Kent Tribune http://kenttribune.com/ Tue, 04 Oct 2022 04:55:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kenttribune.com/wp-content/uploads/2021/05/icon.png Kent Tribune http://kenttribune.com/ 32 32 Delhi HC seeks Kiran Bedi’s help in advocating for the welfare of women living at the runaway godman’s ashram in Rohini https://kenttribune.com/delhi-hc-seeks-kiran-bedis-help-in-advocating-for-the-welfare-of-women-living-at-the-runaway-godmans-ashram-in-rohini/ Tue, 04 Oct 2022 04:55:28 +0000 https://kenttribune.com/delhi-hc-seeks-kiran-bedis-help-in-advocating-for-the-welfare-of-women-living-at-the-runaway-godmans-ashram-in-rohini/ The Delhi High Court has asked retired Indian Police Service (IPS) officer and former Lieutenant Governor of Pondicherry, Kiran Bedi, to assist in a plea relating to the welfare and protection of rights of women living in an ashram run by a fugitive ‘god’ Virendra Dev Dixit in the Rohini district of the national capital.

On September 22, a divisional bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad observed that Bedi was unaware of the case being listed on said date and the Women’s Commission lawyer of Delhi (DCW) undertook to inform him. of the listing of the case on October 7, 2022. The Registrar General was also instructed to notify Bedi. “Ms. Kiran Bedi is requested to assist this court in this matter at the next court date,” the court said.

A report has been submitted by the Extra Sessions Judge, North-West Rohini Courts, who is the chairman of a committee overseeing the welfare of women living at Adhyatmik Vishwa Vidyalaya in Rohini, constituted by the High Court earlier in April. Acknowledging the report, the court ordered that a copy of it be “provided to all parties to enable them to comply with instructions/recommendations that have been made in the general interest of the Adhyatmik Vidyalaya”.

The High Court had asked Bedi on April 26 to oversee the functioning of the committee to “enforce the human rights of women and ensure that their legal rights are adequately protected.” Additional Session Judge, North West, Rohini Courts, Delhi, was appointed Chairman of the Committee, which included members of DCW, District Magistrate (North West), Deputy Commissioner of Police (Crime Against women) with jurisdiction over the region among others.

“The functioning of the said committee will be overseen by Mrs. Kiran Bedi, former Lieutenant Governor of Pondicherry – who has very kindly consented to assume the responsibility in this capacity. It will be the obligation of the GNCTD to provide all the assistance it requires to carry out its functioning,” the court ordered in April.

The High Court had, at a previous hearing, expressed its shock at the situation prevailing in the institution. He commissioned a team to inspect the ashram premises in 2017, in which the DCW lawyer said she found no doors on the internal toilet stalls and that only one door existed for a group of toilet cubicles. Several other aspects were also noted by her in her report. She further alleged that more than 100 girls were housed in “animal-like conditions with no privacy” on the premises.

The court had, however, specified in its April order that the establishment would be free to pursue its religious and spiritual activities provided that none of them violated a fundamental or other right of an inmate or any other nobody.

The case came to the High Court after an NGO filed a PIL. Subsequently, in December 2017, the High Court ordered the Central Bureau of Investigation (CBI) to investigate the alleged unlawful confinement of several underage women and girls at the ashram.

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How PussyDAO uses Solana NFTs to sell physical underwear https://kenttribune.com/how-pussydao-uses-solana-nfts-to-sell-physical-underwear/ Sat, 01 Oct 2022 18:32:25 +0000 https://kenttribune.com/how-pussydao-uses-solana-nfts-to-sell-physical-underwear/

In short

  • PussyDAO is a new Web3 startup that plans to sell Solana-based NFTs that can be exchanged for physical panties and other goods.
  • It was started by Izzy Howell, former Head of Growth at Cypher.

Most people today probably first associate NFTs with digital-only items like profile photos, artwork, and collectibles. But blockchain tokens can also be tied to physical art, property, and other tangible assets.

In a provocative example of how NFTs could disrupt retail and apparel, PussyDAO aims to use Solana NFTs as cashback coupons to buy things like underwear and streetwear.

Founder and CEO Izzy Howell, former head of growth at Cypher, Solana’s derivatives protocol, Told Decrypt at this week’s Chainlink SmartCon, the idea came to him while chatting with his former Challenge colleagues.

“I got up really late with my team, and all the guys on my team kept saying liquidity was all that mattered. ‘That’s the most important thing: liquidity, liquidity, liquid,” she recalls. “And the next thought in my head was that I wanted to make a pair of panties that said ‘very liquid’ in the crotch.

Howell – formerly named a rising star in crypto by Decrypt– shared her idea with others and said she was “getting a lot of support from the crypto industry” (including funding), so she left Cypher to focus on the new venture. PussyDAO will start off by offering NFTs that can be redeemed at any time for physical underwear, but it has bigger ambitions for the brand as time goes on.

“We are using Web3 technology to evolve the next generation of apparel, CPG [consumer packaged goods] products, software deliveries, and experiences,” Howell said. Decrypt in a follow-up chat via Telegram. “Our brand is punk rock meets hyper-femininity: we’re gritty, feminine and powerful – and a much-needed breath of fresh air in this bro-centric space.”

Howell’s plan is to expand the PussyDAO brand to “all things super hype-y”, including the aforementioned products and experiences.

The idea of ​​exchanging a blockchain token for physical clothing is not new and has been explored in various ways. Unisocks, for example, is a project that sells tokens redeemable for Uniswap themed socksand the price of each token increases with each sale on a bond curve – it started at $12, but now buying one token costs $22,807.

Adidas explored the model of NFTs redeemable for exclusive apparel with his fall Into the Metaverse last December in partnership with Bored Ape Yacht Club, NFT influencer gmoney and Punks Comics project. And the WAX the blockchain vIRL NFT concept is built around tokens that can be exchanged for physical goods.

Howell said buyout NFTs make sense for streetwear and other products because it’s easier to resell digital tokens than having to physically ship things to buyers. Token exchange could be cheaper, easier and have less impact on the environment than parcel shipping.

“People are buying [streetwear] in an instant, and then it’s the buyer’s responsibility to take that hat and post it themselves on eBay, and they have to take care of the shipping and stuff,” she explained. . “But if I only own the NFT that entitles me to that physical item, it’s a lot smoother for me as someone selling it in a secondary market.”

Howell is getting into Solana because it was “bred by the Solana ecosystem,” but she envisions a multi-chain future and plans to launch products on other blockchain platforms.

As PussyDAO paves the way for its first product launch, Howell outlines a brand that is uniquely Web3. “This is the first investor-backed social commentary,” she said. Decrypt. “Not only are we a business, but we are also a living, breathing artistic movement. We launch products designed to spark meaningful conversations about gender, identity and the financial landscape.

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Is the Brett Favre welfare scandal a case of “the rich stealing from the poor”? https://kenttribune.com/is-the-brett-favre-welfare-scandal-a-case-of-the-rich-stealing-from-the-poor/ Fri, 30 Sep 2022 02:55:54 +0000 https://kenttribune.com/is-the-brett-favre-welfare-scandal-a-case-of-the-rich-stealing-from-the-poor/

by Brett Favré participation in a recently uncovered Mississippi welfare scandal made national news. Some have begun to question his direct involvement in the welfare system and the consequences he will face. However, the biggest concern might be what other critics of Favre have expressed. His involvement in a scandal potentially took valuable resources from the people of Mississippi who desperately needed them.

Since news broke of the former Green Bay Packer’s involvement in the welfare scandal, details surrounding his role have become increasingly concerning. Although Favre has yet to be charged with a crime, the state of Mississippi has prosecuted him. The Associated Press recently released that found texts revealed the former quarterback colluded with former Mississippi Governor Phil Bryant to transfer at least $5 million in state welfare funds to build a new volleyball stadium at the University of Southern Mississippi while Favre’s daughter played volleyball there. Specifically, the $5 million was inappropriately channeled from the federal budget. Temporary Assistance Fund for Needy Families.

It should be noted that several nonprofit leaders, such as Nancy and Zach New, pleaded guilty to state and federal charges for their involvement in the volleyball project, alongside the former director of social services John Davis. The texts ultimately lead to a wider investigation into the football star’s personal finances. Earlier this week, Katie Strand and Kalyn Kahler published an article in Athleticism that Brett Favre’s charitable foundation, Favre 4 Hope, which claims to support cancer patients and underprivileged children, has given Southern Miss more money than any other donor organization during the same period of its involvement with officials of the Mississippi on the volleyball draft.

More precisely, ESPN had access to tax records indicating that from 2018 to 2020, Favre 4 Hope donated over $130,000 to the University of Southern Mississippi Athletic Foundation. Again, these massive donations came at the same time Favre was funding the university’s new volleyball center. Interestingly, three years prior, when Favre’s daughter was playing volleyball at Oak Grove High School in Hattiesburg, Mississippi, tax records show that the Favre 4 Hope Foundation donated $60,000 to the Oak booster club. Groves. Athleticism also reported that the club later awarded the school $60,349 to help build a sports facility.

While donations from Favre’s nonprofit may not have been illegal, experts say charities that receive money for a specific purpose have an ethical obligation to spend the money. funds in the manner provided by the donors. That said, it remains to be confirmed whether or not these funds were misappropriated. However, many argue that the reports of the donations seem suspicious given Favre’s involvement in the welfare scandal.

While Favre’s fate remains to be seen, some are outraged by his actions. Moreover, that there has been no more discussion denouncing his behavior. Some have pointed out that some groups that speak out against needy families who legally receive social benefits have not been as vocal about Favre, who is worth $100 million but has social funds. So the two questions for some are whether this is a case of the “rich stealing from the poor” and whether Bret Favre will be held accountable for his actions both legally and in public opinion or he will enjoy the privilege of being a wealthy white man, a former professional football star. But one thing is certain: the funds distributed to Favre’s volleyball project did not go to those who really needed them.

According to US census, nearly 20% of Mississippi residents live at or below the poverty line, which is the worst rate in the nation. This percentage includes 28% of children. The federal government gives money to states to distribute to needy populations through its Temporary Assistance for Needy Families program. But before the scandal came to light, Mississippi residents struggled to access the money. That said, many argue that the Bret Favre welfare scandal only highlights a major nationwide problem with funds going to the Temporary Assistance Fund for Needy Families and that money is not going enough. in the right places.

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America’s Inflation Windfall for Sovereign Debtors by Gautam Nair and Federico Sturzenegger https://kenttribune.com/americas-inflation-windfall-for-sovereign-debtors-by-gautam-nair-and-federico-sturzenegger/ Thu, 29 Sep 2022 15:50:00 +0000 https://kenttribune.com/americas-inflation-windfall-for-sovereign-debtors-by-gautam-nair-and-federico-sturzenegger/

During the “Great Moderation” that preceded the COVID-19 pandemic, years of low inflation led to the growth of sovereign debt issued at fixed interest rates and long maturities. And now two years of unexpected inflation in the United States has effectively diluted those bonds, in America and elsewhere.

CAMBRIDGE – As developing countries face a new era of high inflation, rising interest rates, a stronger dollar and capital outflows, some governments stand to benefit from a little-noticed windfall. During the “Great Moderation” that preceded the COVID-19 pandemic, years of low inflation led to the growth of sovereign debt issued at fixed interest rates and long maturities. However, two years of unexpected inflation in the United States have effectively diluted this debt.

By our calculations, the US government’s inflationary windfall is substantial. In October 2019, the International Monetary Fund’s World Economic Outlook projected US inflation to be 2.4% in 2021 and 2.3% in 2022. But US inflation hit 4.7% in 2021, and the IMF now expects a rate of 7.7% this year. . The size of what we call the “unexpected inflation shock” over 2021-22 is therefore 7.7% (the sum of actual inflation rates minus projected rates). Under these conditions, the biggest winner will be the biggest issuer of dollar debt: Uncle Sam.

At the end of 2020, long-term fixed-rate US government debt stood at nearly $21 trillion, and the US monetary base (which includes the amount of currency in circulation) was approximately $5.2 trillion. While most of the 2021-22 inflation (12.4%) falls on the monetary base, its unexpected component (7.7%) reduces the value of US government debt, as debt holders are compensated with interest for expected inflation. The US Treasury thus records a huge reduction of $2 trillion – nearly 11% of GDP – in the real value of its $26 trillion in inflation-exposed liabilities. Offsetting the US Federal Reserve’s holdings of long-term Treasuries brings the figure down to 9% of GDP.

According to conventional wisdom, it is mainly developing countries that resort to inflating their debts. But the current period of high inflation in the United States reminds us that developed countries have also often resorted to unconventional strategies such as the “inflation tax” to deal with their debts.

Long-term US Treasury securities totaling about $6.6 trillion are held by foreign entities such as central banks and pension funds, and the Fed estimates that nearly $1 trillion in dollars is also held by non-residents. By diminishing the real value of these holdings, high US inflation has essentially shifted $568 billion from non-residents to the US government, meaning that about a quarter of US inflation tax over the past two years has been paid abroad.

Two of the biggest holders of long-term US Treasuries are Japan ($1.2 trillion) and China ($862 billion), which together paid nearly a third of the gains in the United States. Apart from China and large cash holders like Argentina (which loses an amount equal to 3% of GDP, due to the reduced value of dollar cash held by residents), most of the largest taxpayers in abroad are developed economies.

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But America is not the only winner. Many emerging markets are also benefiting, as a significant portion of their debt is issued in dollars. Since foreign investors have been unwilling to bear the risk of governments trying to dilute the real value of their bonds by printing money and triggering inflation, many governments have tied their hands by issuing dollar-denominated debt.

Bondholders were thus able to ensure that the inflation of the national currency would not negatively affect the value of their holdings – or so they thought. The relative purchasing power parity theory tells us that the nominal GDP of all countries, when measured in US dollars, will eventually grow at the rate of US inflation. High inflation in the United States therefore means that the real burden of dollar-denominated debt will decline, yielding a substantial gain to other sovereigns.

Excluding the United States, the total stock of long-term dollar-denominated fixed-rate debt in 2021 was $1.3 trillion, according to the Bank for International Settlements. So, to get a conservative estimate of the size of the gain for non-US governments (conservative because US inflation could beat forecasts or persist beyond this year), we can apply 7.7% unexpected inflation to $1.3 trillion, which implies savings of about $100 billion. Due to the dilution of their debt, Turkey, Indonesia, Mexico, Saudi Arabia and Brazil each receive a one-time transfer that exceeds $4 billion, at the expense of their creditors. Other big winners (in relative terms) include developing countries like Lebanon, Venezuela, Jamaica and Mongolia, whose governments also benefit from 2% of GDP or more.

Certainly, these astronomical sums will cause creditors to demand higher interest rates on new debt issues. But higher interest rates do not affect the plummeting real value of the existing stock of long-term debt. For some countries, the effect of this transfer may also take time to be felt, as the dollar has recently strengthened against other currencies. But the recent inflation shock in the United States is a monetary shock, implying that nominal exchange rates will ultimately move with the inflation differential between countries (in line with relative purchasing power parity theory ). Once they do, the GDP of other countries, when measured in dollars, will also rise at the rate of US inflation, ensuring that the real burden of sovereign debt declines.

Commentary on the perils facing developing countries tends to focus on the risks posed by rising interest rates and depreciating currencies. For governments, however, US inflation also comes with a silver lining: bondholders pay the price while inflation eats away at a massive stockpile of sovereign debt.

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Shares of Leapmotor and Onewo open sharply lower on Hong Kong debut https://kenttribune.com/shares-of-leapmotor-and-onewo-open-sharply-lower-on-hong-kong-debut/ Thu, 29 Sep 2022 02:26:35 +0000 https://kenttribune.com/shares-of-leapmotor-and-onewo-open-sharply-lower-on-hong-kong-debut/
  • Leapmotor shares open 14.5% lower than IPO bid price
  • Onewo shares down more than 7% at the opening
  • CALB values ​​shares at HK$38 each – sources

HONG KONG, Sept 29 (Reuters) – Hong Kong’s two largest IPOs of 2022, worth a combined $1.5 billion, opened sharply lower in their debut on Thursday, darkening the outlook a resumption of commercial activity in the city for the rest of the year. .

Shares of Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology opened at HK$41 ($5.22) apiece, down 14.5% from the IPO price of HK$48.

The stock then plunged to HK$32.20.

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Shares of Onewo Inc (2602.HK), the real estate services arm of developer China Vanke Co Ltd (000002.SZ), fell more than 7% at open from their IPO price of HK$49.35.

Hong Kong’s Hang Seng Index (.HSI) opened almost 2% higher.

Leapmotor raised $800 million, while Onewo raised $733 million through its initial public offerings (IPOs).

These are the largest IPOs in the city in 2022, where trading volumes have fallen sharply amid COVID-19 restrictions, geopolitical tensions, soaring inflation and rising interest rates in many parts of the world.

Lithium battery maker CALB is finalizing its $1.28 billion Hong Kong IPO and has priced its shares at HK$38 each, according to two sources with direct knowledge of the matter.

CALB did not immediately respond to a request for comment.

IPOs in the city have raised just $7.94 billion so far this year, the worst annual figure since 2012, compared to $37.1 billion during the same period in 2021, according to the data from Refinitiv.

BAD STARTS TOOTH FEELING

After the poor start, major new IPOs are unlikely before the end of 2022, traders said, as investors remain cautious given global market volatility.

“Weak sentiment in the secondary market has not yet normalized,” Ke Yan, senior analyst at DZT Research, which publishes on Smartkarma, told Reuters.

“The key issue for future IPOs in Hong Kong will be the tug of war between companies and investors over valuation, and that could go on for a long time.”

The IPOs of Leapmotor and Onewo received a lukewarm response from retail investors in the city who did not accept the full amount of shares offered to them, according to filings by the companies.

The electric vehicle maker had planned to raise as much as $1.5 billion, sources told Reuters, but later cut it to $1 billion.

Leapmotor shares were valued at the bottom of its marketed price range, while Onewo shares were valued in the middle of its stated price range.

The Hang Seng index (.HSI) fell 3.4% on Wednesday, the most since May, to end at the lowest level in more than a decade, as rising borrowing costs heightened fears of a global recession.

The index lost around 25% in 2022, while the technology index (.HSTECH) lost 36.6%. Read more

($1 = HK$7.8498)

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Reporting by Scott Murdoch; Editing by Himani Sarkar

Our standards: The Thomson Reuters Trust Principles.

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Thomson Reuters

Scott Murdoch has been a journalist for over two decades and works for Thomson Reuters and News Corp in Australia. He has specialized in financial journalism for most of his career and covers equity and debt markets across Asia from Hong Kong.

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Bitcoin and British Pound Trading Volume Soars 1,150% as UK Currency Risks Dollar Parity https://kenttribune.com/bitcoin-and-british-pound-trading-volume-soars-1150-as-uk-currency-risks-dollar-parity/ Tue, 27 Sep 2022 14:10:00 +0000 https://kenttribune.com/bitcoin-and-british-pound-trading-volume-soars-1150-as-uk-currency-risks-dollar-parity/

Bitcoin (BTC) will see increased interest from the UK “very quickly” as fiat currency volatility makes BTC look like a stablecoin.

That’s the conclusion of Gabor Gurbacs, strategy advisor to investment giant VanEck, who was one of many report Bitcoin’s call on the pound this week.

UK Becomes Fertile Ground for Bitcoin’s ‘Orange Pill’

While the US dollar is unleashed, its strength has come at the expense of trading partner currencies, including the euro, pound and Japanese yen.

The pound’s disintegration accelerated this week as GBP/USD hit an all-time low near $1.03.

While the UK’s central bank, the Bank of England, has so far avoided intervention, nervousness is showing as purchasing power is hit doubly hard by the weak currency and inflation at its peak. highest level in 4 years.

“The UK will turn orange very quickly given the volatility of the pound,” Gurbacs predicted.

“Given that the UK is now outside the bureaucratic machinery of the EU, it will have another chance to become a Bitcoin hub. I think UK leaders will use this opportunity reasonably well.

The pound is down almost 25% since the start of the year at one point in dollar terms. While data from Cointelegraph Markets Pro and TradingView shows Bitcoin beating it 56%, the longer the time horizon, the more attractive a BTC hedge becomes.

“Over the past four years, the dollar has crashed -67% in USD gains,” said Michael Saylor, executive chairman and former CEO of MicroStrategy, Noted in its own assessment of fiat currency losses on September 26.

BTC/USD chart against GBP/USD. Source: Trading View

According According to data from CoinShares Head of Research James Butterfill, trading volume for the GBP/BTC pair on the Bitstamp and Bitfinex exchanges, worth a combined $70 million per day, reached $881 million. on September 26, an increase of more than 1,150%.

Butterfill argued that this showed that “when a FIAT currency is threatened, investors start to favor Bitcoin.”

ReactSaifedean Ammous, author of the popular book The Bitcoin Standardcalled the phenomenon “fascinating”.

GBP/USD trading volume on Bitstamp, Bitfinex chart. Source: James Butterfill/Twitter

G20 “begins to understand” the need for BTC hedging

Gurbacs, meanwhile, acknowledged that while he “might be too optimistic about the UK,” G20 countries could still enact a major policy shift towards accepting BTC.

Related: Bitcoin Gains 5% to Reclaim $20,000, September’s First “Green” Eyes Since 2016

“Like gold, Bitcoin could be a hedge against their own policies. Which is worth a small percentage of allocation and support,” he continued.

“Some are starting to understand that.”

Looking beyond the pound, the data shows that major fiat currencies are suffering more from the surge in the greenback than those in emerging markets (EM).

“The tables have turned,” said Robin Brooks, chief economist at the Institute of International Finance, declared this week.

“Since the beginning of the year, emerging markets such as Brazil and Mexico have outperformed G10 currencies against the dollar. This is a major pivot in global markets that is unprecedented. Monetary policy in emerging markets today is more orthodox than in advanced economies. Well done EM…”

An accompanying chart from Bloomberg showed the Brazilian real and Mexican peso even gaining against the dollar in 2022.

The pound brought up the rear with the yen, while the Russian ruble was notoriously absent, having reached its highest in dollar terms since 2015.

Yield of the Fiat currency against the US dollar as of September 26. Source: Robin Brooks/Twitter

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.