconference

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If you are participating in this video meeting, then you are part of a fired, hapless group. Your employment will end with immediate effect.“. The announcement was made by Vishal Garg, CEO of real estate company Better, during a Zoom meeting held last Wednesday. days later it was made public… More than 900 employees were dismissed, about 9% of the company’s employees.

This is the second time in my career that I have done this. and I don’t want to do that. The last time I did it I cried“, – admitted Garg in a conversation that lasted about three minutes. V market efficiency, productivity and productivity there were reasons, according to the CEO, that justified the layoffs. However, Fortune, who had access to messages posted on the anonymous platform, showed that Vishal Garg he accused the employees of “stealing” from their colleagues and clients, since they do not work and only work two hours a day.

“The need to be fired is inconvenient, especially at this time of year,” said the head of the finance department. in a statement to CNN Business. “However, a strong balance sheet and a reduced and focused workforce have forced us to attack the radically evolving real estate market,” he said.

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The HR department will now begin the layoff process, the CEO added, explaining in detail to former employees what compensation they would be entitled to.

Anne Frank, Executive President of the UK Chartered Management Institute, highlighted: on BBC that this process could have negative consequences for the future business of Better.

This is a customer oriented business where they try to provide mortgages to people. I’m sure a lot of clients or potential clients think, “Fire, if they treat employees this way, I wonder how they treat clients?” – he explained.

Better hired a lot of staff during the pandemic, and according to the BBC, Garg will tell the team that he admitted he hired “Too many” and “the wrong people” that “crashed” the company, he said.

This isn’t the first time a real estate CEO has been involved in disputes over how he treats workers. In November, Forbes disclosed an email that he himself sent to employees, where he called employees “slow”, accusing them of “shame”

Last week, Better received a $ 750 million (about € 664 million) infusion from SoftBank, a Japanese company and major investor.

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