Kent Tribune Sun, 09 Jan 2022 02:02:10 +0000 en-US hourly 1 Kent Tribune 32 32 Does the “Fagan Fragment” set a precedent for the return of the Parthenon sculptures? Sun, 09 Jan 2022 02:02:10 +0000
Italy sends back to Greece a fragment of the Parthenon sculptures. Credit: Antonino Salinas Museum

The return of the “Fagan fragment” from the Antonino Salinas museum in Palermo, Italy, Greece is considered the precedent for the return of the Parthenon sculptures.

The fragment of the eastern frieze of the Parthenon represents the foot of the goddess Artemis looking through a tunic.

The peculiar frieze on the beast side of the Parthenon depicts the Olympian gods seated while observing the annual Panathenaic procession in honor of the city’s patroness, Athena.

Grecian Delight supports Greece

The fragment belonged to the collection of Robert Fagan (1761-1816), a painter, diplomat and archaeologist who had served as British Consul for Sicily and Malta. It will be on display at the Acropolis Museum for eight years from Monday.

In exchange for the “Fagan fragment”, the Acropolis Museum will send the headless statue of Athena from the 5th century BC to the Antonino Salinas museum. AD and an amphora from the 8th century BC.

Will the British Museum do the same?

While the Antonino Salinas Museum did well in sending the ‘Fagan Fragment’ to be exhibited alongside its marble siblings, it remains to be seen whether the British Museum will do the same.

In statements to the British newspaper “The Telegraph”, Greek Prime Minister Kyriakos Mitsotakis said that “the momentum that is being built”, step by step, will lead to the repatriation of the Parthenon sculptures.

“The debate has reached a delicate stage,” he said, referring to the aftermath of his November 16 meeting with British Prime Minister Boris Johnson.

“My feeling is that a dynamic is really building and of course ‘the elephant in the room’ is the discussion we should be having with the British Museum,” Mitsotakis said.

The Greek Prime Minister also noted that his visit to Downing Street and the publicity it received has helped to create “a great wave of international support” for this purpose, as British public opinion also supports the demand for restitution of the sculptures.

“This is an important fragment, part of the frieze that represents the gods that was in Sicily for about two centuries,” Mitsotakis noted.

The fragment likely to remain indefinitely in Greece

Mitsotakis stressed that the return of the “Fagan fragment” from Italy is an “important step” and stressed that “it should not be repaid in the form of a loan but in the form of a deposit for eight years with the prospect of remaining in the country (Greece) indefinitely. “

When announcing the deal, Greek Culture Minister Lina Mendoni explained the importance of the return of the “Fagan fragment”.

The minister said the piece is not on a long-term loan (deposit) for exhibition, but with the prospect of staying permanently (sine die) in the Acropolis museum, reunited with the Parthenon frieze forever. .

“The intention and aspiration of the Sicilian government to repatriate the section from Palermo to Athens for good, confirms the long-standing cultural ties and brotherhood of the two regions,” Mendoni said.

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Major Key Players of the Yoga Mat Market, Major Manufacturers, Segmentation, Product Type and Outlook 2027 Sat, 08 Jan 2022 21:30:00 +0000

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Yoga Mat Market Size – USD 8.83 Billion in 2019, Market Growth – at 3.1% CAGR, Market Trend – Growing Use of Natural Rubber to Produce Yoga Mats

VANCOUVER, BC, CANADA, Jan. 9, 2022 / – The global yoga mat market is estimated to be worth $ 11.13 billion by 2027, according to current analysis from Emergen Research. This market growth can be attributed to the growing awareness of the health benefits of yoga among the new generation as well as the elderly population. The growing need to reduce stress in the body by activating the parasympathetic nervous system has led to the adoption of the practice of yoga. The increasing incidence of chronic back pain in the elderly has increased the uptake of yoga among the geriatric population, as yoga relieves back pain. This, in turn, has boosted the demand for yoga mats.

This report on the Global Yoga Mats Market provides the reader with all the essential tools to decipher their position in the industry on the basis of growing revenue or sales. It provides a comprehensive assessment of the global Yoga Mats market from different angles to provide detailed, informative, and accurate analysis of regional growth, competition, and market segmentation, among other factors. Moreover, it also gives an accurate account of the significant breakthroughs and developments influencing the global yoga mat market. It also focuses on the global and regional expansion of the Yoga Mat Market industry to give the overall analysis.

To Learn More About Yoga Mats Market Get Free Copy Of This Report @

The main players in the market are: Columbia Sportswear, Manduka, LLC, Lululemon Athletica, Hugger Mugger Yoga Products, Jade Yoga, Liforme Yoga, Fabrication Enterprises Inc., Sequential Brands Group, Inc., Barefoot Yoga Co. and ADIDAS AG

Further, the study on Yoga Mats market for the forecast period 2017-2027 quantifies the share occupied by major industry players and enlightens business owners of the fast growing investment pockets and the market. competitive landscape. Further, the industry is categorized into various segments with detailed assessment of each aspect such as gross margin, profit, import and export status and others. All vital statistics are presented using graphs, tables and graphic images, which can be easily integrated into any business presentation.

Highlights of the report

The e-commerce segment held the largest market share of 52.9% in 2019. The increasing penetration and accessibility of the internet and the growing use of smartphones in developing economies has driven the segment.

The natural rubber segment is expected to grow at the fastest CAGR of 3.8% during the forecast period. Growing investments by manufacturers to produce eco-friendly and biodegradable yoga mats are encouraging the use of natural rubber for the production of yoga mats.

Asia-Pacific accounted for the largest market share of the global yoga mat market in 2019. The increase in government initiatives to promote healthy lifestyle is boosting the yoga mat market in the region.

Learn more about the Yoga Mat Market Report @

Emergen Research has segmented the global yoga mat market in terms of distribution channel, material, and region:

Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Supermarket & Hypermarket
Specialized shop

Material Outlook (Revenue, USD Billion; 2017-2027)
Natural rubber
Thermoplastic elastomer
Polyvinyl chloride
Others (Jute and Cotton)

Regional outlook: (Revenue, billion USD; 2017-2027)
North America (United States) (Canada) (Mexico)
Europe (Germany) (United Kingdom) (France) (BENELUX) (Rest of Europe)
Asia-Pacific (China) (Japan) (South Korea) (Rest of APAC)
Latin America (Brazil) (rest of LATAM)

Research methodology

Data triangulation and market allocation
Research hypotheses Research data, including primary and secondary data
Primary data includes distribution of primaries and key industry information
Secondary data includes key data from secondary sources

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Objectives of the report

Examine the size of the Global Yoga Mat Market on the basis of value and volume parameters.
Accurately calculate the market share, consumption, and other essential aspects of the various segments of the global Yoga Mat Market.
Explore the underlying dynamics of the global yoga mat market.
Highlight the significant trends of the Global Yoga Mat Market based on factors such as production, revenue and sales.
Thoroughly introduce the major players in the Global Yoga Mat Market and show how they compete in the industry.
Study the manufacturing processes and costs, product prices and the various trends associated with them.
Analyze the performance of different regions and countries in the Global Yoga Mat Market.
Forecast the market size and share of all segments and regions of the global landscape.

Here are the questions we answer …

What are the future in-store opportunities for the vendors operating in the Yoga Mat market?
What does the competitive landscape look like?
Which emerging technologies are believed to impact the Yoga Mat market performance?
What are the main trends and dynamics?
What regulations will impact the industry?
Which segment will offer the most growth opportunities between 2017 and 2018?
Where will most of the development take place in the long run?
Who are the most important suppliers and what market share do they occupy?
What are the latest technologies or discoveries influencing the growth of the Yoga Mat market worldwide?

The report segments the Yoga Mat market on the basis of geography, end user, end use, product application, type, share, growth rate and size for reveal where the industry will be in the years to come. Researchers assessing the industry have included details on recent decisions and events such as acquisitions and mergers, collaborations, product launches and investments. Important decisions related to such events are useful for business owners when positioning their brands in the global market and finalizing marketing strategies.

Continue …

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The incredible work Warrington Animal Welfare did in 2021 Sat, 08 Jan 2022 06:00:00 +0000 A WARRINGTON charity has seen a significant increase in the number of animals it has cared for in the past year.

A Warrington Animal Welfare (WAW) volunteer said the charity is often “packed” and the number of calls they receive each day has “skyrocketed”.

From January 2021 to October 2021, Warrington Animal Welfare has relocated and rescued over 800 animals.

More precisely:

• 363 cats

• 160 dogs

• 170 chickens

• 95 rabbits

• 14 guinea pigs

• 8 gerbils

• 5 ferrets

• 3 rats

• 2 owls

• 2 turtles

Charity workers believe there are a number of reasons for the increase in the number of animals they care for – ranging from locked up pets, unwanted litters, older animals being thrown away. to make way for puppies or kittens, financial hardship or the death of their owners.

Last September, Slutchers Lane-based WAW released 20 rabbits from a “hellish life.”

Two of them were females, each with a litter of babies that had been left to rot in their own stool.

Last year, the association also received a call from a cat owner threatening to drown him if he didn’t take it immediately.

Although he had nowhere to put the neglected feline with a horrific skin condition, the association took him in and he is now recovering in a foster home.

The animals in the care of the association also need more support, which the volunteers say is in part due to the impact of the lockdown, as many have not been socialized or walked.

Fortunately, many animals have been relocated and placed in 2021 thanks to WAW.

One of those animals included a 16-year-old Beagle, Archie.

Archie was confused and scared when he was delivered to WAW after being hopelessly miserable in the kennels.

Following a successful advocacy for an emergency foster home, he left the kennel and joined his foster family where he still lives.

He has settled down well and is enjoying his retirement with lots of little pampering and nice naps!

Many animals have been relocated and housed in 2021 thanks to WAW.  One of them was a 16 year old Beagle, Archie.

Many animals have been relocated and housed in 2021 thanks to WAW. One of them was a 16 year old Beagle, Archie.

People often welcome animals from WAW to give them a wonderful retirement or end-of-life care and often welcome animals with health issues.

One volunteer said: “Host families are absolutely great.

“It’s really rewarding for people.”

WAW also offers a low cost sterilization service in an effort to help reduce the number of unwanted and abandoned pets across the city.

Last year, the team of 80 volunteers helped sterilize 390 animals.

But since WAW is a charity, it relies on donations and fundraising for its support.

Despite the impact of the coronavirus over the past two years, people have always been “very supportive”.

Fundraising events include a volunteer who ran a marathon, a lady shaving her head to raise £ 1,600, vets, vet nurses and their families participating in the Tough Mudder Challenge and various others – including a sale of children’s pastries.

To find out if you are eligible for sterilization, you can visit their website here.

If you are interested in joining the volunteer team, Click here.

And to make a donation, visit here.

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Barcelona’s Philippe Coutinho agrees to join Aston Villa on loan until end of season Fri, 07 Jan 2022 09:47:50 +0000

Aston Villa have reached a deal to sign former Liverpool midfielder Philippe Coutinho on loan from Barcelona until the end of the season, the Premier League club announced on Friday.

Sources have told ESPN that five Premier League teams have had talks with Coutinho’s side, Villa and another English club showing the most serious interest.

– ESPN + Viewers Guide: LaLiga, Bundesliga, MLS, FA Cup, more

However, the presence of Steven Gerrard, Coutinho’s former Liverpool team-mate, helped tip the scales in Villa’s favor.

The Premier League club said in a statement: “Aston Villa and FC Barcelona have agreed that Philippe Coutinho will spend the rest of the season on loan at Villa Park.

“The deal, which is subject to the player passing a medical examination and receiving a work permit, also includes an option to purchase and Philippe will travel to Birmingham within the next 48 hours.”

Gerrard, who left Rangers to replace Dean Smith as Villa Park coach late last year, was instrumental in convincing the Brazilian to move to the Midlands.

Coutinho, 29, was previously reluctant to leave Barca, but the desire to play football regularly during a World Cup year has led to a change of mind.

Barca made Coutinho their most expensive signing of all time when they paid Liverpool € 160million in 2018.

His first season at Camp Nou, alongside Luis Suarez and Lionel Messi, ended in a national brace but he lost his way in his second term.

He spent the 2019-20 season on loan at German giants Bayern Munich, scoring twice as they beat Barca 8-2 on their way to Champions League victory, before returning to Spain for the next campaign. .

Ronald Koeman has said he will help Coutinho return to his best form but injury issues have kept the player under the Dutchman.

He missed the second half of last season with injuries and has only started once, a 1-0 loss to Real Betis, since the appointment of new manager Xavi Hernandez in November.

Coutinho tested positive for COVID-19 last week but is expected to be cleared to travel to England in the coming days and could enter Villa’s Premier League game against Manchester United on January 15.

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Bail set at $ 5 million for man accused of killing social worker while checking child’s home Thu, 06 Jan 2022 03:25:38 +0000

Bond has been set at $ 5 million for a man arrested and charged with the murder of an Illinois social worker who was stabbed to death during a home visit on Tuesday.

Benjamin Reed, 32, was arrested on charges of first degree murder, aggravated bodily harm and unlawful duress for allegedly stabbing and killing Diedre Silas, 36, an investigator with the Department of Children and Family Services of the State.

Silas reportedly performed a welfare check on at least one of the children living in the house when she was attacked by Reed, Sangamon County Sheriff Jack Campbell said on Wednesday.

Campbell said authorities arrived at the house Thursday afternoon and broke into the house after seeing blood near the door, where they found Silas dead inside.

Police obtained a search warrant, which enabled them to track down Reed hours later at a nearby hospital, where he was treated for a cut to his hand before being taken to Sangamon County Jail.

Six children of undisclosed ages were also found in the home, although Campbell said he was not sure any of them saw the incident that led to Silas’ death. He also said they were in preventive detention at the time of Wednesday’s press conference.

Authorities believe at least one of the children is linked to Reed and that several adults likely lived in the house, Campbell said.

This photo provided by the Sangamon County Sheriff’s Office in Springfield, Illinois shows Benjamin H. Reed. Reed is charged with first degree murder and aggravated assault and battery with a lethal weapon in the stabbing death Tuesday of Diedre Silas, 36, a DCFS social worker.
Sangamon County Sheriff’s Office via AP

Thayer, the town where the house was located, is about 23 miles south of Springfield.

Sangamon County State Attorney Dan Wright said the conviction could put Reed in prison for life if a court found the conduct in Silas’ death “exceptionally brutal, heinous and indicative of wanton cruelty.” .

But at a press conference Wednesday night, Wright parried questions about why Silas was visiting the house, why she went there alone and whether there was a suspected threat there, saying the answers ” are sufficiently relevant to this investigation that it is not appropriate to answer these questions. “

It frustrated Silas’ family members, including his father Roy Graham, 61, who brought Diedre from Jamaica at the age of 10. He saw the married mother of two develop her love for helping children right from high school, as a mentor. schoolchildren and volunteer for Sparc, a non-profit organization dedicated to supporting people with intellectual and developmental disabilities.

“Why are you really attacking my daughter? I don’t understand why you would do this,” Graham said after the press conference. “I know she would beg for her life. Why? She hasn’t come to talk to you… It’s brutal, mischievous, hardcore.”

DCFS director Marc Smith said the last investigator killed on duty occurred about four years ago. Smith said the agency trains its staff on how to approach a variety of situations, including entering a volatile environment. Staff members decide to go alone, in pairs or to call for police protection, he said.

“In this tragic circumstance, the family we were there to help had a negative response to our presence,” Smith said. “We do not shirk responsibility. We take responsibility for all of our staff, as well as the children and families we serve. We will continue to work, we will continue to improve our policies and procedures as much as possible.”

Silas had just joined the department in August after working in behavioral health for seven years at the Department of Juvenile Justice, according to a statement from Council 31 of the American Federation of State, County and Municipal Employees, which represents DCFS employees.

“This tragedy is a stark reminder that frontline DCFS employees like Deidre perform demanding, dangerous and essential tasks every day, often despite inadequate resources and enormous stress,” said AFSCME Executive Director Roberta Lynch.

The Associated Press contributed to this report.

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Representative pays fees for improper sales of “Steepeners” – Finance and Banking Wed, 05 Jan 2022 14:53:49 +0000

United States: Representative pays fees for improper sales of “Steepeners”

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A registered representative paid the costs for violating the suitability rules.

FINRA alleged that the representative advised clients to buy “steepeners” – financial instruments that typically pay interest above the market at the start of the term and end up moving to a lower floating interest rate. at the forward rate. FINRA previously cautioned against recommending steepings on the grounds that they are “too difficult to understand” for clients, have the potential for extended periods of time with little or no interest, and generally have no market. secondary liquid.

FINRA found that the representative recommended that the client buy the pentifiers without fully understanding the risks, including the possibility that no interest will be paid if the yield curve flattens. FINRA found that the representative violated FINRA Rule 2111 (“suitability”), which requires a “reasonable basis to believe that a recommended transaction or investment strategy involving one or more securities is suitable for the client, on the basis of the information obtained through the due diligence of the
[adviser] or associated person “and, therefore, the FINRA 2010 rule (” Commercial Honor Standards and Principles of Commerce “).

Although the individual is no longer affiliated with a member firm registered with FINRA, he is still held accountable under FINRA rules. As a result of these execution measures, the individual was (i) suspended from his right to associate with a FINRA member in any capacity for four months and (ii) ordered to pay a fine. of $ 5,000. The effective date of these sanctions has not yet been determined by FINRA.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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Low rate personal loans by OMM Wed, 05 Jan 2022 05:22:56 +0000

What you need to know about unsecured personal loans from WMO.

Whether you need a personal loan to finance home renovations, a car, a wedding, or other life expenses that arise, it can be difficult to find the right provider. The interest rate is only one thing you need to consider – loan terms and flexibility are other important factors as well.

OurMoneyMarket, or OMM, is one of the largest personal loan providers in the Australian market. Find out what the brand has to offer below.

Who is OMM?

Founded in 2017, OurMoneyMarket, or OMM, is one of Australia’s newest and largest peer-to-peer personal loan providers. Peer-to-peer basically means that there are investors on the other end of your loan, so as the borrower you pay a nominal interest rate, and investors also receive a return on their investment. WMO says this type of loan can offer more competitive rates and a “better deal for everyone”.

OMM personal loans

OMM offers fixed rate unsecured personal loans that can be repaid weekly, bi-monthly or monthly over a period of one to seven years up to a maximum of $ 75,000. OMM offers personal loans for debt consolidation, home renovations, medical / dental bills, education, weddings, vacations, cars, trailers, motorcycles and boats.

Here is an overview of WMO personal loans.

Rates based on a $ 30,000 loan for a five-year term. * Disclaimer: This comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate. Rates are correct as of January 5, 2022. See disclaimer.

See how OMM personal loans stack up against some of the lowest rate personal loans on the market.

Rates based on a $ 30,000 loan for a five-year term. * Disclaimer: This comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate. Rates are correct as of January 5, 2022. See disclaimer.

OMM offers staggered interest rates based on your credit score, using the illion credit bureau for its credit assessment process. The breakdown of the illion credit score is as follows:




Very well very well




Average / Fair


Below average / low


Usually, checking your credit score is free. You can use our credit score calculator to get a rough idea of ​​what your credit score might be.

Why choose OMM for personal loans?

OMM has several outstanding features on its personal loans beyond the competitive interest rates. Some features include:

  • Quick application: Completely digital and takes five minutes, with a decision in under a minute.

  • “Free estimate”: A no-obligation quote gives borrowers an indication of their interest rate, without a request appearing or affecting a credit report.

  • No hidden costs: No account maintenance fees, no exit fees and no prepayment fees.

OMM personal loan criteria

You will also need to provide personal and financial information as part of your application as well as three months of bank statements.

OMM Important people

  • Steve Lambert – President

  • Adam Sutherland – Founder and CEO

  • Crystal Anderson – Co-founder & COO / CFO

  • Bruce Sutherland – Co-Founder and Director

  • Chris Kok Wan Chun – Non-Executive Director

  • Roger Lee – CTO

Frequently Asked Questions

How long does it take for OMM to approve a personal loan?

Loan applications can take as little as five minutes, with approval in as little as a minute. As OMM is a peer-to-peer loan provider, your loan will then be placed in the investor market where investors can choose to fund it. It can take as little as a day.

What other loans does WMO offer?

OMM is a peer-to-peer personal loan provider, offering unsecured fixed-term loans for everything from debt consolidation to purchasing a vehicle.

Photo by Avel Chuklanov on Unsplash

The entire market was not taken into account in the selection of the above products. On the contrary, a small part of the market has been envisaged. Products from some vendors may not be available in all states. To be considered, the product and the price must be clearly published on the website of the supplier of the product.,, and Performance Drive are part of the Savings Media group. In the interest of full disclosure, the Savings Media Group is associated with the Firstmac Group. To learn more about how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.

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Native American children’s advocate to speak at Mississippi conference Tue, 04 Jan 2022 14:03:09 +0000

CHOCTAW, Mississippi (AP) – A Native American child protection advocate will be the keynote speaker in February at an annual conference hosted by the only federally recognized Native American tribe in Mississippi.

Sandy White Hawk will speak at the 10th Annual Indian Child Welfare Act Conference. The event will take place on February 16 at the Silver Star Convention Center at the Pearl River Resort of the Mississippi Band of Choctaw Indian in Choctaw.

The annual conference began as an effort to educate state judges and social workers on the demands of the Indian Child Protection Act, according to a press release from the Mississippi Courts Administration Office. The law prioritizes Native American families in foster care and adoption proceedings involving Native children, and places reporting and other requirements on states.

It was enacted in 1978 after studies found that large numbers of indigenous children were separated from their parents, extended families and communities by public child welfare and private adoption agencies. , according to Indian National Child Protection Association.

White Hawk, the lecturer, was taken from her parents Sicangu Lakota in South Dakota and adopted by white missionaries more than 400 miles from the reservation. She was 18 months old and raised in Wisconsin with no connection to her tribal heritage.

In 2019, White Hawk’s story was the subject of the documentary “Blood memory. “The film highlights his efforts to help other people separated from the community as children to heal and reconnect with their people, culture, traditions and ceremonies. The title” Blood Memory “comes from the concept according to which the experiences of one generation are passed on to the next.

White Hawk is now the Founder and Director of the First Nations Repatriation Institute, an organization that helps people affected by foster care or adoption reconnect and recover their identities.

A recurring theme of the Child Welfare Act conference is to educate non-Indians about the intergenerational trauma caused by a history of removing Native American children from tribal families.

The conference is a collaborative effort with the Mississippi Band of Choctaw Indians, the Courts Administration Office, the Children’s Bureau, the Mississippi Judicial College, and the Mississippi Department of Child Protective Services.

Who should be present? Tribal leaders, lawyers, judges, social workers and other professionals who work with Native American children in youth court are invited to attend.

How to attend? Registration is mandatory and can be completed online.

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The LinksDAO Sold Its Memberships And Raised Over $ 11 Million In Its Quest To Buy A Real Golf Course | Currency News | Financial and business news Mon, 03 Jan 2022 16:51:04 +0000
  • A new decentralized autonomous organization has raised millions in its quest to buy an actual golf course.
  • The LinksDAO sold its memberships over the weekend and raised over $ 11 million in ether.
  • LinksDAO membership holders have the right to purchase a membership during the course.
  • Sign up for our daily newsletter here, 10 things before the opening bell.

A new Decentralized Autonomous Organization, or DAO, has trained and raised millions of Aether in the hopes of purchasing and operating an actual golf course for its new members.

The LinksDAO sold its 9,090 NFT subscriptions over the weekend, making 3,109 ether worth about $ 11.7 Monday morning.

DAOs have proliferated in recent months as the crypto world builds its own crowdfunding model. Among the best-known groups is ConstitutionDAO, which failed to buy a 235-year-old copy of the US Constitution in November. The DAO lost its offer to billionaire Ken Griffin.

But LinksDAO’s stated goal seems more achievable than ConstitutionDAO as it scours the United States in search of a potential golf course to purchase, operate, and maintain. DAO sold 6,363 Leisure Membership NFTs and 2,727 Global Membership NFTs for 0.18 Ether and 0.72 Ether, respectively.

Memberships give their holders various rights, including the right to purchase a membership in the first physical club acquired by DAO, as well as governance rights via the $ LINKS token launched in early 2022.

Already, LinksDAO NFTS membership has seen a total sales volume of over $ 3 million in the secondary market, with an average price hovering around $ 1,500, according to data from NFT Stats. While memberships are already sold out, investors can purchase them through OpenSea in the secondary market.

LinksDAO’s roadmap includes purchasing a golf course in mid-2022 and opening it up to the community by the end of 2022 or early 2023. From there, LinksDAO hopes to expand at other locations and create a global network of golf course members.

The DAO will keep 10% of the supply of each type of membership which it can then sell to fundraise for marketing, partnership and strategic purposes, in the same way a public company will sell its own shares for raise funds for growth.

While Web3 is seen as living in a digital world with avatars and social hangouts, the LinksDAO points out that a democratized form of real asset ownership, like a golf course, can be enabled by cryptocurrencies. and NFTs.

East African countries embark on lending frenzy to fill huge budget deficits Mon, 03 Jan 2022 06:48:53 +0000


East African economies are starting the new year with a borrowing frenzy with their eyes riveted on commercial debt to boost their economies out of the downturn in the Covid-19 pandemic.

Kenya, Tanzania and Uganda have indicated they will be in the market as early as this month for a mix of sovereign bonds, syndicated and commercial loans as they seek to support their budgets, which have to huge deficits, amid impending loan repayments for ongoing infrastructure projects. .

Kenya plans to issue two new sovereign bonds over the next six months to fund the budget and repay part of its inaugural Eurobond issued in 2014.

Kenya’s National Treasury told the International Monetary Fund (IMF) last week that it plans to launch an issue under the external component of budget financing for the current fiscal year, and another by June 2022. to refinance the 10-year $ 2 billion bond issued. in 2014.

Nairobi is seeking $ 2.19 billion in the two commercial loans.

Last June, Kenya issued a $ 1 billion bond.


Kenya is expected to return to the Eurobond market in the first half of 2022 to raise funds, with $ 1.1 billion in the 2021/22 budget, as well as a takeover bid for part of the $ 2 billion. of dollars 6.875%, 2024 Eurobond. The Treasury is considering issuing in euros, ”says the latest Sovereign Debt Radar from REDD, a data and market intelligence company.

Nairobi is also considering lifting the debt ceiling of $ 78.9 billion set two years ago, as its debt stock of $ 67.5 billion is on the verge of exceeding that target.

The government had planned to borrow $ 5.49 billion domestically in the year ending June 2022, and as of December 10, it had already borrowed more than half of that amount, or 2.77 billions of dollars.

Modification of the debt ceiling

Loan servicing expenses are set at $ 5.46 billion, of which $ 2.33 billion will be principal repayments of domestic debt.

In November 2021, the Treasury submitted to the Attorney General and Parliament a proposal to change the debt ceiling under the Public Financial Management Act.

According to the IMF, the new debt anchor will be set at 55% of GDP, with debt being measured in terms of present value.

Kenya’s overall public debt has increased in recent years. Gross public debt fell from 44.4% of GDP at the end of 2015 to 71% of GDP at the end of 2020, reflecting high deficits, in part due to past spending on large infrastructure projects, and in 2020 by global shocks of Covid-19.

About half of Kenya’s public debt is owed to external creditors.

In the third quarter of its fiscal year, Nairobi paid $ 262.5 million to Chinese creditors to lift the deadlock on debt repayments. Payments were made to Chinese lenders, most notably Exim Bank, after suspending disbursements for projects in Kenya due to Chinese pushback to Kenya demanding a suspension of debt repayment.

In January 2021, Kenya applied for the G20 Debt Service Suspension Initiative (DSSI), as it finalized details of an Extended Finance Facility (EFF) and Extended Facility program. $ 2.4 billion three-year credit facility (ECF) with the IMF, which was approved in April.

DSSI’s request, which allowed Nairobi to receive $ 425 million in relief through December, added to existing tensions in its relationship with China, its largest bilateral creditor.

While the Exim Bank of China is a widely recognized bilateral creditor, its $ 3.6 billion loan to Kenya for the construction of the standard gauge railway has been extended on commercial terms, hence the insistence of Beijing to be treated on an equal basis with other commercial borrowers.

In Budget 2021/2022, Kenya set aside $ 1.03 billion to service its debt to China, including $ 217.1 million in interest payments and $ 817.6 million in repayments. , according to budget documents.

This year Nairobi will only receive $ 89 million in debt relief, lower than the $ 379 million originally planned, Treasury Cabinet Secretary Ukur Yatani said in a recent letter to the IMF.

Kampala in the market

Across the border, Uganda is also in preliminary talks with lenders for a new $ 500 million syndicated loan that is expected to be launched before April 2022.

Kampala has already sent out a request for proposals to lenders, but no bank has yet been appointed. It is understood that Uganda is looking for a 10 year facility, but it is unlikely to achieve such a long maturity period.

Uganda has yet to issue a Eurobond, although it has been approved by major credit rating agencies since 2013. It was active in the international syndicated loan market in March 2021 when it was first released. signed a $ 200 million seven-year facility with Societe Generale and East and South Africa. Bank of commerce and development. Kampala had requested a syndicated loan of $ 351.8 million.

REDD analysts said in December that although a Eurobond issue for Kampala is unlikely in the near term, the domestic bond market has attracted increased inflows over the past 18 months, as non-resident holdings increasing rapidly in the second half of 2020 and the first half of 2021.

“Although the stock of non-resident domestic debt holdings is still significantly lower than Ghana’s in terms of GDP and total market share, potential withdrawals could still be destabilizing due to the smaller size of the financial sector. “, he added. REDD report says.

Uganda’s total public debt is valued at $ 14 billion while the debt-to-GDP ratio is just under 50%. Overall debt repayment expenditure represents more than 15% of the total budget.

Tanzania has also indicated that it will seek loans in the new year to carry out its ambitious infrastructure projects, days after signing a contract with Turkish company Yapi Merkezi for the construction of a section 368 km of its standard gauge railway, which will be financed by loans. and is expected to cost $ 1.9 billion.

President Samia Suluhu said Tanzania would borrow to finance the project.

“We will find friendly loan facilities and the best way to get loans. We will not get this money from levies or internal taxes. We will continue to implement projects despite efforts to discourage us from borrowing. Even developed countries have debts. We will borrow to complete the development projects that we have initiated, ”she said.

In February 2021, Tanzania launched a $ 200 million seven- and ten-year loan in syndication.

Dodoma is keen to keep its infrastructure investments on track and is building, among other things, a high speed standard gauge railway from the port of Dar es Salaam to the hinterland border with Rwanda.

Tanzania’s stance on borrowing comes amid growing debate over the country’s new lending frenzy, which Speaker of Parliament Job Ndugai has called “unhealthy”.

Mr. Ndugai argued that the country cannot rely on external borrowing to support its large infrastructure projects, instead proposing the use of internal revenue.

“Is it appropriate for us Tanzanians to continue to borrow and increase the national debt which currently stands at around $ 33.8 billion or will we agree to shoulder the burden ourselves?” Asked Mr. Ndugai.

“Should we continue to borrow and sing praises once we get the loans or should we continue to charge direct debits whether people are ready or not, but the end goal is to build our infrastructure with our own money? “

For the past four years, Tanzania has taken out syndicated loans to advance its infrastructure plans. In August 2017, she turned to Credit Suisse Bank for a five-year $ 500 million loan and returned to the market two years later to apply for a $ 1 billion syndicated loan from Trade and Development. Bank.

Since March 2021, when President Samia took power, the country has received more than $ 3 billion in debt, including concessional loans and aid funds from the World Bank, IMF and the Bank. African development.

BoT data

The latest data from the Bank of Tanzania (BoT) shows that Dodoma plans to borrow at least $ 2.34 billion from foreign financiers to finance its 2022/2023 draft budget of $ 17.1 billion.

According to Finance Minister Mwigulu Nchemba, $ 1.32 billion of the 2022/23 budget will be financed by direct concessional loans and grants from development partners under the traditional general budget support agreement.

An additional $ 1.04 billion will come from project-specific commercial loans from international lenders, Nchemba said during the presentation of the 2022/2023 budget proposals to parliament in November.

The government will borrow an additional $ 2.32 billion from the domestic market to secure at least $ 12.4 billion in domestic funding from its 2022/2023 budget to balance external funding.

Tanzania’s total national debt stands at $ 33.88 billion, with the latest BoT report showing the national debt increased by $ 182.3 million at the end of August compared to July.

External debt represented 76.6% of the stock (at $ 25.95 billion), while external debt service payments stood at $ 27.8 million in August 2021, of which 18 Millions of dollars were spent on paying principal and the rest on repaying accrued interest, the central bank said. A total of $ 4.63 billion has been allocated to repay the public debt in the 2021/2022 budget, representing 29% of total spending.

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