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The Russian Ministry for Economic Development is not in favor of banning crypto.

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The Ministry for Economic Development in Russia has taken a stand against a proposed blanket ban that could see harsh penalties on crypto users. Earlier, the State Duma made public a new draft law on the use of crypto. If passed, it could have a significant effect on Russia’s crypto industry. The draft law recommends harsh penalties and jail terms for dealing in the cryptocurrency. However, the economy ministry believes banning crypto will not stop the use of crypto. 

Russian economy ministry asks for regulating the crypto industry.  

The Russian economy ministry believes that even if the bill is passed, it will do little to stop the use of cryptocurrencies in the country. In a letter to the State Duma, the economy ministry said the users will still access crypto on platforms that the Russian government has no jurisdiction over. This will render the government’s protective measures null and void. Instead of a blanket ban, the economy ministry urged in the letter to regulate the crypto industry. Cryptocurrency by nature can not be banned in any part of the world as they are decentralized, and people will always have access to them, which would create an uncontrolled market. 

The Bank of Russia should oversee the crypto regulations. 

According to the local news outlet Kommersant, the economy ministry advocates for the government to establish guidelines for both the users and the issuers. It also suggested that the central bank of Russia should oversee the enforcement of the crypto industry regulations. The head of the State Duma’s financial markets committee, Anatoly Aksakov, had made similar statements about the crypto industry. However, the central bank of Russia has opposing views about the crypto industry. The Bank of Russia executive had earlier said that they would support any law that would prohibit the use of crypto in the country. The Russian President Vladimir Putin had said that it is not possible for a country to have its own cryptocurrency as they operate beyond borders and can not be controlled by one authority. 

Source: https://coinnounce.com/russian-ministry-for-economic-development-is-not-in-favor-of-banning-crypto/

Energy

$172 Million Worldwide Friction Stir Welding Equipment Industry to 2027 – Impact of COVID-19 on the Market

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DUBLIN, Oct. 23, 2020 /PRNewswire/ — The “Friction Stir Welding Equipment – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

The publisher brings years of research experience to the 7th edition of this report. The 191-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.

Global Friction Stir Welding Equipment Market to Reach $246.5 Million by 2027

Amid the COVID-19 crisis, the global market for Friction Stir Welding Equipment estimated at US$172 Million in the year 2020, is projected to reach a revised size of US$246.5 Million by 2027, growing at a CAGR of 5.3% over the analysis period 2020-2027.

Automotive, one of the segments analyzed in the report, is projected to record a 6.5% CAGR and reach US$71.6 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Aerospace segment is readjusted to a revised 5.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $46.6 Million, While China is Forecast to Grow at 8.3% CAGR

The Friction Stir Welding Equipment market in the U.S. is estimated at US$46.6 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$51.8 Million by the year 2027 trailing a CAGR of 8.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 3.3% CAGR.

Railway Industry Segment to Record 4.6% CAGR

In the global Railway Industry segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$35.9 Million in the year 2020 will reach a projected size of US$47.8 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$32.9 Million by the year 2027, while Latin America will expand at a 5.6% CAGR through the analysis period.

Competitors identified in this market include, among others:

  • Beijing FSW Technology Co., Ltd.
  • Beijing Sooncable Technology Development Co., Ltd
  • ESAB
  • ETA Technology Private Limited
  • Gatwick Technologies Ltd.
  • General Tool Company
  • Hitachi Ltd.
  • Nitto Seiko Co., Ltd.
  • PaR Systems LLC

Key Topics Covered:

I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Global Competitor Market Shares
  • Friction Stir Welding Equipment Competitor Market Share Scenario Worldwide (in %): 2019 & 2025
  • Impact of COVID-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

  • Total Companies Profiled: 47

For more information about this report visit https://www.researchandmarkets.com/r/3u72hu

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets

Related Links

http://www.researchandmarkets.com

Source: https://www.prnewswire.com:443/news-releases/172-million-worldwide-friction-stir-welding-equipment-industry-to-2027—impact-of-covid-19-on-the-market-301158827.html

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Energy

Three Verdant Power Tidal Turbines Deployed in New York City’s East River

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NEW YORK, Oct. 23, 2020 /PRNewswire/ — Verdant Power, a leading marine renewable energy (MRE) company, yesterday simultaneously installed an array of three tidal power turbines at its Roosevelt Island Tidal Energy (RITE) Project site in the East River. The deployment came as the first U.S. licensed tidal power project.

The RITE Project activity is a technology demonstration of Verdant Power’s fifth-generation tidal power system and its novel TriFrame mounting system, which is the next step on a pathway to global commercialization and profitable commercial operations.

This pre-commercial demonstration of the proprietary integrated system is designed to optimize the economics of installation and maintenance over the system’s 20-year life, and to prove performance. This design provides for readily scalable systems to larger sizes for deeper and faster tidal straits.

For a look at deployment: https://www.verdantpower.com/copy-of-company-news

The RITE Project, as a grid-connected array of tidal power turbines, provides the metrics for system performance, and operational costs which are scalable to other sites, and demonstrates an MRE project as distributed generation for alternative global market opportunities.

“We are proud to be the first licensed tidal power project in the U.S,” said Verdant Power CEO John T. Banigan. “Today we are demonstrating clean power from the tidal currents and that tidal power is a viable energy resource advancing our industry in the U.S. and globally,” added Banigan. “We also are proud to be a New York-based company that will create an MRE industry cluster with local jobs and global exports.”

The RITE Project will generate electricity under a pilot project license issued by the U.S. Federal Energy Regulatory Commission – the first commercial license for a tidal power project in America. The project will provide clean electricity to Roosevelt Island through a distributed generation connection to Con Edison’s local grid, and is supported by the New York State Energy Research and Development Authority and the U.S. Department of Energy, in addition to New York private equity investors.

About Verdant Power

Verdant Power is a leader in the global marine renewable energy industry, developing systems that deliver clean power from tidal and river currents.  Through its initiatives worldwide, the Company has developed industry-leading capabilities in design, system demonstration and operation, tidal and river power resource assessment, and environmental monitoring. Learn more at www.verdantpower.com

Contact:
Andrew Blum, AJB Communications
917-783-1680, [email protected]
OR
Trey Taylor, Verdant Power
703-528-6445, [email protected]

SOURCE Verdant Power

Related Links

http://www.verdantpower.com

Source: https://www.prnewswire.com:443/news-releases/three-verdant-power-tidal-turbines-deployed-in-new-york-citys-east-river-301159031.html

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Energy

Kennametal to Attend Baird 2020 Global Industrial Virtual Conference

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PITTSBURGH, Oct. 23, 2020 /PRNewswire/ — Kennametal (NYSE: KMT) announced today that they will attend the Baird’s 2020 Global Industrial Virtual Conference.

Details of the conference are as follows:

When:            

Tuesday, November 10, 2020



Attendees:    

Chris Rossi, President and Chief Executive Officer


Damon Audia, Vice President and Chief Financial Officer


Kelly Boyer, Vice President, Investor Relations

About Kennametal
With over 80 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 9,000 employees are helping customers in more than 60 countries stay competitive. Kennametal generated nearly $1.9 billion in revenues in fiscal 2020. Learn more at www.kennametal.com. Follow @Kennametal: Twitter, Instagram, Facebook, LinkedIn and YouTube.

SOURCE Kennametal

Related Links

http://www.kennametal.com

Source: https://www.prnewswire.com:443/news-releases/kennametal-to-attend-baird-2020-global-industrial-virtual-conference-301158895.html

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