Crypto-linked bank failures fuel regulation debate
The global cryptocurrency industry has been slammed by setbacks, scandals and high-profile failures in recent months, sparking a regulatory rush to protect consumers from fraud and scams.Global finance was rocked by the collapse of Silicon Valley Bank last week, and the digital currency sector was hit hard by the demise of US crypto lenders Silvergate and Signature -- just months after the bankruptcy of troubled crypto exchange trading platform FTX.Regulators are increasingly keen for oversight of a sector which boomed during the Covid pandemic when many people were stuck at home.The global crypto market stands at more than $1 trillion and has risen sharply in recent months, although it remains far below its 2021 peak of $3 trillion.- 'Huge risks' - The number of crypto customers "grew during the Covid lockdowns", Martin Walker, head of banking at the Dutch-based Center for Evidence-Based Management, told AFP. "They joined an unregulated market, investing with huge risks but not realising they were investing in unregulated and not (always) legal assets," said Walker, who organised a London conference last year of cryptocurrency critics.He argued that trading platforms were conflicted by their unique position. "They do have conflict of interests (...) as owners are at the same time both taking risk positions in crypto and selling these assets to their consumers," Walker added. "People do not realise this is not allowed in conventional finance. "Regulators also want oversight of such platforms because they hook up customers, regardless of experience or knowledge, with the complex world of cryptocurrency.Such trading platforms are the "link between what would be a very technically complex world, both in terms of finance and technology, with a population that's untrained and not very well informed", Bourgogne University economics professor Ludovic Desmedt told AFP.Added to the picture, cryptocurrencies can experience volatile price swings and their value is not determined via transparent markets -- as is the case with traditional currencies, stocks or commodities.As a result, illicit transactions using cryptocurrencies more than doubled last year to almost $21 billion, according to specialist crypto firm Chainalysis.However, this estimate does not include some illegal uses such as drug trafficking.- Crackdown - In the United States, officials are working on a framework to oversee crypto firms, but in September the White House asked regulators to use similar regulatory rules that are applied to other financial service providers.As a result, the Securities and Exchange Commission (SEC) markets regulator took legal action against crypto lenders Genesis and Gemini.And in February, the SEC ordered crypto firm Paxos Trust to stop issuing dollar-pegged cryptocurrency BUSD, a stablecoin, for the world's biggest trading platform Binance.European Union draft laws, scheduled to take effect next year, will compel crypto platforms to be more rigorous and transparent in their operations.In Britain, the government launched a consultation this year to establish a regulatory framework for the sector as it seeks to avoid falling behind the EU and United States.
Source:Economic Times
March 17, 2023 06:43 UTC
Dollar slips as banks rescue makes room for relief rally
"The euro zone banking sector remains in reasonably solid shape," said Wells Fargo international economist Nick Bennenbroek. "Markets have woken up to the damage caused by that approach - a recession foretold - and are starting to price it in. "The Federal Reserve's monetary policy meeting next week now moves to centre stage. Some investors are hoping that the Fed could slow down on its aggressive rate-hike campaign in a bid to ease the stress on the financial sector. "The turmoil in the banking sector is complicating the outlook for Fed policy, but the impact may be more nuanced than the Fed simply reversing course," said Philip Marey, senior U.S. strategist at Rabobank.The U.S. dollar index slipped 0.12% to 104.27.
Source:Economic Times
March 17, 2023 05:13 UTC
Green Humour by Rohan Chakravarty on UN treaty on Marine Biodiversity of Areas Beyond National Jurisdiction
March 16, 2023 03:56 pm | Updated 04:43 pm ISTRohan Chakravarty is a cartoonist and illustrator from Nagpur. His series, ‘Green Humour’, consists of cartoons and comics on wildlife, nature conservation, environmental issues, sustainability and all things green.
Source:The Hindu
March 17, 2023 05:03 UTC
India vs Australia 1st ODI live score: Hardik Pandya, Steve Smith in unforeseen leadership battle as World Cup beckons
Hello and welcome to the live coverage of India vs Australia's 1st ODI at the Wankhede Stadium in Mumbai. There is drama, there is anticipation, there is tension and of course, high-quality cricket all around when India and Australia lock horns in the form of cricket. The three-match ODI series is unlikely to be anything different. Read more news like this on HindustanTimes.com
Source:Hindustan Times
March 17, 2023 04:54 UTC
Ranbir Kapoor hilariously recreates Alia Bhatt's ‘mujhe ghar jaana hai’ scene, fans are worried for him now
In a promotional video for his film Tu Jhooti Main Makkaar, Ranbir tried out different meme templates. "Meri film Tu Jhooti Main Makkaar mein jitna bada main relationship expert hu, usse bhi bada meme expert hu (I am a bigger meme expert than a relationship expert in my film Tu Jhooti Main Makkaar," he says in the video for Jio Saavan. “Mujhe ghar jaana hai,” he screams as he recreates the climax from Alia's hit film. Ranbir Kapoor and Shraddha Kapoor-starrer Tu Jhoothi Main Makkaar earned ₹15.73 crore in net box office collection on the first day of its release. Tu Jhoothi Main Makkaar also features Dimple Kapadia, Anubhav Singh Bassi, and Boney Kapoor.
Source:Hindustan Times
March 17, 2023 04:48 UTC
Nifty may open with gains as global markets digest banking crisis
Domestic markets are likely to see a strong bounce back in opening session on Friday, as global markets turned around. Analysts expect the market to sustain gains throughout the day if there are no fresh crisis. According to them, value buying will emerge in some of the beaten-down large caps helping market sustain the gains. Analysts said robust Indian economy and a set of macro numbers are likely to keep markets largely insulated from global events. According to them, once global events stabilise, domestic markets will lead from the front.
Source:The Hindu
March 17, 2023 04:08 UTC
The Global Celebration of St. Patrick’s Day
Chicago River Turns GreenEvery year, the city of Chicago dyes the Chicago River green in celebration of St. Patrick’s Day. The vibrant green river attracts thousands of tourists to the city to witness this unique celebration. International CelebrationsThe celebration of St. Patrick’s Day is not just limited to Ireland and the United States, but is observed around the world, from the UK to Australia. In recent years, St. Patrick’s Day has become an international phenomenon, bringing people of all cultures together to celebrate with green beer and shamrocks. Honoring St. Patrick in DublinThe largest St. Patrick’s Day parade takes place in Dublin, Ireland.
Source:Economic Times
March 17, 2023 03:18 UTC
Chaitra Navratri 2023: Here’s how the Hindu festival is celebrated all over India
FAQsThe Chaitra Navratri celebration is dedicated to worshipping Maa Durga’s nine avatars, including Shailputri , Brahmacharini, Chandraghanta, Kushmanda, Skanda Mata, Katyayani, Kaalratri, Mahagauri, and Siddhidatri, and each day of the event has a particular importance. Chaitra Navratri, also known as Vasant Navratri, will be observed from March 22 to March 30, 2023.Many people identify this celebration with the birth of Lord Ram, the seventh incarnation of the Hindu deity Vishnu and the son of Ayodhya’s King Dasharatha and Queen Kausalya. On this day, locations linked with Ram’s birth and life are adorned, and people go there to adore him.The celebration, known as Ugadi or Yugadi, celebrates the start of a New Year according to the Hindu community’s ancient calendars. Ugadi, derived from the Sanskrit terms ‘Yuga’ and ‘Adi’, denotes fresh beginnings.As Telangana, Andhra Pradesh, and Karnataka celebrate Ugadi, Maharashtra and Goa celebrate Gudi Padwa. During the festival day, individuals use a combination of water and cow dung to sprinkle over the surroundings around their houses.From March 22 to March 30, 2023Navratri is a Hindu festival that honours the goddess Durga for defeating the demon Mahishasura.
Source:The Hindu
March 17, 2023 02:31 UTC
Disha Patani swears by these 5 workouts to stay fit
5 forms of workout that fitness enthusiast Disha Patani swears by to stay in shapeMost Bollywood actresses take great care of their fitness. If a list is made in terms of fitness, then surely Disha Patani's name will be at the top. If you also have a question in your mind what is the secret of Disha Patani's perfect figure, then let us tell you that she is always cautious about her workout routine. If you also want to get a slim and trim figure like Disha, then you should work on these workouts. cardioDisha Patni focuses a lot on the cardio routine.
Source:dna
March 17, 2023 01:36 UTC
No data maintained on religion-wise distribution of jobs for minority communities in Public Sector Institutions: MoMA
Responding to the same, the minister of minority affairs, Srimati Smriti Zubin Irani, informed the Lok Sabha that the Department of Public Enterprises does not maintain data about religion-wise distribution of jobs for minority communities in Public Sector Institutions. The schemes that are in place, mostly initiated by the previous governments, are used as a gag whenever statistics on actual representation in various sectors are demanded. A deeper analysis on lack of representation of Muslim in police force and de-sensitized police force can be read here. Related:Who is to be blamed for the consistently low Muslim representation in the police force? Review of 2022: A year of discrimination & violence experienced by India's religious minoritiesUttar Pradesh has highest number of cases “closed by the NHRC without reason”: NHRC data
Source:Hindustan Times
March 17, 2023 01:30 UTC
Seaweed production has grown by nearly 75% globally in the past decade
In Australia and Hawaii, others are racing to grow seaweed that, when fed to livestock, can cut methane excretion. Then there is South Korea. Far beyond South Korea, new farms have cropped up in Maine, the Faeroe Islands, Australia, and even the North Sea. Globally, seaweed production has grown by nearly 75% in the past decade. Seaweed antagonists think seaweed is completely overhyped."
Source:Economic Times
March 17, 2023 01:21 UTC
Surat businessman challenged Congress party said I will do all work at your home Rahul Gandhi Sonia Gandhi Pipa News
Surat businessman challenged Congress party said I will do all work at your home Rahul Gandhi Sonia GandhiSeveral Congress leaders have repeatedly tried to discredit their political opponents by questioning their educational qualifications. Challenged against CongressA popular Twitter user Rishi Bagri shared an article establishing the authenticity of PM Modi’s BA and MA degrees and challenged the Congress party to reveal the educational degrees of Rahul Gandhi and Sonia Gandhi. Surat-based businessman Raushan Sinha, popularly known as Mr Sinha on Twitter, has challenged the Congress to reveal the degrees of Rahul Gandhi and Sonia Gandhi. He challenged Congress spokesperson Supriya Srinath that if she posted the educational degrees of Rahul Gandhi and Sonia Gandhi on social media, she would quit Twitter and do all the housework at 10 Janpath, the residence of the Gandhi family. A perusal of the various nominations submitted by Rahul Gandhi in various elections reveals considerable variation in his educational qualifications.
Source:The Hindu
March 17, 2023 00:09 UTC
Highlights: UK bans TikTok on govt devices due to security reasons, third to do so after US, EU
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Source:Hindustan Times
March 16, 2023 23:51 UTC
Dominik Mysterio talks WWE storyline, family, and future desires
Dominik Mysterio, the child of WWE legend Rey Mysterio , has been causing disturbances in the wrestling scene since he appeared on-screen at eight years old. In a select meeting with hindustantimes.com, Dominik talked about his involvement with the wrestling scene and his desires for what's to come. Even so, he wants to run a blended Label Group with Ripley, with whom he is confident he can win. However, I could like some blended Label Group titles and heck, what difference would it make? Notwithstanding, he has embraced the challenges and is en route to becoming well-known in the wrestling scene.
Source:Hindustan Times
March 16, 2023 23:46 UTC
Who is Eric Garcetti, the new US ambassador to India | DNA India News
Who is Eric Garcetti, the new US ambassador to India | DNA India NewsMeet Eric Garcetti, the former Los Angeles Mayor set to finally become US ambassador to India. The Senate confirmed Garcetti's appointment shortly after the House passed the cloture motion on his nomination, which was pending since July 2021, when he was originally nominated by President Biden.
Source:dna
March 16, 2023 23:15 UTC