Business News

This week on Crypto Twitter Another Elon Musk company accepting

This week on Crypto Twitter: Another Elon Musk company accepting Dogecoin and the founders of 3AC could be AWOL – Decrypt

Illustration by Mitchell Preffer for Decrypt

The week was really a mixed bag.

Leading cryptocurrencies have regained lost ground after weeks of across-the-board declines, but on the business side, Vauld and Voyager became the latest crypto lenders to battle bankruptcy after Celsius and BlockFi.

Along those same lines, former leading crypto hedge fund Three Arrows Capital (3AC) recently filed for Chapter 15 bankruptcy, and now the company’s lawyers are unable to locate founders Su Zhu and Kyle Davies, according to that filing.

So, the crypto bailouts have begun, with billionaire Sam Bankman-Fried leading the vanguard. Its exchange FTX extended a $250 million line of credit to struggling crypto lender BlockFi last month. The following day, Alameda Research, another SBF company, extended a $500 million line of credit to Voyager Digital. Two weeks later, FTX reached an agreement to fully acquire BlockFi. Well, Alameda already owed Voyager $377 million, so this was a borrower that had to bail out its lenders.

Binance CEO Changpeng “CZ” Zhao criticized the deal in an interview for Decrypt’s gm podcast. CZ also said he wants to do a few rescues himself: “Some of these are actually good deals. So you will see that we will invest, exit and save several projects.”

Justin Sun from TRON also made it clear that he is available.

Worst. Fracture. je.

Earlier this week, it was revealed that the personal information of more than a billion people had been acquired from a Shanghai police database and offered for 10 bitcoin (worth $202,000 at the time).

According to Bloomberg, the data included everything from names and national ID numbers to cellphone numbers and food orders. And there were timestamps of when the details were recorded.

CZ offered a technical explanation.

rich boys

Billionaire CEOs and crypto HODLers Michael Saylor and Elon Musk both tossed their favorite coins this week. Saylor tweeted about how much value Bitcoin has gained since his company, MicroStrategy, first announced his plan to buy HODL. (He failed to mention that he still hasn’t paid off his investment.)

And CNN Business reported that another of Elon Musk’s companies, The Boring Company, will accept Dogecoin for rides on a new Las Vegas subway system that will allow passengers to travel around the city in Teslas at about 35 miles per hour to drive.

And finally

A major outage of mobile and internet networks across Canada prompted TrustSwap CEO and bitcoin proponent Jeff Kirdeikis to reconsider his favorite cryptocurrency.

Do you want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the Biggest Crypto News + Weekly Roundups & More!

This week on Crypto Twitter: Another Elon Musk company accepting Dogecoin and the founders of 3AC could be AWOL – Decrypt Read More »

The dream has finally come true Stephane Tourigny

“The dream has finally come true” – Stéphane Tourigny

Miguël Tourigny’s family had a dream come true on Friday when the Montreal Canadiens drafted the homegrown Victoriaville defenseman in the 7th round with the 216th pick.

“The feeling of pride is indescribable,” said his father Stéphane Tourigny. We’re just beginning to see it. I was shocked. Montreal is the team I’ve followed since I was young.

The 5-foot-8, 170-pound defenseman was passed over by Bettman League teams for the first two years of his eligibility. The Tourigny family, who own a dairy farm with nearly 700 animals, didn’t travel to Montreal to avoid another disappointment.

Critics motivated Miguël to redouble his zeal, according to the father.

“Due to his size, Miguel always had to work,” he said. It was never easy for him. Ever since he was a peewee, he was told he wasn’t going to get very far in hockey. He’s always worked hard. He has unshakeable confidence. He’s really strong mentally.”

The 20-year-old’s mother, Valérie Desrochers, highlighted her son’s resilience.

“Her determination is her greatest strength,” she said. He has a temper at work. His journey will never be easy. He never gave up […]. We always had hope for him. When we heard his name, the dream finally became a reality.”

“The heart is bigger than the body”

According to those close to him, Miguël Tourigny has everything it takes to stand out despite the pressures in the Montreal market.

“Miguel runs under pressure,” remarked his father. The more important the match, the more he is in the game. He likes challenges. He has a purpose and he wants to show everyone that size doesn’t matter.”

“He still has energy and will continue to surprise you,” he predicted. His heart is bigger than his body. It looks like it has two engines as it never stops on the ice.

In addition to Miguël, who shines with 31 goals and 80 points, the Tourignys had the pleasure of seeing the youngest of the family, Jordan, a 16-year-old defender who wins the President’s Cup and plays an important role in Shawinigan cataracts.

“The two brothers are very close,” said Stéphane. They call each other after every game to give each other advice. What they have given us this year has exceeded our expectations. It was a milestone year for our family.”

Miguël Tourigny is taking part in the Canadian development camp until July 13th.

“The dream has finally come true” – Stéphane Tourigny Read More »

1657485135 Private aviation struggles to get past leaded fuel

Private aviation struggles to get past leaded fuel

GREAT BARRINGTON, Mass. – When American Airlines pilot Kent Wien flies for fun, his routine involves a long detour: a 90-mile round-trip flight from his base in Poughkeepsie, NY, to this Berkshire town, to buy unleaded airplane fuel.

Lead was banned from US gasoline 25 years ago, but it is still found in almost all avgas, the fuel used in many propeller-driven aircraft. Great Barrington’s small airstrip is the only airport in the area that sells an unleaded alternative.

The limited availability of unleaded avgas has made Mr. Wien, who prefers unleaded and drives his sporty two-seater a few times a month, an outlier among pilots. Now, growing opposition from airport neighbors on both coasts could help spur a broader transition away from leaded fuel, which has been on hold for years.

SHARE YOUR THOUGHTS

How can the aerospace industry accelerate the removal of lead from avgas? Join the conversation below.

The fight has already caught up with pilots in the San Francisco Bay Area, where Santa Clara County this year banned the sale of leaded fuel at two small airports. The airport in East Hampton, NY, which is crowded with jet-setters in the summer, has also considered a ban.

If rules like these are rolled out across the country before unleaded fuel becomes more widely available, private flying — known as general aviation — could be severely impacted, according to the Aircraft Owners and Pilots Association, an advocacy group. “General aviation would really struggle if we lost our ecosystem of public airports that deliver fuel,” said its president, Mark Baker.

Greg Spades, a flight instructor at Reid-Hillview Airport in San Jose, Calif., said the Santa Clara ban added hundreds of dollars in costs to some of his company’s instructional hours. Its high-performance aircraft now have to fly to other airports to refuel.

Mr Spades said the rule was onerous and felt like deliberate interference by politicians. “They knew this would have a serious impact on our business,” said Mr. Spades.

Overall avgas consumption has declined over the years, reflecting a broader decline in general aviation flight operations. In the mid-1980s, airports were pumping more than 30,000 barrels of avgas per day. By last year, consumption had dropped to about 12,000 barrels a day, according to the Federal Energy Information Administration. Commercial jet aircraft, such as the Airbus models that Mr. Wien flies at work, use a different unleaded fuel.

Studies have linked leaded gasoline pollution to chronic disease and developmental problems. In the Bay Area, a county-commissioned report found that banning lead in avgas would improve children’s health. For the same reason, the use of lead in automotive gasoline began to fade in the 1970s and was eventually banned in the US by the Clean Air Act in 1996.

“We have made it clear that we do not sell leaded avgas and it is the responsibility of pilots to plan accordingly,” said Sylvia Gallegos, Santa Clara Deputy District Superintendent. She said the county is proud that its ban on leaded fuel has raised awareness nationwide.

Many pilots are also suspicious of leaded fuel. Mr. Wien hates getting his hands on it and believes leaded gasoline is worse for his plane’s engine and the environment. But technical and business challenges have limited the lead-free alternative it uses to a small niche.

Engineers have been working for years to develop an unleaded fuel that burns smoothly in even the most demanding aircraft engines.

Adding lead to fuel increases its octane rating, which can help prevent combustion problems in some engines. Many high performance propeller aircraft require a higher octane formulation.

Two companies, Swift Fuels and General Aviation Modifications Inc., are among those trying to introduce alternatives.

Swift’s 94-octane unleaded Avgas is available at approximately 70 small airports across the country, including fields in California where lead is now banned. Still, that’s a fraction of the more than 5,000 public airports in the US, most of which still only sell leaded avgas.

Further expansion is slow because most airports don’t stock spare tanks for the unleaded product, said Swift CEO Chris D’Acosta. And the fuel doesn’t have a high enough octane rating to replace standard 100-octane avgas for high-performance aircraft.

Mr D’Acosta said the company was working on a 100-octane unleaded fuel that could be ready within three years.

Private aviation struggles to get past leaded fuel

The Great Barrington, Mass. airport is the only one in the area that sells unleaded avgas.

Photo: Matt Grossman/The Wall Street Journal

The Federal Aviation Administration has yet to approve such a product. Earlier this year, the agency launched a partnership with trade groups and fuel manufacturers aimed at what then-FAA Administrator Steve Dickson called a “safe and practical path to unleaded aviation.” The group’s goal is to transition to unleaded fuel by 2030.

Meanwhile, some unleaded fuels can work in some propeller planes. But even where it is available, getting pilots to accept unleaded avgas is a challenge.

On a Saturday morning, Mr Wien had little company as he reached for the unleaded pump at the Great Barrington Airport service station. More recently, some of its flying buddies have made the switch, but buying unleaded lead still requires regulatory paperwork and a scavenger hunt for the few airports that sell it.

Pilot training is another hurdle. Many have been taught that avgas contains lead for a reason, and no one wants to experiment and risk an in-flight engine failure.

“There are a lot of old wives’ tales,” says Mike Busch, mechanic and piston engine expert. “Aviation is remarkable in its resilience to change, particularly on the maintenance side.”

write to Matt Grossman at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

Private aviation struggles to get past leaded fuel Read More »

Cash is flowing into municipal bond ETFs Heres why they

Cash is flowing into municipal bond ETFs. Here’s why they could be winners for investors

Municipal bond funds could have their moment in the sun after a bumpy start to the year for fixed income. According to Strategas Research, the iShares National Muni Bond ETF (MUB) saw the second-highest inflows among U.S. ETFs in the second quarter at $5.4 billion. That was behind only the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), which tracks short-term Treasuries. That continued into the early days of the third quarter, with the iShares fund registering an additional $106.7 million in inflows last week, according to FactSet. Inflows aren’t a perfect measure of investor demand, but the overall trend seems to be toward more conservative areas like municipal bonds, according to Strategas strategist Todd Sohn. “Sector flows have become decidedly defensively skewed, with healthcare and staples generating the largest inflows (combined about +15Bn the category rallied a massive +$32Bn in the first hour. Higher short-term interest rates are an additional boost,” Sohn wrote. The renewed Interest in the fund came after a bumpy start to the year as bond prices are moving inversely with yields, which rose sharply in the first half as the Federal Reserve began reversing its pandemic-era policies The iShares National Muni Bond ETF is down more than 8% year-to-date The Vanguard Tax-Exempt Bond Index Fund (VTEB), which has attracted more than $1 billion in inflows over the past month, is also down 8.6% year-to-date “At times during the first half of the year there was a sense of forced selling taking place in certain parts of the credit markets and I would say that Kommunalanl eihen … was one of the sectors that just looked like a pretty unrelenting amount of selling,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management. A more optimistic second half? There are some reasons to believe that the second half of the year could be better for local authorities. For one, the 10-year Treasury yield is now well below its yearly highs, even after some big intraday jumps late last week. “Rising interest rates should also be less of a drag on performance as we believe most of the rise in yields this year is likely behind us,” said Cooper Howard, a fixed income strategist at Charles Schwab, in a statement. Municipal bonds aren’t likely to post the big gains found in assets like growth stocks, but their tax advantages over private debt can help boost payouts for income-hungry investors. Interest paid by governments on municipal bonds is not subject to federal income tax. The iShares fund’s payout has been about 1.9% over the trailing 12 months, but larger payouts have been made during periods of higher interest rates. As new bond issues are added to the fund’s portfolio, the payout could increase. With yields soaring this year and worries of an economic slowdown widening spreads, high-quality debt, which is slightly riskier than Treasuries, could be a sweet spot for investors. “The municipal side and the high-quality corporate side would both be more attractive than treasuries at the moment,” said Heppenstall. According to Howard von Schwab, this is particularly true for longer-term bonds. “Long-term Munis are more attractive than short-term Munis. Yields relative to government bonds are more attractive for longer-dated munis than for short-dated munis,” Howard said. The two main ETFs offer relatively cheap and easy ways to participate in the market. The iShares fund and the Vanguard fund, which pay out monthly, have an expense ratio of less than 0.1%. There are several other municipal bond ETFs with sizeable assets, including offerings from Nuveen and Invesco.

Cash is flowing into municipal bond ETFs. Here’s why they could be winners for investors Read More »

Labor dispute in Nunavik Raglan Mine makes new offer

Labor dispute in Nunavik: Raglan Mine makes new offer

Raglan Mine, a Glencore company, announced on Sunday that it had made a new offer to the union representing the 630 workers at its Nuvanik mine, with the aim of renewing their collective agreement and ending the industrial dispute.

These workers, members of United Steelworkers Local 9449, have been on strike since May 27. In a press release, Raglan Mine said the offer comes days after the union decided to leave the negotiating table on July 7th.

“We obviously haven’t been able to find an agreement with union officials, but we sincerely hope that this offer can end the industrial action as soon as possible,” said Mine Raglan Vice President Pierre Barrett.

The largest employer in Nunavik believes the offer is competitive.

“[L’offre] is beneficial to all and allows Raglan Mine employees to receive the best working conditions in the industry,” the company said.

Labor dispute in Nunavik: Raglan Mine makes new offer Read More »

American Airlines told passengers to get off the plane after

American Airlines told passengers to get off the plane after the crew timed out

An American Airlines passenger said she had to get off the plane she had just boarded after a five-hour delay because the pilots ran out of flight time.

Sheila Gray had arrived in Charlotte on Saturday after returning from Rome and was trying to get home to Boston.

She told Insider, “All I wanted was to go home to my bed. I had been up for 24 hours at this point and getting out was just the straw that broke the camel’s back.”

While in Charlotte, her flight was delayed several times because “the plane was in a hangar being repaired,” the gate agent told her.

When the plane was ready, just 20 minutes after boarding, the pilot ordered all passengers to get off the plane because “the crew timed out and could not fly.”

Gray added, “People were angry and yelling at the gate agents. An angry gentleman in the gate area was later escorted off the plane after we reboarded. I didn’t hear him cause a commotion on the plane, but I saw him after we were taken off the plane.”

Replacement pilots were found and the original cabin turned out to be airworthy too.

Gray shared text messages from the airline showing how many times her flight was delayed.

She stressed that “the gate agents and flight attendants were wonderful” but everyone was furious with the pilot “because he certainly knew he was about to board – he still let us on board.”

Gray, her husband, and their two daughters often fly American Airlines, but this wasn’t her first bad experience. Last month, the family missed a connecting flight from Philadelphia to Boston when their flight from Paris was delayed.

The summer chaos continues to affect the travel plans of many passengers. Thousands of flights have been canceled and airlines are struggling to meet demand as baggage piles up in some terminals.

American Airlines did not immediately respond to Insider’s request for comment.

American Airlines told passengers to get off the plane after the crew timed out Read More »

Portugal hit by heatwave and wildfires

Portugal hit by heatwave and wildfires

Up to 2,800 firefighters were mobilized on Sunday to try to put out a spate of wildfires ravaging Portugal, where searing temperatures prompted the government to step up mobilization for relief efforts by decreing a “state of emergency”.

• Also read: Horne Foundry: Similarities to the Norton Factory

• Also read: Tornado Alert: A severe thunderstorm hit Alberta on Thursday

The largest outbreak has been raging in the Ourém region (centre) since Thursday and mobilized almost 700 firefighters alone.

“The fire arrived 50 meters from the last house in the village (…). Everything is burned there,” Donzilia Marques told AFP, pointing to the hills between her hamlet of Travessa de Almogadel and the town of Freixianda.

The 76-year-old pensioner, who had been evacuated from her home the night before, was able to return there on Sunday morning and was relieved to find no house there had been damaged.

But the fire, which according to an initial estimate would have devastated at least 1,500 hectares of vegetation, destroyed at least two homes, according to emergency services, who reported further temporary evacuations from villages threatened by the blazes.

Another fire, which mobilized 450 firefighters, has been raging a few kilometers away since Friday after reporting in the municipality of Pombal, also at the confluence of the districts of Leiria and Santarém.

The fires of the last few days have caused around forty minor injuries to firefighters and the population, but most of the victims were treated at the scene for symptoms of poisoning or exhaustion, according to a report by the country’s civil defense commander, Andre Fernandes, presented on Sunday evening.

“Extreme Weather Summit”

For the third day in a row, peacekeepers have had to deal with more than a hundred arson fires across the country while “the peak of extreme weather” is yet to come, stressed Mr Fernandes.

The thermometers have already reached 44 degrees Celsius in places and the Portuguese Meteorological Institute expects temperatures to continue to rise until the middle of next week.

After this “high-risk” weekend, the Portuguese government has decided to declare a “state of emergency” between Monday and Friday, according to Prime Minister Antonio Costa, who canceled a trip to Mozambique to monitor the situation as closely as possible. to increase the mobilization of the emergency services and the restrictions they can impose.

Lisbon has also called on the European Union to activate its joint civil protection mechanism and secure the deployment of two sea bomber planes based in Spain.

While Interior Minister José Luis Carneiro said Portugal was facing the “worst combination of factors” since the June and October 2017 fires that killed more than a hundred people, President Marcelo Rebelo de Sousa argued that the level of emergency preparedness “is not be comparable”.

The fires, which are proliferating around the world, are linked to various phenomena that scientists are anticipating due to global warming. The rise in temperature, the multiplication of heat waves and the local decrease in precipitation are an ideal combination for the development of fires.

Portugal hit by heatwave and wildfires Read More »

Bitcoin Sees Best Weekly Gains in 3 Months as BTC

Bitcoin Sees Best Weekly Gains in 3 Months as BTC Price Plunges Below $21,000

Bitcoin (BTC) hit three-day lows until the weekly close on July 10, when $21,000 gave way as short-term support.

Bitcoin Sees Best Weekly Gains in 3 Months as BTCBTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Traders see bullish divergences between markets

Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD gave up some of its gains from earlier in the week while still attempting to cap its best weekly gains since March.

The pair is circling $20,850 at the time of writing, around $1,600 below the 200-week moving average’s weekly high.

Although the breakout did not continue, Bitcoin gave some commentators grounds for cautious optimism ahead of the start of the new week.

“Markets are showing bullish divergences on higher timeframes and sentiment is the same as a funeral,” said Cointelegraph contributor Michaël van de Poppe summarized.

“A recipe for reversal is there, and it can accelerate pretty quickly. Invest when nobody cares. Sell ​​if everyone is interested.”

Popular trader Crypto Tony, meanwhile, had the idea of ​​a new sideways phase occurring before a deeper drop, something he envisioned would “drive everyone crazy.”

Macroeconomic conditions remained uncertain, with the upheaval in Sri Lanka adding to a sense of nervousness generated by the shared global theme of the energy, food and financial crises.

Attention focused on the US Dollar Index (DXY), which ended the week back on support after hitting new highs not seen in twenty years.

1657481647 584 Bitcoin Sees Best Weekly Gains in 3 Months as BTCUS Dollar Index (DXY) 1 hour candlestick chart. Source: TradingView

The risk reserve reaches all-time lows

Meanwhile, those looking for a golden buying opportunity in BTC got a key new signal from the reserve risk indicator.

Related: Bitcoin ‘cheap’ at $20,000 as BTC price-to-wallet ratio mimics 2013

As written down by commentator Murad over the weekend, Reserve Risk, which shows the long-term sentiment of holders, hit an all-time low at July prices.

“Either this indicator has broken or we are in the high timeframe zone,” he said in a portion of the Twitter comments alongside data from on-chain analytics firm Glassnode.

“I tend towards the latter.”

1657481648 606 Bitcoin Sees Best Weekly Gains in 3 Months as BTCBcoin Risk Reserve vs. BTC/USD chart. Source: @MustStopMurad/ Twitter

Reserve risk, like Cointelegraph reportedRediscovered its green “buy” zone since March, which corresponds to optimal opportunities to invest with “outsized returns”.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

Bitcoin Sees Best Weekly Gains in 3 Months as BTC Price Plunges Below $21,000 Read More »