International
Ferrari begins accepting crypto as payment for its cars
Ferrari begins accepting crypto as payment for its cars
Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.
The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.
These include electric carmaker Tesla (TSLA.O), which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.
Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera told that Reuters cryptocurrencies had made efforts to reduce their carbon footprint through the introduction of new software and a larger use of renewable sources.
“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in an interview.
Ferrari said the decision came in response to requests from the market and dealers as many of its clients have invested in crypto.
“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, who want to diversify their portfolios.”
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While some cryptocurrencies, such as the second-largest, ether , have improved their energy efficiency, bitcoin still attracts criticism for its energy-intensive mining.
Ferrari shipped more than 1,800 cars to its Americas region, which includes the U.S., in the first half of this year.
Galliera did not say how many cars Ferrari expected to sell through crypto. He said the company’s order portfolio was strong and fully booked well into 2025, but the company wanted to test this expanding universe.
“This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” he said.
The Italian company, which sold 13,200 cars in 2022, with prices starting at over 200,000 euros ($211,000) and going up to 2 million euros, plans to extend the crypto scheme to Europe by the first quarter of next year and then to other regions where crypto is legally accepted.
Europe, the Middle East and Africa (EMEA) is Ferrari’s largest region, accounting for 46% of its total car shipments in the first half of this year.
“Interest is the same in the U.S. and Europe, we don’t see huge differences,” Galliera said.
Countries where cryptocurrencies are restricted include China.
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Ferrari has turned to one of the biggest cryptocurrency payment processors, BitPay, for the initial phase in the U.S., and will allow transactions in bitcoin, ether and USDC, one of the largest so-called stablecoins. Ferrari might use other payment processors in different regions.
“Prices will not change, no fees, no surcharges if you pay through cryptocurrencies,” Galliera said.
Bitpay will immediately turn cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, so they are protected from price swings.
“This was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations,” Galliera said.
As the payment processor, BitPay will ensure that the virtual currencies come from legitimate sources and not derived from criminal activity or to be used to launder the proceeds of crime or evade tax.
Ferrari’s marketing and commercial chief said that the majority of its U.S. dealers have already signed up, or are about to agree, to the scheme
“I am confident others will join soon,” Galliera said.
(REUTERS)
International
Strait of Hormuz Reopens as US, Iran Confirm Two‑Week Ceasefire
Strait of Hormuz Reopens as US, Iran Confirm Two‑Week Ceasefire
The Strait of Hormuz, a critical global oil transit route, has reopened following a two‑week conditional ceasefire between the United States and Iran, confirmed by both countries on Wednesday. The temporary truce comes after escalating tensions in the region and is expected to ease pressure on global energy markets.
Iranian Foreign Minister Abbas Araghchi stated that safe passage through the strait will be allowed for the next 14 days, coordinated with Iran’s armed forces and subject to technical considerations. The reopening follows US President Donald Trump’s warning that Iran’s energy infrastructure, including bridges, would face attacks if Tehran failed to comply.
The ceasefire agreement, described by Trump as a “double-sided ceasefire”, also involves Israel, which has agreed to suspend related military operations during the two-week period. Pakistan, which mediated talks between Washington and Tehran, confirmed that an immediate ceasefire is in effect and invited delegations from both countries to Islamabad for further negotiations toward a comprehensive settlement.
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Trump emphasized that Iran’s 10-point proposal provides a workable basis for negotiations, with reports indicating that it includes provisions for lifting sanctions. He hailed the temporary truce as a diplomatic victory for the United States, while Iranian officials portrayed the deal as a major step toward stabilizing the region.
The reopening of the Strait of Hormuz is a significant relief for the global oil market, which had been affected by disruptions due to earlier attacks in the region. The strait handles around 20% of global petroleum trade, and its closure had caused spikes in crude prices. Following the ceasefire announcement, Brent crude and US West Texas Intermediate benchmarks fell sharply.
Despite the truce, experts caution that underlying conflicts, including nuclear and regional security issues, remain unresolved. The ceasefire offers a window for diplomatic engagement, though long-term stability will depend on successful negotiations and continued adherence to the agreement by all parties.
Strait of Hormuz Reopens as US, Iran Confirm Two‑Week Ceasefire
International
Trump Accuses CNN of ‘Fake News’ Over Iran Ceasefire Victory Report
Trump Accuses CNN of ‘Fake News’ Over Iran Ceasefire Victory Report
US President Donald Trump has sparked a major controversy after disputing CNN’s report that Iran claimed victory following a recent temporary ceasefire agreement with the United States. Trump labeled the report “fraudulent” and accused the network of sourcing its information from a “fake news site from Nigeria.”
The dispute unfolded shortly after Trump announced a two-week ceasefire with Iran, aimed at halting hostilities, reopening the Strait of Hormuz, and creating room for diplomatic negotiations. Trump insisted that the ceasefire represented a “total and complete victory” for the United States.
CNN had published a report quoting Iran’s Supreme National Security Council, claiming Tehran had achieved a “historic and crushing defeat” of the United States and forced Washington to accept portions of its proposed discussion framework. Trump rejected the report, stating that it did not reflect Iran’s official position. He demanded that CNN retract the article and issue a full apology.
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In posts on his Truth Social platform, Trump asserted that CNN republished a false statement originally linked to a “trouble-making site from Nigeria”. He described the network’s coverage as dangerous and potentially inflammatory given the sensitive national security context. Trump added that authorities were investigating whether a crime had been committed in issuing the disputed report.
Brendan Carr, Chairman of the United States Federal Communications Commission, publicly defended Trump’s position, criticizing CNN for allegedly spreading a hoax headline at a critical moment. “Fake news is bad enough for the country, but pushing out a hoax headline in such a sensitive national security moment requires accountability,” Carr said.
CNN, however, has refused to retract or apologise, maintaining that its report relied on credible Iranian officials and multiple state-backed media sources. A spokesperson emphasized that the network followed standard journalistic verification procedures and accurately reported the statements made by Iranian authorities at the time.
Analysts note that the feud highlights a broader battle over narrative control in the aftermath of the US-Iran ceasefire. While Trump portrays the agreement as a strategic success for the United States, Iranian authorities and international observers point to a more complex and contested outcome.
The ceasefire, which temporarily reopened the Strait of Hormuz, has been recognized globally as a step toward de-escalation in the region, though questions remain over the long-term impact of the deal. Iranian Foreign Minister Abbas Araghchi confirmed the truce includes a two-week promise of safe transit through the strategic waterway, critical to global petroleum supply.
The dispute underscores ongoing tensions over media credibility, misinformation, and the portrayal of international conflicts, with both sides standing firm: Trump demanding corrections and accountability, and CNN defending its reporting based on official sources.
Trump Accuses CNN of ‘Fake News’ Over Iran Ceasefire Victory Report
International
Trump Threatens 50% Tariffs on Countries Supplying Weapons to Iran
Trump Threatens 50% Tariffs on Countries Supplying Weapons to Iran
The Donald Trump has warned that any country supplying military weapons to Iran will face immediate 50 percent US tariffs, escalating pressure even as diplomatic efforts to ease tensions gather pace.
In a statement posted on his Truth Social platform, Trump declared that “a country supplying military weapons to Iran will be immediately tariffed… 50%, with no exclusions or exemptions,” signaling a strict economic crackdown on nations aiding Tehran.
The warning comes at a critical moment as the US simultaneously explores “tariff and sanctions relief” in talks with Iran, reflecting a dual strategy of economic pressure and negotiation. This development follows Trump’s announcement of a two-week ceasefire agreement, temporarily halting planned US military operations in the region.
According to Trump, the ceasefire is conditional on Iran’s immediate reopening of the Strait of Hormuz, a vital global shipping lane responsible for a significant share of the world’s oil supply. The US President described the arrangement as a “double-sided ceasefire,” noting that Washington would suspend bombing operations while monitoring Iran’s compliance.
Trump disclosed that the decision was influenced by consultations with Shehbaz Sharif and Asim Munir, who urged restraint amid fears of wider regional instability. He added that the United States has already achieved its major military objectives and is now close to securing a broader peace deal with Tehran.
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The US President further revealed that a 10-point proposal submitted by Iran is being reviewed and could serve as a framework for a long-term agreement aimed at stabilising the Middle East. He expressed optimism that ongoing negotiations could lead to a comprehensive resolution of the crisis.
Reports indicate that Israel has also aligned with the ceasefire, suspending its military operations during the period, a move seen as boosting the chances of diplomatic progress.
However, conflicting claims have emerged from Tehran. Iranian authorities, including the Supreme National Security Council, have described the development as a major diplomatic victory, asserting that the United States has agreed to lift both primary and secondary sanctions. This claim has not been independently confirmed by US officials, raising questions about the exact terms of the agreement.
Iranian officials also suggested that the proposed framework includes regulated passage through the Strait of Hormuz under Iranian military supervision, a condition that could become a key point of contention in ongoing negotiations due to its global economic implications.
Analysts warn that Trump’s tariff threat could have far-reaching consequences, particularly for countries such as Russia and China, which maintain strategic and military ties with Iran. The proposed tariffs could heighten global trade tensions and complicate already fragile diplomatic efforts.
The announcement came just hours before a previously set US deadline for Iran to comply with demands, underscoring the urgency of the situation. While initial reactions to the ceasefire have been cautiously optimistic, uncertainty remains over whether the agreement will hold and how the tariff threat may reshape geopolitical dynamics.
As negotiations continue, global attention is focused on whether the temporary truce can evolve into a lasting peace agreement, or if renewed tensions could disrupt progress in the region.
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