Tag Archives: Competitor

Business

Dogecoin and Shiba Inu Competitor Explodes 119% in Just Seven Days, Nears $1,000,000,000 Market Cap

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An altcoin competing against Dogecoin (DOGE) and Shiba Inu (SHIB) just skyrocketed 119% in one week as meme token mania rages through the crypto space.

The project Dogelon Mars (ELON) is a meme coin inspired by Dogecoin and appears to be derived from Elon Musk’s ambitions to bring humans to Mars.

When the token first dropped, 50% of the supply was airdropped to Ethereum founder Vitalik Buterin. Within two months of the token launch, Buterin donated his entire ELON stack to the Methuselah Foundation, a non-profit medical charity for life extension and longevity research.

Yesterday, a project update from the Dogelon Mars team shared that the next stage of development will bring decentralized finance (DeFi) and staking capabilities to ELON.

“Dogelon Mars is venturing into the next phase of development, building DeFi and staking opportunities with a new contract. At this very moment, construction is underway as the community leaders introduce DeFi and a new token to the ecosystem.”

Along with the staking upgrade, the team is introducing the xELON governance token, which will be used for voting on initiatives, coordinating on protocol decision making, distributing grants from the treasury and more. xELON will be able to be acquired by participating in the ELON staking program.

After news broke that ELON would be listed on OKEx and Crypto.com, tied with the recent staking announcement, ELON erupted 119%, bringing the market cap from $426 million to $939 million, according to CoinGecko.

ELON is currently exchanging hands at $0.0000017, up 5.8% in the last 24 hours.

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Business

Tyson Scrambles to Regain Chicken Profit as New Competitor Looms

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(Bloomberg) — Tyson Foods Inc., the top poultry producer in the U.S., is racing to get its chicken unit back on track as a new, formidable competitor emerges.

The third and sixth biggest U.S. chicken companies, Sanderson Farms Inc. and Wayne Farms Inc., are combining in a $4.53 billion deal, according to a statement Monday from buyers Cargill Inc. and Continental Grain Co. The deal comes as Tyson’s chicken unit posted a loss in its third quarter amid a series of headaches including high feed prices, production challenges and millions in legal costs stemming from price-fixing lawsuits.

A bigger, better version of Sanderson Farms isn’t good news for Tyson. The company is “arguably the best chicken producer in the country, and perhaps the world,” JPMorgan Chase & Co. analysts including Ken Goldman said in a note. Returns over the years have been better than Tyson’s, and its market share increased as a result.

“Chicken is our top priority for me and for our company,” Tyson Chief Executive Officer Donnie King told analysts in a call Monday to discuss financial results. “We continue to be laser-focused and making progress in restoring the competitiveness of our chicken segment.”

Tyson Foods executives declined to comment on competitors, saying they’re focused on improving their own business.

The merger with Wayne Farms is also striking because of the recent attention that antitrust in the meat sector is attracting. The industry is growing ever more concentrated, and meat companies have argued that only scale can provide the world with affordable meat amid increasing demand. Still, legislators in the U.S. have begun scrutinizing the industry more than usual, and debating whether protein companies are too big and too few. In particular, the U.S. Department of Justice has charged several now-former executives of chicken companies with price-fixing.

Despite its chicken woes, booming demand for beef from restaurants reopening in the U.S. helped the company to beat estimates for both sales and profits. Tyson reported adjusted third-quarter earnings per share of $2.70, compared to an average estimate of $1.63, while sales came in at $12.48 billion compared with estimates for $11.49 billion.

Elevated prices for feed, freight and packaging also mean Tyson is getting squeezed by inflation, which it estimated at 14% in the quarter. Some of that will be offset by price gains expected next month.

“Costs are hitting us faster than we can get pricing at this point,” King said.

Shares for the meat giant rose as high as 6% to $75.39, while Sanderson Farms touched a record $195.97.

Other highlights in Tyson’s earnings include:

The company’s operating income declined due to higher legal fees, weather and Covid-19-related disruption and problems with hatching rates in the chicken unit.For fiscal 2021, Tyson estimates $325 million in expenses associated with the impact of COVID-19 with some becoming permanent over time.

(Updates throughout including CEO comment in fourth paragraph.)

More stories like this are available on bloomberg.com

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©2021 Bloomberg L.P.

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World

Algerian Olympian withdraws from Games due to potential matchup with Israeli competitor

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Fireworks go off after Naomi Osaka lit the Olympic cauldron. Laurence Griffiths/Getty Images

With no fans in attendance and a reduced number of athletes joining the parade, the Tokyo Olympics’ Opening Ceremony officially kicked off the Summer Games on Friday as tennis star Naomi Osaka lit the cauldron.

The ceremony drew to a close around midnight in Japan as a spectacular firework display illuminated the Tokyo night sky.

The surreal circumstances of the Games’ curtain raiser — unlike any other previous opening ceremony — provided a glimpse of what is to come over the next 16 days with the coronavirus pandemic set to loom large over proceedings.

In case you missed it, here’s what happened at the Opening Ceremony:

The attendance: According to Tokyo 2020 organizers, 950 people attended the opening ceremony — only a handful in a venue with a capacity of 68,000 — as the 206 delegations competing were officially welcomed to the Games. US first lady Jill Biden and French President Emmanuel Macron attended the event. With athletes expected to arrive in the Olympic Village five days prior to their competition and depart a maximum of two days after, fewer took part in the parade of nations compared to previous Olympics. Team USA, for example, had more than 200 athletes walking through the stadium out of a team that is over 600 strong, while 63 of Australia’s 472 athletes took part.

Tongan Pita Taufatofua made a return: Taufatofua first caught the attention of Olympic spectators in Rio five years ago when he appeared shirtless wearing traditional Tongan dress and covered in oil. He then repeated the act at the PyeongChang Winter Olympics two years later. However, Taufatofua had competition this time around, with Vanuatu’s flag-bearer, rower Riilio Rii, also coming out shirtless and oiled.

Athletes remained socially distant: Many of the athletes remained socially distant as they walked through the stadium, but others — such as Argentina and Portugal — were exuberant, breaking into cheering and dancing. The procession began with Greece, the first nation to host the modern Olympic Games, whose athletes were followed by those from the 29-strong Refugee Olympic Team, which debuted at the 2016 Rio Olympics. It concluded with the US and France — the two countries hosting the next two editions of the Games — and finally Japan.

Covid-19 victims remembered: There were also tributes to those who have lost their lives during the pandemic, as well as to the 11 Israeli athletes killed in a terror attack at the 1972 Munich Olympics. How the coronavirus pandemic has affected athletes over the past 18 months was also acknowledged. Japanese boxer and nurse Arisa Tsubata — whose Olympic dreams were dashed when a qualifying event was canceled — was seen running alone on a treadmill in darkness at the start of the opening ceremony.

What to expect next: Starting Saturday, the first medals of the Games will be distributed; after months of challenges and uncertainties, Olympic organizers will finally be able to let sport do the talking.

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Technology

PlayStation’s Ken Kutaragi “Never” Considered Nintendo To Be A Competitor

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What could have been… (Image: Nintendo Life)

Before the existence of the PlayStation, Sony worked with Nintendo on a CD-ROM drive for the Super Famicom. Nintendo decided to pull the plug on the device, and so Sony entered the console business by itself – becoming a direct rival and industry powerhouse.

With this in mind, “The Father of PlayStation” Ken Kutaragi recently visited the bar of Bandai Namco’s Katsuhiro Harada and took some time to reflect on PlayStation’s relationship with other companies – like Nintendo – during this era.

Kutaragi (who also designed the SNES sound chip) said he enjoyed working with Nintendo’s team and believes the media at the time, along with “outside perspectives”, misregarded these relations. He explains how in the long run, this idea of “conflict” between Sony, Nintendo, and Sega only helped the industry grow. Here’s the full rundown:

“Prior to PlayStation, I worked on Super Famicom with Nintendo, and I liked Mr. Uemura very much and his team very much, I was often with them and got along with them. But from the outside, we were regarded to be fighting. We were not fighting at all.”

“I’ve been asked only such kind of questions, “Is [PlayStation’s] competitor Sega or Nintendo?” they asked me, but we’d never thought who the competitor was because we were all workmates. However, people outside didn’t think so…they didn’t know the truth…They made our industry liven up.”

While comments like this might not have been quite as convincing back in the ’90s, nowadays, Sony and Nintendo occupy different segments of the video game industry. If you’re curious to learn more about Nintendo and Sony’s past, check out our feature about the SNES PlayStation.



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