A quadruplex penthouse in Midtown Manhattan that comes with seven terraces and nearly 2,000 square feet of outdoor living space has hit the market for $9.995 million, according to a new listing with Forbes Global Properties. The sprawling residence is owned by licensing executive Al Kahn and his wife, Jillian Crane. Khan, who has decades of credits in television distribution and promotion, is known for his work on such iconic children’s brands as Cabbage Patch Kids, Teenage Mutant Ninja Turtles and Yu-Gi-Oh. He’s also the architect behind bringing the wildly successful Pokémon animated franchise to the Northern American market in the 1990s while at the helm of 4Kids Entertainment. The living room features walls of windows and doors that open to one of seven terraces. Warburg Realty Located in the emerging NoMad neighborhood, the sophisticated home has more than 4,400 square feet of interior, three bedrooms, three bathrooms and three half-baths, according to Arlene Reed and Rebecca Blacker of Warburg Realty. The updated kitchen is highlighted by a beautiful white marble-topped island and high-end ... [+] appliances. Warburg Realty Reached by a custom brass stairway or private elevator, the residence features an expansive living room with Brazillian cherry wood floors and a custom-built bar with black lacquer and green marble. A massive, white marble island anchors the chef’s kitchen, which is adjacent to the dining room. The kitchen also incorporates Glassos countertops, high-end appliances and a custom wine fridge. The primary suite, comprising the entire second floor, pairs Gournay gold-leaf wallpaper and breathtaking city views with two oversized walk-in closets and a large sitting room. “This is a beautifully renovated townhouse in a pre-war, full-service condo building with four floors,” Reed said. “It has an elevator, a home office and room for a gym. And at $2,265 per square foot, this home is priced to sell.” Skyline views sit in the backdrop of one of the home's seven garden terraces. Warburg Realty Each of the four levels has some form of terrace space, with the third story incorporating two terraces and a balcony. The top floor—equipped with an alfresco bar and fire pit—is almost entirely devoted to outdoor space and takes in sweeping city views.  “With so much space, indoors and out, I never felt quarantined,” Khan said. Hand-painted gold leaf wallpaper brightens the primary bedroom suite, which occupies the entire ... [+] second level. Warburg Realty Apartments and condominiums with outdoor living space have become one of the hottest commodities in Manhattan’s housing sector, which is rapidly reawakening from the effects of the coronavirus pandemic. Properties that previously sat on the market for months are receiving offers in a market propelled by “incessant demand” and listing volume not seen in roughly five years. The soaking tub in the primary suite takes in a view of the Empire State Building. Warburg Realty From April 9-April 22, there were roughly 730 contracts signed in Manhattan, including about 400 deals struck between April 16-April 22, according to UrbanDigs. That was a 95% increase in contracts signed compared with the same period last year. Warburg Realty is a founding member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.
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Food delivery app DoorDash is preparing to launch in Germany, in what will be the US market leader’s first foray into the rapidly crowded European delivery app market.The company shared 15 job postings on Monday seeking to fill management, strategy and recruitment positions in Berlin. It is not yet clear when it plans to launch.The move will follow Uber, which in April told the Financial Times that it would bring its food service Uber Eats to Germany in a “few weeks”, beginning in Berlin.Earlier this month, Delivery Hero, which had sold its German business to Just Eat Takeaway in 2018, said it would re-enter the country under its Foodpanda brand. Finland’s Wolt has also recently entered the market.The new players threaten to disrupt the historical dominance of Just Eat Takeaway, which had the German market almost to itself for the past two years. “Competition makes us stronger,” said Jitse Groen, Just Eat Takeaway’s chief executive, in a tweet last week reacting to the news of Delivery Hero’s return.DoorDash declined to comment on the job postings or the company’s expansion plans in Germany. “We continually assess expansion opportunities as we aim to further build our international presence,” it said. DoorDash has been expected to mount a broader push into Europe, including the UK. The FT has previously reported the company was looking at acquisition targets in Europe, while the job posting for Germany’s general manager asks for someone who can “develop a playbook” for “faster” entry into other markets.It is not clear which employment model DoorDash would seek to use in Germany, where stricter employment laws means the gig worker set-up it uses in the US would not be permitted.One of the positions advertised, for a head of policy and government relations, asks for a person familiar with the “political and regulatory environment in Germany and at the EU-level”. Last month, Uber told the FT its food couriers in Berlin would be employed by fleet management companies, similar to minicab groups, who are contracted by Uber and get paid per order. It is then up to the fleet managers to decide how to retain and pay workers.DoorDash is the largest US food delivery app market, with about 55 per cent of the market nationally, according to data from Edison Trends based on sales during the last week of April. Uber Eats has 31 per cent, while Grubhub, soon to be owned by Just Eat Takeaway, pending shareholder approval, has 13 per cent.DoorDash is also increasingly delivering other types of goods. Last week, it said about 7 per cent of its total orders were now for convenience items such as toiletries, flowers or alcohol. As well as picking up from existing stores, such as 7-Eleven, it also runs a network of more than 25 “Dashmarts”, warehouses from which couriers can pick up items for quick delivery. If it seeks to emulate this model in the German market, it will be competing against the likes of Gorillas and Flink, two rapid delivery apps based in Berlin. Istanbul’s Getir, a similar app, is planning to launch in Berlin soon.
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During the first three months of 2021, the cryptocurrency ethereum has shined as 90-day statistics highlight the digital asset has climbed close to 80% in value. On Monday, former Ark Invest analyst James Wang published a detailed summary highlighting the Ethereum project’s first-quarter financial results. Wang’s comprehensive Ethereum analysis showcases a myriad of data points that accentuate the blockchain’s 2021 achievements. Analyst Publishes Ethereum Stats for the Blockchain’s Q1 Financial Results Ethereum has been a force to be reckoned with this year and during the last few weeks, the crypto asset has been siphoning away BTC’s market dominance. There are many reasons ETH has been moving up the ranks and organizations like Fundstrat Global Advisors believe ether can reach $10k per unit. The crypto asset proponent and investor, Spencer Noon, has tweeted his reasons as to why he thinks ETH can make it to the five-digit territory. Market performance is one thing, but the Ethereum blockchain has done far more than gather higher market percentages. Stats from James Wang’s Ethereum Q1 Financial Results report for 2021. On May 17, 2021, the former Ark Invest analyst, James Wang, published a report called “Ethereum Announces First Quarter 2021 Results” on substack.com. The document highlights the blockchain’s financial results during Q1 2021 and ended on March 31, 2021. Wang’s report shows that Ethereum’s network revenue or the total accumulation of transaction fees jumped 200x to $1.7 billion in Q1. This metric is a stark contrast between the $8 million in network revenue collected in Q1 2020. Transaction volume Wang said, “increased 20x to $713 billion in Q1 2021, compared with $33 billion in Q1 2020.” Additionally, the blockchain’s daily active addresses have increased 71% to around 607,000 as there were only 364,000 in Q1 2020. As far as staking is concerned, a scheme that was invoked in December 2020, more than 3.6 million ETH worth over $11 billion is being staked today. Wang’s report further notes that Q1 2021 decentralized finance (defi) data has seen total value locked (TVL) increase 64x to $52 billion in comparison to Q1 2020 stats. Since then, the aggregated total of defi has increased by another $20 billion. Photo via Glassnode’s “Defi Uncovered: The State of Defi” report published on May 12, 2021. A recent report published by Glassnode called “Defi Uncovered: The State of Defi,” also highlights the massive growth defi has seen this year. In eight months, defi has “attracted in excess of $100B into smart contracts,” Glassnode detailed on May 12.
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In this articleFSRAONKODKHenrik Fisker (R) greets an attendee in front of his Fisker Ocean SUV, January 7, 2020 at the 2020 Consumer Electronics Show (CES) in Las Vegas, Nevada.Robyn Beck | AFP | Getty ImagesCheck out the companies making headlines after the bell on Monday:Fisker — Fisker shares fell 2.2% after the car maker reported a 63-cent per-share loss for the previous quarter. The loss was wider than FactSet's consensus analyst estimate for a loss of 19 cents per shre. The electric-vehicle startup also reported revenues of $22,000 and a cash balance of $985 million.Aon — Share of Aon rose 1.5% in after a regulatory filing revealed that Warren Buffett's Berkshire Hathaway had a stake in the company as of March 31. Aon, which sells insurance, pension administration and other financial services, is based in London.Twilio — Twilio shares ticked higher on news that it plans to acquire business-texting platform Zipwhip for $850 million in a blend of cash and stock. The cloud-communications company said Zipwhip will expand its high-quality traffic and that it expects the deal to close by the end of this year.Eastman Kodak — Shares of Eastman Kodak slipped after Reuters reported the New York attorney general is preparing to charge the company and a top executive with insider trading. According to the report, New York is preparing to charge Executive Chairman Jim Continenza with insider trading when he bought stock just before Kodak announced a tentative agreement with the Trump administration that would have provided the company with $765 million in exchange for its help fighting the Covid-19 pandemic. Eastman Kodak argued the charges are without merit.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today
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Scammers impersonating Elon Musk have stolen millions of dollars from US consumers in cryptocurrency scams as online financial fraudsters seek to capitalise on public interest in trading highly volatile cryptocurrencies such as bitcoin.Consumers lost more than $80m to cryptocurrency scams between October 1 and March 31, according to new data from the Federal Trade Commission, which on Monday reported a “huge spike” in this type of fraud. Scammers impersonating outspoken cryptocurrency enthusiast and Tesla co-founder Musk were responsible for more than $2m of losses.The value lost to cryptocurrency investment scams has increased 10 fold versus the same period last year, according to the regulator. More than 7,000 scams were reported in the six-month timeframe, 12 times as many as the year before. Investors lost an median amount of $1,900 to the scams, which usually purported to offer investors tips or “secrets” to help them trade e-currencies, the FTC said.The regulator cited the “Wild West vibe” surrounding cryptocurrency culture as one reason for the jump in scams, as well as an “element of mystery” that created fertile ground for fraudsters targeting young consumers who wanted to make a quick return.The FTC report followed a sharp decline drop in the trading price of bitcoin, after Musk last week tweeted that the electric carmaker would no longer accept the cryptocurrency as payment for its vehicles, citing concerns over the environmental impact of “mining” the cryptocurrency. Bitcoin traded at just below $44,000 on Monday, down about $20,000 from the record high it hit just a month ago. “Promises of enormous, guaranteed returns are simply lies,” the regulator said, adding fraudsters had built sophisticated websites that made it appear as though a consumer’s fictitious cryptocurrency investment was growing in value.A common scam involved promising that a celebrity associated with cryptocurrencies would multiply a person’s purchase.Young consumers who started trading financial assets for the first time in record numbers at the start of the pandemic were particularly vulnerable to the scams, the FTC found. Consumers under the age of 30 lost more money to investment scams than any other type of fraud.
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Municipals were quietly traded with some strength outside 10 years as investors await the larger new-issue calendar that begins with a retail order period Tuesday from Connecticut and competitive loans from West Virginia and high-grade Prince George's County, Maryland. Municipal benchmarks were little changed, with a basis point bump on Refinitiv MMD's scale outside 2031 while municipal to UST ratios closed at 62% in 10 years and 68% in 30 years on Monday. ICE Data Services saw ratios on the 10-year at 61% and the 30-year at 68%.Strong technicals continued to fuel the market and “cash flow from investors is still strong even with the threat of inflation hovering over the market, due to the overwhelming factor that this administration is driven to raise taxes,” Roberto Roffo, managing director and portfolio manager at SWBC Investment Company, said Monday. Price indexes in the latest New York manufacturing survey came in higher than expected, furthering inflation concerns.The primary should provide benchmarks guidance. This week's $9 billion primary market calendar is an uptick from recent weeks.“Most of the large deals this week are high grades and should clear the market easily due the strong demand from investors,” Roffo said.Market participants were well-poised to greet the slate of new-issue product, according to Jeff Lipton, managing director and head of municipal credit and market strategy and municipal capital markets at Oppenheimer & Co.Lipton said the primary market reception has been strong with demand working overtime to tighten spreads and push relative value ratios down to new lows. “Until further notice, the muni performance trajectory can be expected to outpace that of UST, especially as reinvestment needs rise through the summer months and new-issue supply finds it challenging to fill the void left by maturing securities and bond redemptions,” he said. “We suspect that new-money issuance through the balance of the year will be guided by the state of muni credit and levels of capital needs just as refunding activity will likely remain influenced by interest rate shifts.”Fund flows are to remain active with exchange-traded funds and high-yield allocations staying strong, Lipton said, adding he anticipates intermittent slowing in the pace of advancing deposits.Looking ahead this week, Lipton said, the bond market will focus on the minutes of the April FOMC meeting.“Although that gathering did not include a revised summary of economic projections, the document will be parsed — not only for any clues on when the Central Bank will initiate a policy pivot, but also for any evidence of a break in the consensus ranks,” he added.Municipal CUSIP request volumes rise in AprilThe aggregate total of all municipal securities, including municipal bonds, long-term and short-term notes, and commercial paper, rose 4.3% in April versus March totals, according to CUSIP Global Services. On an annualized basis, municipal CUSIP identifier request volumes were up 17.2% through April. For muni bonds specifically, there was a 4.1% month-over-month increase in request volumes and a 20% increase on a year-over-year basis.“Now into our third straight month of steadily increasing CUSIP request volume, we’re seeing a trend toward increased debt and capital markets activity in U.S. markets," Gerard Faulkner, Direct of Operations for CUSIP Global Services, said. "Issuers of corporate and municipal debt continue to take advantage of a combination of low interest rates and an improving economic outlook.”Secondary trades and scalesTrading showed a firmer tone in spots. New Mexico 5s of 2022 traded at 0.13%. Georgia 5s of 2022 at 0.11%. North Carolina 5s of 2023 at 0.15%. Georgia 5s of 2023 at 0.16%. Delaware 5s of 2024 at 0.23%.Hennepin County, Minnesota 5s of 2026 at 0.56%. Maryland 5s of 2026 at 0.50%. New York City TFA 5s of 2026 at 0.63%. Energy Northwest 5s of 2027 at 0.72%. New York Dorm PITs 5s of 2034 at 1.41%. Delaware 5s of 2034 at 1.39%. Columbus, Ohio 5s of 2035 at 1.27%-1.26%. Washington 5s of 2042 at 1.57%. Los Angeles DWPs 5s of 2050 at 1.63% versus 1.65% Friday. On Refinitiv MMD’s AAA benchmark scale, yields were steady at 0.10% in 2022 and 0.14% in 2023. The yield on the 10-year sat at 1.02% and the 30-year fell one basis point to 1.59%.The ICE AAA municipal yield curve showed yields at 0.10% in 2022 and 0.16% in 2023, the 10-year stayed at 1.01% while the 30-year sat at 1.60%.The IHS Markit municipal analytics AAA curve showed yields at 0.10% in 2022 and 0.13% in 2023, both down one basis point, the 10-year at 0.98% down one and the 30-year at 1.58%, also down one.The Bloomberg BVAL AAA curve showed yields steady at 0.08% in 2022 and 0.10% in 2023, at 0.98% in the 10-year and the 30-year at 1.59%.The 10-year Treasury was yielding 1.64% and the 30-year Treasury was yielding 2.35% near the close. Equities fell with the Dow losing 65 points, the S&P 500 fell 0.65% and the Nasdaq lost 0.62%.Pricing pressuresPrice indexes in the latest New York manufacturing survey came in higher than expected, furthering inflation concerns.Business activity in the New York regions continued to “grow at a solid clip,” according to the latest results released by the Federal Reserve Bank of New York on Monday morning.General business conditions slipped to 24.6 in May from 26.3 in April, but came in above estimates, as economists polled by IFR Markets expected a reading of 23.9.Prices paid climbed to 83.5 from 74.7 and prices received dipped to 13.6 from 13.9.“Empire State manufacturing survey solidified the inflationary theme that is running wild on Wall Street,” according to Ed Moya, senior market analyst for the Americas at OANDA. “Wall Street still remains focused on inflation.”The survey noted further price increases and strong employment growth are expected, Moya said.“The trend from all these Fed regional surveys continue to be strong improvements with rapidly growing pricing pressures,” Moya said.New orders gained to 28.9 from 26.9, shipments increased to 29.7 from 25.0 and unfilled orders nudged to 21.4 from 21.2.Delivery time decreased to 23.6 from 28.1 and inventories fell to 7.1 from 11.6.The number of employees index slipped to 13.6 from 13.9, while the average employee workweek index increased to 18.7 from 12.7.Looking ahead six months into the future, business conditions dipped to 36.6 from 39.8.New orders fell to 35.3 from 41.1, shipments dropped to 38.0 from 43.5 and unfilled orders decreased to 7.1 from 10.3.Delivery time rose to 17.1 from 11.6 and inventories were lower to 16.4 from 17.8.Prices paid slipped to 67.1 from 71.2 and prices received dipped to 43.6 from 45.2.Number of employees decreased to 37.3 from 40.1 and the average employee workweek index slipped to 11.4 from 11.6.Also, the National Association of Home Builders housing market index came in at 83.0 in May, unchanged from its April reading.Economists anticipated a reading of 83.0.“Builder confidence in the market remains strong due to a lack of resale inventory, low mortgage interest rates and a growing demographic of prospective home buyers,” said Chuck Fowke, chairman, NAHB. “However, first-time and first-generation home buyers are particularly at risk for losing a purchase due to cost hikes associated with increasingly scarce material availability. Policymakers must take note and find ways to increase production of domestic building materials, including lumber and steel, and suspend tariffs on imports of construction materials.”NAHB Chief Economist Robert Dietz noted that homebuyers should anticipate rising prices throughout 2021.“Low interest rates are supporting housing affordability in a market where the cost of most materials is rising,” Dietz said. “In recent months, aggregate residential construction material costs were up 12% year-over-year, and our surveys suggest those costs are rising further. Some builders are slowing sales to manage their own supply-chains, which means growing affordability challenges for a market in critical need of more inventory.”Muni primary deals to comeIn the competitive market, Prince George’s County, Maryland, (/AAA//) is set to sell $271.6 million of general obligation consolidated public improvement bonds, Series 2021A on Tuesday at 10:45 a.m.West Virginia (/AA//) is set to sell $200 million of general obligation state road bonds at 10:15 a.m. and $14.265 million of GO state road refunding bonds at 10:45 a.m. Tuesday.On Wednesday, the Virginia College Building Authority (Aa1/AA+//) is set to sell $535.2 million of educational facilities revenue bonds, Series 2021A (21st Century Collage and Equipment Programs) at 10:30 a.m.Seattle (Aa1/AA+//) is set to sell $112.9 million of drainage and wastewater system improvement and refunding revenue bonds 2021 at 10:45 a.m. Wednesday.Fulton County, Georgia, is set to sell $175 million of general fund tax anticipation notes, series 2021, at 10 a.m. Wednesday.Ladue School District, Missouri, (/AAA//) is set to sell $126 million of unlimited tax general obligation bonds at noon Wednesday.In the negotiated space, Connecticut (Aa3/A+/AA-/) will sell $700 million of general obligation bonds in three series on Wednesday, $300 million 2021 Series B social bonds, $175 million 2021 Series C refunding GOs, and $225 million 2021 Series D forward delivery social refunding bonds. BofA Securities is bookrunner.Connecticut (Aa3/A+/AA-/) is also set to price $300 million of taxable refunding GOs, serials 2022-2031, on Wednesday. UBS Financial Services Inc. is head underwriter.Colorado (Aa2/AA-//) is set to price on Wednesday $500 million of Rural Colorado certificates of participation Series 2021A. J.P. Morgan Securities LLC is head underwriter.The City of Phoenix Civic Improvement Corp. (Aa2/AAA//) is set to price on Tuesday $317.3 million of junior lien water system revenue bonds Series 2021A, $250 million, series 2026-2041, term 2045 and $67.3 million of refunding bonds, serials 2022-2026. Siebert Williams Shank & Co., LLC is lead underwriter.The Charlotte-Mecklenburg Hospital Authority, North Carolina, (Aa3/AA-//) is set to price on Thursday $300 million of taxable healthcare revenue bonds Series 2021A, serial 2051. Citigroup Global Markets Inc. is bookrunner.The authority is also set to price on Thursday $300 million of variable rate healthcare revenue bonds, three-, seven- and 10-year Series 2021B, C and D. Citigroup Global Markets Inc. is bookrunner.The California Municipal Finance Authority (/AA//) is set to price on Tuesday $275.6 million of student housing revenue bonds (CHF-Davis II, L.L.C. - Orchard Park Student Housing Project) Series 2021, insured by Build America Mutual. J.P. Morgan Securities LLC is head underwriter. Underlying ratings: (Baa3///).The Metropolitan Water District of Southern California (/AA+/AA+/) is set to price on Tuesday $271.2 million of subordinate water revenue bonds, 2017 Series C (SIFMA Index Mode), subordinate water revenue refunding bonds, 2017 Series D (SIFMA Index Mode), subordinate water revenue refunding bonds, 2017 Series E (SIFMA Index Mode). J.P. Morgan Securities LLC is bookrunner.The Government of Guam (Ba1///) is set to price on Tuesday $258.5 million of business privilege tax refunding bonds Series 2021F tax-exempt forward delivery, serials, 2026-2031, terms 2036, 2042. Citigroup Global Markets Inc. is head underwriter.The Maricopa County Special Health Care District, Arizona, (Aa3//AA-/) is set to price on Thursday $243 million of general obligation bonds, Series 2021 D. J.P. Morgan Securities LLC is head underwriter.The Alamo Community College District (Aaa/AAA//) is set to price $188 million of limited tax bonds, Series 2021 on Tuesday. J.P. Morgan Securities LLC is set to run the books.The Minnesota Housing Finance Agency (Aa1/AA+//) is set to price $178.1 million of AMT and non-AMT residential housing finance bonds on Wednesday. $24 million Series 2021C, serials, 2022-2028 and $154.1 million Series 2021D, serials 2022, 2027-2032, terms 2036, 2041, 2046, 2052, 2052. RBC Capital Markets is head underwriter.The Pennsylvania Housing Finance Agency (Aa2/AA+//) is set to price on Wednesday $175.2 million of single family mortgage revenue bonds, Series 2021-135A (non-AMT social bonds), Series 2021-135B AMT social bonds. Barclays Capital Inc. is head underwriter. Retail order period on Tuesday.The Sioux Falls School District No. 49-5, Minnehaha and Lincoln Counties, South Dakota, (/AA+//) is set to price on Thursday $159 million of general obligation refunding bonds, taxable Series 2021. D.A. Davidson & Co. is bookrunner.The State of Louisiana (/AA//) Is set to price $155.3 million of grant anticipation revenue bonds, Series 2021, on Wednesday. J.P. Morgan Securities LLC is lead underwriter.The City of Phoenix Civic Improvement Corp. (Aa2/AA//) is set to price $151.4 million of taxable Series 2021C refunding junior lien water system revenue refunding bonds, serials 2026-2041 and term 2044. Siebert Williams Shank & Co., LLC is head underwriter.Carroll County, Kentucky, (A1/A//) is set to price on Tuesday $131.9 million of environmental facilities revenue bonds, $54 million of Series 2006B, remarketing refunding and $77.9 million of Series 2008A remarketing bonds. BofA Securities is bookrunner.Grand Forks, North Dakota, is set to price $118 million of solid waste disposal facility revenue bonds (Red River Biorefinery, LLC Project), Series 2021A (Green Bonds), Series 2021B (Green Bonds) (Turbo Bonds). Jefferies LLC is lead underwriter.The City of Aurora, Colorado, (/AA+/AA+/) is set to price on Tuesday $111.7 million of first-lien water revenue bonds (SEAM Facility & Other System Improvements Project) Series 2021. Morgan Stanley & Co. LLC is head underwriter.The Town of Hempstead Local Development Corp., New York, (A1/A//) is set to price on Thursday $100 million of tax-exempt and taxable revenue bonds, Series 2021 (Hofstra University Project). Barclays Capital Inc.Lynne Funk contributed to this report.
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Joe Biden said his administration will send at least 20m doses of US-authorised Covid vaccines to other countries in the coming weeks, vowing to provide an “arsenal of vaccines for the rest of the world”.In a speech at the White House on Monday, the US president said the government would share “at least” 20m doses of BioNTech/Pfizer, Moderna and Johnson & Johnson vaccines with the rest of the world by the end of June, on top of the 60m doses of the AstraZeneca vaccine already committed to other countries. The Pfizer, Moderna and J&J jabs have been authorised for use by the US Food and Drug Administration, while the AstraZeneca vaccine is still awaiting authorisation. Biden said doses of that jab would be exported once they received the regulator’s green light.“Over the next six weeks, the United States of America will send 80m doses overseas,” Biden said. “This will be more vaccines than any country has actually shared to date, five times more than any other country. More than Russia and China, which have donated 15m doses.”He added: “We want to lead the world with our values, with this demonstration of our innovation and ingenuity and the fundamental decency of the American people.” Biden did not specify which countries would receive the doses, but said he had tapped Jeff Zients, co-ordinator of the White House Covid-19 task force, to lead the effort. “We will share these vaccines in the service of ending the pandemic everywhere, and we will not use our vaccines to secure favours from other countries,” Biden said, adding the announcement was part of a wider US efforts to “respond” to the pandemic around the world.“We need to help fight the disease around the world to keep us safe here at home, and to do the right thing of helping other people,” the president said. Biden had previously said that the US would share surplus vaccines only when there were enough jabs to meet American demand, despite calls from some world leaders and health officials to provide more assistance to countries struggling to secure enough jabs. “By the end of June, when we will have taken delivery of enough of such vaccines to protect everyone in the United States, the United States will share at least 20m of those doses, that extra supply, with other countries,” Biden. Nearly 40 per cent of the US population is now vaccinated, although demand is starting to ebb in some parts of the country. Biden’s announcement came one week after the FDA extended its emergency authorisation for vaccinations to be given to 12- to 15-year-olds. The president said the latest official figures showed that 60 per cent of Americans would have received at least one Covid-19 jab by Tuesday. “We still have tens of millions left to vaccinate. But we are making significant progress,” he said. “Every day, the light at the end of that tunnel is growing brighter.”The president also addressed the recent change in guidance from the US Centers for Disease Control and Prevention, which said last week that fully vaccinated people could go without face masks for almost all indoor and outdoor settings.The abrupt change has led to confusion, particularly in cities and states where local laws still require face coverings, or businesses have their own mask policies. Biden on Monday encouraged people to be “kind and respectful for one another as we come out of this pandemic, and respect those who want to continue to wear a mask, even if they have been vaccinated”.
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Myspace founder Tom Anderson has joined the heated chatter surrounding the recent crypto market drop. The now-retired entrepreneur expressed his feelings about the situation, posting a laser eyes photo of himself accompanied with a short caption, “Buying The Dip.” Myspace Tom Tweets in Support of Bitcoin Tech entrepreneur and Myspace cofounder Tom Anderson took to social media to share his reaction on the latest crypto market correction which pushed the price of bitcoin (BTC) below $43,000 on Monday. Cheering up worried and agitated crypto enthusiasts, Anderson tweeted “Buying The Dip” and attached a laser eye meme of himself. Buying The Dip pic.twitter.com/dnJL3l087T — Tom Anderson (@myspacetom) May 17, 2021 Anderson hasn’t been particularly active on Twitter in the past few years and his post was met with comments in the tone of “Ur aliveeeeeeee omg,” “Go go go!,” and “investing at 23 likes.” And when he is posting, you are more likely to see him sharing pictures from exotic destinations around the world rather than topical crypto memes. The recent market dip has been largely blamed on the latest tweets of another famous and much more active entrepreneur, turned-crypto-influencer, Elon Musk. It all started with Tesla chief executive’s announcement last week that the electric car company suspends vehicle purchases with bitcoin (BTC). Then came his “Indeed” reply to someone else’s tweet hinting that Tesla might be dumping coins. Hopefully, it could all end with Musk’s latest comment: “To clarify speculation, Tesla has not sold any bitcoin.”
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Bitcoin (BTC) plummeted to an intraday low near $42,000 today, dropping 35% from its all-time high at $64,849.27. Over the weekend the selling intensified as news that Tesla may have sold its Bitcoin holdings made waves, and even after this was proven to be untrue, Bitcoin’s market dominance had still been pulled down to a three-year low below 40%. While this decline in Bitcoin may have scared new investors, stock-to-flow creator PlanB said the performance of the current bull phase is still better than the 2017 bull run. PlanB also warned investors to expect several 30% dips during Bitcoin’s climb to a new all-time high.Daily cryptocurrency market performance. Source: Coin360Although the long-term story remains intact, the sharp bearish moves in Bitcoin on every minor negative news tidbit suggest nervousness among investors. The lack of a sharp recovery even after Elon Musk’s clarification that “Tesla has not sold any Bitcoin” suggests investors are not buying aggressively on positive news.Will Bitcoin’s weakness stall the altcoin season or is Bitcoin getting ready for a sharp relief rally? Let’s analyze the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin broke below the neckline of the head and shoulders pattern on May 16 but the bears could not achieve a close below it. By the end of the day, the price rebounded and closed above the neckline.BTC/USDT daily chart. Source: TradingViewHowever, the selling resumed today and the bears have pulled the price below the neckline. If the BTC/USDT pair closes below the neckline, the head and shoulders pattern will complete. If the bulls do not push the price back above the neckline quickly, the selling is likely to intensify further. The pair could then start its decline toward the pattern target at $31,653.73. The downsloping 20-day exponential moving average ($52,265) and the relative strength index (RSI) in the oversold territory indicate the bears have the upper hand.Any pullback is likely to face stiff resistance at the 20-day EMA. This negative view will invalidate if the bulls push the price above the stiff overhead resistance at $60,000.ETH/USDTEther (ETH) is correcting the sharp uptrend of the past few days. The price dipped below the 20-day EMA ($3,431) today but the bulls are trying to arrest the decline near the 38.2% Fibonacci retracement level at $3,195.98.ETH/USDT daily chart. Source: TradingViewIf the price rebounds off the current level and rises above $3,600, the bulls will try to push the price to $4,200. However, the 20-day EMA has flattened out and the RSI has dropped near the midpoint, suggesting the bullish momentum may be weakening.If the buyers fail to defend the $3,195.98 support, the decline could extend to the next support at the 50-day simple moving average ($2,709). Such a deep fall is likely to delay the start of the next leg of the uptrend. BNB/USDTBinance Coin (BNB) broke below the 50-day SMA ($520) for the first time since Dec. 13. The 20-day EMA ($585) has started to turn down and the RSI has slipped below 42, suggesting the bears are trying to gain the upper hand.BNB/USDT daily chart. Source: TradingViewIf the current recovery turns down from the 20-day EMA, it will suggest that traders are closing their positions on rallies. That will increase the possibility of a break below $480. If that happens, the BNB/USDT pair may drop to $428 and then to $348.70.The first sign of strength will be a breakout and close above $615. Such a move will suggest that the correction is over and the pair may be ready to resume the uptrend. A breakout and close above $691.77 could start the next leg of the uptrend that may reach $796.64.ADA/USDT Cardano (ADA) is in a strong uptrend. It reached a new all-time high at $2.34 on May 16 where profit-booking set in. If the price breaks below $1.95, the altcoin may drop to the 20-day EMA ($1.71).ADA/USDT daily chart. Source: TradingViewA strong rebound off the 20-day EMA will suggest the sentiment remains bullish and traders are buying on dips. On the contrary, a break below the 20-day EMA will indicate that supply exceeds demand and that may pull the price down to the 50-day SMA ($1.39).Instead, if the price turns up from the current level and rises above $2.34, the ADA/USDT pair may resume its uptrend. The next target objective on the upside is $2.82 and then $3. The rising moving averages and the RSI above 63 indicate the path of least resistance is to the upside.DOGE/USDTThe bulls are currently attempting to defend the 20-day EMA ($0.46). If they succeed, Dogecoin (DOGE) could move up to $0.59 where the bulls are likely to encounter stiff resistance from the bears.DOGE/USDT daily chart. Source: TradingViewIf the price turns down from $0.59, the possibility of a break below the 20-day EMA increases. If that happens, the DOGE/USDT pair could drop to the critical support at $0.35. A strong rebound off this support could keep the pair range-bound between $0.35 and $0.59 for a few days.Contrary to this assumption, if the bulls drive the price above $0.59, the pair may retest the all-time high at $0.73. A breakout of this resistance could start the next leg of the uptrend that may reach $0.83 and then $1. XRP/USDTThe bulls purchased the dip to the support line of the symmetrical triangle today, indicating buying at lower levels. The buyers will now try to propel XRP above the resistance line of the triangle.XRP/USDT daily chart. Source: TradingViewIf they succeed, the XRP/USDT pair could pick up momentum and rally to the 52-week high at $1.96.This level may act as stiff resistance but if the bulls can overcome it, the pair may rally to $2.68.The flat 20-day EMA ($1.43) and the RSI above 53 do not signal a clear advantage to the bulls. If the price turns down from the resistance line of the triangle, the pair may extend its stay inside the triangle for a few more days. The trend will turn in favor of the bears if the price breaks below the triangle. That could result in a decline to $0.88.DOT/USDTPolkadot (DOT) broke out of the $44 overhead resistance on May 14 but the bulls could not sustain the higher levels. The bears pulled the price back below the breakout level at $44 on May 15.DOT/USDT daily chart. Source: TradingViewThe 20-day EMA ($39.34) is flattening out and the RSI is near the midpoint, suggesting the range-bound action may continue for a few more days.A break below $32.50 could open the gates for a decline to the critical support at $26.50. A bounce off this support will suggest accumulation at lower levels.On the other hand, if the price rises from the current level and breaks above $44, it will suggest that sentiment remains positive and the bulls continue to buy at lower levels. That will increase the possibility of a retest of the all-time high at $49.78. BCH/USDTBitcoin Cash (BCH) broke and closed below the 20-day EMA ($1,178) on May 15. The bulls attempted to push the price back above the 20-day EMA on May 16 but failed to sustain the higher levels. This led to further selling today and the price dipped to the psychological level at $1,000.BCH/USDT daily chart. Source: TradingViewThe bulls are currently attempting to defend the support at $1,000. However, any relief rally from the current level is likely to face stiff resistance at the 20-day EMA ($1,170) and then at $1,362.74.If the price turns down from this level, the BCH/USDT pair may remain range-bound for a few days.This neutral view will invalidate if the pair continues lower and breaks below the 50-day SMA ($922). Such a move could open the doors for a further decline to $700. The trend may favor the bulls on a break and close above $1,362.74.LTC/USDTThe failure of the bulls to build upon the breakout of the ascending broadening wedge formation could have attracted aggressive profit-booking from short-term traders. This pulled Litecoin (LTC) to the 20-day EMA ($308) on May 12.LTC/USDT daily chart. Source: TradingViewAlthough the bulls attempted a recovery on May 13 and 14, the rebound fizzled out at $339.10. The selling resumed on May 15 and sent the LTC/USDT pair below the 20-day EMA.Today, the bulls are attempting to defend the 50-day SMA ($270). However, the 20-day EMA has started to slope down and the RSI is below 45, suggesting the bears are trying to make a comeback.If the pair breaks below the 50-day SMA, the selling could intensify and the pair may drop to the support line of the wedge. This negative view will be negated if the bulls push the price above $340.UNI/USDTUniswap (UNI) broke below the support line of the ascending channel today but the bears could not capitalize on this weakness. The bulls are currently attempting to push the price back into the channel. UNI/USDT daily chart. Source: TradingViewHowever, the 20-day EMA ($37.72) has started to turn down and the RSI has dipped into the negative territory, suggesting the bears have a slight advantage. If the price closes below the channel, it will indicate a possible change in trend.The UNI/USDT pair could then drop to the $27.50 to $25 support zone and then to $20. This negative view will invalidate if the buyers propel the price above $40.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.
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press release PRESS RELEASE. 17 May 2021 – The adoption of crypto payments by one of the world’s biggest payment solution providers can mean only one thing. Cryptocurrency payments are now on the verge of going mainstream. GoCrypto, a payment solution that enables merchants to accept cryptocurrencies, was just integrated into one of the latest Global Payments s.r.o. products – the GP tom mobile application. In addition to diverse card payments, GP tom now enables merchants to accept payments with various cryptocurrencies and crypto wallets. The launching of GP tom with GoCrypto is taking place in Central European countries, where Global Payments s.r.o. is present. And what does it all mean? Instant crypto payments will soon be available to thousands of merchants. Crypto: faster, contactless and more secure than ever Today, there are about 5,000 cryptocurrencies in the world, with bitcoin being the most well-known. The number of crypto wallets currently is a staggering 150 million. The popularity of cryptocurrencies is increasing worldwide, and more and more merchants are interested in offering cryptocurrencies as a payment option to their customers. Traditionally, cryptocurrencies were regarded as being too slow for merchants to accept. That started changing with the GoCrypto solution by the Eligma company for instant, secure and contactless payments with cryptocurrencies. GoCrypto’s home country, Slovenia, is a global leader in the number of brick-and-mortar locations accepting crypto, and the interest is soaring elsewhere as well. The reason is simple: to accept cryptocurrencies through the GoCrypto solution, a merchant does not necessarily need to know anything about cryptocurrencies because they can receive the settlement exchanged into their local currency – or in crypto if they so wish. A major boost to the adoption of this alternative payment method comes through the integration of GoCrypto into one of the latest products by Global Payments s.r.o. – GP tom, which enables merchants to accept various kinds of payments simply through their phone. The Eligma frontman and CEO Dejan Roljic stated: “Cryptocurrencies have come a long way, both in terms of technology and their global recognition. We are honoured that the GoCrypto system for merchants was integrated into a superb innovation by Global Payments s.r.o., one of Central Europe’s foremost payment ecosystem providers. This redefines the concept of ‘the payment mainstream’, showing the growth of the industry and the global importance of cryptocurrencies as a form of daily payments. GoCrypto is a perfect addition to the GP tom app because the payments are instant, easy, fast and completely contactless – a perfect fit for merchants and shoppers in 2021.” GP tom with GoCrypto launches in Romania The unique commerce ecosystem of Global Payments s.r.o. spans over Central Europe, catering to every commerce dimension and carrying billions of transactions every year. Now, their 140+ payment methods are being upgraded with an alternative digital payment: cryptocurrencies. The GP tom app was created with the goal to provide the merchant with the flexibility and mobility required in their specific retail fields. The POS software can be installed directly on the merchant’s mobile phone, enabling them to easily accept numerous payment streams such as credit cards, digital payments and crypto. This month, GP tom with GoCrypto will be launched in Central European countries of Romania, the Czech Republic and Slovakia, setting new standards both for the digital and crypto payment industries. GoCrypto, the world’s most advanced crypto payment network Created by a team of crypto experts who envisioned the use of crypto in daily shopping, the GoCrypto solution enables merchants to accept instant crypto payments. The merchants have the option to receive settlements in their local currency (and can also choose to receive settlement in the supported cryptocurrency of their choice). GoCrypto operates as a global payment scheme connecting crypto users, crypto wallets, crypto exchanges, cryptocurrencies, cash register system providers, payment solution providers and merchants. Currently available in 64 countries, GoCrypto is the world’s fastest growing crypto payment network, constantly adding new currencies and wallets, which enables the increasing number of crypto enthusiasts to use crypto in their daily life. GoCrypto currently supports the Bitcoin.com Wallet and Elly Wallet, enabling shoppers to pay with 7 different cryptocurrencies: BTC (Bitcoin), ETH (Ether), BCH (Bitcoin Cash), LTC (Litecoin), XTZ (Tezos), VIB (Viberate token), and GoC (GoCrypto token). The news of the partnership between GoCrypto’s payment solution technology and Global Payments s.r.o., one of the leading commerce solution providers, is a new chapter in the digitalisation of the payment industry in Central Europe. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. Tags in this story Image Credits: Shutterstock, Pixabay, Wiki Commons
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Activist hedge fund Elliott Management has called on Duke Energy to consider splitting into three separate companies, firing its first public salvo in a campaign to overhaul one of the US’s biggest utilities.Elliott said it had taken an unspecified stake in Duke, which provides power to 7.8m people across the US south-east and Midwest, and in a letter to management on Monday it accused them of “empire building”.“Based on our extensive analysis of Duke’s businesses, we believe that Duke should conduct a thorough, unbiased review of a tax-free separation into three regionally focused, publicly traded utility holding companies: the Carolinas, Florida, and the Midwest,” wrote Elliott’s Jeff Rosenbaum, senior portfolio manager, and Jesse Cohn, managing partner.Elliott — the $42bn fund whose recent activist campaigns have targeted BHP, SoftBank and Whitbread, among others — said the review should be led by an independent board committee, including new independent directors, with the assistance of external advisersThe hedge fund did not disclose the size of it stake in Duke, which was initially reported by The Wall Street Journal. But it said it was a top-10 investor.Duke said it would review the proposals, which it said were the latest in a series Elliott had put forward since July 2020.“Throughout, Duke Energy’s board of directors has reviewed their proposals in-depth and determined that they are not in the best interests of the company, its shareholders and other stakeholders,” Duke said.It also hit out at the hedge fund’s “decidedly mixed results” in the utility sector, where it has previously taken stakes in Sempra Energy, FirstEnergy and Evergy.“These utilities’ share prices have materially underperformed the sector to date since Elliott became involved, establishing an unenviable track record of shareholder value destruction,” said Duke.The aggressive public exchange foreshadows a fight to sway shareholders over the merits of Duke’s strategy and performance under longtime chief executive Lynn Good. Elliott argued that despite holding a portfolio of “top-tier” utilities, the company had suffered “numerous operational setbacks and investment and strategic missteps over the past decade, at significant cost to both shareholders and customers”.Among the “missteps” Elliott cited were the cancellation of the Atlantic Coast Pipeline, a 600-mile gas pipeline being developed in conjunction with Dominion Energy. The project collapsed last year after a series of delays and legal challenges sent costs soaring. It triggered a $2.1bn writedown by Duke.Elliott also pointed to the cost of a 2014 coal ash spill and what it said was the “overpriced” acquisition of Piedmont Natural Gas in 2016.The company, Elliott said, “has focused more on increasing its footprint and portfolio than on operational execution and prudent investment, leading to perceptions among those who follow the company that Duke is ‘empire-building’ at the expense of shareholder value”. A split could create between $12bn and $15bn “line of sight near-term value” for shareholders, the hedge fund claimed.Duke shares were up 0.7 per cent in a falling market on Monday. The company last year rejected a merger offer from NextEra Energy, a Florida-based utility and power producer, according to a person familiar with the discussions. The move on Duke is the second piece of large-scale stakebuilding by Elliott to come to light in little more than a month. The hedge fund has also built a multibillion-pound stake in GlaxoSmithKline, setting up a potential battle over the UK drugmaker’s future after it underperformed peers and lagged behind in the race to develop a Covid-19 vaccine.
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A new annual fee for electric cars and light trucks could become part of a bipartisan deal between congressional Republicans and the White House on a larger infrastructure package.Although the fee would only be a small revenue producer over the next few years, electric vehicles, also known as EVs, are a fast growing segment of the American market.Only 1.6% of the shortfall in the federal Highway Trust Fund would be closed if the federal government begins collecting an annual fee on electric cars and light trucks. This signage for a parking space in the United Kingdom indicates it is reserved for recharging electric vehicles.Bloomberg News That’s the estimate from the nonpartisan Congressional Budget Office in response to a recent inquiry by Senate Environment and Public Works Committee Chairman Tom Carper, D-Del.Carper requested the CBO analysis as part of his effort to ensure all users contribute to the cost of maintaining the nation’s highways.Lauren Schapker, vice president for legislative affairs at the American Road & Transportation Builders Association, said in an email Monday that EV fees could be part of a bipartisan agreement with the White House on infrastructure.“Republicans would like to see EV fees be a part of an infrastructure package,’’ Schapker said.The problem is that President Biden has pledged to not raise taxes on households earning less than $400,000 annually. “With all of the parallel discussions around EV incentives, you could see a situation where the incentives could be seen as an offset for a new EV fee,” Schapker said. “As the CBO report indicates, it would certainly be easier to implement one now, with so few EVs on the road, compared with what the vehicle mix will look like 5-10 years from now.”CBO estimated the annual fee for EVs could generate $1.1 billion in revenue through 2026 if it began being imposed at the start of the 2022 fiscal year on Oct. 1.The $100 annual fee would be equivalent to what drivers of conventional light duty vehicles currently pay annually in federal gas taxes.The CBO estimate is based on a fee that applies to both plug-in hybrid electric vehicles and those that run solely on battery power.“In addition, the estimate does not account for the cost of the administrative and auditing systems that would have to be in place once the fee went into effect,” CBO said. “The development of such a framework would take time and funding. Outreach to owners of electric vehicles would be necessary as well.”Electric vehicles accounted for 7.8% of total first quarter car sales in the United States compared to the same three months in 2020, according to Cox Automotive.A growing number of states are levying annual fees on EVs as well.ARTBA estimates 30 states have passed legislation imposing EV fees, including South Dakota and Oklahoma this year.The annual fees range from $50 in Colorado, Hawaii, and South Dakota to $235 in Michigan. Most of the states levy an annual fee of $100 to $200.Fourteen states also have a fee on hybrids and at least five states index their fees to increase over time, ARTBA said.The annual fee for EVs has some urgency this year because the Highway Trust Fund is facing insolvency.All funding for the federal highway program and 80% of the public transportation program historically have been funded with revenues from the Highway Trust Fund.“These revenues are raised from a combination of fuel, truck, and tire taxes, with the fuel taxes providing 85% to 90% of the money in recent years,” according to the Congressional Research Service. “The excise taxes on gasoline and diesel are fixed in terms of cents per gallon (18.3 cents for gasoline and 24.3 cents for diesel).”The U.S. Chamber of Commerce has led a coalition of groups that advocate a 25 cents per gallon increase in the federal gasoline tax, noting it has not been raised since 1993.Congress, however, has not been able to agree on a gasoline tax increase and has spent $157 billion from the Treasury general fund to keep the HTF solvent.CRS estimates, “A 1-cent-per-gallon increase in federal motor fuel taxes would raise roughly $1.7-$1.8 billion a year for the HTF. Based on current fuel use, an increase of 10 to 15 cents per gallon would be required to fully fund highway and public transit programs at their current levels.”An alternative approach would be to create a vehicle miles traveled tax.
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The crypto economy has dropped significantly in value during the last few days tapping a low of $2.06 trillion on Monday. Additionally, the leading crypto asset bitcoin has seen its market dominance drop to 40% of the crypto economy’s overall valuation. Bitcoin’s dominance index hasn’t been this low since June 2018. Bitcoin Dominance Drops to the Lowest Point Since 2018 At the time of writing, the cryptocurrency economy is worth roughly $2.06 trillion, as far as the value of all 9,869 digital currencies in existence is concerned. Furthermore, bitcoin’s (BTC) market valuation captures 40% of the entire crypto market capitalization. At press time, bitcoin (BTC) dominance levels or the percentage of its total market valuation in comparison to the entire crypto economy is 40% on Monday. Ethereum’s overall market valuation captures 19.15% on May 17, 2021. This measurement is much lower than it has been in a while, as the first week of January saw BTC dominance at 69.7%. Bitcoin’s dominance index has been steadily dropping since then, even after the crypto asset tapped all-time price highs weeks later. The reason for this loss in BTC dominance stems from a number of digital currencies competing for the crypto asset’s market position. In fact, most of the top ten digital currencies in terms of market cap, have gathered a great deal of value against BTC. It is well known that ethereum (ETH) has been eating BTC dominance in recent weeks and ETH’s overall valuation captures 19.15% of the economy’s market valuation on Monday. Ethereum continues to gain on BTC and the U.S. dollar, and some people think ETH’s market cap could flip BTC’s overall market valuation in due time.
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Starbucks and Target are the latest large US companies to re-examine their mask policies after the country’s health agency said last week that fully vaccinated individuals no longer have to wear them indoors.The US Centers for Disease Control and Prevention said on Thursday that fully vaccinated people could stop wearing face coverings in most indoor and outdoor settings, unless required to by individual states or businesses. The loosening of restrictions has left businesses scrambling to reconsider their own policies on wearing masks. Some large retail chains such as Walmart, Costco and Trader Joe’s removed the mask requirement for vaccinated shoppers over the weekend, while others such as department store Macy’s are keeping their mask mandates for now.Target said on Monday fully vaccinated customers and staff would no longer need to wear masks, but that “face coverings continue to be strongly recommended for guests and team members who are not fully vaccinated”.Starting Monday, Starbucks customers who are fully vaccinated have the option to go without masks, as long as local law permits, the company said. At CVS, fully vaccinated customers will not be required to wear masks, although the pharmacy chain’s employees will continue to do so. The decision to drop the need for face coverings for fully vaccinated people came as Covid-19 cases and hospitalisations continue to fall in the US. Nearly 40 per cent of the population is fully vaccinated. But the CDC announcement means businesses and shoppers must rely on trust, resulting in suspicion and anger. Given the legal and ethical conundrum posed by the prospect of vaccine passports, companies are not seeking proof of vaccination from customers, meaning unvaccinated shoppers could enter without a mask.National Nurses United, the largest trade union of nurses in the US, condemned the CDC decision, which Bonnie Castillo, executive director, said “does not protect public health, and threatens the lives of patients, nurses, and other frontline workers across the country.“Now is not the time to relax protective measures, and we are outraged that the CDC has done just that while we are still in the midst of the deadliest pandemic in a century,” she added.Some US states have also moved to relax their mask guidance to bring it in line with the CDC update, including Colorado and Pennsylvania. A few, such as Texas, had already abandoned mask requirements. New York will also adopt the updated guidance from May 19, governor Andrew Cuomo announced on Monday, although he said masks would still be required in some places such as hospitals and public transport.The CDC considers people fully vaccinated two weeks after receiving the one-shot Johnson & Johnson vaccine or the second dose of Moderna or BioNTech/Pfizer. The new guidance was based on data showing that fully vaccinated individuals are less likely to have coronavirus or transmit the virus to others, the agency said. Some vaccinated people will continue to wear masks, believing that the number of fully immunised people across the country should be far higher before they feel comfortable enough to remove their masks altogether.“I don’t think enough people are vaccinated yet. I just think [the CDC] rushed it,” said Cathie English, a reiki instructor from California. “We need to get to a higher vaccination rate. Both my husband and I are fully vaccinated but I will definitely wear a mask when I’m indoors.”Additional reporting by Peter Wells in New York
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The U.S. Environmental Protection Agency ordered the partial closure of the largest private sector employer in the U.S. Virgin Islands for at least 60 days because of public health risks.The EPA on Friday told the Limetree Bay Terminals and Limetree Bay Refining on St. Croix to stop refining oil because it is leading to an “imminent risk to public health.”Limetree owns and operates a terminal storage and marine facility in St. Croix with 32 million barrels of crude oil and petroleum product storage capacity, a deep-water port, and refinery units with total peak processing capacity of 650 thousand barrels per day. The U.S. Virgin Islands government has a new financial challenge as the US EPA orders its biggest private sector employer to temporarily cease oil refining. Adobe Stock The EPA action on the refinery is the latest of several problems it has had. The St. Croix oil refinery closed in early 2012 and cost 2,000 workers their jobs, pushing the islands into an economic decline that lasted through 2016. Its closing was a major trigger for the islands’ economic and government revenue problems over the last 10 years.Limetree originally planned for refining to commence in late 2019 or early 2020. Instead, it started this February. According to Reuters, Limetree spent more than $1 billion beyond its budget for restarting refining.“Since February of this year, the refinery has experienced multiple major mishaps resulting in significant air pollutant and oil releases,” the EPA said Friday.This spring, several of Limetree’s senior professionals, including its chief financial officer, resigned, according to Reuters.“These repeated incidents at the refinery have been and remain totally unacceptable. Today, I have ordered the refinery to immediately pause all operations until we can be assured that this facility can operate in accordance with laws that protect public health," EPA Administrator Michael Regan said. "This already overburdened community has suffered through at least four recent incidents that have occurred at the facility, and each had an immediate and significant health impact on people and their property.”The EPA will use the 60-day period to work with the firm to remediate problems at the site. The agency could go to court to extend the freeze on refining beyond the 60 days.Moody’s Investors Service rates the US Virgin Islands government Caa3 with a stable outlook. Excluding the debt of the US Virgin Islands Water and Power Authority, the U.S. Virgin Islands has about $2.11 billion in bond debt.“The [payments in lieu of taxes] received from the refinery are a significant source of revenue for the government," Moody’s Analyst Pisei Chea said, "but the refinery is not a large source of jobs. Most of the people who work at the refinery come from off island.”Moody’s Senior Credit Officer Kathrin Heitmann said, “The actions by the EPA highlight certainly a stronger enforcement of environmental standards and considerations of health implications than under the previous administration from an ESG perspective.”Neither US Virgin Islands Gov. Albert Bryan Jr. nor Limetree immediately responded to requests for comment.
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Twelve years in the making, the highly anticipated Four Seasons Private Residences at 706 Mission, San Francisco is now open and welcoming its first residents. Located in the city’s Yerba Buena District, the ambitious project includes the historic Aronson Building reimagined as luxury residences and a newly constructed tower featuring estate-style homes. The newly opened Four Seasons Private Residences features the historic Aronson Building and a newly ... [+] constructed tower. Hardy Wilson Designed by Handel Architects, the project includes the restoration, rehabilitation, and repurposing of the historic 10-story Aronson Building, which dates back to 1903 and survived the city’s Great Earthquake of 1906. Adaptive reuse of the Aronson Building was overseen by preservation architect Page & Turnbull, who partnered closely with Handel Architects. Conceptually, the team sought to blend historic authenticity and modern innovation in the form of two contrasting but complimentary buildings – the reimagined Aronson Building and an adjacent, new 510-foot tower. The massing of the newly constructed tower was carved to form a series of alternating glass and ... [+] masonry volumes, creating vertical strips of material that are meant to relate to the linear landscaping of the neighboring Jessie Square Plaza. Hardy Wilson “This project beautifully showcases the complex interplay between two contrasting buildings – the historic Aronson Building finished in a darker color palette adjoined by the new tower, which showcases lighter tones,” said Glenn Rescalvo, partner at Handel Architects. “Our goal was to create a legacy building that wasn’t just all glass – instead, we utilized undulating stone on the façade to create a sense of movement and make the project standout on the San Francisco skyline.” Newly designed Interiors are inspired by the grand homes of classic Park Avenue buildings. ... [+] Prioritizing space and privacy, there are at most four units per floor in the tower (128 residences total) and three per floor in the Aronson Building (18 residences total). Hardy Wilson The project’s 146 residences offer modern amenities, spacious floor plans spanning up to 5,000 square feet, and classic pre-war style design elements. Standout features include grand corner living rooms with floor-to-ceiling glass windows, dedicated lounge areas, large central kitchens, and master bedrooms with sweeping views. Personalized kitchens have been configured so that they can be open to the living areas or enclosed, ... [+] based on the buyer's preference. Hardy Wilson Personalized kitchens have been configured so that they can be open to the living areas or enclosed, based on the buyer's preference. Top-of-the-line appliances, cabinetry and stone countertops are included throughout each home. Dressing rooms are a distinct design focus of The Penthouse Collection. These spaces are not just ... [+] walk-in closets, but have been concepted as bespoke spaces tailored to each buyer’s personal preferences. Hardy Wilson Renowned cabinetry designer Christopher Peacock created an exclusive cabinetry collection, The Penthouse Collection, which includes kitchen, master bath, and dressing room cabinetry. Peacock’s designs for The Penthouse Collection mark his first collaboration with a luxury high-rise in San Francisco. Residences of the Tower feature floor-to-ceiling windows with breath-taking views of the city ... [+] skyline. Hardy Wilson Four Seasons Private Residences stands out as a noteworthy example of a luxury residential project that applies adaptive reuse and historic preservation as part of the overall concept, illustrating that old and new can work together to create distinctive elegance in the context of modern living. This project is the latest in an exclusive collection of Four Seasons standalone Private Residences.Four Seasons debuted its standalone Private Residences at Twenty Grosvenor Square in London, followed by projects in Los Angeles, Marrakech, and now San Francisco. Four Seasons Private Residences at 706 Mission, San Francisco is developed and built by 706 Mission Street Co. LLC, an affiliate of Westbrook Partners.
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After the dogecoin hype invoked a new ERC20 token project called Shiba Inu, the crypto asset has been making waves throughout the crypto industry. On Wednesday, the cofounder of Ethereum, Vitalik Buterin donated $1 billion worth of Shiba Inu to India’s Crypto Covid Relief Fund. Then a few days later on Sunday, Buterin decided to burn 410.24 trillion Shiba Inu tokens worth over $6 billion using today’s exchange rates. Buterin Burns $6.6 Billion Worth of Shiba Inu Tokens A new token called Shiba Inu (SHIB) has been a topical discussion within the digital currency community, aside from the recent focus on Tesla’s Elon Musk. The coin first started making headlines because of dogecoin (DOGE), as the ERC20 token is considered the “dogecoin killer” and the coin has turned people into multi-millionaires almost overnight. Additionally, five days ago, the cofounder of Ethereum, Vitalik Buterin, decided to donate around $1 billion worth of SHIB to India’s Crypto Covid Relief Fund. Today, SHIB is exchanging hands for $0.00001617 per unit and is up close to 2% on Monday morning. At the time of writing, there is a massive circulating supply of over 497 trillion SHIB. The SHIB market has an overall valuation of around $8 billion with more than $3 billion in global trade volume. The Shiba Inu project has a sizable community, a “woofpaper,” and the team’s vision simply claims to be “Decentralized Meme Tokens that grew into a vibrant ecosystem.” After seeing massive gains in recent times and making headlines stemming from the recent Covid-19 relief effort donation, Vitalik Buterin brought SHIB into the spotlight again.
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In this articleTWNKTSLATHostess TwinkiesGetty ImagesCheck out the companies making headlines in midday trading. AT&T, Discovery — The pair of stocks were volatile on Monday after the company's announced a $43 billion deal to merge Discovery and AT&T's WarnerMedia unit. Discovery's A shares popped at the open but were down 3.8% in midday trading. AT&T was up about 1% but off of session highs. Before the official announcement, Citi praised the move and upgraded Discovery to buy.At Home Group — Shares of the home furnishing retailer jumped 2.9% after the company's largest shareholder CAS Investment Partners said it will oppose the deal to sell the firm to private equity firm Hellman & Friedman for $2.4 billion, the Wall Street Journal reported. CAS Investment Partners, which owns about 17% of At Home Group, said the bid "grossly undervalues" the company.Marathon Petroleum — The energy stock jumped more than 2% after the company announced a modified Dutch auction tender offer for up to $4 billion of its common shares. Meanwhile, top Federal Trade Commission officials said Marathon Petroleum's sale of Speedway gas stations to the parent of the 7-11 chain may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate.Tesla — Shares of Tesla, down 27% over the last three months, shed 2.4% in midday trading after CEO Elon Musk said the company has not sold any bitcoin. Some investors had wondered whether the electric car maker had trimmed its bitcoin holdings after Tesla decided to stop taking bitcoin for automobile purchases.Hostess Brands — Shares of the Twinkie-maker dropped 1.7% despite beating on the top and bottom lines of its quarterly results. Hostess Brands reported earnings of 20 cents per share on revenue of $265 million. Analysts expected earnings of 19 cents per share on revenue of $258 million, according to Refinitiv.MicroStrategy — MicroStrategy tumbled nearly 9% amid a slide in the price of bitcoin to the lowest level in more than three months. The business analytics company holds roughly $5 billion worth of bitcoin. Bitcoin was last seen down 3.7% at $43,775, according to Coin Metrics.– CNBC's Jesse Pound, Maggie Fitzgerald, and Yun Li contributed reporting.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today.
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As Colorado lawmakers seek a long-term source of transportation funding, the Centennial State is issuing $500 million of certificates of participation for rural highway projects.This week's deal, scheduled to price Wednesday, is part of $2 billion authorized by the 2017 legislature under Senate Bill 17-267 for projects through fiscal 2022. The financing will go to the Colorado Department of Transportation, with the state Treasurer’s office handling the pricing of the COPs.With investors drawn to strong credits, state officials expect heavy demand for the third tranche under this authorization. Interstate 70 in eastern Colorado. The state is issuing $500 million of COPs for highway and transportation projects in rural areas.Stephen Martinez/CDOT “We've seen strong support from institutional investors in the past, in addition to retail interest, both in Colorado and across the country,” said Leah Marvin-Riley, spokeswoman for the Treasurer’s office. “Colorado's economy has rebounded well from where we were even six months ago. S&P and Moody's strong ratings reflect Colorado's careful budgeting, as well as the strength of this issuance.”Because the certificates rely on state appropriations, they carry ratings of Aa2 from Moody’s Investors Service and AA-minus from S&P Global Ratings, a notch lower than Colorado’s issuer credit ratings. Colorado’s constitution does not allow state general obligation bonds.“In our view, the lease features and terms are standard, with no unusual risks regarding timely payment of debt,” said S&P analyst David Hitchcock.The fixed-rate, tax-exempt certificates will mature in series through 2040.The COPs are secured by lease payments in a sale-lease back of state buildings. Annual lease payments are to be made from the state's general fund and the State Highway Fund.One investor caveat involves 2018 litigation challenging the constitutionality of the legislation authorizing the certificates. The state district court ruled in the state’s favor, and state court of appeals dismissed the suit on the basis of plaintiffs’ standing. The Supreme Court has not announced whether it will take the case on appeal.“The State is vigorously defending the suit and believes it has a reasonable possibility of favorable outcome in the plaintiffs claims,” officials wrote in an online roadshow presentation for the COPs.Greenberg Traurig, the bond counsel, will deliver a litigation opinion in conjunction with the COPs expressing that in its opinion the state's obligations are "valid, binding and enforceable," according to the roadshow presentation.“Given that this is the third tranche, we think investors are already familiar with the litigation, and as well, the strong rulings we've received from the district court and the Colorado Court of Appeals, so we don't anticipate an impact,” said Marvin-Riley.As the state continues its financing for projects under the 2017 legislation, the Colorado General Assembly is advancing bills under the heading “Sustainability of the Transportation System.” The two key bills, Senate Bill 21-260 and SB21-265, are expected to clear the Senate on third reading for debate in the House.The proposal would provide $5.268 billion in transportation funding to fix roads and bridges, improve transit options, meet climate goals, and adapt to future trends, backers said.Colorado Gov. Jared Polis and other state officials launched the bill that would raise $3.8 billion in fees over the next 11 years along with $1.5 billion in transfers from the general fund. A broad, statewide coalition of government and business leaders have announced support for the plan.With the General Assembly scheduled to end by Memorial Day, time for passage tight. However, Democrats control both houses of the legislature and the governor's office.“Colorado has to be ready for the day when market-driven transitions lead car manufacturers to make all-electric vehicles fleets the norm,” said Rep. Matt Gray, D-Broomfield. “This bill reduces pollution and supports the adoption of electric vehicles by investing in the charging and fueling infrastructure needed to make owning one even easier than owning a gas or diesel vehicle. We’re going to invest in public transit and safe infrastructure.”For the first two years, the legislation reduces vehicle registration fees. New fees, including increases for electric vehicles, will cost the average driver about $28 in the first year, officials estimate.The bill would add 2 cents to the cost per gallon of fuel but would be classified as a “fee” instead of a “tax.” The 22-cents per gallon gas tax in Colorado has not been raised since 1990. The 2-cent fee would rise annually to a peak of 8-cents per gallon. Construction crews are widening Colorado 9 in Summit County.CDOT Ride-share services would see a 30-cent per trip fee, and a 15-cent-per-trip fee for car pools. The fee on delivery fees for online retail orders is 27 cents.Under the 1992 Taxpayer Bill of Rights, a constitutional amendment known as TABOR, new taxes must be approved by voters. But the law exempts fees, which are considered voluntary payments for services.The legislation is facing stiff opposition from the Colorado Chapter of Americans for Prosperity and is likely to face litigation if passed.“As we have always said, we’re not going to stand back and allow lawmakers to continue to advance the gas tax against the will of the voters,” Jesse Mallory, state director of AFP, said in a statement. “It is unconscionable that our lawmakers could even think of moving forward with all the negative feedback they have received with only weeks left in the session to spare.”The nonprofit TABOR Foundation’s litigation against SB17-267, the bill authorizing the COPs, is not directed at CDOT specifically but at a part of the bill that levied $4.5 billion in hospital fees that the foundation considers a tax.TABOR Foundation accuses the state of “using convoluted tactics” to avoid bringing tax increases to a vote.“Some of these tactics include mortgaging state buildings, eliminating tax breaks, and trying to disguise tax increases as fees administered by ‘enterprises,’ state-run entities whose revenues do not count towards TABOR’s revenue cap,” the foundation said.On March 5, 2019, the state District Court in Denver ruled in favor of the state, saying that the fees did not constitute a tax. The appeals court dismissed the lawsuit on the basis of standing of the plaintiffs.Ratings analysts have long noted TABOR’s chokehold on revenues as a negative credit factor for the state.S&P’s Hitchcock said that constitutional provisions such as the TABOR “limit state tax revenue, while at the same time mandating a minimum level of school expenditures, which we believe limits revenue and spending flexibility.”The certificates are scheduled for pricing Wednesday through senior manager JP Morgan, led by executive directors Marshall Kitain and Antti Suhonen.Jason Simmons, managing director at Hilltop Securities, is financial advisor on the deal.Bryan Stelmack, director at Stifel Nicolaus, is financial advisor for CDOT.
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The Municipal Securities Rulemaking Board appears poised to do away with a requirement that dealers provide disclosures to customers who may not be invested in municipals, a request industry groups have been making for years.The MSRB requested comment May 14 on potential changes to Rules G-10 on investor and municipal advisory client education and protection and G-48 on transactions with sophisticated municipal market professionals. The proposed changes would require dealers to make certain disclosures only to customers who hold a muni position or who have made a municipal bond transaction in the prior year, and would exempt SMMPs from receipt of those disclosures.“The MSRB has been hearing from stakeholders that it is an unnecessary burden on dealers to provide the annual notifications to customers that do not hold or actively trade municipal securities,” MSRB Chief Regulatory Officer Gail Marshall said in a release Friday. “Today’s request for comment is part of the MSRB’s commitment to ensure our rules achieve the intended benefits in furtherance of the MSRB’s mission to protect investors, state and local governments, and the public interest.”MSRB Chief Regulatory Officer Gail MarshallPhotographer: Plamen PetkovRule G-10 currently requires dealers and muni advisors to provide either electronically or in writing by the end of each calendar year certain notifications to their customers and clients. The notifications include a statement that the firm is registered with the MSRB and the Securities and Exchange Commission, the MSRB’s web address, and a notification of a brochure available on the MSRB website that describes the protections of MSRB rules and how to file complaints with regulators.Prior to a 2017 amendment, the rule applied only to dealers and required dealers to provide a customer with a paper copy of the MSRB’s investor brochure after a customer had made a complaint to the dealer.Under the changes being proposed now, dealers could satisfy the rule’s requirements by making the disclosures only to customers who executed a muni translation in the past year or held municipal securities, and could notify SMMPs and all other customers with a statement on the firm’s website.Both the Securities Industry and Financial Markets Association and the Bond Dealers of America mentioned G-10 as a rule that should be updated in comment letters on the MSRB’s strategic priorities several months ago. Leslie Norwood, SIFMA’s head of municipals, praised the move Monday."SIFMA members had requested that the MSRB review Rule G-10, and make clear that annual customer notifications are only due to customers that hold or trade munis and not due to sophisticated municipal market participants, who do not need such basic disclosures,” Norwood said. “Requiring that annual customer notifications go to all customers of the broker-dealer, even if that customer doesn't hold or trade munis, has added additional costs and burdens on the dealers without increasing customer protection. Reducing unnecessary and superfluous disclosures may make it more likely that customers pay attention to relevant disclosures. We appreciate the MSRB proposing this rule change early in the year, and hope that the amendments are finalized before annual customer notifications are due at the end 2021."In a January comment letter, BDA CEO Mike Nicholas told the MSRB that “the rule results in superfluous disclosures to customers who do not own or trade municipal securities. We ask the MSRB to amend Rule G-10 to specify that it applies to customers who own municipal securities or who have traded municipal securities since the dealer’s last annual disclosure.”Comments on the proposed changes are due June 28. After the close of the comment period, the MSRB could choose to file for SEC approval, or might decide to modify the proposal.
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Contractors work on single-family homes under construction in the Cadence Park development of The Great Park Neighborhoods in Irvine, California, on Wednesday, April 14, 2021.Bing Guan | Bloomberg | Getty ImagesStrong buyer demand is keeping homebuilders confident, but rising costs of construction materials are weighing on housing affordability. Builder sentiment in the single-family housing market was unchanged at 83 in May, according to the NAHB/Wells Fargo Housing Market Index. Anything above 50 is considered positive sentiment.The index had plummeted to 37 last May, as the pandemic lockdown hit and the housing market shut down. It then rebounded dramatically in June and July, as consumers rushed out to buy suburban homes, seeking more space for working and schooling from home.Builders now say they continue to see a steady stream of buyers, due in large part to the extreme shortage of existing homes for sale. Continued low mortgage rates are helping some with affordability, but with prices rising fast, purchasing power is weakening."First-time and first-generation homebuyers are particularly at risk for losing a purchase due to cost hikes associated with increasingly scarce material availability," said Chuck Fowler, National Association of Home Builders chairman and a homebuilder from Tampa, Florida. Aggregate residential material costs are now up 12% year over year, according to the NAHB, and those costs continue to rise. That is causing a critical problem not just for builders, but for the overall market. "Some builders are slowing sales to manage their own supply chains, which means growing affordability challenges for a market in critical need of more inventory," said Robert Dietz, NAHB's chief economist. "Homebuyers should expect rising prices throughout 2021 as the cost of materials, land and labor continue to rise."Of the index's three components, current sales conditions were unchanged at 88. Sales expectations in the next six months rose 1 point to 81. Buyer traffic fell 1 point to 73.On a the three-month moving average, builder sentiment in the South rose 1 point to 84 and was unchanged in the West at 90. In the Northeast, sentiment fell 4 points to 82 and in the Midwest it dropped 3 points to 75.
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Shiba Inu (SHIB) has been the talk of the cryptoverse and mainstream media recently. It is a meme coin themed around the Shibu Inu dog, a Japanese dog breed that Dogecoin (DOGE) is also basing its image on. According to data from CoinMarketCap, SHIB hit its all-time high of $0.0000388 on May 10 after it surged more than 2,500% from trading at $0.00001478 on May 7.The token has now been listed on most of the major exchanges, such as Binance, Coinbase, FTX, OKEx and even Binance’s Indian counterpart, WazirX. It had also briefly broken into the top 20 cryptocurrencies list by market capitalization. Currently, it has dropped off in the rankings, with a market cap of just over $6 billion. Earlier on May 10, SHIB’s market capitalization hit an all-time high of over $13.5 billion.SHIB was launched in August 2020, soon after Dogecoin’s hype on TikTok sent the coin to a two-year high. According to its “Woof Paper,” a total of 1 quadrillion tokens were minted, 50% of which was locked into Uniswap with the keys thrown away. The other half, however, was sent to Ethereum co-founder Vitalik Buterin’s wallet in an uninvited fashion.The intention behind sending 50% of the tokens to Buterin was to ensure price stability since ideally, the demand-supply dynamic wouldn’t allow the price to swing rapidly since one entity owns a large portion of the circulating supply.However, Buterin gave away over $1 billion worth of SHIB to a coronavirus charity in India known as the India Covid Relief Fund. This led to the price of the coin crashing by over 50% almost immediately as the market began to panic.Disclaimer: The coins described below are highly volatile and speculative in nature. This article is not an endorsement of these coins. If you opt to trade any of these coins, do so at your own risk.Dogecoin killers out there? Maybe not just yetAccording to the coin’s woofpaper, it claims to be the “Dogecoin Killer,” citing the enormous supply of the token as a differentiating factor between the two. In fact, on May 10, the demand for Shiba Inu grew so much that Binance ran out of ETH addresses since the token is based on the Ethereum blockchain.Johnny Lyu, CEO of KuCoin — a crypto exchange — spoke with Cointelegraph about the positives of such high demand from retail investors: “It can be considered as a way to quickly learn about blockchain and the cryptocurrency industry. It provides new users with a lower threshold compared to some mainstream cryptocurrencies such as Bitcoin and Ethereum.”As the token is competing with DOGE, it’s important to assess how it’s performing relative to Dogecoin. At the time of writing, SHIB is trading in the $0.000016 range, amounting to around 10,000% of gains in the last 30 days in comparison to around 300% gains in the same 30 days for Dogecoin, which is currently changing hands at roughly $0.50. Speaking of Dogecoin’s use cases, Lyu further elaborated:“Dogecoin has a unique cultural symbol along with abundant application cases. For example, SpaceX announced recently that it will launch the DOGE-1 moon mission, and the cost will be paid by Dogecoin. This will allow more people to learn about and use Dogecoin along with Musk’s preference for Dogecoin.”DOGE crashed by more than 25% following Tesla CEO’s Saturday Night Live appearance where he dropped several references to the meme token. His appearance also led to the price of Tesla dropping 14%, thus losing nearly $20 billion in market value.However, on May 14, Musk made an announcement that he would be working with the DOGE development team to “improve system transaction efficiency.” This news led to the rebound of the token’s price from $0.38 to trading in the $0.50 range as the community envisions further adoption by brands and firms as payment options available to retail investors.Jake Wujastyk, chief market analyst at TrendSpider — a technical analysis software company — told Cointelegraph that the DOGE price drop before SNL was not a coincidence: “This flush in price to the mid-$0.30s was conveniently timed right before this announcement by Elon Musk.” He further added:“Dogecoin moved down to the volume shelf around $0.35 earlier in the week (an area where people who originally had profits in the $0.40s+, were back to break even). This is exactly where technical traders should have expected a bounce as supply dried up in this area (due to a lack of profits held by those that held DOGE around $0.35 originally).”While SHIB is currently the most talked-about dog-themed meme coin apart from DOGE, there are several other highly volatile and speculative dog meme tokens that are floating around in the cryptoverse, which were launched in the hope to replicate the performance of DOGE.One of the other coins from the same development team as SHIB is called LEASH. This coin has a limited total supply of just 107,647 tokens. Due to this low supply and the hype around the project, the sister token of Shiba Inu has seen astronomical gains of 6,500,000% since the beginning of May.Another such coin is Kishu Inu (KISHU), a token themed around Shiba Inu’s distant relative, the Kishu. The project’s white paper speaks of a farming decentralized application in the future similar to SHIB’s upcoming ShibaSwap marketplace where users can swap the token and even earn rewards through staking. The coin is currently changing hands at $0.00000001, posting over 4,000% gains in the last 14 days.Another coin that is trying to capture the DOGE hype is Dogelon Mars (ELON), a coin based on Elon Musk and his love for space travel. Similar to SHIB’s tokenomics, upon minting, 50% of the supply was sent to Buterin’s wallet address, and the other 50% was locked on Uniswap in a liquidity pool with an Ether (ETH) pairing. ELON is currently trading at $0.00000070 and has posted over 220% gains in the last 14 days.It doesn’t end there. There are many more projects that are trying to imitate the financial performance of Dogecoin — UnderDog (DOG), Doge Token (DOGET), DogeFi (DOGEFI), DogeSwap (DOGES), PAW Token and ShibaCorgi Token, to name a few. In fact, there is now even a CAT token, which was launched by Netflix show Tiger King star Carole Baskin.Related: DOGE as internet money? TikTokers and sports fans see a use case for DogecoinWujastyk further elaborated on the feasibility of these dog-themed meme tokens: “There are many coins popping up and simply riding the Dogecoin coattails. Most of these coins have no utility at all other than being a vehicle of speculation.” He further added: “These are mostly just coins riding the coattails of the current coin mania. Generally, this does not end well and many new traders will likely get burned.”Since most of these dog-themed meme coins apart from DOGE are Ethereum-based ERC-20 standard tokens, the hype around them led to additional congestion on the Ethereum network and thus drove up the gas fees. Consequently, the price of dabbling into these coins has now increased substantially. The blockchain is currently in the process of transitioning to Ethereum 2.0, which will see a proof-of-work consensus model replaced by a proof-of-stake consensus that aims to improve the scalability of the network and thus reduce gas fees for investors. But this process will take some time to conclude.In the meantime, the general love for dogs and the desire to become quick millionaires like several DOGE investors are leading to meme coins flooding the market. But whether it is just a bubble or if there will be a paradigm shift in crypto due to these tokens remain to be seen. Most likely, Doge will pave the way for these coins and decide their future based on its own adoption and price action.
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An earlier post made clear this economy’s powerful near-term growth momentum. It also warned about longer-term economic risks, especially given Washington’s efforts to hype the economy. Against this background of conjoined economic optimism and worry (common enough in almost all economic analyses) the expansion in residential real estate seems so far to rest on a remarkably firm foundation, with no sign of the kinds or imbalances that in the past have led to trouble. By every available measure the expansion in this area so far has been extraordinary. Over the six months ended this past March, the most recent period for which data are available, new home sales have expanded at an almost 12% annual rate. New construction on residences has expanded at an astronomical 30% annual rate. The difference between sales and new construction starts might raise concern were it not that new construction had lagged sales for years, making this catchup long overdue. Between 2015 and 2020, for instance, sales increased 10.4% a year while starts rose only 4.1% a year. There actually would seem to be some more catching up left to do, though things appear to be coming into balance. To be sure, sales and starts have outpaced new family formation, which has expanded less than 1.0% a year, but new families are only part of the housing equation. Sales and especially construction also must account for the depreciation of the existing housing stock. This is a figure often debated among those who see it as their job to understand such things. A lot depends on what the observer considers unlivable, but a consensus seems to have settled on an estimate that 3% of the existing housing stock loses its appeal each year. That means new construction, in addition to meeting requirements of new families, must also replace a considerable number or obsolete structures. What is more, the population is clearly shifting where it wants to live.  The move south and west has been going on for decades and has no doubt accelerated in the pandemic.  However useful a structure in an unattractive region, it cannot be moved, and meanwhile, someone needs to buy and build in an attractive region. Price behavior also speaks to this firm, well-balanced base in residential real estate. According to National Association of Realtors (NAR) data, the median price of a home has remained relatively stable over the last six months, not everywhere, of course, but in general, rising at only a 1% annual rate. Back when sales were outstripping starts, these prices were rising much faster — up 5% over 2018 and 9% over 2019. As the relative balance between sales and starts seems to have settled things, this slowdown in the median price rise has kept housing affordable, for the time being at least, and points to future growth. The relatively modest rate of increase in home prices is of course a big part of affordability, but it is not the whole story. Because few people buy a house for cash, financing costs play a big role in the equation. Here, the Federal Reserve’s (Fed’s) determination to keep interest rates low has provided a powerful growth spur. According to the Housing Finance Agency, effective mortgage rates have dropped from 4.7% in 2018 to 3.17% on average last year to 2.73% at last measure. Financing costs, in other words have fallen some 40%. Despite past price increases, this financing relief has reduced the cost of carrying a mortgage on the median-priced home some 5% since 2018. Income growth is the last element helping to make housing more affordable. Between 2018 and early last year, median family income in this country has increased at about a 5% annual rate. Combined with the decline in financing costs, the burden of supporting a mortgage on the median-priced home has dropped from 17% of family income in 2018 to 14.5% this past February, the most recent period for which data are available. Home purchase is more affordable than it has been for years. With the balance of sales and starts holding the line on home prices and the Fed holding the line on interest rate and still strong jobs growth as the economy responds to the re-opening from pandemic strictures, it is easy to conclude that the outlook for sales and construction looks good for the remainder of this year at least and into 2022. Bright as this outlook is, risks increase over the longer term. Nothing here forecasts problems but two threats exist, both in the economic hype currently coming out of Washington and outlined in the above-mentioned post. The first of these is financial in nature – that lenders become overly enthusiastic and overextend themselves. The two federal housing authorities – Fannie Mae and Freddie Mac – are already pushing in this direction, calling on lenders, as they did in the runup to the 2008-2009 financial crisis, to make more loans at better rates to low-income homebuyers. Memories of that crisis may yet be too vivid to create another sub-prime crisis any time soon, but the risk clearly exists. More likely than this is that builders become too enthusiastic. If building outstrips sales, construction loans would become questionable and bring on a retrenchment. Then there is the question of inflation, which, if it accelerates could distort real estate pricing in all sorts if ways. None of these risks are likely any time soon. They might never develop, even over the longer term, but still neither can they be ignored.  In the meantime, sales and construction look well supported for at least another 12-18 months.
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Nearly two-thirds, or 64%, of millennials (ages 25 to 40) say they have at least one regret about purchasing their current home, according to a new poll of more than 1,400 U.S. homeowners from Bankrate.Only about 45% of Gen X (ages 41 to 56) and 33% of baby boomers (ages 57 to 75) reported having some type of remorse about their current home, the survey found. But overall, having some dissatisfaction is pretty common: about 43% of all homeowners have at least one regret about their home."These purchases, even for those who are well qualified, can be a leap of faith," says Mark Hamrick, Bankrate's senior economic analyst. People tend to focus so much on actually being able to buy a home that many times there's a sense that everything else will resolve itself once the initial purchase is completed. "The reality is that it's just the beginning of the homeownership experience," Hamrick says. After the initial excitement has worn off, many homeowners are left with a regret or two, something they wish they'd done differently.  Many homeowners, especially younger buyers, have to make compromises on the home they end up purchasing, says Jessica Lautz, vice president of demographics and behavioral insights with the National Association of Realtors. About 69% of all homebuyers make some type of comprise, including on the price, condition and size of the home, according to NAR's research."You're never going to get all of your wish list, so you do generally have to make at least some compromises because money is a factor in the biggest financial transaction of your life," she says. Those compromises could lead to a sense of regret down the line.But just because homeowners may have a few qualms doesn't mean that they wish they'd never purchased their home. "On balance, most people are happy that they made the decision to buy," Hamrick says. The most common regret: underestimating costsAmong all homeowners, including millennials, the most common regret is underestimating how much the maintenance expenses and other hidden costs associated with buying and owning a home are. About 16% of homeowners (and 21% of millennials) cited this as a regret. Other types of regrets focused on the size of the home and the finances involved in the process, including the mortgage payment and rate.Beth Holmes-Roberts, 38, and her husband purchased their first home in January 2019. The 60-year-old home in San Antonio, Texas, consists of four bedrooms and two bathrooms and was listed for $195,000. "We literally walked into the house the first day that we were looking and said, 'We need this one,'" Holmes-Roberts says.Although Holmes-Roberts says owning a home has been a blessing, especially amid the Covid-19 pandemic, she does wish that she had done a little bit more research into what the homebuying process looked like ahead of time, especially around the mortgage procedures. "It just sort of felt like a whirlwind of activity that ended up with us standing in front of this empty house with a set of keys going, 'Okay, here we are,'" she says.Home maintenance has been an ongoing challenge, Holmes-Roberts says. Over the past two years, they've had a lot of plumbing work done, including fixing toilets and a bathtub that didn't drain properly. They also had to replace their entire garage door. All of the family's stimulus payments over the past year, more than $6,500, have gone toward home maintenance."The vast majority of the money that we have spent on the house since we moved in has been either standard maintenance or preventive maintenance, so we actually haven't gotten to start on any of the renovations that we wanted to do," Holmes-Roberts says.Last year, homeowners spent an average of $13,138 on household projects, according to HomeAdvisor's new 2020 State of Home Spending report. While those costs can vary depending on where you live and the age and condition of your home, homeowners should plan to spend 1% to 3% of the home's purchase price on annual maintenance.That means if your home is priced at $300,000, it's worth setting aside at least $3,000 each year for repairs and upkeep.How to get ahead of homeowner regretsIf you're looking to purchase a home in the near future, Hamrick and Lautz say there are some steps you can take to help mitigate any buyer's remorse. Build up your savingsThe most important thing is to have a fairly big savings cushion. Think of it like a poker game, Hamrick says. If you're pushing all your chips into the center of the table in order to buy a home, you're going to be in trouble from the get-go. You need to hold some chips, or in this case, savings, in reserve. "Life is going to come at you fast, whether it's something that happens with respect to the costs of maintaining the home, or all of a sudden your car tire goes flat or there's a big dental bill," Hamrick says. Having a robust savings cushion is critical.You might be tempted to put everything you have toward the down payment or closing costs, but Hamrick says that's a mistake. "The need to save almost becomes more important after one owns a home because there's more risk with respect to the expenditures," Hamrick says.Make sure you're thoroughIt's important to think through what you're looking for and how you'll achieve it as thoroughly as you can, Lautz says. Look at any potential home with your eyes open about what the property offers and what it would mean to live there for years, or even decades, she adds.It's also important to have all of the proper inspections completed. Even if you have to spend a bit more upfront, it can mean that you avoid any nasty surprises later on. "The home inspectors are there there to help you and understand all of the systems within that home," Lautz says.Do your homeworkWhen it comes to buying a home, be patient, Lautz says. Once you decide to buy, it can be tempting to rush into the process and start looking at places. But taking the time to do your research on the market and types of homes you're interested in can be a big advantage.View photos online first, and be deliberate about the homes you're going to see in person, Lautz says. That way, you and your real estate agent are really tackling and seeing homes in a very strategic way, and putting in bids on the ones that really matter.And at the end of the day, it's all about finding a home that works for you so that you don't have any major regrets. "I'm really glad that we went with our gut on which house to buy. We've really felt at home here, and it feels like it's the right house for us," Holmes-Roberts says.Sign up now: Get smarter about your money and career with our weekly newsletterDon't miss: Meet the middle-aged millennial: Homeowner, debt-burdened and turning 40
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Broker Associate at LIV | Sotheby's International Realty based in Breckenridge, Colorado. On March 10, 2021, Freddie Mac and Fannie May announced that they will buy fewer second-home and investment mortgages. Although the news did not set the real estate market into a downward spiral, it is now raising concerns for consumers as well as for real estate professionals.  The high demand for second homes and investment properties prompted the Federal Housing Finance Agency (FHFA) to make some changes. In the March letter sent to mortgage lenders, Fannie Mae said, “Recent amendments to our senior preferred stock purchase agreement with Treasury impose additional risk criteria on the loans we acquire. One of those restrictions is a 7% limit on our acquisition of single-family mortgage loans secured by second home and investment properties.”  What does all this mean for the real estate industry? Even though the long-term consequences of such changes are not yet entirely clear, some real estate markets are seeing a fast shift. Below are some essential considerations.  Challenges In Resort Markets During the last year, we have witnessed one of the biggest spikes in second-home purchases as well as investment properties. Such behavior was boosted by all-time-low interest rates on mortgages, which resulted in a surge in home prices. Today, inventory continues to be at a historic low and there is no sign of the trend reversing soon, but chances are that if a home buyer is shopping for a mortgage for a second home in a resort market, they will find an unpleasant surprise. Buyers who are already pre-qualified by a lender shouldn’t be shocked to find out about a possible “surcharge” or even loan denial after getting their offer accepted and going under contract. Real Estate Professionals Must Work Ahead Of The Curve Knowledge is king. Many real estate professionals are not even aware of the changes and how this is affecting the immediate present and near future. Being informed and knowledgeable sets you apart from the competition while representing both buyers and sellers.  As the lending options are now more scarce, real estate professionals representing buyers purchasing a second home or investment property with financing will need to be guided and connected with a lender that can process such a loan. While there will always be a lending product available to purchase a home, the fluctuation of interest rates between lenders could vary greatly and change the affordability. A couple of local relationships with trusted lenders will not be enough as most financial institutions will be likely to change terms and conditions quickly and often. Sellers interested in accepting an offer contingent on a loan should, via their agent, get involved and make contact with the buyer’s agent and their lender to confirm that everyone is aware of any changes.  A Riskier Future For Resort Market Lenders According to Florida Realtors, the new FHFA 7% rule for second homes means lenders might not be able to sell a second home loan to Fannie Mae and Freddie Mac even if they followed all the qualified mortgage rules, which raises lenders’ risks.  There is no doubt that the changes to lending will not only impact real estate transactions but also the real estate value. With low interest rates, buyers have been pushing the limits on affordability but with higher interest rates or without a buffet of lending options available, the demand is bound to drop. Resort real estate markets will level off from an extreme seller’s market to a more balanced one. All of the factors mentioned above are likely to also plateau or lower property values. Ultimately, as an action-reaction, real estate agents will also be left with slower business and fewer transactions.  The Light At The End Of The Tunnel With change comes opportunity. Extensive local relationships with lenders and knowledge will set one real estate agent apart from another. It will be essential to extend relationships with lenders and have weekly calls to ask about updates.  The current trends show that adjustable-rate mortgage products are making a huge comeback. Such loans typically are portfolio loans, meaning that they are financed and owned by the financial institution that is offering the product and not sold to third parties. For example, 10/1 year ARM seems to be one of the most popular as it is likely that a second homeowner will either sell or refinance after 10 years of ownership. Savings of an ARM loan with a low interest rate today may be a smart decision and fit into the buying strategy.  Conventional lending is still offered, but it is likely that it will be offered at a high premium. It is essential to remind clients to fully understand the differences between conventional, ARM, portfolio and other lending options. And while being knowledgeable will set you ahead of the competition, it is important to remember that real estate professionals are not financial advisors.  Change is not always perceived with excitement, but there are always ways to use creativity and knowledge to succeed in continued business. Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?
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Take a look at some of the biggest movers in the premarket:AT&T (T), Discovery (DISCA) – AT&T and Discovery announced a deal to combine Discovery with AT&T's WarnerMedia unit. The combination would be co-owned by current shareholders of both companies, and would create a new stronger streaming video challenger to the likes of Netflix (NFLX) and Walt Disney (DIS). AT&T jumped 4.9% in the premarket and Discovery shares surged 17%.Hostess Brands (TWNK) – The maker of Twinkies and other snacks reported quarterly profit of 20 cents per share, a penny a share above estimates. Revenue also topped Wall Street forecasts. Hostess said it continues to see elevated at-home consumption of its snacks, as well as increased "on-the-go" sales.ViacomCBS (VIAC) – ViacomCBS resolved a dispute with former CEO Les Moonves, and will keep the $120 million in severance it had withheld after Moonves resigned amid accusations of sexual harassment which he has denied. Viacom shares rallied 3.8% in premarket trading.At Home Group (HOME) – At Home Group's largest shareholder said it will oppose the deal to sell the home furnishings retailer to private-equity firm Hellman & Friedman for $2.4 billion. CAS Investment Partners, which owns about 17% of At Home Group, made its objections in a letter to the company's board of directors that was seen by The Wall Street Journal. CAS feels the bid "grossly undervalues" the company.Marathon Petroleum (MPC) – Top Federal Trade Commission officials say Marathon Petroleum's sale of Speedway gas stations to the parent of the 7-11 chain may be illegal on competitive grounds. The $21 billion deal closed on Friday, but the officials say they will continue to investigate. Separately, Marathon announced a modified Dutch auction tender offer for up to $4 billion of its common shares.Tesla (TSLA) – Tesla CEO Elon Musk said the company has not sold any bitcoin after such speculation was fueled by Tesla's decision to stop taking bitcoin for automobile purchases. Tesla fell 1.1% in premarket trading.MicroStrategy (MSTR) – MicroStrategy tumbled 7% in premarket action amid a slide in the price of bitcoin to the lowest level in more than three months. The business analytics company holds roughly $5 billion worth of bitcoin. The cryptocurrency's volatility is also impacting shares of Coinbase (COIN), the largest U.S. cryptocurrency exchange, which fell 3.5%.Texas Roadhouse (TXRH) – The restaurant chain's shares rose 1.4% in the premarket after Deutsche Bank upgraded the stock to "buy" from "hold." Deutsche Bank said recent trends point to the possibility that current revenue assumptions may be conservative, and it also points to the recent pullback in the stock's price.Sanofi (SNY), GlaxoSmithKline (GSK) – Sanofi and Glaxo said their experimental Covid-19 vaccine showed strong results in an early-stage study, with 95% to 100% efficacy. The drug companies plan to begin a phase 3 trial within a few weeks.Blackstone (BX) – Blackstone's improved $6.5 billion bid for Crown Resorts was rejected by the Australian casino operator, which said the bid undervalued the company and was not in the best interests of shareholders.Cummins (CMI) – The maker of engines and other power solutions saw its stock rise 1.4% in the premarket after Bank of America Securities upgraded it to "buy" from "neutral," saying it sees continued outperformance ahead amid an upbeat market for farm machinery and equipment rental.
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Founder and CEO of The Raisner Group (formerly Proteus Capital Management), a private real estate investment firm in New York City.  New York City has suffered deeply from Covid-19. Its economy was destroyed, people fled in droves and the population registered over 30,000 deaths. Nevertheless, the Big Apple is beginning to make a strong comeback: A large share of its population is now vaccinated, businesses have reopened, new businesses have made their debut and inhabitants are returning, mostly from Florida. Lured by the lowered rent prices and the spring excitement, there is a wave of "new" New Yorkers moving to the city. As we recover from Covid and real estate business activity starts to pick up, Brooklyn provides a unique opportunity for investors and homebuyers alike. Covid has accelerated all trends and brought the future faster. Brooklyn’s momentum shows clear signs of lasting, and 2021 should be an excellent vintage for investors to jump back in.  New York’s grittiness will allow it to recover and grow from the pandemic, and with regards to Brooklyn, it is already well on its way. The borough's 2.5 million inhabitants have fared better than Manhattan in several ways since the March 2020 shutdown. First, its residents are more rooted in their community and stayed in New York in greater numbers than in other parts of town. Because of this, Brooklyn never saw the mass exodus and the lack of everyday services — due to the number of shops going out of business — that Manhattan did. Additionally, falling CRE rents combined with the federal government’s economic stimulus created a retail boom. For instance, Bushwick has seen countless cafés, wine stores and fashion outlets open up since last fall — a truly rapid and unexpected development. It is a different neighborhood than it was 18 months ago.   For many, the new New York City is in Brooklyn. For less than the price of Manhattan, Brooklyn offers larger apartments, fully amenitized and often with individual outdoor space — all in all, a more laidback lifestyle in the middle of the fastest-paced city in the world. This is a great option for those who are going to work from home several days per week and gradually go back to the office. To some extent, the borough offers a more European lifestyle. This isn't surprising considering the borough was heavily influenced by Dutch immigrants. Amsterdam’s canal-facing houses are very similar to Brooklyn brownstones, with wide windows letting sunlight in on the parlor floor, and that parlor floor being duplexed featuring a large living room with a full kitchen behind. With the work-from-home phenomenon here to stay, this European way of life is the future of urbanism in America. Brooklyn also has a strong culture and art scene. With lower rents due to Covid, artists have moved back to the area, reviving the underground scene. How cool? And perhaps most exciting, in the middle of the financial capital of the world, Brooklyn is developing into a stand-alone leader of the world’s latest and most promising industry: cryptocurrency. Recently, ConsenSys, an Ethereum development studio based in Brooklyn, raised $65 million in venture capital backing from the likes of JPMorgan, UBS and Mastercard. But Brooklyn has always been a leader in innovation. A little-known fact is that Pfizer, the pharmaceutical company with the most effective Covid vaccine, was founded in Williamsburg. What a coincidence, that in the day and age of coronavirus, the former Pfizer plant is now being developed as a startup hub? More and more, the pandemic has shown that individuals and families think differently about the concept of home. More and more, we've seen comfort, neighborhood life and personal touches gain importance. In the same fashion that Brooklyn has become a world-class brand, real estate investment companies can look to create their own brands and leave a unique mark on an industry in which smaller names are still recognizable.  The real estate brand of the future will feature many elements found in Brooklyn: character, proximity to customers, personalization, inclusiveness and quality, stylish offerings. It will be involved locally, hire locally and consume locally with a longer-term mindset than in the past. Brooklyn is a vibrant area that has thrived on the rebirth of neighborhood life and has taken the opportunity to evolve with the public health crisis. As the economy opens up and is expected to boom, it shall continue to do so, most likely in surprising ways.  We in the industry like to think of real estate as a cyclical business. The prior cycle saw the "rebirth" of the borough and featured extra innings. Nevertheless, the fundamentals are still strong. Many like to invest in the early years of an upswing. Hence, the Covid downcycle seems to provide unique timing to invest in Brooklyn. Despite the recent success, the borough's economy can develop even more, with a real estate market that will follow. And the Nets are winning this year! Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?
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