Home » Business » Page 393

Business

WazupnaijaNaija Entertainment  blogs & ForumsBusiness

Ian will ‘financially ruin’ homeowners and insurers

President Joe Biden declared nine counties disaster areas Thursday, making residents eligible for federal aid to pay for minor home repairs, short-term housing and other emergency costs. But of the 1.8 million households in those nine counties, only 29 percent have federal flood insurance, according to an analysis of government records by POLITICO’s E&E News. That leaves 1.3 million households at ground zero without federal flood coverage. In Hardee County, only 100 households have federal flood insurance — out of 8,000 households in the county. That’s a 1.3 percent coverage rate. Hardee has one of the lowest income levels of any Florida county, and 44 percent of its residents are Hispanic. “Ian could financially ruin thousands of families in Florida. There’s no better way to say it,” ...

Dozens dead from Ian, one of strongest, costliest U.S. storms

Meanwhile, distraught residents waded through knee-high water Friday, salvaging what possessions they could from their flooded homes and loading them onto rafts and canoes. “I want to sit in the corner and cry. I don’t know what else to do,” Stevie Scuderi said after shuffling through her mostly destroyed Fort Myers apartment, the mud in her kitchen clinging to her purple sandals. In South Carolina, Ian’s center came ashore near Georgetown, a small community along the Winyah Bay about 60 miles north of historic Charleston. The storm washed away parts of four piers along the coast, including two connected to the popular tourist town of Myrtle Beach. The storm’s winds were much weaker Friday than during Ian’s landfall on Florida’s Gulf Coast earlier in the week. Authorities and volunteers th...

‘A character-altering event’: Officials reflect on Ian’s damage

In central Florida, some homes are “still underwater” as a result of flooding as the storm crossed the state, she said. Rubio characterized the federal response so far as “very positive, as it’s always been in the past.” President Joe Biden had multiple meetings with Republican Gov. Ron DeSantis, and plans to visit both Florida and Puerto Rico in the coming days, following successive devastating storms. The scope of the destruction led to discussion of a relief bill Sunday. “We do have to provide disaster aid,” Sen. Rick Scott (R-Fla.) said Sunday on NBC’s “Meet the Press.” “And whether that’s for a hurricane, or whether that’s for flooding, or whether that’s for wildfires, we’ve got to do that.” Rubio, asked whether he would support a bill for relief bill including funding for seemingly u...

Live near water? Get flood insurance, FEMA admin says after Ian.

Hurricane Ian caused widespread flooding across the state of Florida, with some homes “still underwater,” Criswell said. The death toll grew to more than four dozen over the weekend. Many died in Florida from drowning. Everyone should understand their risks for disaster, regardless of whether they live on the coast, inland or in “tornado alley,” Criswell said. Those rebuilding in Florida after Ian should also “make informed decisions about what their risk is” if they choose to rebuild in the same place. The state needs to aggressively go after potential fraud in the insurance market, Sen. Rick Scott (R-Fla.) said Sunday on NBC’s “Meet the Press.” In order to get insurance companies to do business in Florida, “you have to have stricter building codes … but then on top of that, you’ve got to...

Bitcoin price starts ‘Uptober’ down 0.7% amid hope for final $20K push

Bitcoin (BTC) failed to hold $20,000 into the September monthly close as one trader eyed a final comeback before fresh downside. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader’s $20,500 upside target remains Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying lower after finishing the month at around $19,400. Capping 3% losses, the monthly chart failed to rally on Oct. 1, with BTC/USD down another 0.7% in “Uptober” so far, according to data from on-chain data resource Coinglass. BTC/USD monthly returns chart (screenshot). Source: Coinglass Dismal financial data from macro markets contributed to the lack of appetite for risk assets, and among crypto traders, the outlook remained gloomy. For popular Twitter account Il Capo of Crypto, a return ...

Ethereum Merge spikes block creation with a faster average block time

The Merge upgrade for Ethereum (ETH), which primarily sought to transition the blockchain into a proof-of-stake (PoS) consensus mechanism, has been revealed to have a positive impact on the creation of new Ethereum blocks. The Merge was considered one of the most significant upgrades for Ethereum. As a result of the hype, numerous misconceptions around cheaper gas fees and faster transactions plagued the crypto ecosystem, which was debunked by Cointelegraph. However, some of the evident improvements experienced by the blockchain post-Merge include a steep increase in daily block creation and a substantial decrease in average block time. Ethereum blocks per day. Source: YCharts On Sept. 15, Ethereum completed The Merge upgrade after successfully transitioning the network to PoS. On the same...

Terra could leave a similar regulatory legacy to that of Facebook’s Libra

New draft legislation on stablecoins in the United States House of Representatives proposed to impose a two-year ban on new algorithmically pegged stablecoins like TerraUSD (UST). The proposed legislation would require the Department of the Treasury to conduct a study of stablecoins similar to UST in collaboration with the United States Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission. An algorithmic stablecoin is a digital asset the value of which is kept steady by an algorithm. While an algorithmic stablecoin is pegged to the value of a real-world asset, it is not backed by one. The stablecoin bill has been in the works for several months now and has been delayed on numerous occasions. Tre...

Next few weeks are ‘critical’ for stock market and Bitcoin, analyst says

The stock market’s movements in the next few weeks will be critical for determining whether we are heading towards a short-term recession or a long term-one, according to forex trader and crypto analyst Alessio Rastani. During the October-December 2022 period, the analyst expects to see the S&P rallying. “If that bounces or rally fails and drops back down again, then very likely, we’re entering a long-term recession and something very close to similar to 2008”, said Rastani in the latest Cointelegraph interview. [embedded content] According to the analyst, such a recession could last until 2024 and would inevitably negatively impact the price of Bitcoin (BTC).  Talking about the latest Pound sterling crisis, Rastani opined that its principal cause is the rally of...

Binance launches New Zealand-based offices following regulatory approval

Global cryptocurrency exchange Binance has registered with New Zealand’s Ministry of Business, Innovation and Employment and opened local offices in the country. In a Sept. 29 tweet, Binance said it was registered as a financial service provider in New Zealand, allowing residents to access services including spot trading, nonfungible tokens and staking. The move to the crypto-friendly Pacific nation followed regulators in Dubai, Abu Dhabi, Kazakhstan and Italy giving the green light for Binance to open an offshoot. “New Zealand is an exciting market with a strong history of fintech innovation,” said Binance CEO Changpeng Zhao. New Zealand! We are kiwis. https://t.co/UtxbVlvXFV — CZ Binance (@cz_binance) September 30, 2022 New Zealand lawmakers and regulators have largely not imposed strict...

NEXO risks 50% drop due to regulatory pressure and investor concerns

Crypto lending firm Nexo is at risk of losing half of the valuation of its native token by the end of 2022 as doubts about its potential insolvency grow in the market. Is Nexo too centralized? For the unversed: Eight U.S. states filed a cease-and-desist order against Nexo on Sep. 26, alleging that the firm offers unregistered securities to investors without alerting them about the risks of the financial products. In particular, regulators in Kentucky accused Nexo of being insolvent, noting that without its namesake native token, NEXO, the firm’s “liabilities would exceed its assets.” As of July 31, Nexo had 959,089,286 NEXO in its reserves — 95.9% of all tokens in existence. “This is a big, big, big problem because a very basic market analysis demonstrates that Nexo would be...

Crypto and decentralization could influence voters in 2022 US midterm elections: Report

A poll of 800 likely midterm voters in four U.S. swing states suggested that the overwhelming majority favored ideas around decentralization, and many were HODLers. According to a Sept. 29 report from venture capital firm Haun Ventures on a survey conducted by business intelligence company Morning Consult, roughly one in five voters polled in New Hampshire, Nevada, Ohio and Pennsylvania said they owned cryptocurrency or nonfungible tokens. In addition, 91% of respondents supported a “community owned, community governed” internet that “gives people greater control over their information.” Poll of 800 swing state voters who own digital assets. Source: Haun Ventures “Significantly, and reflective of how the values that voters associate with Web3 will drive electoral behavior, voters are less ...

Transit Swap loses over $21M due to internal bug hack, issues apology

Transit Swap, a multi-chain decentralized exchange (DEX) aggregator, lost roughly $21 million after a hacker exploited an internal bug on a swap contract. Following the revelation, Transit Swap issued an apology to the users while efforts to track down and recover the stolen funds are underway. “We are deeply sorry,” stated Transit Swap while revealing that a bug in the code allowed a hacker to make away with an estimated $21 million. Blockchain investigator Peckshield narrowed down the attack to a compatibility issue or misplaced trust in the swap contract. pic.twitter.com/KJ7u5xoxBp — Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022 Peckshield, along with other investigators, including SlowMist, Bitrace and TokenPocket joined in on the pursuit to track down the hacker. ...