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Bitcoin price falls on China crypto warning

Future Plc H1 Results Climb; Expects FY21 To Be Materially Ahead Of Market View

Future plc. (FUTR.L), a platform for specialist media, reported Wednesday that its first-half profit before tax surged 110 percent to 56.9 million pounds from last year’s 27.1 million pounds.

Earnings per share were 40.7 pence, up 87 percent from 21.8 pence a year ago.

Adjusted earnings per share were 65.4 pence, compared to prior year’s 32.9 pence.

Revenue climbed 89 percent to 272.6 million pounds from 144.3 million pounds a year ago. The company said its first-half results were materially ahead of market expectations, with strong organic growth and margin progression.

Looking ahead, the company expects the full year 2021 to be materially ahead of market expectations, underpinned by an exceptional H1 performance.

“While we remain cautious around the wider macroeconomic uncertainties associated with COVID-19, Q3 has started ahead of management expectations,” the company noted.

Carmakers extend warranty, free service period

Tata Motors, Renault, Maruti Suzuki and Toyota have announced warranty and free service period extensions for their customers.

Tata announced that those warranty and free service periods (not kilometres) that are due to expire between April 1 and May 31, will now be extended till June 30, 2021.

Maruti and Renault have extended the warranty and free service period for their cars up to June 30 and July 31, respectively.

Maruti says that the extension will be applicable to all customers whose warranty and free service period expired or expires between March 15 and May 31. Renault, meanwhile, will extend the cover for customers whose warranty or free service period expires between April 1 and May 31, 2021.

Toyota has introduced a new Customer Connect Program 2.0, which allows customers to get an extension on their vehicle’s warranty, free services and prepaid service packages. However, if these products are lapsed, the validity extension will be up to one month in places where lockdown or movement restrictions are imposed.

Toyota has not disclosed the extension period for vehicles with valid warranty, free service and prepaid service packages.

Furthermore, the company is also offering ‘Toyota Bactaklenz’ under this scheme, which is a non-chemical fumigation treatment of the vehicle. This service will be available at a special price for Toyota cars as well as vehicles of other brands.

Malaysia logs record high of 6,075 new Covid-19 cases

KUALA LUMPUR – Malaysia on Wednesday (May 19) logged a record-high of 6,075 Covid-19 in the last 24 hours, its Health Ministry said.

The previous record of 5,728 was recorded on Jan 30.

In a Twitter post, Health director-general Dr Noor Hisham Abdullah said Selangor notched the highest for the Malaysia states with 2,251 new cases.

This was followed by Johor with 699 cases, Kuala Lumpur federal territory with 660 cases, Kedah with 445 cases and Kelantan with 441 cases.

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Yamaha India suspends operations till May 31

Yamaha Motor India has suspended its manufacturing operations till May 31, 2021. The company, which suspended operations from May 15, says the decision was made after a comprehensive review and in view of the rising COVID-19 cases in the country.

Yamaha currently has two plants in India — Kanchipuram (Tamil Nadu) and Surajpur (Uttar Pradesh).

The company further reiterates that this step is taken to support the Government in its fight against COVID-19 and breaking the chain of its transmission. Yamaha added that “it will continue to work closely with its dealers and suppliers to minimise the impact of this interruption and focus on optimisation of stock.”

The employees working in other departments will work from home to preserve business continuity.

The Japanese motorcycle company has also said it has extended the free services, normal warranty, extended warranty and annual maintenance contracts expiring during the lockdown till June 30, 2021.

Enterprise software company SUSE falls in debut

Shares in enterprise software company SUSE fell in their Frankfurt stock market debut on Wednesday, opening at 29.5 euros versus its 30 euro issue price.

The company had priced its shares towards the lower end of its 29 to 34 euros per share marketing range, to secure a solid aftermarket performance, according to people close to the deal.

SUSE makes open-source software that helps companies to run applications on cloud servers, mainframe computers and devices at the edges of networks.

Bitcoin price falls on China crypto warning

Yellen’s claim that crypto is a tool for criminals is ‘absolutely untrue’: ‘The Wolf of All Streets’ host

‘The Wolf of All Streets’ podcast host Scott Melker weighs in on the cryptocurrency market and reacts to Janet Yellen suggesting crypto is a tool for terrorism.

Bitcoin's price fell more than 10% early Wednesday after the China Banking Association warned members of risks associated with digital currencies.

The crypotocurrency fell to below 39,000, per Bitcoin, before a rebound to $40,212.

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The statement from China's industry association said all members should "resolutely refrain from conducting or participating in any business activities related to virtual currencies."

The notice said such digital currencies were subject to great volatility.

MICROSTRATEGY FAILS TO BOOST BITCOIN AFTER $10 MILLION PURCHASE

A week ago, Bitcoin was trading above $50,105 after its price plunged 10% following Tesla CEO Elon Musk's reversal of his stance on the digital currency.

Musk announced that Tesla, his the electric car maker, would no longer accept Bitcoin as payment.

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Other crypto assets took a hit as well on Wednesday, with Ether, the coin linked to the ethereum blockchain network, falling 15% to $2,966, while meme-based Dogecoin tumbled 15%, according to Coindesk.

The Associated Press contributed to this report.