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Ferrari begins accepting crypto as payment for its cars

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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)

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Russian Bomb Kills 33 in Ukraine, Hits Two Passenger Buses

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Russian Bomb Kills 33 in Ukraine, Hits Two Passenger Buses

Russian Bomb Kills 33 in Ukraine, Hits Two Passenger Buses

At least 33 people have been killed and 18 others injured after a Russian guided bomb struck a road in Kramatorsk, eastern Ukraine, hitting two passenger buses in one of the deadliest attacks on civilians reported in the country this year.

The attack occurred at about 10am in the Donetsk region, where two scheduled buses were operating when the Russian munition struck the road.

The blast triggered fires in the buses and surrounding area, leaving passengers and other civilians dead or injured. Emergency workers were deployed to the scene to extinguish the fires, recover victims and evacuate the wounded.

The death toll rose from an initial figure of 12 as rescuers continued their search of the area.

Preliminary investigations indicated that the weapon may have been a UMPB D-30SN guided aerial bomb, although authorities said investigations were continuing to establish the exact type of munition used.

Images from the scene showed a badly burned bus, debris scattered across the road and bodies lying near the site of the explosion.

Donetsk Governor Vadym Filashkin accused Russian forces of deliberately targeting civilians, while Ukrainian President Volodymyr Zelenskyy condemned the attack and described the location as a bus stop.

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Russia has not immediately commented on the attack or the reported casualty figures. Moscow has consistently denied deliberately targeting civilians during its war against Ukraine.

Authorities suspended public transportation in Kramatorsk and neighbouring Sloviansk following the attack as a precaution against further strikes.

Kramatorsk, an important Ukrainian-controlled city in the Donetsk region, has faced repeated Russian drone and guided-bomb attacks as fighting intensifies along the eastern front.

The latest attack came a day after another deadly Russian strike on Pryluky, in Ukraine’s Chernihiv region, where a missile hit a five-storey residential building.

The death toll in Pryluky rose to 22 people, including five children, while 54 others were injured. Several people were rescued from the damaged building as emergency crews continued search-and-rescue operations.

The attacks came amid an intensified Russian aerial campaign involving missiles, drones and guided bombs against Ukrainian cities and infrastructure.

Ukrainian authorities have appealed for stronger air-defence support from international partners as the country faces renewed attacks ahead of winter.

The latest strikes have also renewed concerns over the safety of civilians and critical infrastructure nearly five years after Russia launched its full-scale invasion of Ukraine.

Russian Bomb Kills 33 in Ukraine, Hits Two Passenger Buses

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US Proposes $70,000 OPT Fee for Nigerians, Other Foreign Students

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US Proposes $70,000 OPT Fee for Nigerians, Other Foreign Students
US President Donald Trump

US Proposes $70,000 OPT Fee for Nigerians, Other Foreign Students

The administration of US President Donald Trump has proposed a $70,000 fee for international students seeking to participate in a programme that allows them to work in the United States after completing their studies.

The proposed rule by the US Department of Homeland Security (DHS) targets the Optional Practical Training (OPT) programme available to eligible foreign students on F-1 visas, including Nigerians studying in the US.

Under the proposal, US educational institutions would be required to pay $70,000 for each student’s initial OPT participation, while an additional $30,000 fee would apply for each renewal or further training.

The proposal does not initially require students themselves to pay the $70,000 directly. Instead, the financial obligation would fall on the schools recommending students for OPT, although education groups warn that the cost could ultimately affect students and universities.

The OPT programme allows eligible international students to obtain temporary work experience in jobs related to their fields of study. Most students can participate for up to one year after graduation, while graduates in qualifying science, technology, engineering and mathematics (STEM) fields can receive an additional two years.

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DHS said the proposed fees are intended to combat fraud, strengthen the integrity of the immigration system and protect US workers.

The department has also argued that OPT has been misused as a source of cheap foreign labour and that the proposed fees would encourage universities to exercise greater scrutiny when recommending students for the programme.

The proposed charge represents a sharp increase from the current cost associated with OPT applications, which is around $500.

The plan could have significant implications for international students from countries such as Nigeria, India and China, whose graduates make substantial use of OPT, particularly in technology and other specialised fields.

American universities and business groups have raised concerns that the proposed fee could discourage international students from studying in the US and make it harder for companies to recruit skilled graduates.

Education groups have also warned that the measure could affect American universities that rely on international enrolment for tuition revenue and employers that depend on foreign graduates to fill specialised positions.

The proposal is part of the Trump administration’s broader effort to tighten US immigration policies and impose greater restrictions on foreign students and workers.

The DHS proposal is subject to a public comment period before it can be finalised. If approved, the rule would take effect after an additional implementation period, while legal challenges are also expected.

The proposed OPT fee is separate from other changes to the H-1B visa programme, which has also faced increased costs and restrictions under the Trump administration.

US Proposes $70,000 OPT Fee for Nigerians, Other Foreign Students

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Three Killed, 36 Injured as Houthi Attacks Hit Saudi Airports

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Three Killed, 36 Injured as Houthi Attacks Hit Saudi Airports

Three Killed, 36 Injured as Houthi Attacks Hit Saudi Airports

Three people have been killed and 36 others injured after attacks struck two major airports in Saudi Arabia, with Yemen’s Houthi rebels claiming responsibility for the strikes.

The attacks targeted Abha International Airport in the southern Asir province and King Khalid International Airport in the capital, Riyadh, according to Saudi Arabia’s General Authority of Civil Aviation.

Two women, identified as Moroccan and Algerian residents, were killed in the attack on Abha Airport, where 28 people were also injured.

A separate attack on King Khalid International Airport killed a Sudanese national and injured eight others, including five Saudi citizens, two Egyptian residents and a Pakistani resident.

The Saudi aviation authority said the attacks caused material damage and that emergency and security agencies were assessing the impact while taking measures to protect passengers and airport workers.

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The Houthis, who control large parts of Yemen, claimed responsibility for the attacks. Houthi military spokesman Yahya Saree said the group had targeted King Khalid Airport with drones and attacked Abha Airport with ballistic missiles and drones.

Saudi authorities did not directly attribute the attacks to the Houthis in their initial statement, although the claims by the group came shortly before the Saudi casualty figures were announced.

The attacks came amid a sharp escalation in the Yemen conflict, after Saudi-backed Yemeni government forces launched an offensive against Houthi fighters holding territory along the strategically important Red Sea coast and near the Bab el-Mandeb Strait.

The Houthis have also claimed attacks on other Saudi targets, while Saudi-led forces have intensified air operations against Houthi positions in Yemen.

The renewed fighting has raised fresh concerns about the security of Saudi airports and regional air travel, with airlines and aviation authorities monitoring developments closely.

The latest violence marks another escalation in a conflict that has repeatedly threatened civilian infrastructure and vital shipping routes in and around the Red Sea.

Three Killed, 36 Injured as Houthi Attacks Hit Saudi Airports

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