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After the crash, Binance resumes trading Terra (LUNA) and TerraUSD (UST); understand what led to the suspension

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After the crash, Binance resumes trading Terra (LUNA) and TerraUSD (UST);  understand what led to the suspension

BUT Binancelargest exchange cryptocurrencies peace, negotiations resumed Earth (MOON) yes stablecoin TerraUSD (UST) – which was suspended this Friday (13) after a sharp drop in the weekwhen prices hit almost zero.

Previously, Binance CEO Changpeng Zhao defended the suspension as “the best way to protect users.” [da plataforma] not the time.”

He even stated that he was “very disappointed with the way the Terra team handled the UST/LUNA incident.”

Loss of almost all value

Terra (LUNA) has lost almost all of its market value over the last week after a general market downturn. Alone, the cryptocurrency turned to dust with a drop of more than 90% in 24 hours.

The devaluation of LUNA and the suspension of trading were the result of a failure of the Terra protocol associated with the stablecoin TerraUSD, which led to a sharp drop in prices.

Earth (LUNA): from success to disaster

Terra (LUNA) has been surprising the market since December 2021 when it overtook Avalanche (AVAX) and Dogecoin (DOGE).

To become the main means of payment in the digital environment, Terra consists of a basket of fiat currencies such as the dollar, euro and yuan.

But, like the failure of the protocol of this cryptocurrency, all success went down the drain. The interruption of trading on the world’s largest exchange this Friday (13) meant that no transactions in UST, LUNA or other cryptocurrencies from the Terra Network, the project’s integrated ecosystem, could be sold. With the resumption, negotiations are returning to normal.

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Bitcoin (BTC) and other cryptocurrencies are recovering

The Terra Network crisis continues, but other cryptocurrencies in the market manage to bounce back from the losses of the week, such as Bitcoin (BTC), which remains above $30,000.

Ethereum (ETH) also rode the truce in the cryptocurrency market and returned to the $2k mark, working with a high of more than 5%.

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Economy

Pilots offer TAP the same logic of fleet renewal to restore working conditions – Breaking News

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Pilots offer TAP the same logic of fleet renewal to restore working conditions - Breaking News

In a statement sent to members, to which Lusa had access, the Civil Aviation Pilots Union (SPAC) cites the adage “Caesar’s wife is not enough to be serious, she must look serious” to criticize the TAP option.

“Following the justification rationale from those who choose to purchase cars during this very challenging time, which is based on miraculous savings, we offer the same “spend more to save” logic to restore dignity. workers,” the union said in a statement.

This is the news, reported by TVI/CNN Portugal and Away portal, that TAP has ordered a new fleet of BMW cars for administration and managers, replacing Peugeot cars.

In the memo, SPAC emphasizes that “while some are undergoing brutal pay cuts, while layoffs are still ongoing and quality of life depends on others, at the same time, the fleet of leadership positions is being revamped.” arguing that “the existence of social justice is indispensable for the existence of social justice.”

In this context, he believes that the “new attitude” to “expenses” should affect pilots when working conditions are restored.

“If this does not happen, we will be very surprised and will be forced to believe in the hypothesis that the TAP administration either does not want to use financial surpluses to fairly replace the working conditions of workers, or there is no financial surplus and this renewal of the fleet was paid for by reducing the wages of workers,” the statement says.

TAP claims that the renewal of the fleet for the administration and managers saves 630 thousand euros annually, justifying that the decision was based on this consideration while respecting the contracts.

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“The Board wishes to clarify that TAP has a corporate fleet for administration and directors, which is in an operational ‘lease’ mode. With the option we have made, we are saving up to 630,000 euros annually if we kept the cars we have today,” TAP said in an internal statement, which Lusa had access to.

TAP justifies this by saying that 50 vehicles were at stake, for which a tender was held for the market, and six organizations were invited to participate in the Portuguese market.

“The offer with the lowest price has been selected, with a monthly income of 500 euros. For reference, other offers submitted by TAP with a more competitive cost included a monthly rent of 750 euros,” the company’s executive committee explained in a statement.

Also today, the National Union of Civil Aviation Flight Personnel (SNPVAC) said in a statement that Lusa had access to that the TAP fleet renewal causes “a lot of shame on the part of others”, given that if it is not a sign of willingness to raise crew salaries, it is “shameful » a management act.

The President of the Republic, Marcelo Rebelo de Sousa, also reacted to the news today, pointing out to the Portuguese airline a “problem of common sense”.

“I have already spoken about several public organizations in the past, about the distribution of dividends and about wages, and I understand that when you are in a difficult period, efforts must be made to set an example of containment,” Marcelo Rebelo de Sousa defended.

According to the President of the Republic, it is understandable that companies bear the costs, but he defended the need to “have common sense” when the country and the world are going through a “difficult period.”

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Economy

From taxes to wages. Six CMVM Proposals to Encourage Savings – Markets

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From taxes to wages.  Six CMVM Proposals to Encourage Savings - Markets

Taxation plays a central role in encouraging long-term savings. This is the conclusion of a study by the Securities Market Commission (CMVM) on the subject, which identifies six main measures highlighting the importance of encouraging the savings of Portuguese families who reduced and mostly stored in warehouses.

“Long-term saving plays a fundamental role in improving the financial security and well-being of individuals and families, as well as in financing companies and the economy as a whole. It is very difficult and often difficult, especially for families,” points out from a document published in World Investor Week.

That is why states encourage and support the formation of these savings, namely through tax incentives. Portugal is already including some of these exemptions in its tax system, but the regulator believes more are needed. Here are six measures:

1. Favorable taxation for the new “European NDP”.

The Pan-European Reform Product (PEPP), which came into force in March 2022 national regulation was promised government by the end of this year – is the goal of the first recommendation. The CMVM calls for the creation of a PEPP tax regime “in line with the government capitalization regime”.

This equalization will mean tax deductions for PEPP subscribers, tax exemption for PEPP investment portfolios, and more tax-friendly treatment of payments made by PEPP to its subscribers when they subsequently gain access to benefits.

2. European investment funds

With regard to European products, the CMVM is also considering European Union long-term investment funds (ELTIF), requiring that the tax treatment for collective investment bodies apply to both this product and credit funds, allowing their holders to benefit. from tax deferral on redemption or reimbursement in case of reinvestment.

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3. PPR style savings accounts

CMVM’s second proposal is to create individual retirement savings plans or accounts that are eligible for the Savings and Retirement Plan (PPR) regime. In other words, these would be accounts in which depositors could place their savings up to a certain amount, as well as buy and transact financial instruments on them.

4. Reformulation of the IRS collection

A reformulation and increase in the IRS collection deduction applied to long-term retirement savings products (depending on the various ways this can be done) is seen as necessary to encourage long-term savings.

5. Reinvestment of capital in deferred tax funds

Postponing the taxation of redemption or reimbursement of investment funds in case of reinvestment is also one of the measures. In the case of transfers between funds, the relevant taxation will only take place when the investor leaves the investment fund circuit and at rates that are all the more favorable the longer the investment in this circuit remains stable.

6. “Pair contributions”

In addition to taxes, CMVM also proposes the creation of programs to encourage long-term savings by establishing upfront commitments between companies and workers to save on future wage increases. According to the watchdog, these “coincident contributions” would allow deferral of repayments or refunds of taxes in the event of a reinvestment.

“Saving to achieve specific long-term goals allows families to increase their own funds to meet these expenses, reduce credit use, monthly efforts of families associated with a reduction in credit and the risk of default for the financial sector. “, he emphasizes.

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CMVM adds that the application of long-term savings in financial instruments tends to be advantageous because the return on savings applied to them tends to be higher than the return on other financial products such as bank deposits.

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Economy

Red tide in Europe. Eurozone interest rates worsen – markets in a minute

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Red tide in Europe.  Eurozone interest rates worsen – markets in a minute

Natural gas extends losses after Gazprom’s supplies to Italy resume. Oil maintains uptrend

Oil has benefited from a price rally as investors anticipated the biggest cut in oil production adopted by OPEC+ since 2020.

The group will cut capacity by two million barrels a day, more than double what was originally envisaged, and the cut will help balance oil prices at a time when the global economy is expected to slow down.

“A cut of two million barrels a day shows how aggressive they want to be on prices,” said Vishnu Varatan, Asia head of economics and strategy at Mizuho Bank.

In response, West Texas Intermediate (WTI), traded in New York, has risen 9% over the past two sessions to break $86 a barrel. By 08:00 Lisbon time, WTI was at the waterline, adding a very small 0.03% to $86.55.

Brent crude, traded in London and a benchmark for the European market, rose 0.17% to $91.96 per barrel.

In turn, natural gas (TTF) prices, which reached July lows yesterday in the Amsterdam market, continued to decline this morning, falling by 1.2% to 160 euros per megawatt-hour.

Raw materials continued to fall after Gazprom announced this Wednesday that it would resume gas supplies to Italy. The Russian company “together with Italian buyers managed to find a solution” after the September regulatory changes in Austria, which made it difficult to supply gas to Italy, Gazprom said in Telegram.

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