Amid corporate backing Bitcoin passes $60,000

Amid corporate backing Bitcoin passes $60,000
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Updated 14 March 2021

Amid corporate backing Bitcoin passes $60,000

Amid corporate backing Bitcoin passes $60,000
  • World’s most popular virtual currency continues its record-breaking run

PARIS: Bitcoin briefly rose above $60,000 for the first time on Saturday, as increasing backing from corporate heavyweights helps the world’s most popular virtual currency continue its record-breaking run.

The cryptocurrency hit an all-time high of $60,012 at 1149 GMT, according to the website CoinMarketCap.

Bitcoin has been on a meteoric rise since March last year, when it stood at $5,000, spurred by online payments giant PayPal saying it would allow account holders to use cryptocurrency.

Advocates champion the cryptocurrency as a store of value akin to gold that can act as a hedge against inflation and a weaker dollar. Others argue that the rally is a giant stimulus-fueled bubble on track to burst.

Industry participants and some strategists point to wider take up as one reason why the current bull run is different.

Last month Elon Musk’s electric carmaker Tesla invested $1.5 billion in the virtual unit, while Twitter chief Jack Dorsey and rap mogul Jay-Z said they are creating a fund aimed at making Bitcoin “the internet’s currency.”

Others jumping on the bandwagon include Wall Street player BNY Mellon, investment fund giant BlackRock and credit card titan Mastercard.

“Bitcoin’s resilience is proving to be the stuff of legend,” Antoni Trenchev, managing partner and co-founder of Nexo in London, a crypto lender, was quoted as saying in Bangkok Post. 

“Every correction is an opportunity to reset and restart the move upward.”

Bitcoin, which was launched back in 2009, hit the headlines in 2017 after soaring from less than $1,000 in January to almost $20,000 in December of the same year.

The virtual bubble then burst in subsequent days, with bitcoin’s value then fluctuating wildly before sinking below $5,000 by October 2018.

However the last year’s rise has been more steady, with investors and Wall Street finance giants wooed by dizzying growth, the opportunity for profit and asset diversification, and a safe store of value to guard against inflation.

Despite the mainstream interest, cryptocurrencies remain subject to patchy oversight globally, with the lack of regulatory clarity and associations with crime keeping many larger investors leery of exposure.

Bitcoins are traded via a decentralized registry system known as a blockchain.

The system requires massive computer processing power in order to manage and implement transactions.

That power is provided by “miners,” who do so in the hope they will receive new bitcoins for validating transaction data.

China accounts for about 65 percent of global Bitcoin mining computing power, according to the Bitcoin Electricity Consumption Index compiled by Cambridge University. Malaysia is fifth-highest on the list with 4.3 percent.


Lebanon must fix debts, end prosecutor action or face power cut, says Turkish firm

Lebanon must fix debts, end prosecutor action or face power cut, says Turkish firm
Updated 11 May 2021

Lebanon must fix debts, end prosecutor action or face power cut, says Turkish firm

Lebanon must fix debts, end prosecutor action or face power cut, says Turkish firm
  • Turkey’s Karadeniz supplies electricity to Lebanon from power barges

ISTANBUL: Turkey’s Karadeniz, which supplies electricity to Lebanon from power barges, told Beirut to halt action by the Lebanese prosecutor to seize its vessels and said it must draw up a plan to settle arrears to avoid a cut in supplies, a spokesperson said.
The spokesperson for Karpowership, a unit of Karadeniz that operates floating power plants, was speaking on Tuesday after Lebanon’s Finance Ministry cited a lawmaker saying the country had been threatened with a cut to its supplies.
A Lebanese prosecutor issued a decision last week to seize the barges and fine the firm after TV channel Al-Jadeed reported corruption allegations tied to the power contract. The firm denies the charges and says it has not been paid for 18 months.


Suez Canal boss reveals expansion plans as revenues jump on trade rebound

Suez Canal boss reveals expansion plans as revenues jump on trade rebound
Updated 11 May 2021

Suez Canal boss reveals expansion plans as revenues jump on trade rebound

Suez Canal boss reveals expansion plans as revenues jump on trade rebound
  • Revenues rose almost 16 percent in April to $551million

RIYADH: Suez Canal revenues rose almost 16 percent in April to $551 million compared to a year earlier, Asharq Business reported, citing Suez Canal Authority Chairman Osama Rabie.
Rabie also discussed plans to expand and deepen the southern sector of the canal in which the container ship Ever Given was stuck in March, creating chaos across the global supply chain.
That incident which brought a large proportion of seaborne trade to a near halt for a week, highlighted the need to ensure the  smooth operation of the key trade artery.
Rabie also revealed plans for dredging works for the maintenance of the navigational channel of the canal.
A plan is being implemented to restructure the authority’s companies, he said.
This year witnessed a slight increase in the number of ships passing through the waterway to 1,840 in April 2021 from 1,731 in April 2020, Al Arabiya reported.


Egypt jobless rate rises amid pandemic second wave

Egypt jobless rate rises amid pandemic second wave
Updated 11 May 2021

Egypt jobless rate rises amid pandemic second wave

Egypt jobless rate rises amid pandemic second wave
  • The size of the workforce was estimated at 29,284 million, compared to 29,965 million during the previous quarter

RIYADH: Egypt’s unemployment rate reached 7.4 percent of the total labor force in the first quarter of 2021 — up from 7.2 percent in the previous quarter.
The new data from the Central Agency for Public Mobilization and Statistics (CAPMAS), reflects the impact of the second wave of the pandemic.
The size of the workforce was estimated at 29,284 million, compared to 29,965 million during the previous quarter, representing a decrease of 2.3 percent, Al Arabiya reported.
The labor force in urban areas reached 13,034 million, with 16,250 million living in rural areas.
Gehan Saleh, economic affairs adviser to Egypt’s prime minister said in April that the second stage of the country’s economic reform program would be launched soon.
She said the plan aims to improve the quality of life of citizens and tackle unemployment through job-creating investments.


Smugglers post gold from Dubai to India hidden in Tang

Smugglers post gold from Dubai to India hidden in Tang
Updated 11 May 2021

Smugglers post gold from Dubai to India hidden in Tang

Smugglers post gold from Dubai to India hidden in Tang
  • It is the latest ruse by smugglers trying to avoid hefty import duties for the precious metal by employing increasingly intriguing methods

DUBAI: Indian customs have foiled an attempt to post gold from Dubai disguised in containers of the popular Tang drink.

After sieving the contents of the drink mix, Chennai customs officials discovered it had been mixed with gold granules, according to a statement from the Commissioner of Customs at Chennai International Airport.
Officials probing the racket found that the address of the receiver had been misused.
It is the latest ruse by smugglers trying to avoid hefty import duties for the precious metal by employing increasingly intriguing methods.
Earlier this year officials at Chennai airport also nabbed two men trying to smuggle gold through the airport underneath their wigs.
The hapless pair were nabbed after their unusual hairstyles caught the attention of officials.

They were found to be carrying two gold paste packets weighing almost 700 g


UK-based tower operator to acquire Omantel sites in $575m deal

UK-based tower operator to acquire Omantel sites in $575m deal
Updated 11 May 2021

UK-based tower operator to acquire Omantel sites in $575m deal

UK-based tower operator to acquire Omantel sites in $575m deal
  • The move signals Helios Towers’ entry to the Middle East market as a major tower infrastructure provider

DUBAI: British telecommunications company Helios Towers has signed a deal with Omantel to acquire 2,890 sites for $575 million from the sultanate’s largest mobile network operator.
The move signals Helios Towers’ entry to the Middle East market as a major tower infrastructure provider.
The deal is expected to bring in a $59 million bump in revenues in the first full year of operations.
It also involves a $35 million plan to add 300 new build-to-suit sites over the next seven years.
“We view Oman as a very attractive and supportive market for foreign investments, with strong growth and exciting future prospects,” the UK-based company’s chief Kash Pandya said in a statement.
He said the acquisition strengthens its business through “further hard-currency revenues and diversification” in what the CEO described as the fastest growing markets in the region.
“We look forward to working with Omantel and the other MNOs over the coming years to further develop next generation mobile infrastructure solutions and services in Oman,” he added.
The partnership reflects Oman’s FDI aspirations, Omantel CEO Tala Said Al-Mamari said, adding it will create jobs and opportunities in the country.
“This move also allows the monetization of our towers at attractive valuation levels, de-lever our balance sheet, and will accelerate network development in next generation advanced technologies,” he noted.
He said it would allow Omantel’s management to focus on innovation and product development while outsourcing infrastructure management to an independent firm.
The transaction will close by the end of 2021, and the long-term partnership will last for an initial period of 15 years.