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Bitcoin, now legal tender in El Salvador, greeted with tech problems, volatility concerns – CBC.ca

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El Salvador became the first country to adopt bitcoin as legal tender Tuesday, but the rollout stumbled in its first hours and President Nayib Bukele informed that the digital wallet used for transactions was not functioning.

For part of the morning, El Salvador’s president became tech support for a nation stepping into the world of cryptocurrency. Bukele marshaled his Twitter account — with more than 2.8 million followers — to explain that the digital wallet app Chivo had been disconnected while server capacity was increased.

The president said it was a relatively simple problem. “We prefer to correct it before we connect it again,” Bukele said, encouraging his followers to download the app and leave comments about how it was going.

El Salvador’s Legislative Assembly enacted the bitcoin law in June, and the Central American Bank for Economic Integration is providing the government with technical assistance. The law says bitcoin can be used for any transaction and any business with the technological capacity to do so must accept payment in the cryptocurrency.

The government will back bitcoin with a $150 million US fund, and as an incentive, it offered $30 worth of credit to those who use Chivo.

Meanwhile, bitcoin’s value plummeted early Tuesday, dropping from more than $52,000 US per coin to $42,000 US, before recovering about half of that loss — an example of the volatility that worries many.

A digital wallet machine is seen in San Salvador on Tuesday. El Salvador’s rollout of bitcoin as one of its two official currencies Tuesday hit a technical snag when the digital wallet used for transactions had to be disconnected while server capacity was increased. (Salvador Melendez/The Associated Press)

Citizens greet move with curiosity, questions

The government has promised to install 200 Chivo automatic tellers and 50 bitcoin attention centres.

The Associated Press visited one of the automatic tellers in San Salvador’s historic centre, where attendants waited to help citizens, who initially didn’t show much interest.

Asked if he had downloaded the Chivo app, Emanuel Ceballos, said he had not. “I don’t know if I’m going to do it, I still have doubts about using that currency.”

Jose Martin Tenorio said he was interested in bitcoin, but had not downloaded the app either. “I’m running to work. Maybe at home tonight.”

In Santa Tecla, a San Salvador suburb, young attendants were waiting to assist people at a help centre.

Denis Rivera arrived with a friend because they had been trying to download the digital wallet app without success.

He said he didn’t understand why some have been “scandalized” by bitcoin. “We’ve been using debit and credit cards for years and it’s the same, electronic money.”

Rivera said he was in favour of it and planned to use the $30 US offered by the government as an incentive to try it out. “I’m going to see how efficient it is and practical it can be and based on that decide if I keep using it or not.”

A barbershop accepting bitcoin as a payment method is seen in Santa Tecla, El Salvador, on Monday. (Jose Cabezas/Reuters)

Jose Luis Hernandez, who owns a barbershop in the area, came looking for information.

“I have a small business and I want to know how to use the application and how are the rates and all of that,” he said.

Three face-to-face public opinion surveys performed recently showed that most Salvadorans did not agree with the government’s decision to make bitcoin legal currency.

Bitcoin joins the U.S. dollar as the two official currencies of El Salvador 

WATCH | Toronto Stock Exchange launches world’s first bitcoin ETF: 

Toronto Stock Exchange launches world’s first Bitcoin ETF

7 months ago

This week, the Toronto Stock Exchange became the first in the world to launch a Bitcoin exchange-traded fund. We talk to some lucky investors who got in early and look at what’s driving the major surge in Bitcoin’s price. 2:07

Currency’s volatility a worry, critics warn 

Critics have warned that the currency’s lack of transparency could attract increased criminal activity to the country and its wild swings in value could quickly wipe out users’ savings.

David Gerard, author of Attack of the 50 Foot Blockchain, said Tuesday’s volatility likely had little to nothing to do with El Salvador.

“My first guess was shenanigans, because it’s always shenanigans,” Gerard said via email.

Protesters march against the implementation of bitcoin in San Salvador on Tuesday. (Marvin Recinos/AFP via Getty Images)

“Bitcoin basically doesn’t respond to market forces or regulatory announcements,” he said. “That sort of price pattern, where it crashes hugely in minutes then goes back up again, is usually one of the big guys burning the margin traders.”

Because bitcoin is so thinly traded, Gerard said it could also have been a big holder making a large sale to have cash, thus sending the market for a ride.

Bukele has said the cryptocurrency — originally created to operate outside government controlled financial systems — would help attract investment and save Salvadorans money when they transfer earnings in the United States back home to relatives in El Salvador. But its use would be voluntary.

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Stop Asking Your Interviewer Cliché Questions

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Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.

In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • Your level of interest in the company and the role.
  • Contributing to your employer’s success is essential.
  • You desire a cultural fit.

Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:

  • “What are the key responsibilities of this position?”

Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”

  • “What does a typical day look like?”

Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.

  • “How would you describe the company culture?”

Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”

Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.

  • “What opportunities are there for professional development?”

When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.

Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.

Here are my four go-to questions—I have many moreto accomplish this:

  • “Describe your management style. How will you manage me?”

This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.

  • “What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”

This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”

  • “When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”

Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.

  • “If I wanted to sell you on an idea or suggestion, what do you need to know?”

Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.

Other questions I’ve asked:

 

  • “What keeps you up at night?”
  • “If you were to leave this company, who would follow?”
  • “How do you handle an employee making a mistake?”
  • “If you were to give a Ted Talk, what topic would you talk about?”
  • “What are three highly valued skills at [company] that I should master to advance?”
  • “What are the informal expectations of the role?”
  • “What is one misconception people have about you [or the company]?”

 

Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Canadian Natural Resources reports $2.27-billion third-quarter profit

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CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.

The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.

Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.

Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.

On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

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Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

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CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

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