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After the demise of the FTX empire, the latest casualty is crypto lender Genesis Global Capital. (Representative image) The once-burgeoning realm of crypto and decentralised finance keeps imploding, presenting policy makers with a quandary: Should they just let it burn, or step in to address its now-obvious flaws? I’m with the second group. To maintain their credibility, and to derive the greatest benefit from blockchain technology, regulators should intervene and crack down on scams, protect investors and ensure market integrity. The dominoes keep falling after the demise of the FTX empire. The latest casualty, crypto lender Genesis Global Capital, probably won’t be the last. Each failure further undermines trust, reduces activity and revenue, and puts pressure on the rest of the industry. With no lender of last resort to provide emergency support — as the Federal Reserve does for traditional banks — there’s little to stop the rot. Some think that’s just fine. They argue … [Read more...] about Crypto is worth fixing. Regulators should get moving

Finance Minister Nirmala Sitharaman. India has seen its foreign exchange reserve grow by $8 billion over the past few days, despite the Adani group calling off its follow-up issue. This proves that the country’s image remains intact on the global front, Finance Minister Nirmala Sitharaman said. The Union minister was addressing the media in a post-Budget meet in Mumbai on February 4. “FPOs (follow-on public offering) come and go. Foreign investors come and go. These fluctuations happen in every market. Our foreign exchange reserve has gone up by $8 billion in the last two days. This proves that our economy’s image and fundamentals have not been affected,” she said. The Reserve Bank of India’s foreign exchange reserves stood at $576.76 billion in the week ended January 27, latest data released by the central bank showed. Data for the past week has not been updated yet. After publication of the Hindenburg report on January 24, Adani group has lost around $117 billion in … [Read more...] about Forex kitty swells by $8 billion in 2 days: FM shrugs off Adani shock to financial system

Hydrogen is the new aspiration in India’s energy landscape that has the potential to wipe out the country’s annual fossil-fuel import bill of a staggering $160 billion, and place Indian entrepreneurship at the forefront of the green industrial revolution that is sweeping the planet. Hydrogen is increasingly being seen as the ideal green fuel that can replace polluting fossil fuels in the world where a strong consensus against fossil fuels has emerged as climate change has caused severe droughts, floods and extreme temperatures. However, hydrogen as a source of genuinely clean energy is still work in progress. The problem is that globally, almost the entire production of hydrogen is based on the use of fossil fuels, which dents its green credentials, even though its use to power fuel-cell based motors is totally emission free. The solution is to use clean electricity to split water into hydrogen and oxygen, but the cost of doing this is currently prohibitive. Hydrogen produced … [Read more...] about Clean Energy | Betting on hydrogen is the right way to go ahead

Share to Twitter Share to Linkedin They’re all closed. Movie Theaters. Bars. Nightclubs. Arenas. Cafes. In New York, Broadway and museums are shuttered. In San Francisco it’s even more dire. Across the country and the world, cities are shutting down, leaving humans from Seattle to Shanghai without traditional ways of finding distraction. The mandate for social distancing that has proven essential at slowing the spread of the coronavirus will cut about $12 billion of entertainment revenue from the U.S. if the shutdown lasts until July, as President Trump signaled . Billions more are not being spent on creating new content as film and television production is frozen. Things could get a lot worse. “ This is definitely unprecedented and turning everyone's lives completely upside down,” says Ryan Borba, managing editor at concert tracker Pollstar. The concert and live event industry brought in $34 billion last year, according to … [Read more...] about Coronavirus Could Be A $12 Billion Hit To Entertainment And Audiences May Never Be The Same

Share to Twitter Share to Linkedin The suspected Chinese spy balloon – which Beijing maintains is a rogue weather balloon – has led to a serious diplomatic crisis, and even resulted in U.S. Secretary of State Antony Blinken canceling a weekend trip to China. While the Pentagon has said the balloon poses no threat to the United States, Blinken called the alleged surveillance an "irresponsible act" and a "clear violation of U.S. sovereignty and international law." The balloon's presence over the United States has added to already rising tensions between Washington and Beijing, and both Democratic and Republican lawmakers had been seen to be rather hawkish on China on Friday. Questions were asked about why efforts weren't made to shoot down or otherwise bring down the balloon. However, the timing of the incident could be seen as good news for the German New Wave pop group Nena, which already had plans for a summer European tour . Since the balloon was first … [Read more...] about Some Are Clearly Missing The Point Of The 40-Year-Old New Wave Hit ’99 Luftballons’

Finance Minister Nirmala Sitharaman Finance Minister Nirmala Sitharaman on February 3 said she will be looking at arriving at a global SOP (standard operating procedure) for regulating crypto assets in her upcoming G20 meeting with finance ministers and central bank governors in a much-needed clarity on the way forward for the crypto sector. In a post-budget interview with Network18 Group’s MD Rahul Joshi , Sitharaman said the central bank will be recognised as the authority to issue cryptocurrencies. Sitharaman said, “We will be looking at global SOP to be available and agreed upon for regulating crypto assets while recognising the central bank as the authority for issuing cryptocurrencies.” “The rest of the assets created outside that, are using very useful financial technologies, even those have to be discussed because regulations cannot be done by one country singularly, it has to be a collective action because technology doesn’t brook any borders,” she added talking … [Read more...] about FM Sitharaman: Regulating crypto assets on agenda for upcoming G20 meet

Share to Twitter Share to Linkedin Key takeaways Meta announced $32bn in revenue for Q4, beating analysts’ expectations The earnings report this week was laser-focused on solving problems, marking a shift away from CEO Mark Zuckerberg talking about the Metaverse Heavy hints towards further streamlining Meta’s workforce, amongst other cost-cutting plans, caused its share price to jump 20% in a day Meta has reported $32bn revenue recorded for Q4, beating all estimations and putting other Big Tech companies on notice. CEO Mark Zuckerberg’s talk of further efficiencies and cost-cutting measures, with a hint of future layoffs, was a notable departure from his previous double-down on the Metaverse, a fairly theoretical and money sink for the company yet to pay off. Wall Street responded in turn with a massive 20% jump in Meta’s share price, one of the biggest gains in Meta’s history. This is in sharp contrast to other tech companies with more … [Read more...] about Meta Rumored To Make Further Layoffs, Prompting Surprising Market Reaction

Share to Twitter Share to Linkedin Software fragments. Not because it degrades over time and somehow crumbles away in terms of its effectiveness, or loses its ability to execute its required level of functionality and provide robust performance in a secure manner. Okay, well that too then, software does have an isotope-like radioactive half-life in that sense as well. It does break down over time unless it is augmented, enhanced and maintained - so in that sense it fragmets and crumbles. But software also fragments at the project level... and this is how we most commonly use the term, especially perhaps in open source circles. This is probably down to the fact that the open model of community-centric software application development is inherently founded in freedom and the ability to ‘skew & fork’ projects in new directions, all in the interest of innovation and user choice. If any group or body is in a position of validated oversight in order to be … [Read more...] about Why Open Source Software ‘Fragments’ – And How To Fix It

Share to Twitter Share to Linkedin May 2, 2022 4:41pm ET: Story updated. Last month, the Commodity Futures Trading Commission (CFTC) sought public comment on a request from FTX US to modify its derivatives clearing organization (DCO) license to offer a new kind of crypto margin trading to U.S. retail customers. FTX US is requesting the ability to use a new kind of ‘non-intermediated’ model of crypto derivatives trading, meaning there is no intermediary used to hold customer’s funds. As crypto exchanges typically take collateral from the customer directly, the FTX US model would directly custody the margin from retail customers and liquidate positions held by the exchange on a 24-7-365 basis. Under the FTX US model, the customer’s positions will be reviewed for potential margin calls every 30 seconds. Sam Bankman-Fried, the CEO of FTX, recently described this model to Congress as, “...a 24/7 risk engine that is unlike the traditional system where there … [Read more...] about The FTX US Proposal That Shook Congress And The Crypto Derivatives World

Share to Twitter Share to Linkedin Even as media consumption skyrockets due to the COVID-19 outbreak, publishers are struggling as advertisers pare back their spending. Hundreds of journalists have already been laid off or furloughed, with more bad news expected in the coming weeks and months. Some outlets, like the Tampa Bay Times , say the cost-saving measures are intended to be temporary. Others, like The Outline, have shuttered entirely. Below is a list of major media companies (in alphabetical order) who have imposed layoffs, furloughs or pay cuts. Forbes will continue to revise this list as updates come in . ADVERTISEMENT Last updated May 29 at 7:30 pm EDT. American Media: The tabloid publisher, whose portfolio includes Us Weekly and In Touch (and previously the National Enquirer ), will reportedly cut employee salaries by 23%. Boston Herald: The paper laid off at least a half-dozen positions, including on its … [Read more...] about Tracker: Media Layoffs, Furloughs And Pay Cuts Due To Coronavirus