The S&P Dow Jones Indices said Tuesday it has launched new cryptocurrency indexes to track market performances as mainstream acceptance of digital currencies grows.
Three indexes were launched for bitcoin and ethereum by S&P Global, the parent company of S&P Dow Jones Indices, to bring the leading crypto coins to the trading floors of Wall Street. One tracks the performance of bitcoin, another tracks the performance of ethereum, and the third measures the performance of both bitcoin and ether.
“These indices are designed to measure the performance of a selection of digital assets (crypto assets) listed on recognized, open exchanges that meet minimum liquidity and market capitalization criteria,” the company said.
The new indexes, S&P Bitcoin Index, S&P Ethereum Index and S&P Crypto Mega Cap Index, will measure the performance of digital assets tied to them.
The list will expand to include additional coins later this year, the division of financial data provider S&P Global said.
The company first announced the plan in December when it said it would cover more than 550 of top-traded coins and that its clients will be able to create customized indices and other benchmarking tools on cryptocurrencies.
“Traditional financial markets and digital assets are no longer mutually exclusive markets,” said Peter Roffman, global head of innovation and strategy at S&P Dow Jones Indices.
The indexes will use data from New York-based virtual currency company Lukka.
Bitcoin, the most popular cryptocurrency, has seen a wild rally in prices after backing from high-profile companies including Tesla and Bank of NY Mellon. Its price, however, has come off its record highs.
Ethereum touched a record high on Monday, rising above $3,000 for the first time over the weekend. Cofounder Vitalik Buterin, a 27-year-old Russian-Canadian programmer, became a billionaire as the coin crossed the $3,000 threshold.
He holds about 333,500 ether in his public wallet. Multiply that by the $3,500 record high ether stood at on Tuesday, and you get more than $1.1 billion.
Meanwhile, Dogecoin has risen to $0.56 on Tuesday to overtake XRP as the fourth largest coin, having about $66 billion value. The meme coin, created as a joke in 2013 has enjoyed swift cruise spurred by the support of Elon Musk. The Tesla CEO has been relentless in his support for the dog coin, seeing its rally rise above 340% to beat many of the altcoins.
Cryptocurrency has garnered unprecedented enthusiasm in 2021, as institutional investors find succor in the controversial digital asset. Coinbase went public last month, igniting a new range of passion from investors. Cryptocurrency backers have spent years insisting that ethereum, bitcoin and other digital coins could revolutionize the world of finance, and with the success of Coinbase’s Wall Street debut, those backers are finally having their moment.
Being a woman is never an easy feat. This is not just because the physiological makeup of a woman makes life uneasy for her but also because she has to face a lot of social biases all through her life. Society has placed women in a particular position and has not allowed them to raise their heads from there. Any slight effort they make to readjust that position is met by condemnation, criticisms, and resistance. A woman is not expected to lead a group that has masculine gender as members because “a man must always be the head of a woman”.
She is not expected to challenge a person that has “male” attached to his name after all “she must be submissive to a man in all cases”. She must not be ambitious or even think of owning a property “in her name”, since “she must belong to a man, whom she must serve”. In many cultures, she can’t own a property, considering that she is seen as property too. Above, a woman should never think of being rich because society gave that gift to the opposite gender.
Discriminations against women are, sometimes, involuntary. We grew up with the belief that women do not deserve inclusion in certain discussions and privileges. We grew up with the mindset that women are incapable of doing many things. So when we see women doing what we believe they are incapable of, we react. Yes, we are never passive when a woman achieves feats that the society made us believe that she could not.
Take an instance from the case of Nwando Okpalaeke, one of the first pilots that landed planes in the just-commissioned Anambra International Cargo and Passenger Airport. We knew that three planes landed that day but we only know of hers because it was piloted by a woman. People believed she did something extraordinary because she did a “man’s job”. If she were an air hostess, no one would have noticed her because society felt that’s the only job women should do while up in the sky.
Women were also believed to lack the ability and intelligence to make money. This ideology has affected many women because they have been brainwashed into believing they are incapable of doing any substantial thing that will make them financially independent. Those that managed to pull themselves out of this hypnosis are constantly told, “Remember you’re a woman” as if it is taboo for them to be among the bourgeois. If this mentality can be wiped off, a great percentage of the world’s population will be pulled out of poverty. But here we are, watching as more persons wallow in penury because they believe a woman can never help them out.
The women that finally paved their way towards financial independence and succeeded are negatively branded. Tell me any rich woman in this world that wasn’t said to have made money through illicit affairs, aka bottom power, or marrying a rich man. The shocking thing here is that even women say that about their fellow women. What people fail to know is that such castigations discourage others from pursuing their own dreams and financial goals. If people make you believe that you can never achieve much as a woman by offering sex in return, why would you want to work hard since that doesn’t work? Even if someone tells you it is not, you will not believe him because society says so.
When you consider the stereotype and bias against women’s ability to make money you will understand why many of them settle for jobs and businesses that pay close to nothing. Many of these women would have become great entrepreneurs if not for what was instilled into them by the people they had contact with. The most devastating about this scenario is that it is not about to change because the ideology is being instilled in the younger generation.
We are getting ready in the Lone Star State. A digital bank for your home nation and your adopted one. Even before launch, 15,000 are ready. The promise, so beautiful and so large like Texas. Launch date: Q2 2021.
Last week, some government workers were gripped by fear when the news that the Nigerian National Petroleum Corporation (NNPC) has notified the Federal Government of its inability to remit revenue to the federation account in the month of May, filtered the air.
In a leaked letter to the Federal and State governments, through the Accountant General of the Federation (AGF), the national oil company stated that it recorded a shortfall of N111, 966,456,903.74 in February 2021, because of the differential in the ex -coastal prices of petrol, and plans to recover the money in the month of May, 2021. What this means is that the Corporation would make zero remittance into the federation account in May.
It also implies that there may not be enough revenue to share among the three tiers of governments (Federal, States and Local Governments), which could result in delay in payment of salaries, especially among the states that depend on federal allocation for survival. NNPC is one of the biggest revenue earners for the Federal Government, which is why this letter calls for concern.
According to the letter dated April 26, 2021, with reference no GED/CFO/FA/19, the NNPC noted that the average landing cost of petrol for the month of March 2021 was Nl84 per litre as against the subsisting ex-coastal price of Nl28 per litre.
“Further to our previous correspondences on the above subject, we wish to advise on the projected remittance to the Federation Account for the months of April (May FAAC) to June, 2021 (July, 2021 FAAC).
“The Accountant General of the Federation is kindly invited to note that the average landing cost of Premium Motor Spirit (PMS) for the month of March 2021 was Nl84 per litre as against the subsisting ex-coastal price of Nl28 per litre, which has remained constant notwithstanding the changes in the macroeconomics variables affecting petroleum products pricing,” the Corporation stated.
“As the discussions between Government and the Labour are yet to be concluded, NNPC recorded a value shortfall of N111, 966,456,903.74 in February 2021 as a result of the difference highlighted above. Accordingly, a projection of remittance to the Federation for the next three months is presented in the attached schedule”.
NNPC boss and President of Nigeria
As at May 2, 2021, Brent crude, which is the global crude oil benchmark was selling at $66.76, while Nigerian Bonny Light was selling at $64.99, according to Oilprice.com price chart. Crude prices have been on the rise in the last couple of months, as more countries ease lockdowns and as a result of the positive impacts the rollout of Covid-19 vaccines are having in various countries.
It is rather unfortunate that the higher the prices of crude in the international market, the higher the financial burden the country would have to bear, because of petrol subsidy. And NNPC, which is responsible for the importation of virtually all the refined petrol used in the country is not finding it funny.
In March, the Group Managing Director of NNPC, Mele Kyari, had disclosed that the Corporation can no longer bear the burden of petrol subsidy.
“The price could have been anywhere between N211 and N234 to the litre. The meaning of this is that consumers are not paying for the full value of the PMS that we are consuming and therefore someone is paying that cost,” he had said.
“As we speak today, the difference is being carried in the books of NNPC and I can confirm to you that NNPC may no longer be in a position to carry that burden.”
It must be noted, however, that removal of fuel subsidy at this time will be disastrous. The Federal Government and NNPC should not claim ignorance of the huge role fuel plays in our economy. Most small businesses, including homes, run on fuel powered-generators. Also, because of poor transportation system, movement of people, goods and service across the country is 90 percent by land. And most of the vehicles used are fuel-powered. Removal of fuel subsidy directly impacts on businesses, transportation fare and prices of goods and services.
This is why I strongly disagree with the Minister of State for Petroleum Resources, Timpre Sylva, who while speaking at a graduation and awards ceremony organised by Offshore Technology Institute, University of Port Harcourt, Rivers State, on Friday, April 30, 2021, said that petrol subsidy is not directly benefiting Nigerians. He, however, indirectly acknowledged that removal of petrol subsidy would have an impact on the marketplace.
“Subsidy is not directly benefitting Nigerians; the biggest contact with Nigerians is kerosene consumption used by local persons for cooking; as for diesel, it is used to transport food items and so on. But these have been deregulated for a long time now,” Sylva said.
“It is very unfortunate that if (there is) an increment in fuel pump price, (it) would have an impact on the marketplace and we are not happy about that. The President especially does not want to do it, but the economic realities are staring us in the face.
“Can we continue to support the subsidy, which is not necessarily benefiting the ordinary person, but is benefiting certain individuals who are businessmen in the country? I don’t want to identify the people that are benefiting.”
NNPC HQs in Abuja (credit: Guardian)
According to the Consumer Price Index report, released in April by the National Bureau of Statistics (NBS), the country’s inflation rate for the month of March 2020, rose to 18.17 percent from 17.33 percent recorded in February 2021. This represents 0.82 percent points higher than the February figures.
We are already facing economic downturns, and the removal of petrol subsidy will worsen the current situation. In my view, the removal of petrol subsidy will not get the country out of the woods. What will deliver us from this economic quagmire is diversification. The country’s over-reliance on crude oil is a big issue that must be addressed.
Nigerians already have a lot to chew, and adding a high cost of fuel to it will be the worst mistake President Muhammadu Buhari’s administration would make.
Going forward, the Nigerian government has to continue to bear the burden of petrol subsidy. Secondly, it must make deliberate policies towards diversifying into communication and digital economy, maritime, solid mineral resources and agricultural sectors. These sectors have the potentials to take the country to the top 20 economies in the world within a decade.
Also, the government needs to address issues around illegal export of refined petrol to neighbouring countries by some unscrupulous petrol marketers, which adds to the financial burden the country bears. This way, the country will not be subsidizing petrol for other countries, and will save money for other developmental projects.
Furthermore, the government should also resuscitate the three refineries in Kaduna, Port Harcourt and Warri. These refineries have a combined capacity of 445,000 barrels. With this number and further effort to build new refineries, the country will not have to important, thereby creating jobs, and saving foreign exchange.
You cannot explain these things. AS Roma, the Italian football giant, has appointed Jose Mourinho as its new head coach for the 2021/2022 season. Yes, the special one returns. There is a business lesson there: people with prior great results continue to be recycled despite the abundance of new people looking for opportunities.
Jose Mourinho has made a surprise return to football after being announced as the new Roma manager for next season, signing a three-year contract.
Mourinho was sacked as Tottenham manager on April 19 but has made a quick return, the Serie A club confirmed on Tuesday.
“Thank you to the Friedkin family for choosing me to lead this great club and to be part of their vision,” Mourinho said.
“After meetings with the ownership and Tiago Pinto, I immediately understood the full extent of their ambitions for AS Roma. It is the same ambition and drive that has always motivated me and together we want to build a winning project over the upcoming years.
You cannot make this up, as one CEO leaves one job for another job, and another CEO from another company fills it up. Jose has moved from FC Porto, Chelsea, Inter, Real Madrid, Chelsea, ManU, {vacation in my village}, Spurs, and now is gifted another via AS Roma.
Why? He has the rings – Champions League which means he is validated, and no human can dispute his pedigree despite the effervescence of near-relegator with Chelsea a few seasons ago, and his recent results.
That is what happens in American football – the NFL. You cannot be retained as a TV expert-analyst if you have never won the Superbowl, either as a coach or as a player. Without the rings, Jose would be expanding the size of his TV to watch the games in his house.
Records, records and records build careers. Even when they begin to fade, the kingmakers always default to the man or woman with records. Put some great records in your resume!
Very true Prof Ndubuisi Ekekwe. Inter Milan won the league over the weekend. They last won it 11 years ago with Jose Mourinho. He led Inter Milan to an unprecedented treble. The first and the only Italian team to have achieved such a feat.
Upon his announcement, AS Roma’s share jumped up by 12%. On a day that the semi final of the most prestigious football competition in Europe is to be played, Mourinho is trending.
Talk about an iconic brand on or off the pitch!!!
The media are agog by now in Italy. No content sells like the controversial “special” one. Hate or love him, you can’t ignore him. He is an institution in his own class.
Forget the shenanigans and the conspiracy theorists, class is indeed permanent and form is temporal!
