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The moral case for cities

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Owing to various round-number anniversaries — 70 years since its release, 120 since its director’s birth, 60 since his death — cinemas are showing Tokyo Story. In a decision I will rue this winter, I forfeit a couple of hours of vitamin D-gifting sunshine to attend an afternoon screening.

Yasujirō Ozu’s glacial masterwork follows an old provincial couple on a visit to their grown-up children in the capital. Their reception is one of strained tolerance rather than familial warmth. Sensing their obsolescence in the modern world (though General MacArthur has left town, their grandson is learning English) Ma and Pa go home. You keep waiting for the intergenerational recriminations but, as ever with neglected parents, it is the refusal to make a fuss that constitutes the pathos.

Tokyo Story might be the most acclaimed film ever made. It is certainly, despite taking years to be distributed outside Japan, Shakespearean in its universality. If only its view of urban life — that breaker of bonds, that defiler of simple virtues — wasn’t such a moral cliché. 

The economic case for cities — the benefits of agglomeration and so on — is aired so often that it crowds out the more high-minded one. So here goes.

The fact that large cities aren’t wall-to-wall chaos is, before anything else, a moral achievement. It doesn’t depend on coercion — no police force can bring 10mn people into line — but on trust and goodwill, or, at the absolute minimum, enlightened self-interest. And this from a species that didn’t start living in settled populations until an hour or two ago on the historical clock. For all its nobility, the familial love that Ozu reveres is, or is meant to be, hard-wired. The millions of voluntary obligations that keep a city from disintegration are harder to fathom — and slower to be credited.

The problem, in my experience, is that anti-metropolitans just don’t know how safe these places are. Their grievance against the city is not, or not just, its wealth and hoity-toity manners, but the opposite: its squalor and turmoil. “How can you stand it there?” someone will ask, from a deindustrialised abyss or a town whose best restaurant is a Côte. Even allowing for a certain bluster (we all justify our residential choices to ourselves) I see their point. A place with no stable population, no shared memory, should fall apart. 

This is the ancient mistrust of cities. (I’d call it metrophobia, but that means fear of poetry.) The Industrial Revolution was, give or take Newtonian mechanics, Britain’s highest feat. A chart of world living standards in the thousand years before 1750 is a flat-ish line. But the opening ceremony of the 2012 Olympics framed it as an alien assault, turning Eden into Manchester. In the US, too, and France, and China during the Cultural Revolution, the “real” nation is held to be the provinces. “But we pay the bills,” I would have said a while ago. I am now more inclined to defend the honour of cities, not just their productiveness.

To outgrow one’s parents is a kind of pre-bereavement before the actual one. It is also the universal tax on upward mobility, levied in all jurisdictions. But the alternative is what? Static communities? Knowing one’s place? It is an odd moral vision, but one with lots of takers on the de-growth left and the alt-right. Neither side can see that modernity creates different connections and duties, which are more touching, not less, for having no basis in blood or ethnic kinship. 

Except in one scene, Ozu’s camera, like a good son or daughter, never leaves its starting place. It is also set low, as though the viewer is a house guest, kneeling on the tatami. This, the screen implies in all its stillness, is how we are meant to live. 

Even the big cheerful face of the matriarch is visual code for small-town innocence. There she is, smiling through her little humiliations, too meek to ask the children for some patience for her unimportant life. That too, in the end, the city takes. This is an eternal work of art whose emotional power comes from its emotional restraint. It almost doesn’t matter that it gets us urbanites wrong, I think, as I stagger blinking into a city that shouldn’t hold together, and does.

Email Janan at [email protected]

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#moral #case #cities

Arm Holdings Projects Strong Revenue Growth Ahead of IPO

As AI continues to permeate various sectors, Arm Holdings stands to benefit significantly from this technological wave.

Arm Holdings plc, a renowned chip designer backed by SoftBank Group Corp (TYO: 9984) recently revealed its ambitious revenue growth projections ahead of its Initial Public Offering (IPO) plans.

Arm Holdings Shares Its Vision for Growth

The company expects to achieve an impressive 11% increase in revenue for the current fiscal year. Looking further ahead, Arm Holdings envisions even more substantial growth, with revenue projected to surge in the mid-20% range in fiscal 2025.

These numbers reflect Arm’s confidence in its position in the semiconductor industry and its ability to capitalize on increasing demand. Arm Holdings, renowned for its contributions to the global tech ecosystem, made this significant forecast during an investor luncheon held in New York.

The event, which took place ahead of its highly-anticipated IPO, served as a platform for Arm executives to share their strategic vision and future prospects with potential investors. It is worth noting that details of the luncheon have remained confidential, with the sources requesting anonymity due to the private nature of the matter.

Moreover, Arm anticipates that its robust growth will extend beyond the IPO and well into the 2026 fiscal year. Arm’s Chief Executive Officer Rene Haas expects high-teen percent increases in revenue, signaling a sustained period of prosperity for the chip designer.

With an adjusted operating profit margin of 29% in fiscal 2023, Arm is setting its sights on expanding that figure to 40% in the first quarter. However, the most remarkable revelation is Arm’s long-term vision, with the company expecting operating margins to reach a staggering 60%.

Additionally, profit margins on earnings before interest, taxes, depreciation, and amortization (EBITDA) are projected to be approximately 65% of revenue.

Key Drivers of Arm’s Growth

This optimistic outlook is driven by surging demand for chips that power data centers and support Artificial Intelligence (AI) applications.

Arm’s innovative chip designs have gained prominence for their energy efficiency and versatility. With the proliferation of cloud computing and IoT devices, Arm’s architecture has become a top choice for various applications within data centers. This growing demand has driven the company’s revenue growth, making it a key player in the semiconductor industry.

Additionally, Arm’s dominance in the mobile device market has given it a strong foundation in power-efficient computing, a crucial factor in AI applications. The company’s chips are pivotal in the development of AI-powered devices and autonomous vehicles. As AI continues to permeate various sectors, Arm Holdings stands to benefit significantly from this technological wave.

Another key factor driving Arm’s optimism is the recent trend of price increases. These price hikes have provided the company with a “larger bump than seen historically”, according to Rene Haas. This indicates that Arm has successfully leveraged its market position to command higher prices for its products, further bolstering its revenue.


Business News, IPO News, Market News, News

Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

#Arm #Holdings #Projects #Strong #Revenue #Growth #Ahead #IPO

6 Initial Investments Made by Coinbase Ventures’ Base Ecosystem Fund

Coinbase Ventures has kicked off its initial round of investments from the Base Ecosystem Fund by selecting six projects. The specific investment amounts have not been disclosed.

The Base Ecosystem Fund is essentially operated by Coinbase Ventures, the investment branch of the cryptocurrency exchange Coinbase, and is created to back early-stage projects that operate within its incubated Base network.

  • According to the latest blog post, Base reported that its ecosystem fund has received more than 800 funding applications since March this year.
  • The selected projects are – an oracle-based synthetic derivatives protocol called Avantis, Institutional-grade derivatives DEX called BSX, self-custody wallet Onboard, L2 insurance aggregator OpenCover, on-chain creator platform Paragraph, and on-chain financial oracle Truflation.

“With well over 800 applications submitted, we’re grateful for the passion and effort so many builders put into their applications and are delighted to support this first wave of teams on our shared mission to bring the world on-chain and increase economic freedom around the world.”

  • The Ethereum’s layer-2 network, built on Optimism’s OP stack, went live in early August after Coinbase announced its plans to build it earlier this year.
  • In the following weeks, Base announced hundreds of integrations that catapulted its TVL above $400 million, representing a growth of over 170% in less than a month.
  • However, Base suffered its first major outage since its public launch last month. No new blocks were produced on the Base chain for nearly 45 minutes on September 5th.
  • Shortly thereafter, the layer-2 network’s TVL plunged by approximately 7% from $411 million to $383 million.
  • The network has also attracted fraudulent activities and counterfeit tokens.

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#Initial #Investments #Coinbase #Ventures #Base #Ecosystem #Fund

MSMEs can drive India’s digital push

The crucial role of digital technologies was brought out during the Covid period. So to tap their full potential is one of G20’s primary agendas.

Micro, Small and Medium Enterprises’ (MSME) adoption of digital technologies is critical for their competitiveness. MSMEs contribute about 30 per cent to the GDP.

The Jaipur Call for Action made by Commerce Minister Piyush Goyal underlined the need to strengthen the access to trade databases and information by the MSMEs, using the Global Trade Helpdesk at the International Trade Centre, Geneva.

Addressing the B20 Summit India 2023, Prime Minister Narendra Modi said that India has become the face of digital revolution in the era of Industry 4.0 where MSMEs will play a pivotal role. In this context, free flow of cross border digital transmissions is vital for the MSMEs’ sustained growth.

On the pace and scale of digital transformations, India has stolen a march over advanced economies, both domestically and in terms of exports.

An UNCTAD 2018 report indicated that India had exported $89 billion in 2016-17 in digitally delivered services segment. The OECD found that India’s share of global estimated digital trade exports grew by roughly 400 per cent — from 1 per cent in 1995 to nearly 4 per cent in 2018.

With the number of internet subscribers in India now projected to touch 800 million by end-2023, small businesses have also begun incorporating digital services into their operations. Examples of common B2B services imports include e-commerce platforms, social media for marketing and communication, and digital payment applications, among others.

On the import side, Indian MSMEs have also begun to integrate digital services inputs, such as smartphone-based marketing and communications services, into their business operations. Typical goals include expanding market reach and deepening their connection with customers.

Duty moratorium

In 1998 the World Trade Organisation adopted a Declaration on global electronic commerce, which included a two-year moratorium on custom duties on cross-border electronic transmissions.

Since then, the moratorium (or duty cap) has been renewed every two years. New Delhi had raised a number of concerns before the WTO’s 12th Ministerial Conference (MC) in June 2022, being apprehensive of notional tariff revenue loss. However, it can be argued that the moratorium has actually benefited India’s services exports and imports.

WTO members have allowed the moratorium to continue with the present moratorium lasting till March 31, 2024, which is up for debate in the next MC in 2024.

If the moratorium ceases to exist, however, the resulting disruptions would impact a wide range of routine cross-border data transmissions, which range from transfers of semiconductor design information to R&D, software-as-a-service, and digitised music, movies, books and entertainment.

In addition, allowing a range of new tariffs to be levied on digital services would distort supply chains and stunt MSME growth.

A recent study by Institute of Governance, Policies and Politics concludes that cross-border digital transmissions will benefit MSMEs. A 1 per cent rise in imported digital services production inputs by MSMEs results in a 0.4-0.8 per cent rise in MSME employment, 0.1-0.2 per cent rise in MSME value addition and a 0.04-0.08 per cent rise in value-addition per employee (labour productivity).

Given the clear benefits of using digital tools, any action, such as a duty hike, that makes it more difficult for MSMEs to access imports of such services would appear counterproductive. New barriers to digital services will increase costs, hinder efficiency and undermine the growth of small business.

Policy impact

This empirical and stakeholder-interviews-based research has relevant implications for policy: in short, measures that would render it difficult to import digital services would have a negative impact on India’s MSME sector.

Tariffs on digital imports may have some impact on the MSMEs by raising their costs. It must be noted that Indian digital service providers have risen to the challenge posed by their foreign counterparts and have even emerged as leading exporters. Training and education on adoption of digital tools can further benefit the MSMEs.

Therefore, any changes to the status quo on in the WTO moratorium would affect the stability and predictability in the digital sectors across the world, which has enabled their growth. Indian digital and other service exporters and importers will face uncertainty if this moratorium is scrapped.

To help Indian small businesses expand and reach new customers, policymakers should implement policies that make it easier — not harder and more costly — to access digital services inputs, including those from abroad.

Acting on External Affairs Minister S Jaishankar’s pitch at B20 Summit for a “more diversified and more democratic” re-globalisation, the moratorium will help in the emergence of Global South countries as producers.

Mathur is Associate Fellow, NCAER. Badri Narayanan Gopalakrishnan is a Fellow and Former Head, Trade and Commerce, NITI Aayog. Views expressed are personal

#MSMEs #drive #Indias #digital #push

Delta Details Hands-On Role In Building Concur Booking Platform


Concur’s Sultan (left) and Delta’s Sear discuss:

  • The history of the initiative between the two suppliers
  • The relationship between Delta’s NDC philosophy and the upcoming platform
  • Working with other suppliers

Delta Air Lines EVP of global sales Steve Sear joined a conversation with Concur Travel president Charlie Sultan and BTN editors about on SAP Concur’s new booking experience, which is set to debut in a few months. Delta, once a vocal critic of what was perceived as Concur’s lagging updates, was a close partner with Concur on the booking tool’s development. This is the second part of a conversation with Sultan at the Global Business Travel Association convention in Dallas in August; read the first part here. An edited transcript follows.

BTN: What brought Delta, which had been a Concur critic, to the table on this initiative? 

Charlie Sultan: I think Delta was very, very interested in ensuring that they could display all the products they were making a lot of investments in. Jeff [Lobl] was frustrated and Delta was frustrated because we simply weren’t moving fast enough to display everything they wanted. We were trying to work through it, but we were in the midst of trying to migrate everything to a new platform. It didn’t make a lot of sense to invest time and money on the legacy platform. It wasn’t a lack of desire on our part to do the things Delta wanted. It was just a matter of prioritization and time. As we are now getting closer to rolling it out, we’ve now been able to deliver on the things that were important to Delta.

We talked to all of the airlines. We talked to a lot of customers to figure out what they wanted, and Delta was the most interested in working collaboratively with us to help share their insights [and] help educate us on what was working well for them and what they thought the corporate travelers were telling them. We took a lot of their feedback to heart as we were developing our new UX.

Steve Sear: Distribution is always the topic. We were starting to get a little bit of energy from our advisory boards, both our corporate and agency, [prior to the pandemic]. Then Covid hits and everyone was like, “give me an electrostatic sprayer and Purell.” So we went on a hiatus with that. As we came out of [Covid], all of a sudden [there was] feedback from customers—”We need a better experience”—and that was back to distribution in many ways. Like we do with any of our partners, we had to figure out how we can do this. We’re not Concur. Concur is not Delta, but we’re actually great partners. So, we helped figure out the ultimate [goal] and then started a journey. That’s why we share their enthusiasm on the launch. It will be better for the industry, and it’s going to be a better experience for customers. 

BTN: Delta was strong on the Next Generation Storefront initiative in 2019, and Concur didn’t go down that path. With Delta being a big supporter of this change at Concur, did Next Generation Storefront come into it? 

Sultan: We talked a lot about it at the time. And the challenge for us was, Delta was very vocal; they wanted it. They had worked really hard with what goes in column one, column two, column three. We talked to the different airlines, and they didn’t like the way their own stuff was being mapped. So, that was a challenge for us. As we talked to customers, they weren’t exactly [sure] why this would get mapped here instead of there. For that reason, the industry in general sort of went off Next Gen Storefront, but I think the elements of Next Gen Storefront that everybody liked were the ability to see multiple fares at one time and the ability to compare. That’s actually what you see when you look at our display now. You’re seeing three or four fares for each carrier. You can see if it’s an economy or a basic economy or an economy plus. Those elements of Next Gen Storefront are still alive.

BTN: Steve, what are the three most important things that you think are reflected in the Concur tool from a Delta point of view?

Sear: It’s not our design and it’s not a standard, because there’s no standard in [global distribution systems] or even in [New Distribution Capability]. But having a collaborative approach got us to the point where we were very excited about the design that’s being launched. It’s something that we know our customers want and need. That’s first and foremost.

While we were all anxious for this to be out sooner than later, I liked the fact that it was thoughtful and deliberate. We were going to get this thing out when it was really going to be useful and provide value, not just put technology out [that] may not be ready. … The new displays are going to be a game changer in terms of what the customer experience is, so that’s second. Third, if we’re measuring our own customers and net promoter score and satisfaction, we know this new product will help elevate that. So those would be the three I think about. It’s collaborative, it’s timely, and it’s going to provide value.

I liked the fact that it was thoughtful and deliberate. We were going to get this thing out when it was really going to be useful and provide value, not just put technology out [that] may not be ready.”

Delta’s Steve Sear

BTN: Where does Delta’s NDC strategy fit into this?

Sear: We’re on a journey with NDC, and our own vision is fully launched within Delta. We expect to, working with all of our travel management companies and GDSs and [other] entities, be able to ultimately get that rolled out in 2024. [The effort] is less about the NDC technology per se. It is more about our customer experience. We don’t want to have products that aren’t well received and are not providing value. When we launch, we expect to have great products. We’re going to have better displays, and we’re going to have better service. And we’re not going to launch something that the TMCs can’t service or corporations are confused about because maybe it’s complex. We’re going to do it the way we always do it. Customers [tell] us what we need to do or what they’d like for us to do and then we respond. That’s been our mantra for 10-plus years.

We were actually the first airline to create bundled fares in 2014 with Comfort Plus, and we put it in the EDIFACT path in order to make that experience better for the customer. That’s how we approach this as well. We want to make sure the customer mindset is first and foremost when we design and launch a project.

BTN: Was it a mandate for Concur to be ready before you launched NDC, given Concur’s position among your clients and the desire for usability?

Sear: I’m not sure it’s that exact binary, but yes, we were going to do this at the same path that the customers are on. We hear that the technology isn’t ready today, but when we launch it, we’ll provide it and it’ll work. “Keep it simple” is one of the core tenets.

BTN: Is Delta working with other online booking tools as well and trying to get the same experience across those tools?

Sear: We’re working with the three primary GDS related OBTs as well. That’s what our customers have asked us to do. Concur is the largest though. And Charlie and his team have been at our advisory boards, so we’ve been doing this hand in hand. Some of those early sessions weren’t endearing, but they were incredibly productive and really set the stage for what we were doing.

We talked to a lot of customers to figure out what they wanted, and Delta was the most interested in working collaboratively with us to help share their insights.”

Concur’s Charlie Sultan

Sultan: I thought you gave them all the pitchforks to bring to the meetings when you had us there.

Sear: We really applaud Concur for joining us in some of those sessions as well so that they can see how important it is to us that our customers see we’re engaged with the industry and we’re not going to be passive in this evolution. And we do think it’s an evolution, not a revolution. And that was kind of the spirit of this partnership.

BTN: Conversely, are there other suppliers that Concur is working with, not just limited to airlines?

Sultan: We’re always talking to suppliers. We’re always talking to our customers as well. A nice thing about Delta’s advisory panel was [getting] a really good cross-section. Most attendees were our customers, but some weren’t. They had their own perspectives, and it’s always great to get different perspectives on things. We also worked quite a bit with United and American. There were just many more frequent meetings with Delta, and I think Delta was just a lot more passionate about the topic and wanted to keep engaged with us longer.

BTN: What was the most challenging piece of sort of being able to get that content out there?

Sultan: I think when you talk to customers, the issue you’re going to find is that you’re never going to get a hundred percent of customers to agree on something. You will get some customers who say, “I only want my travelers to see lowest logical fare and nothing else, and they will only book what I tell them to book, and they don’t even know something exists unless I tell them it exists.” You’re never going to get all customers to agree on something. So, it’s a matter of being able to listen. Even all the suppliers, your example with NGS is perfect, right? Not all the suppliers agreed on NGS. And so it’s a matter of saying, OK, well, what don’t you agree with, what don’t you like about it, how can we take the elements that everyone does like and incorporate them in?

And then, can the technology support that? If I’m going to go do a shop in Sabre, is Sabre going to give me everything back that I need to display it? And if not, do I need to go to Routehappy to go grab the rest of the information, do I need to go somewhere else to get it and is it available? Once you bake all those attributes together, you say, okay, what is the best possible outcome that we can deliver that meets the most people’s needs? That’s where we ended up.

#Delta #Details #HandsOn #Role #Building #Concur #Booking #Platform

Utility Dealer Expands Across the Southeast United States

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Former Utility Trailer Sales Company of Georgia Acquires Several Locations

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STOCKBRIDGE, Ga. — The former Utility Trailer Sales Company of Georgia is excited to announce its rebrand as Southeast Utility Trailer following an acquisition that sees the dealer expand its footprint into three new states.

Based in Stockbridge, Georgia, just outside Atlanta, the former Utility Trailer Sales Company originally operated additional locations in Gainesville, Georgia, and Knoxville, Tennessee. Southeast Utility Trailer is now able to serve Georgia, Eastern Tennessee, South Carolina, North Carolina, and Virginia.

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The purchase of former C.R.T.S., Inc. welcomes locations in Garner, NC, Statesville, NC, Lexington, SC, Ashland, VA, and Cloverdale, VA, into the Southeast Utility Trailer family. Mark Beecher is President and Tammy Crowder will continue her role as Vice President of Human Resources.

About Utility Trailer Manufacturing Company, LLC

Utility Trailer Manufacturing Company, LLC is America’s oldest privately owned, family-operated trailer manufacturer. Founded in 1914, Utility Trailer’s history of innovation and customer-value focus have helped it become the largest producer of refrigerated trailers and one of the largest dry-van, reefer, and flatbed manufacturers in the United States. With six manufacturing facilities and a network of more than 100 dealers across North and South America, the company produces more than 50,000 trailers per year and owns more than 50% market share among refrigerated trailer units. To learn more, visit

For more information, or to coordinate further media availability opportunities, please contact Brett Olsen at [email protected].

View source version on



Brett Olsen, Corporate Communications
Utility Trailer Manufacturing Co., LLC
[email protected]


#Utility #Dealer #Expands #Southeast #United #States

England among worst in Europe for officially designated bathing sites

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England is lagging behind its European neighbours in both the number and quality of officially designated bathing sites, according to official statistics.

Despite having precious few swimming sites per capita, England ranks as the country with the fifth-biggest share of bathing waters of “poor” quality in Europe, an analysis of UK and EU data by the Liberal Democrats has found. 

Areas given official bathing water status receive extra testing from the Environment Agency in England between May and September to protect public health. They include so-called blue flag beaches, which must have a classification of “Excellent”.

Tim Farron MP, Liberal Democrat MP and environment spokesperson, said: “The UK is officially the sick swimmer of Europe, with water companies allowed to get away with foul polluting habits”.

He added: “This government has failed spectacularly to protect our lakes, rivers and coastlines. The public are rightly furious about this issue yet Conservative ministers just don’t seem to care about it.” 

This summer a number of popular English beaches, including Blackpool’s, were deemed unsafe for swimmers for several days this summer as a result of sewage outflows. 

Less than three-quarters of England’s 424 bathing sites are deemed to be of excellent quality, according to England’s Environment Agency data.

This contrasts with some of Europe’s stronger performers in terms of the number and quality of bathing sites, such as Greece, Denmark and Germany. All three countries have at least 1,000 bathing sites with at least 90 per cent granted “excellent” status, according to figures from the EU’s European Environment Agency.

Kirsty Davies, community water quality manager at campaign group Surfers Against Sewage, said: “Unfortunately, it’s a myth that blue flag beaches have pristine water — they suffer from the same inadequate testing regime as [the rest of] our bathing waters.”

She urged swimmers to check her organisation’s Safer Seas and Rivers Service before entering the water anywhere in England. SAS monitors information from eight of England and Wales’ 10 water and sewage companies so that it can alert surfers, paddle boarders and swimmers to sewage outflows at beaches.

A government spokesperson said: “Compared to many European countries, England has a smaller land mass as well as less intense sunlight, higher rainfall and higher population density, which all affect bathing water quality.”

It added: “The reality is we have the highest number of bathing waters ever . . . Last year 93 per cent of them met the highest standards of ‘good’ or ‘excellent’, up from just 76 per cent in 2010, despite stricter standards being introduced in 2015.”

Environmental activists have been lobbying the Environment Agency to grant more rivers, lakes and beaches official bathing water status as a means of pressuring water companies to clamp down on sewage pollution. 

“The point of bathing water status is to force authorities to inform the public so they decide whether their kids can or can’t paddle and play around the rivers,” said Becky Maltby, a member of a local campaign group in West Yorkshire seeking to clean up the Ilkley river. “At the start of our campaign, people had no idea that there was sewage in the river.” 

Water UK, which represents the industry, said: “Thanks to water company investment we have seen a transformation in our beaches with more than 70% achieving an ‘excellent’ rating compared with only 10% in the 1990s.

“We recognise that we now need to do the same for our rivers and inland bathing areas and are proposing to invest £10bn — a tripling current levels — in the biggest transformation of our sewers since the Victorian era. As part of this, bathing waters will be prioritised and among the first to receive funding.”

#England #among #worst #Europe #officially #designated #bathing #sites

This Indicator Sparks Confidence In Bitcoin Rise To $27,000

For Bitcoin (BTC), the largest cryptocurrency in the market, the month of September has seen a lack of definitive strength from both bulls and bears, resulting in a period of sideways chop and rapid bouts of volatility. 

Material Indicators, a prominent crypto analysis firm, sheds light on the prevailing market conditions and highlights the intricacies of short-term price action (PA) against the backdrop of the macro sentiment.

Unpredictable Market Conditions Prevail As BTC Seeks Direction

Despite a bearish macro sentiment, where a broader downtrend is anticipated, short-term price action often deviates from the macro trend. This phenomenon explains the occasional short-term pumps and rallies observed even within a prevailing downtrend. 

Material Indicators emphasizes the importance of understanding these dynamics and the potential implications they hold for Bitcoin.

Yesterday’s performance of the leading cryptocurrency may have come to a close, but Material Indicators point to indications that another rally could be on the horizon. 

BTC’s trend precognition indicator points to another surge in Bitcoin’s value on the daily chart. Source: Material Indicators on X.

The firm highlights the Trend Precognition A1- indicator developed and used to spot micro, and macro trends by the firm- continues to exhibit a slight uptick in bullish momentum across the daily (D), weekly (W), and monthly (M) charts, as seen above. 

This trend suggests the possibility of a resurgence in Bitcoin’s value, albeit with the need for caution and further analysis.

As of the time of writing, Bitcoin is currently trading at $25,800, continuing its prolonged period of sideways price movement since the start of the month. However, it is worth noting that Bitcoin has been unable to regain the critical $26,000 level, which holds significant importance for the cryptocurrency. 

BTC’s consolidation phase on the daily chart. Source: BTCUSDT on

Reclaiming this level is crucial in order to invalidate any potential bearish pressure and mitigate the possibility of Bitcoin experiencing a further decline in its price.

Surge In New Bitcoin Addresses Signals Growing Interest 

Amidst ongoing uncertainty and sideways price action, an intriguing trend has emerged that sheds light on the expanding interest in Bitcoin. 

Notably, approximately 527,000 fresh Bitcoin addresses are being created on a daily basis, reaching a new yearly high. Renowned crypto analyst Ali Martinez delves into the significance of this surge and its implications for the cryptocurrency market.

BTC’s growing trend of new address creation. Source: Ali Martinez on X.

The surge in new Bitcoin addresses suggests a growing curiosity and engagement with the digital currency, even during a period when its price has witnessed occasional drops. 

This surge in address creation indicates that an increasing number of individuals are showing interest in Bitcoin, potentially attracted by its underlying technology, decentralized nature, and potential for financial independence.

For long-term investors and advocates of Bitcoin, this surge in address creation serves as a positive sign, reflecting sustained interest and trust in the cryptocurrency’s network. It demonstrates that individuals are not deterred by short-term price volatility and are committed to participating in the Bitcoin ecosystem for the long haul.

By actively creating new Bitcoin addresses, individuals are essentially establishing a connection to the network and positioning themselves to engage in various Bitcoin-related activities, including sending and receiving funds, participating in decentralized applications (DApps), and exploring the broader cryptocurrency ecosystem.

Ali Martinez emphasizes that this upward trend in address creation is significant as it suggests an expanding user base and a potential influx of new participants into the Bitcoin market. 

As more individuals join the network, it strengthens the overall resilience and legitimacy of Bitcoin, further solidifying its position as a prominent player in the global financial landscape.

Featured image from iStock, chart from

#Indicator #Sparks #Confidence #Bitcoin #Rise

Coinbase’s lending bet, a new ads policy at Google and Marathon’s mining performance

Crypto giant Coinbase seems to be strategically steering its ship amid constant crypto industry turbulence in 2023. The company recently unveiled its lending platform for institutional investors, aiming to fill the void left behind by major players during 2022’s crypto winter, when firms such as Celsius Network, BlockFi and Genesis went bankrupt. 

The move comes after the company shut down its Borrow service for retail customers in May amid regulatory scrutiny. The service allowed certain customers to use crypto as collateral to receive a cash loan. The new lending solution, however, focuses on institutional investors — companies or organizations investing on behalf of their clients, such as mutual funds and pension plans.

Coinbase’s new venture amassed millions in capital within a few days of launching, documents filed with the United States Securities and Exchange Commission (SEC) show. Despite headwinds and uncertainty, the service debut indicates that crypto lending among high-profile investors is still in demand in the United States.

This week’s Crypto Biz also explores Marathon Digital’s latest Bitcoin mining report, Hana Bank’s move to offer crypto custody and Google’s new crypto ads policy.

Coinbase launches crypto lending platform for U.S. institutions

Crypto exchange Coinbase has rolled out a crypto lending service for institutional investors in the U.S., which reportedly seeks to capitalize on massive failures in the crypto lending market. According to a filing with the SEC, Coinbase customers have already invested over $57 million in the lending program since the first sale occurred on Aug. 28. In another headline, Coinbase’s recently released Base network reached over 700,000 nonfungible tokens (NFTs) minted in August. The tokens minted were part of the launch’s strategy to spur adoption. Base’s launch, however, has not been flawless. The network suffered an outage on Sept. 5 when its sequencer stopped producing blocks. Several scams have also been promoted on the network, including a $6.5 million rug-pull by Magnate Finance.

Data from a SEC filing by Coinbase Credit. Source: Coinbase SEC Filings

Marathon’s Bitcoin mining rate fell 9% in August

Crypto mining operator Marathon Digital Holdings produced 1,072 Bitcoin in August — 9% less than in July. According to the company, the smaller production resulted from increased curtailment activity in Texas due to record-high temperatures. The term curtailment refers to the reduction of electricity generated to maintain a balance between demand and supply. The temporary shutdowns more than offset the progress made by the company to increase its operational hash rate and optimize operations, according to its CEO, Fred Thiel. Marathon increased its U.S. operational hash rate by 2% month-over-month to 19.1 exahashes in August. The performance increase is attributed to the upgrade of Bitmain Antminer S19j Pro miners to the more efficient S19 XP models.

Google will allow ads for NFT games starting Sept. 15

Google has updated its cryptocurrency advertising policy to allow for blockchain-based NFT gaming advertisements as long as they don’t promote gambling or gambling services. The new policy will continue to ban advertisements for games that allow players to wager or stake NFTs against other players or for rewards. NFT casino games offering players to wager or play for prizes — such as NFTs, cash or cryptocurrency — will also continue to be banned. Google previously banned all cryptocurrency-related advertising across its platforms in March 2018. 

South Korean Hana Bank enters crypto custody business with BitGo

One of the largest South Korean banks, KEB Hana Bank, is moving to offer digital asset custody services through a new partnership with cryptocurrency custody firm BitGo Trust Company. According to local media reports, KEB Hana Bank signed a strategic business agreement with BitGo to jointly establish digital asset custody in South Korea. The commercial bank has a network of 111 branches with local banking assets of nearly $10 billion and equity of $490 million. Together, Hana Bank and BitGo plan to launch their joint cryptocurrency custody venture in the second half of 2024.

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