Grayscale Is Now Buying 1.5 Times the Amount of Bitcoin Being Mined By Cointelegraph



Grayscale Is Now Buying 1.5 Times the Amount of Bitcoin Being Mined

Crypto fund manager Grayscale Investments is accumulating at a rate equivalent to 150% of the new coins created by miners since the May 11 block reward halving.

According to data published by independent crypto researcher Kevin Rooke, Grayscale has added 18,910 BTC to its Bitcoin Investment Trust since the halving, while only 12,337 Bitcoins have been mined since May 11.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Amtrak needs $1.5 billion bailout, prepares to cut up to 20% of workforce


WASHINGTON (Reuters) – U.S. passenger railroad service Amtrak said on Tuesday it needs a further $1.475 billion bailout and disclosed plans to cut its workforce by up to 20% in the coming budget year.

FILE PHOTO: An Amtrak passenger train sits in New York City’s Pennsylvania Station, U.S. April 27, 2017. REUTERS/Mike Segar

Amtrak said it also plans to reduce its operating costs by approximately $500 million.

The company, which has been devastated by the coronavirus pandemic, in April received $1 billion in emergency funding from Congress.

Ridership and revenue levels are down 95% or more year-over-year since the pandemic began, Amtrak said.

“It is clear we have no choice but to reduce our overhead structure to better align our costs with our revenues,” CEO Bill Flynn told employees Tuesday in a memo seen by Reuters.

“This reduction is necessary to ensure we have a sustainable Amtrak that can continue to make critical investments in our core and long-term growth strategies, while also keeping safety as our top priority.”

Without the additional emergency funding, Amtrak said it would need to suspend some long-distance routes, and that others would operate on a thinned-down schedule. It would also need to greatly reduce its high-speed Acela service.

Amtrak said it now expects the massive travel demand fall-off due to the pandemic to result in a full year 50% reduction in system-wide revenue. It expects passenger demand will fall from 32 million in 2019 to 16 million in the 2021 budget year.

House Transportation Committee chairman Peter DeFazio said Congress “must make sure that Amtrak, its states and commuter rail partners, and the Amtrak workforce get the support they need.”

Even with new funding from Congress, Amtrak still plans to extend some service cuts.

Amtrak projects revenue to fall by $1.6 billion and to run a $1.4 billion loss after it nearly broke even last year.

The $1.475 billion request, for the fiscal year that begins Oct. 1, is in addition to an annual $2 billion in support it has been receiving from Congress in recent years.

Reporting by David Shepardson; Editing by Bernadette Baum and Rosalba O’Brien



Source link

Rolls-Royce considering cutting up to 15% of its workforce: source


FILE PHOTO: An Airbus A350 is pictured with a Rolls-Royce logo at the Airbus headquarters in Toulouse, France December 4, 2014. REUTERS/ Regis Duvignau

(Reuters) – British aero-engine maker Rolls-Royce Holdings Plc (RR.L) is considering cutting up to 15% of its workforce, a source close to the company told Reuters, with its customers cutting production and airlines parking planes due to the coronavirus pandemic.

The size of layoffs has been mentioned internally by senior management but is by no means finalised, and there is a lot of negotiation still to be done, the source added.

The company’s engines power Airbus (AIR.PA) and Boeing’s (BA.N) widebody jets and it is paid by airlines based on how many hours its engines fly.

The Financial Times earlier reported that the company was preparing to lay off up to 8,000 of its 52,000-strong workforce.

An announcement on the final figure is not expected before the end of May, when Rolls-Royce will update employees, the FT report added. (on.ft.com/2VSaQfD)

Last month, Rolls-Royce scrapped its targets and final dividend to shore up its finances and cope up with the pandemic.

The company’s chief executive officer, Warren East, had said that Rolls-Royce would be looking at cutting its cash expenditure, including salary costs across its global workforce by at least 10% this year.

Reporting by Maria Ponnezhath in Bengaluru; Editing by Vinay Dwivedi



Source link

Seven U.S. states extend coronavirus shutdown to May 15, as Trump prepares to map out plan By Reuters


© Reuters. U.S. President Trump leads daily coronavirus response briefing at the White House in Washington

By Maria Caspani and Susan Heavey

NEW YORK (Reuters) – Seven Northeastern states on Thursday extended a shutdown to contain the coronavirus pandemic until May 15, even as President Donald Trump prepared to detail his plan to end the lockdown in the least-affected U.S. states as early as May 1.

Governor Andrew Cuomo extended his stay-at-home order by another two weeks despite a downward trend in key metrics such as hospitalizations that pointed to a stabilization in the outbreak in New York state. He said he was extending the restrictions on business and social life in coordination with six neighboring states that agreed to take a regional approach to reopening.

Last week, Los Angeles extended its restrictions to May 15, and the District of Columbia did the same on Wednesday.

“What happens after that, I don’t know – we will see, depending on what the data says,” Cuomo, whose state is the hardest hit in the United States, told a news briefing.

Later on Thursday, Trump was expected to detail his strategy to begin reopening the devastated U.S. economy by May 1, despite concerns from health experts, governors and business leaders about the dangers of lifting restrictions without widespread testing in place.

The number of deaths recorded in the United States on Wednesday rose by 2,500, a second consecutive daily record. The U.S. death toll in the global pandemic is now more than 31,000, higher than any other nation.

The restrictions have strangled the U.S. economy to an extent not seen since the Great Depression nearly a century ago. Another 5.2 million more Americans sought unemployment benefits last week, the Labor Department reported on Thursday, lifting total filings for claims over the past month to more than 20million.

The Republican president, who has staked his re-election in November on the strength of the U.S. economy, is scheduled to hold a call with the nation’s governors at 3 p.m. (1900 GMT) and said he would announce his plan at a news conference later on Thursday. The White House coronavirus task force is scheduled to hold its daily public briefing at 5 p.m. (2100 GMT).

In addition to the seven-state East Coast coalition, three governors from the West Coast have formed a similar alliance to coordinate any reopening. The 10 states, mostly led by Democrats, together make up 38% of the U.S. economy.

On Wednesday, Trump said data suggested new cases have peaked and that industry leaders in a round of calls offered him good insights into how to safely restart the economy.

But public health experts and business leaders say that comprehensive testing for the coronavirus is a prerequisite for abandoning stay-at-home orders and other social distancing measures to ensure there is no resurgence of infections and in order for people to feel safe.

“We’re ramping up the testing. We’ve got to see what the infection rate is … We’ve got to be careful before we open the door again for schools and everything else,” Connecticut Governor Ned Lamont told CNN. “I can’t simply wait for the federal government’s guidance, but I’ll listen when it comes.”

WHICH STATES?

The total number of cases nationwide rose nearly 30,000 on Wednesday to 637,000, the biggest increase in five days. But not all states have been struck equally.

Eighteen states have recorded fewer than 100 deaths from COVID-19, the disease caused by the coronavirus. On Wednesday, Centers for Disease Control and Prevention Director Robert Redfield said 19 to 20 states had indicated they could be ready to open as soon as May 1, without naming the states.

North Dakota’s Doug Burgum is the only state governor so far to issue his own guidelines for reopening as soon as May 1.

Even within states, urban areas have been hit harder than rural areas. That divide has inflamed political divisions and prompted protests against some state leaders who opted to keep residents at home.

In Richmond, Virginia, about 30 people gathered outside the state capitol building on Thursday in defiance of a stay-at-home order, which the governor has instituted until June 10.

“STOP the MADNESS! It’s just a COLD VIRUS! End the shutdown for the GOOD of US all!” read one sign.

Thousands of demonstrators in cars with horns honking thronged around the Michigan state capital on Wednesday, some chanting “Lock her up,” to protest against stay-at-home orders imposed by Governor Gretchen Whitmer.

Traffic around the statehouse in Lansing was jammed for hours by the rally, dubbed “Operation Gridlock” and organized by a Republican-aligned group.

Michigan has one of the country’s fastest-growing infection rates for the new coronavirus, with more than 27,000 confirmed cases and nearly 1,800 deaths.

Earlier this week, Trump said he had the power to override state governors who did not move to restart activity, but later said he would work with them on their efforts to reopen.

U.S. medical companies and labs have been rushing to expand testing supplies and options, not only to diagnose the virus but also to screen for possible immunity.

Months into the crisis, however, diagnostic tests in the United States are still hard to come by. Capacity to process the tests is also an issue.

Other companies are developing quick blood tests for antibodies that could indicate immunity and allow workers to return, although researchers said many questions remain.

Even when activity starts again, health experts have said the country will be vastly different, with face masks and continued social distancing the new normal.



SoftBank shares fall 3.5% after flagging first financial year loss in 15 years By Reuters


2/2
© Reuters. The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo

2/2

By Sam Nussey

TOKYO (Reuters) – SoftBank Group Corp (T:) shares fell 3.5% on Tuesday morning after estimating the Vision Fund will record a 1.8 trillion yen ($16.73 billion) loss in the year ended March due to the tumbling value of bets on unproven startups.

The disastrous performance by the fund on which CEO Masayoshi Son has staked his reputation will drag the entire group to its first annual loss in 15 years, SoftBank said.

The Vision Fund recorded a loss of around 800 billion yen in the nine months to December, indicating that losses widened in the final quarter of the financial year. SoftBank did not provide details on which tech bets have been marked down, a long-standing irritant for analysts and investors.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Honeywell borrows further $1.5 billion By Reuters


© Reuters. A logo of Honeywell is pictured on their booth during EBACE in Geneva

(Reuters) – Honeywell International Inc (N:) said on Friday it had entered into a $1.5 billion loan agreement to be used for general corporate purposes.

The 364-day Credit Agreement was signed with Citibank (N:) and JPMorgan Chase (N:), Honeywell said in a filing, adding that the loan does not does not restrict its ability to pay dividend.

The agreement comes after the industrial conglomerate entered into a $6 billion loan agreement last month to bolster liquidity as the fast-spreading coronavirus pandemic wreaks havoc on the global economy.

The company, which makes everything from aircraft engine parts to warehouse automation equipment, had $10 billion in cash at the end of 2019, with its pension liability overfunded, it said last month.

Honeywell has reported a surge in demand for its protective face masks in North America, Europe, India and China, following the novel coronavirus outbreak.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Trump says China trade deal may be signed shortly after January 15


U.S. President Donald Trump rallies with supporters in Toledo, Ohio, U.S. January 9, 2020. REUTERS/Jonathan Ernst

(Reuters) – U.S. President Donald Trump, who announced last month that the Phase 1 trade deal with China would be signed on Jan. 15, said on Thursday the agreement could be signed “shortly thereafter.”

In an interview with the ABC affiliate in Toledo, Ohio, Trump said: “We’re going to be signing on January 15th – I think it will be January 15th, but shortly thereafter, but I think January 15th – a big deal with China.”

Reporting by Eric Beech in Washington; Editing by Makini Brice



Source link

China and France sign deals worth $15 billion during Macron’s visit By Reuters


© Reuters. French President Emmanuel Macron attends a welcome ceremony with Chinese President Xi Jinping outside the Great Hall of the People in Beijing

BEIJING (Reuters) – China and France signed contracts totaling $15 billion during a visit by President Emmanuel Macron, a Chinese government official said at a news briefing on Wednesday.

Deals were struck in the fields of aeronautics, energy and agriculture, including approval for 20 French companies to export poultry, beef and pork to China.

They also agreed to expand a protocol for poultry exports reached earlier this year to include duck and geese as well as foie gras, and to work on a protocol allowing France to export pig semen to China, according to a statement from the French president’s office.

Energy deals included a memorandum of understanding between Beijing Gas Group and French utility Engie to collaborate on a liquefied terminal and storage in the northern city of Tianjin.

An executive with Beijing Gas Group told Reuters that the cooperation with Engie will also include the French firm supplying membrane technology, used for gas leak prevention, in the massive gas storage projects that China is embarking on.

Among other deals, France’s Total will set up a joint venture with China’s Shenergy Group to distribute LNG by truck in the Yangtze River Delta.

The two countries also agreed to reach an agreement by the end of January 2020 on the cost and location of a nuclear fuel reprocessing facility to be built by Orano, formerly known as Areva.

Previous plans to build the plant in Lianyungang in eastern China’s Jiangsu province were canceled after protests.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



KKR seeks $1.5 billion for third special situations fund: sources


FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

(Reuters) – U.S. private equity firm KKR & Co Inc is seeking to raise $1.5 billion for its third special situations fund, people familiar with the matter said on Friday.

KKR Special Situations Fund III, which was registered with regulators in June, will acquire distressed debt at a discount, said three sources who requested anonymity to discuss the matter.

KKR, which has not announced the fundraising target, declined to comment. It told investors during its second-quarter earnings call in July that it was fundraising for a special situations fund.

New York-based KKR closed its first special situations fund after raising $2 billion from investors in 2014. Its second closed with $3.35 billion in 2016.

Special situations funds invest in the bonds of companies about to go bankrupt, with hopes of earning substantial gains when the firms return to financial health.

KKR’s special situations investments include Gibson, a Nashville-based guitar manufacturer, and Telepizza, a pizza delivery company based in Madrid.

U.S. private equity firms are expected to raise about $220 billion this year, according to data provider Pitchbook, as institutional investors continue to seek returns not available in public markets.

(This story corrects “situations” to plural throughout.)

Reporting by Chibuike Oguh in New York; Editing by Richard Chang



Source link