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Crypto market crash: “F#di with all this…” says FTX CEO



Colapso no mercado nas criptomoedas: F#di com isto tudo... diz CEO da FTX

The world of crypto assets is not at all favorable. In fact, billionaire Bill Gates, founder of Microsoft, mentioned this Wednesday that the value of cryptocurrencies and NFTs is based “100% on The Biggest Idiot Theory.” To reinforce this idea, the market received another blow in the form of the collapse of one of the largest cryptocurrency exchanges, FTX.

To fill the eight billion euro hole, CEO Sam Bankman-Fried took to Twitter to apologize to customers and investors for the hole that left the crypto market in free fall and wiped out more than $200,000 million in digital asset value. .

Cryptocurrencies are based on the "100% Biggest Idiot Theory".

The cryptocurrency market is in crisis and distrust is causing many investors to increase their level of caution. Added to these "danger signs" are statements such as that of Bill Gates, who, at a conference hosted by the TechCrunch website, the Microsoft founder said that "This kind [cripto] assets are 100% based on The Biggest Idiot Theorythat someone will pay more for it than me,” to which he adds, “and with that comes anonymity when you avoid taxes, government regulations… I don’t participate in any of that.”

Signs of concern intensified after one of the largest digital currency exchanges, FTX entering a liquidity crunch prompted it to seek help from competitor Binance.🇧🇷 At first, this platform recognized the purchase of FTX, but eventually refused. The scenario further exacerbated the crisis in this segment.

“Sorry. It is most important. I screwed up and I should have done better." | Diss Sam Bankman-Fried, FTX CEO

FTX collapses and shakes the world of cryptocurrencies

Over the past few hours, crypto investors have again seen clear signs of high volatility in the cryptocurrency market. O The value of several digital currencies, including bitcoin, has fallen significantly in recent days due to the flight of customers from FTX, one of the world's largest exchanges for buying, selling and holding these currencies.

As echoed around the world, earlier this week the Bahamian company turned to its rival Binance for help after it received a surge in withdrawals from the exchange and caused a liquidity crunch. Initially, the competitor accepted the offer, but changed his mind this Wednesday.

According to the Wall Street Journal, citing a Binance statement, CZ says that:

We hoped we could support FTX clients to ensure liquidity, but the issues are beyond our control and beyond our ability to help.

CoinDesk, a source at Binance, explains that it pulled out of the deal due to news that FTX may have misused customer funds, as well as US regulatory investigations.

As can be read on Twitter, as a result of due diligence, as well as the latest news of misplaced customer funds and alleged investigations by US agencies, Binance has decided it will not proceed with the potential acquisition.

Another cryptocurrency shake-up

In this scenario, the market was shaken up again and sent bitcoin to its lowest level in two years🇧🇷 The cost was about 16 thousand dollars. The FTX currency - FTT - lost half of its value this Wednesday.

It is a fact that cryptocurrencies have been in decline for some time now. However, the problems with FTX were more like wasted points.

The collapse of the cryptocurrency after the collapse of FTX

The case involves several situations that are yet to be clarified. The collapse of digital currency trading platform FTX has prompted U.S. authorities to investigate the company for possible violations of securities regulations, and analysts foresee further problems for this market.

In the aftermath of the crash, CEO Sam Bankman-Fried took to Twitter to apologize to customers and investors for the alleged $8 billion shortfall.

I'm sorry. This is the main thing. F# handled it all and should have done better.

Sam Bankman-Fried said.

The CEO ensures that the money is safe and that he is trying to resolve the situation, but sources contacted by Britain's Financial Times note that FTX needs $8 billion (€7.8 billion at current exchange rates) to resolve the liquidity crisis.

These problems have taken investors by surprise. This is because of by early 2022, the exchange was valued at $32 billion.after raising US$400 million in a funding round - Japanese tech giant Softbank was among the investors.

Bankman-Fried has reportedly met frequently with US lawmakers to discuss the future of cryptocurrencies; at technology summits, the chief shared the stage with politicians such as Bill Clinton and Tony Blair.

However, last week began to appear the first alarming signals. It all happened when a news article was published in an online magazine about cryptocurrencies. CoinDesk, warned that the balance of Alameda Research, a subsidiary of FTX, mainly consists of the FTT cryptocurrency. It is the official currency of FTX and its holders receive a discount when using the platform. This means that the FTX exchange service, Alameda, relied on a currency invented by a subsidiary.

This eroded confidence and caused many Alameda and FTX users to withdraw their funds from the platforms. Over time, exits from the service sector spread, resulting in a liquidity crisis.

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Inflation Forces Government to Adjust Pension Increases – Social Security



Inflation Forces Government to Adjust Pension Increases - Social Security

The government has abandoned its pension boost formula, which would have resulted in more than 8% for the vast majority of pensioners, but in light of the commitments it has made, it will have to revise legislation providing that most pensions (up to about 960 euros) rose by 4.43% in January..

The executive branch said that the amount of half of the pension paid in October (corresponding to 3.57% of the annual pension amount), added to the increases determined for January, ensures that pensioners do not live to the end of next year with less liquidity. they would be if the formula (although they have been losing money since 2024).

It turns out that the legislation takes into account not only the dynamics of GDP over the past two years, but also the average inflation, excluding housing, recorded in November, and both of them exceed expectations at the time of the calculations in September.

Latest GDP estimates (confirmed today) indicate an average growth of 4.78%, above the 4.5% considered by the Government. And average non-housing inflation in November was 7.46%, according to the INE’s first estimate, above the 7.1% considered by the executive.

This means that, mainly due to inflation, in the case of the lowest pensions, it may be necessary to add four or five tenths to the government’s forecast of 4.43%, thus bringing the nominal growth in January closer to 4.8%. or 4.9%. The values ​​are not exact, since it is enough to round the average GDP to tenths or hundredths for the output to change slightly. Pension increase at the first pillar yes, round to tenths.

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This is due to the fact that in a normal situation, with growth above 3%, updating pensions to IFRS 2 would correspond to 20% of average GDP (0.96 points) plus the value of the average CPI excluding housing in November (7.46 points), but the Government now removes the amount of the emergency supplement corresponding to the half board already paid in October (3.57 points).

In the case of a pension of 500 euros, for example, an increase of approximately 24.2 euros will be applied. The difference guaranteed by the correction compared to what the government has already announced is 2.7 euros per month.

Similarly, pensions between IAS 6 and 12 could increase by four tenths (in addition to the 4% forecast, to 4.49%) and then, to IAS 12, by 3.5 tenths (to 3.89).

Nothing will prevent the executive branch, which has the majority, from amending its own law. At the proposal of the PS, an amendment to the Law on the State Budget for 2023 was approved, which authorizes the Government to make corrections by its decree.

Negosios has reached out to the Ministry of Labor and Social Security (MTSSS) for comment and is awaiting a response.

The Social Assistance Index (IAS) will also rise

Although it was announced that the Social Assistance Index (IAS) would rise by 8% next year, the government has not repealed the law which stipulates that this index, on which a number of social benefits depend, is calculated in the same way as the first pillar. pensions: 20% of GDP plus average inflation in the absence of housing at the end of the year (confirmed, this will be November).

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The Department of Labor has already assured Business that it will also update IAS to comply with the legal terms. Thus, if the current figures are confirmed, this figure could increase by about 8.4% instead of the declared 8% to 481.09 euros in 2023.

The IAS depends, for example, on the minimum and maximum amount of the unemployment subsidy, the amount of the social unemployment subsidy and the updated levels of various benefits, including pensions. This should also depend on the RSI value, a legal rule that has been forgotten in recent years.

The news was last updated at 12:49 pm with estimates slightly adjusted for a new average calculated from today’s GDP data. The IAS value has been adjusted to EUR 481.09.

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Waterline of Wall Street and Europe with news from China – Markets in a Minute



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

Euribor climbs three and six months to new highs in almost 14 years

Euribor rates rose today to new highs since the beginning of 2009 in three and six months and remained at the level of 12 months, but also at the maximum level.

The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose today to 2.442% plus 0.006 points, a new high since January 2009.

The six-month average Euribor rose from 1.596% in September to 1.997% in October.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, also rose today, setting a new high since February 2009 at 1.984% plus 0.030 points.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 1.011% in September to 1.428% in October.

For 12 months, Euribor has not changed today as it was once again set at 2.892%, the same value as on Monday and the highest since January 2009.

After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The average Euribor rate for 12 months increased from 2.233% in September to 2.629% in October.

Euribor began to rise more significantly from February 4, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the start of the Invasion of Ukraine on February 24.

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On October 27, to curb inflation, the ECB raised three key interest rates by 75 basis points, the third consecutive increase this year, after raising three interest rates by 50 basis points on July 21. growth after 11 years, and on September 8 by 75 basis points.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor rates are set at the average rate at which a group of 57 eurozone banks are willing to lend money to each other in the interbank market.


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OBSERVATION | Mercadona opens store in Alverca and recruits staff



OBSERVATION |  Mercadona opens store in Alverca and recruits staff

Supermarket company Mercadona is set to open a new store in Alverca do Ribatejo next year and is recruiting 65 full-time and part-time employees.

The company said in a statement that the job offer already reflects the salary update that the company will apply from January 2023, which will see the starting salary of its employees in Portugal at €12,410 per year. Mercadona promises employees a salary increase with an annual increase of 11 percent, which allows them to achieve a monthly salary of 1414 euros gross (including twelfths) for a maximum of 4 years of service. In addition, employees also receive an annual goal-based bonus, which corresponds to an additional salary in the first 4 years and two additional earnings in subsequent years.

“Mercadona continues to focus on job creation and for this reason the new offerings support the drive to build a team focused on excellence and service, highly motivated and aligned with the company’s vision. To this end, in addition to an attractive salary and a permanent contract from day one, Mercadona offers its employees the opportunity to develop within the company.

Mercadona has a differentiated HR policy that focuses on career building, salary growth, equity and internal promotion, “which is one of the main ways to evaluate and create development opportunities.”

Those interested in applying can do so on the Mercadona website under the Jobs section. The company opened its first supermarket on July 2, 2019 in Canidelo, Vila Nova de Gaia and currently has 38 stores in the areas of Porto, Braga, Aveiro, Viana do Castelo, Setubal, Santarem, Viseu and Leiria. In 2021, it achieved sales of 415 million euros and paid 62 million euros in taxes through the Portuguese company Irmãdona Supermercados, based in Vila Nova de Gaia. The year ended with a team of 2,500 employees and an investment in Portugal of 110 million euros. In order to share with the community a part of what it receives, in total Mercadona has already donated 670 tons of basic food in the first half of 2022 through its stores in Portugal.

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“These donations, which are equivalent to more than 11,000 carts, were for more than 30 social canteens, five food banks and other social institutions,” the company explains.

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