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ALIYEV LAUNCHED SOUTHERN GAS CORRIDOR

The Azeri Times

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Azeri President Ilham Aliyev has attended the official opening ceremony of the Southern Gas Corridor in Sangachal terminal, informs the press-service of the Azerbaijani head of state.

The head of state also participated in the opening ceremony of the 25th Anniversary International Caspian Oil & Gas Exhibition. The ceremony was broadcast live at the Baku Expo Center where the exhibition was held.

President Ilham Aliyev made a speech at the event.

U.S. Deputy Assistant Secretary of State in the Bureau of Energy Resources Sandra Oudkirk addressed the ceremony.

The UK Prime Minister’s Trade Envoy to Azerbaijan Baroness Emma Nicholson read out a message of the Prime Minister of the United Kingdom of Great Britain and Northern Ireland Theresa May.

Ambassador Erkan Ozoral read out Turkish President Recep Tayyip Erdogan’s message.

Secretary General of the Organisation of the Petroleum Exporting Countries (OPEC) Mohammad Sanusi Barkindo, Secretary General of the Gas Exporting Countries Forum Yury Sentyurin and BP Chief Executive of Upstream Bernard Looney addressed the ceremony.

The event then featured the screening of a BP-produced video on Shah Deniz-2 and Southern Gas Corridor projects.

President Ilham Aliyev then inaugurated the Southern Gas Corridor.

It should be noted that the Southern Gas Corridor Project includes the expansion of the Baku-Tbilisi-Erzurum gas pipeline, the construction of the Trans-Anatolian pipeline in Turkey and the construction of the Trans-Adriatic pipeline. Under this project, the produced natural gas will be delivered to Europe via pipelines with a total length of 3,500 km passing through Azerbaijan, Georgia, Turkey, Greece, Bulgaria and Albania to Italy.

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Fintech start-up TransferWise reports second year of profit, revenue almost doubles

The Azeri Times

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Fintech start-up TransferWise reports second year of profit, revenue almost doubles
Kristo Kaarmann, Co-Founder & CEO, TransferWise, on Centre Stage during day one of MoneyConf 2018 at the RDS Arena in Dublin. (Photo By Eóin Noonan/Sportsfile via Getty Images)

TransferWise, one of Europe’s largest financial technology (fintech) start-ups, said Monday it was profitable for the second year in a row.

 

The London-headquartered money transfer firm reported an annual post-tax net profit of £6.2 million ($8 million) for the fiscal year ending March 2018.

Annual revenue nearly doubled to £117 million during the period, from £66 million the previous year, TransferWise said. Operating profit came in at £9.5 million following a loss of £519,000 last year.

The company’s accounts entered into the black for the first time in March 2017, six years after the firm was founded by Estonian entrepreneurs Taavet Hinrikus and Kristo Kaarman.

“We’ve proven that fintech can offer consumers an unbelievable experience at a low price, all whilst creating a solid business that can be trusted long-term,” Kaarman, TransferWise’s chief executive, said in a statement Monday.

“Looking forward, sustained growth and our healthy financial position means we can continue to drive down costs whilst investing in developing our product.”

TransferWise is counted among Europe’s “unicorn” start-ups — firms valued at $1 billion or more — with a reported valuation of $1.6 billion.

It has raised a total of $397 million since it was founded in 2011. Backers include asset management giant Old Mutual, Silicon Valley venture capital firms Institutional Venture Partners and Andreessen Horowitz, and British billionaire Richard Branson.

The firm says that £3 billion worth of transactions are moved around each month on the TransferWise app by its more than 4 million users.

The company makes money through fees charged on international transfers, which it boasts are up to eight times lower than those charged by banks.

Last year, it introduced its traveler-friendly borderless account to European customers, which lets users hold over 40 currencies and switch between currencies instantly. TransferWise plans to roll out the product to U.S. users later this year.

And in July, TransferWise tied up with French bank Groupe BPCE, in its first major bank partnership, to provide the lender’s customers access to its money transfer service. It has also struck deals with rival fintech firms Monzo and N26.

Monday’s earnings news could signal a changing landscape for fintech firms like TransferWise when it comes to profitability. Many start-ups in the sector have struggled to break even due to the cost of investing in their products and scaling their business while offering cheaper services than large banks.

Rival currency exchange and banking app Revolut for instance said earlier this year that it had broken even for the first time in December 2017. Meanwhile, another competitor, WorldRemit, expects to turn a profit by 2019.

The money transfer industry is a competitive one, with established giants like Western Union and MoneyGram, both of which have been investing heavily in the digital segments of their businesses.

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Business

Moonves speaks after CBS shakeup, says he’s ‘deeply saddened’

The Azeri Times

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Moonves speaks after CBS shakeup, says he’s ‘deeply saddened’

The two words that keep coming to mind are “stunning downfall.” Sunday night’s announcement by CBS is five stories in one.,

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Business

Watch Elon Musk’s boring machine being operated by an Xbox controller

The Azeri Times

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Watch Elon Musk’s boring machine being operated by an Xbox controller
boring-company-flamethrower-ashley-esqueda-cnet-4

Captura de pantalla: Laura Martínez/CNET

Elon Musk founded The Boring Company in order to drill holes beneath the earth and build tunnels that could possibly reinvent public transport. Most recently the company pitched a “loop” system that would connect Los Angeles suburbs to the Dodgers stadium in four minutes.

It was a company famously founded after Elon Musk got annoyed with LA traffic.

Traffic is driving me nuts. Am going to build a tunnel boring machine and just start digging…

— Elon Musk (@elonmusk) December 17, 2016

Currently The Boring Company has three machines capable of digging the tunnels required to make the “loop” systems work.

Here is the second machine, being controlled with an Xbox One controller, which The Boring Company tweeted about on the weekend:

Best video game ever indeed. This is literally the machine being used to burrow into the ground, most likely at Hawthorne, where Elon Musk’s test tunnel is currently being worked on.

Elon Musk recently appeared on the Joe Rogan podcast where he smoked weed and discussed the impending threat of AI.

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