Oil Prices Climb In Choppy Trade

Cryptocurrencies plunge after Elon Musk's bitcoin u-turn

New York (CNN)Ethereum co-founder Vitalik Buterin donated $1 billion worth of shiba inu coin — a dogecoin spinoff — to a Covid-19 relief fund in India.

The 27-year-old Russian-Canadian programmer transferred more than 50 trillion shiba inu coins on Wednesday to the India Covid-Crypto Relief Fund, according to his public wallet. He also transferred 500 ether (or about $1.9 million) to the relief fund.
At the time of the transfer, the shiba coin was valued at $1 billion, but cryptocurrencies are notoriously volatile. Its value plunged after Buterin’s donation and was off about 30% on Thursday, according to Coinbase.

    Shiba coin is a joke that plays off of the popular Elon Musk-touted dogecoin, itself a parody that has gone mainstream in recent months. It’s just one of the many alternative cryptocurrencies that have popped up and exploded in popularity on the heels of bitcoin and ethereum.

      The shiba inu coins that Buterin donated to the relief fund were initially gifted to him and sent to his public wallet by the coin’s founders, according to Coindesk.

      Buterin, who was just 19 when he created ethereum in 2013, was a billionaire as of May 4 when the digital currency hit $3,500. Ether was on a tear, and hit a new record of $4,385 earlier this week. One ether coin is now worth around $3,700.

      Honda Motor Turns To Profit In Q4

      Honda Motor Co., Ltd. (HMC) reported that its profit attributable to owners of the parent for the fourth-quarter was 213.3 billion yen compared to a loss of 29.5 billion yen last year.

      Operating profit was 213.2 billion yen compared to an operating loss of 5.6 billion yen in the prior year. The increase was due primarily to control of SG&A expenses and an increase in profit related to changes in sales volume and model mix.

      Sales revenue was 3.62 trillion yen, an increase of 4.8% from last year. The increase was due to an increase in sales revenue from all businesses.

      Honda plans to achieve a consolidated operating profit of 660 billion yen for the fiscal year ending March 31, 2022, equivalent to that of fiscal year 2021, by increasing unit sales and making progress in initiatives to solidify its existing businesses.

      Although production adjustments are currently being made at some Honda production operations globally due primarily to semiconductor supply shortages, Honda will minimize the impact of such production adjustments for the full-year results.

      Quarterly dividend for the fiscal fourth quarter will be 54 yen per share; total dividends to be paid for the fiscal year ended March 31, 2021 will be 110 yen per share, an increase by 28 yen per share compared to the previously announced forecast.

      UK fraud watchdog investigating GFG Alliance

      Britain's Serious Fraud Office (SFO) is investigating Gupta Family Group Alliance, including its financing arrangements with collapsed Greensill Capital, it said on Friday.

      "The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd," the SFO said in a statement.

      A representative of GFG Alliance, steel magnate Sanjeev Gupta's family conglomerate, said the group had no immediate comment on the matter.

      The SFO said it had no further comment given it was a live investigation.

      GFG Alliance, Gupta's privately held conglomerate, has relied heavily on Greensill Capital to fund its operations.

      Greensill is facing insolvency after its main insurer stopped providing credit insurance on $4.1 billion of debt in portfolios it had created for clients including Credit Suisse.

      Britain's Financial Conduct Authority said on Tuesday it was formally investigating the UK operations of supply chain finance company Greensill as part of global probes.

      Greensill lent money to firms by buying their invoices at a discount, but collapsed in March 2021 after insurers pulled their cover.

      Toshiba Posts FY Profit

      Toshiba Corp. (TOSYY.PK,TOSBF.PK) reported that net income for fiscal year 2020 was 114.0 billion yen or 251.25 yen per share compared to a loss of 114.6 billion yen or 236.39 yen per share in the prior year.

      Annual operating income was 104.4 billion yen down from 130.5 billion yen last year.

      Net sales for the year declined to 3.05 trillion yen from last year’s 3.39 trillion yen, mainly due to the impact of COVID-19.

      For fiscal year 2021, the company projects net income to be 110.0 billion yen, operating income of 170 billion yen and net sales of 3.25 trillion yen.

      Oil Prices Climb In Choppy Trade

      Oil prices rose about 1 percent in choppy trade on Friday, with gains in equity markets and optimism over the pace of the economic recovery helping underpin sentiment.

      Brent crude oil futures for July settlement rose about 1 percent to $67.73 a barrel, while West Texas Intermediate crude futures for June delivery were up 1 percent at $64.45.

      Equity markets are rebounding as comments from Federal Reserve officials helped ease inflation fears.

      Increases in prices above the Federal Reserve’s 2 percent goal should be temporary and the Fed would not raise rates until it sees inflation above target for a long time, said Federal Reserve Governor Christopher Waller on Thursday.

      Fed policymakers Lael Brainard and Richard Clarida made similar comments on Tuesday and Wednesday, respectively.

      The dollar edged lower against major currencies as investors await U.S. retail sales and industrial production, due later in the day for further clues about the extent of the economic recovery.

      Meanwhile, U.S. President Joe Biden reassured motorists on Thursday that fuel supplies should start returning to normal this weekend and the government would take action to stop future cyberattacks.