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European ministers set to choose new central bank deputy

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They are Spanish Economy Minister Luis de Guindos and Philip Lane, the governor of Ireland’s central bank. Expectations are that Luis de Guindos will be the choice among the finance ministers. Spain has often argued that it hasn’t had a member on the ECB’s executive board in the last six years.

This could mean that the next ECB president – a role that becomes vacant next year – is more likely to come from a northern European country and thus a more hawkish member when compared to incumbent Mario Draghi.

However, the election of Luis de Guindos is not certain, given that he doesn’t have experience in central banking. Constancio served as governor of the Bank of Portugal prior to moving to Frankfurt.

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Crocs CEO Andrew Rees optimistic the shoe brand can grow post-pandemic

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Some have called Crocs the “it” shoe of the pandemic, as the clog became a closet staple for consumers seeking comfort during their more casual pandemic lifestyle.

The popularity helped push Crocs to stunning sales gains in its latest quarter, but investors, fearing the best was behind it, sold off the stock on Tuesday. Shares closed down 3.8% at $80.01 on Tuesday, but the stock has more than doubled over the past year.

“The pandemic has allowed us to reach new customers, but I think consumers are also focused on what we can offer them in the future,” Crocs CEO Andrew Rees told CNBC’s “Power Lunch.”

Rees said he remains optimistic that the brand can grow with the help of product innovations, such as introducing new sandals to its portfolio. He also noted that the footwear brand was trending even before the pandemic, putting them in a good position when Covid-19 hit.

“Sandals is a large product category and the accessible market for us around sandals is about $30 billion globally,” said Reese.

The growth of their shoe charms, or Jibbitz, also contributed to the successful year that the brand had, doubling in the last year, as loyal Crocs fans personalize their shoes to make them unique.

The shoe also has a strong celebrity following, and counts Justin Bieber, Post Malone and Priyanka Chopra among its fans.

Earlier Tuesday, Crocs said its fiscal fourth-quarter net income surged to $183.3 million, or $2.69 a share, from $19.9 million, or 29 cents a share, a year earlier. Excluding items, Crocs earned $1.06 a share.

Revenue rose 56.5% to $411.5 million. Crocs said it expects revenue to rise 40% to 50% in the first quarter, and between 20% to 25% for the full year.

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Square buys $170 million worth of Bitcoin

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Jack Dorsey, chief executive officer of Twitter Inc. and Square Inc., speaks during an Empowering Entrepreneurs events at Ryerson University in Toronto, Ontario, Canada, on Tuesday, April 2, 2019.

Cole Burston | Bloomberg | Getty Images

Square bought $170 million worth of Bitcoin, the company revealed in its fiscal fourth quarter financial report on Tuesday.

The company said it purchased approximately 3,318 bitcoins, expanding on its Oct. 2020 purchase of 4,709. Square said it represents about 5% of the company’s total assets as of the end of 2020.

Bitcoin traded around $48,000 after-the-bell Tuesday, up nearly 62% for the year.

“The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis,” the company said in its earnings release. Its CEO Jack Dorsey as also been an advocate of the digital currency.

Companies are increasingly leaning into Bitcoin as it becomes more mainstream. Tesla announced earlier this month it bought $1.5 billion worth of Bitcoin for “more flexibility to further diversify and maximize returns on our cash.”

Pouring into the digital coin comes with risks, due to its volatility. Tesla’s share price is now directly linked to the price of Bitcoin, according to Wedbush analyst Daniel Ives.

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El Chapo’s wife held in jail on narcotics conspiracy charges

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Emma Coronel Aispuro, the wife of Mexican drug cartel boss Joaquin “El Chapo” Guzman, appears before U.S. Magistrate Judge Robin Meriweather and her lawyer Jeffrey Lichtman during a virtual hearing in federal court in Washington, D.C., February 23, 2021 in this courtroom sketch.

Jane Rosenberg | Reuters

WASHINGTON – A federal judge ordered the wife of Mexican drug lord Joaquin “El Chapo” Guzman to remain temporarily detained after she her arrest at Dulles International Airport on drug charges.

Emma Coronel Aispuro, 31, was charged with conspiracy to distribute cocaine, methamphetamine, heroin and marijuana in the United States.

She faces a minimum of 10 years in prison or a maximum of life in prison and a potential fine of $10 million dollars.

Aispuro, a former beauty queen, has two children with the Sinaloa cartel boss.

The Justice Department also accused her of running her husband’s multibillion-dollar cartel. She is a dual citizen of the United States and Mexico.

Emma Coronel Aispuro, wife of Joaquin “El Chapo” Guzman, is escorted by security as she leaves federal court, July 17, 2019 in the Brooklyn borough of New York City.

Drew Angerer | Getty Images News | Getty Images

The Justice Department accused Aispuro of helping her husband pull off a Houdini-like escape from a Mexican prison in 2015.

The Sinaloa cartel boss escaped from a maximum-security prison in July 2015 after slipping through a hole in the shower area of his cell. The 1 1/2 foot by 1 1/2 foot gap in the shower floor led to a custom-built tunnel nearly 30 feet below underneath the Altiplano prison complex. The tunnel was 5 feet high and nearly 3 feet wide and equipped with a ventilation system.

Joaquin Guzman Loera, also known as “El Chapo” is transported to Maximum Security Prison of El Altiplano in Mexico City, Mexico on January 8, 2016.

Daniel Cardenas | Anadolu Agency | Getty Images

The 2015 escape was the second time Mexican authorities lost custody of Guzmán. The Mexican farmhand turned powerful cartel leader first escaped from prison in 2001. He managed to evade capture for 13 years.

After more than six months on the run, Guzmán was captured in 2016 by Mexican authorities. He initially escaped prison in 2001. A year later, he was extradited to the United States. After a three month trial in 2019, the narco kingpin was sentenced to life in prison.

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