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Cryptocurrency ″Bank″ Celsius Network declares bankruptcy

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Cryptocurrency ″Bank″ Celsius Network declares bankruptcy

Cryptocurrency trading and lending platform Celsius Network has filed for bankruptcy in the US a month after suspending transfers and withdrawals.

In a statement released on Wednesday, Celsius said it has assets and debts ranging from $1 billion (€10 billion) to $10 billion (€10 billion) due to the high volatility of cryptocurrencies.

Celsius, based in New Jersey, USA, admitted that it only has $167 million (€167 million) of liquidity to cover restructuring costs aimed at stabilizing the business and resuming normal operations.

Celsius offers interest-bearing products to clients who deposit cryptocurrencies into the platform and then lend digital assets to earn a profit.

The platform has over 1.7 million customers to whom it has paid out revenue that exceeds over 19% on some accounts.

On June 12, Celsius announced it was suspending all withdrawals and transfers between accounts in order to “meet withdrawal obligations in the long term,” citing “extreme market conditions.”

This is the second major crash in the cryptocurrency space in less than three months. The Terra cryptocurrency crashed in early May, causing fortunes to vanish in a matter of hours. So-called stable cryptocurrencies, as Earth was thought to be, were considered relatively safe as they had to be backed by hard assets such as coins or gold.

Like Earth, the Celsius platform represented a safe investment, in this case for cryptocurrency holders to deposit funds.

The cryptocurrency market, which reached all-time highs during the pandemic, has entered a recession this year. One of the most popular, bitcoin, closed the first half of the year with a loss of 72% of its value since November.

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Economy

Debt collected by Social Security to reach lowest in a decade in 2021 – ECO

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Debt collected by Social Security to reach lowest in a decade in 2021 - ECO





Debt collected by Social Security to reach lowest in a decade in 2021 – ECO































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Economy

TUGA offers new electric vehicles in three segments: from sports to trucks – Computers

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TUGA offers new electric vehicles in three segments: from sports to trucks - Computers

Based in Vancouver, Canada but co-founded by Portuguese Cesar Barbosa, TUGA Innovations is developing solutions for urban mobility. AT February showed its first working prototype of the TUGA electric car, but has now revealed its plans to develop a whole family of urban mobility solutions.whether for use by independent consumers or for operators with a fleet of commercial models.

The company says that based on market research, it has decided to change its strategy, highlighting TUGA Innovations’ ability to easily transform the functional design aspects of its base model. So it’s over several predefined vehicle configurations which, although sharing a few common design featurestarget different uses and customer needs, whether it is a focus on mobility, services or utilities.

TUGA Innovations offers three vehicle categories as well as proprietary component options such as retractable rear axle or retractable landing gear, which the company later says will be segmented to suit different market sectors..

See the various TUGA models in the gallery:

The first category is dedicated limited-edition high-performance cars that can transformsuch as removing the front windshield and rear bin to create the look of a roadster. They fit the TUGA Thunder and TUGA Falcon models.

The second group of vehicles includes TUGA Commuter and TUGA Deliver, which, in fact, are demonstration models of the manufacturer. They allow you to swap body parts that have now been redone with more safety components added.. Vehicles can also be purchased in a package called Mobility as a Service (MaaS) for functional integration into delivery fleets as well as daily commuting.

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Finally, the TUGA Cargo and TUGA Pickup models. expand your chassis to meet the needs of urban micrologistics. The vehicles have a capacity of 600 liters of cargo space in an 88 cm long model, combined with an extended 128 cm rear axle for added stability.

See prototype images in the gallery:

Regardless of category, the startup claims its entire family of vehicles has been designed to make transit and parking easier.. The retractable axle improves stability at high speeds, and the retractable chassis allows passengers to easily get inside the vehicle.

According to Cesar Barbosa, his startup creates not just a vehicle, but a solution to the problems of urban mobility. The project manager adds that since the presentation of the prototype, the family has expanded to offer different products and other features of its electric vehicles..

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Economy

Gas. Bottle sellers adjust prices

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Gás. Vendedores de garrafas corrigem preços

















Gas bottle sellers have adjusted prices that are not in line with government regulations limiting those values, said the National Energy Sector Organization (ENSE), which returned yesterday to review activity.

After conducting the first inspection on Tuesday, which found “high non-compliance” in 23.4% of outlets, the organization again carried out “108 inspection actions in Castelo Branco, Portalegre, Santarem, Evora and, in the municipalities of Cascais, Oeiras and Sintra in the Lisbon area, focusing on petrol stations, hypermarkets/supermarkets and other retail outlets.”

During this second check, ENSE found “seven violations (corresponding to 6.5% of the actions taken) in the selling prices (from 0.36 euros to 3.39 euros for T3 bottles and 6.92 euros for T5 bottles) of this type of product.” But he left a guarantee: “Of these actions, it was established mainly the correction of inappropriate prices, namely in relation to inflated amounts charged in several hypermarkets of the same brand.”

The maximum prices per bottle of liquefied petroleum gas (LPG) set by the government came into effect on Tuesday, saving almost 3.2 euros on a 13 kilograms (kg) bottle of butane.



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