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Einstein Note on Happy Living Sells for $1.56m

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Albert Einstein
  • Einstein Note on Happy Living Sells for $1.56m

A note that Albert Einstein gave to a courier in Tokyo briefly describing his theory on happy living sold at auction in Jerusalem on Tuesday for $1.56 million, the auction house said.

The winning bid for the note far exceeded the pre-auction estimate of between $5,000 and $8,000, according to the Winner’s auction house website.

The buyer was a European who wished to remain anonymous, a spokesman for the auction house said.

The note, on the stationery of the Imperial Hotel Tokyo, says in German that “a quiet and modest life brings more joy than a pursuit of success bound with constant unrest.”

Bids were accepted in person, online and by phone. After an opening price of $2,000, bids rose quickly for about 20 minutes with two potential buyers vying by phone for the purchase in the end.

Applause broke out in the room when the sale was announced. The sale price includes the buyers’ premium.

“I am really happy that there are people out there who are still interested in science and history and timeless deliveries in a world which is developing so fast,” the seller told AFP on condition of anonymity after the sale.

A second Einstein note written at the same time that simply reads “where there’s a will, there’s a way” sold for $240,000, according to Winner’s.

The German-born physicist, most famous for his theory of relativity, was on a lecture tour in Japan when he handwrote the autographed notes, previously unknown to researchers, in 1922.

He had recently been informed that he was to receive the Nobel Prize for physics, and his fame outside of scientific circles was growing.

A Japanese courier arrived at the Imperial Hotel in Tokyo to deliver Einstein a message. The courier either refused to accept a tip, in line with local practice, or Einstein had no small change available.

Either way, Einstein didn’t want the messenger to leave empty-handed, so he wrote him two notes by hand in German, according to the seller, a relative of the messenger.

“Maybe if you’re lucky those notes will become much more valuable than just a regular tip,” Einstein told the messenger, according to the seller, a resident of the German city of Hamburg.

– ‘Stone in the mosaic’ –

Two other letters Einstein wrote in later years were also auctioned on Tuesday, fetching prices of $33,600 and $9,600.

In June, letters written by Einstein about God, Israel and physics sold for nearly $210,000 at a Jerusalem auction.

Roni Grosz, the archivist in charge of the world’s largest Einstein collection at Jerusalem’s Hebrew University, told AFP ahead of Tuesday’s auction that it is impossible to determine if the notes were a reflection of Einstein’s own musings on his growing fame.

While they hold no scientific value, they may shed light on the private thoughts of the great physicist whose name has become synonymous with genius, according to Grosz.

“What we’re doing here is painting the portrait of Einstein — the man, the scientist, his effect on the world — through his writings,” said Grosz.

“This is a stone in the mosaic.”

Einstein served as a non-resident governor of Jerusalem’s Hebrew University and, when he died in 1955, he left the institution his archives — which made it the owner of the world’s most extensive collection of his documents.

AFP

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

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Crude oil - Investors King

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

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Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

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power project

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

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Crude Oil

Again NNPC Raises Petrol Price to N897/litre

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Petrol - Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.

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