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Leaked Page From Elon Musk’s Biography Reveals Deep Involvement With Dogecoin

Billionaire Elon Musk has never been shy about his love for Dogecoin. His continued support expressed through the X (formerly Twitter) platform was largely behind the meme coin’s impressive growth spurt back in 2021, causing it to surge over 26,000%. But it seems the billionaire’s involvement in the altcoin goes even deeper than expressing support on social media.

Leaked Pages Reveal Involvement In Dogecoin Development

A recent report from the Wall Street Journal has revealed that Elon Musk was involved with Dogecoin on a much deeper level than the community realized. The WSJ report contained a picture of a page of the billionaire’s upcoming biography that talked about his behind-the-scenes involvement in the meme coin.

The page delves into Musk’s idea of wanting a social media platform where users would pay to be verified. This evolved over time to Musk’s brother Kimbal suggesting that a new social media platform be built with the ideas that the billionaire had put forward.

At this junction, Musk reportedly became excited at the idea of such a platform. According to him, the social media platform would carry the ability for users to send money to each other, as well as creators being paid for things like stories, music, and videos.

Musk then mentioned that “it could have a payment system using Dogecoin, the semi-serious cryptocurrency whose development he had been quietly funding.” This line from the book reveals that the billionaire had been involved with the coin behind the scenes, at a level much deeper than a couple of tweets or memes.

Elon Musk Biography Dogecoin

Leaked page shows deeper involvement with DOGE | Source: Wu Blockchain on X

While the page also shows that the crypto-friendly billionaire had wanted to work on “a blockchain social media system that does both payments and short text messages like Twitter,” Musk had gone on to purchase Twitter for a staggering $44 billion. He has since rebranded the social media platform to X, which is in line with the original idea he had in mind.

Since purchasing X (formerly Twitter), Musk has slowly been turning it toward his original vision. X’s revenue sharing system implemented a few months ago has seen creators being paid for their impressions on the platform.

Furthermore, X has also received a license to offer payments in multiple states as rumors spread about payment support on the platform. However, there have been no indications on whether Dogecoin will be implemented as a method of payment on the platform.

The Elon Musk biography, written by Walter Isaacson, is slated to be released on September 12. It is expected to shed light on Musk’s journey so far such as a failed collaboration with FTX founder Sam Bankman-Fried.

Dogecoin price chart from (Elon Musk)

DOGE bulls struggle to maintain control of price | Source: DOGEUSD on
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from

#Leaked #Page #Elon #Musks #Biography #Reveals #Deep #Involvement #Dogecoin

Return-to-Office Is a $1.3 Trillion Problem Few Have Figured Out

Asian workers are coming back, European nations are adopting new policies and US employers are fending for themselves.

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(Bloomberg) — In the emerging post-pandemic era, most aspects of life have returned to normal. Moviegoers are flocking to cinemas, vacationers jammed airports for summer travel and kids are returning to classrooms.

The one thing that has remained stubbornly fraught: the world of work.

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Three and a half years after millions of office-goers were sent home en masse, companies, employees and governments are still figuring out how to adapt to lasting changes to corporate life. But stark differences have emerged across continents and cultures, with Asian and European workers largely returning to offices at a faster pace their counterparts in the Americas. 

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Asian nations did a better job keeping Covid-19 under wraps in the pandemic’s first year, so people there didn’t get as accustomed to working from home, making it easier to transition back to office life, researchers found. Europe’s habits vary widely — the UK has one of the highest rates of remote work, and France one of the lowest  — but several of its countries also are leading the way with laws enshrining flexible schedules. 

Then there are places such as the US, where policymakers have stayed largely silent, leaving bosses and employees to navigate the changes on their own. As the post-Labor Day period marks a time of resuming normal schedules after summer vacations, companies including Inc. and even Zoom Video Communications Inc. are cracking down on getting workers back to offices for at least part of the week. 

But even then, workers are facing vastly different policies depending on their companies, managers or location. Goldman Sachs Group Inc. wants staff in five days a week. At Walt Disney Co., it’s four days; for Amazon, Google and many others, it’s three. Hybrid schedules are now the norm for office goers in the world’s largest economy.

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The chaotic nature of RTO was understandable two years ago, when Covid was still circulating at crisis levels and “the Great Resignation” and “lying flat” were the catchphrases of the day for workers pushing back on norms. Now, cooling economies mean hiring has slowed in many sectors from the frenetic pace of two years ago, giving bosses more leverage to call the shots, while layoffs and cost-cutting measures have many workers on edge. Yet the debate is far from settled, leaving questions about the role of offices, the integration of work and life, and the measurement of productivity and pay.

How it plays out carries significant economic consequences: McKinsey Global Institute estimates that pandemic shifts could erase as much as $1.3 trillion of real estate value in big cities around the world by 2030. 

“Everyone is asking, ‘Is this going to come back?’” said Phil Kirschner, who advises executives on real estate and workplace strategies at McKinsey & Co. in the US. 

“What we’ve done is Band-Aided some tools together to prevent the ship from sinking,” he said. “But we haven’t done the difficult work to say, ‘The way we were working before was not universally great for everybody. And this is the new reality.’”

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Cultures, Commutes

It’s hard to cast entire continents as monolithic. The US may have embraced remote work more than other regions, but more than half of American workers toil on the frontlines, without much of an option to work from home. In Japan, the nation’s largest lenders are eschewing a minimum number of office days per week, in contrast to their Wall Street counterparts. Unilever Plc, the European maker of Dove soap, allows desk-based workers a good deal of flexibility in both where and when they work, and has piloted four-day workweeks in several countries. 

But both cultural and structural factors have contributed to regional variations, according to Phil Ryan, London-based director of JLL City Futures, part of the global research and analysis arm of the real estate firm Jones Lang LaSalle Inc.

“Some of it is absolutely cultural — some places have more expectations of people coming in,” said Ryan. “In some places it’s about reliable public transportation. Another big difference is home sizes; in the US, they have larger home offices so they don’t feel that the office is a better place to work.”

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In Hong Kong, tiny apartments and an efficient public transport system have given residents fewer reasons to work from home. There, subway ridership surpassed 2019 levels in March and empty office space is more tied to decreased Chinese investment than remote work. In New York, subways are still only 70% full on weekdays and only about half of workers are back at buildings on a given day compared with pre-Covid levels.

Working remotely has been generally more accepted and widespread in the US, according to Mark Mortensen and Henrik Bresman, professors at the INSEAD business school. That’s due in part to the preponderance of technology, finance and business-services roles — so-called “knowledge workers” — that are computer-intensive and thus more conducive to remote work. Americans in tech, finance and professional services work from home nearly a full day more per week than those in government and health-care roles, according to research from a team of economists including Stanford University economics professor Nicholas Bloom.

And this isn’t likely to change much: The research from Mortensen and Bresman found that the proportion of people in America who said their productivity while working remotely was at optimal levels was almost double that in the rest of the world. In contrast, a working paper on data-entry workers in India found those working from home to be 18% less productive. 

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Workers in Europe and Asia are more concerned about missing out on social connections with co-workers than Americans, Mortensen’s research found. Take Andrea Lovato, managing partner at F&P Equity Partners in Milan. He’s not against remote work, but says “in-person work has many more benefits: When you are sharing the same space in the office there is closer interaction with colleagues, a more spontaneous development of ideas and innovation, and higher engagement from people.”

Cities matter as much as culture, says Despina Katsikakis, the global head of real estate giant Cushman & Wakefield Plc’s workplace research and insights division. “Cities in Europe are more walkable and bring together work, life and play,” said Katsikakis, based in London. “So, European offices are more connected to blended, vibrant communities versus the US, where offices are more dictated by zoning laws and in more isolated areas.”

Space for Rent

The disparities have upended the commercial real estate market, where empty offices and the fastest pace of interest-rate hikes in a generation are leading to a debt crisis among some landlords. A McKinsey report in July explored the differences among cities, showing that office-heavy areas of New York and San Francisco have suffered steeper declines in real estate demand, alongside lower rates of office attendance, compared with cities like Paris and Munich. The consultancy estimated that about $800 billion may be wiped out from the value of office buildings in nine major cities in a moderate scenario, and as much as $1.3 trillion as a worst-case. 

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Read more: The World’s Empty Offices Have Become a Debt Time Bomb

Places like Paris, along with many Asian cities, have cultures that value being present in the office. In Germany, 43% of the workforce spends four days or more in the office, according to a survey by workplace design firm Unispace. China’s high rates of office attendance are due in part to its so-called “996” culture, which involves working from 9 a.m. to 9 p.m., six days a week. Loyalty to employers is also more steadfast in places like Japan and South Korea, say, than in the US. 

“The often-implicit assumption that the landscape looks similar across cultures and contexts does not hold up to scrutiny,” Mortensen said.

There are some global commonalities, though. Women place a higher average value on working from home than men in all but a few countries, according to Stanford’s Bloom, as do those with more education. And industry can sometimes trump geography, said Ben Waber, co-founder and president of Humanyze, which analyzes workplace collaboration data for dozens of large organizations worldwide. “A software company in Japan will look more like a software company in the US versus a manufacturer in Japan,” he said.

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Still, American firms tend to be more advanced in performance measurement and evaluation systems that are critical for remote work when managers can’t observe employees directly, according to research from a team including Italian economist Andrea Lamorgese.

Legislative Efforts

In Europe, policymakers have stepped in to help shape the future of work by promoting more flexible arrangements. At least half a dozen nations have passed or proposed legislation to govern remote work, fueled by the European Union’s 2021 “right to disconnect” proposal, a call to grant EU employees legal rights to switch off from work-related tasks and electronic communication outside of normal business hours.

Already enforced in France, Spain and Belgium, the policy is backed by a majority of the European Parliament and could become EU law by the end of the year, according to Ben Marks, co-founder of the Future Workforce Alliance, a forum of politicians, business leaders and academics focused on policy changes.

Support for the right to disconnect goes well beyond Europe: Governments from Colombia to Canada have passed similar measures, and Kenya is considering it. Beyond that, the Dutch House last year passed a law to establish the legal right to work from home, and its Senate is expected to vote on it this year. The bill requires employers to consider employee requests to work remotely as long as their professions allow it, while insisting that the worker’s request be “reasonable and fair.” 

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The Netherlands ranks fifth globally in the number of remote jobs available, according to recent data from Lightcast and Revelio Labs, and some Dutch employers came to embrace flexible work during the pandemic.

Matthijs Welle, the Amsterdam-based CEO of Mews, which provides software for hotels, said he previously “never believed in work from home,” but now allows his 800 employees across 20 countries to work from anywhere after closing offices in half-a-dozen cities. “I think it’s needed to drive this conversation with more traditional managers, who have shut the door on it,” he said, referring to the legislation.   

Ireland’s coalition government in April passed a similar remote-work law, which had been held up for months by claims that the bill was tilted in favor of employers. Millions of British workers, meanwhile, will soon have the right to request flexible working arrangements upon starting a job. Previously, they had to wait half a year before making such a request.

 In Belgium, employees in February 2022 won the right to a four-day workweek at the same pay, and the coalition government there also introduced new rules for gig workers, setting out criteria for designating them as employees regardless of what they are called in their contract.

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Off Hours

Critics of right-to-disconnect laws say such measures could be largely symbolic in today’s asynchronous workplace. Data from Microsoft Corp., maker of Teams collaboration and conferencing software, found a so-called “third peak” of productivity after 9 p.m. during the pandemic, with the average Teams user sending 42% more chats after hours compared with early 2020. 

Then there are people who have moved to work remotely from entirely new locations, often logging on at unconventional times. During the pandemic, Lisbon and other Portuguese cities became a haven for digital nomads from the US and elsewhere, who took advantage of favorable tax rates, cheap real estate and a generous visa, introduced in October, that allowed remote workers to live in the sun-speckled country for up to five years. 

In six months, 930 such visas were granted, according to Portugal’s immigration department, with Americans receiving the most. Lisbon was the most-visited remote work hub in 2022, according to Nomad, a remote-worker network, but visits are down 32% so far in 2023. Rents and property prices in the capital city have ballooned, and in February the government announced it would end its “golden visa” path-to-citizenship program for foreigners who invest in real estate in the country. Ireland has done the same, and other European locales are becoming less welcoming.  

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In response, digital nomads are now looking outside the US and Europe — eight of the ten fastest-growing remote-work hubs in 2023 so far are in Asia, including Tokyo, Seoul and Ho Chi Minh City. 

The Road Ahead  

In the US, Labor Day has emerged as a marker of a renewed push toward stricter office-attendance policies, and this year is no different. At the World Bank in Washington, President Ajay Banga wants workers back four days starting this week. Even a company like Workhuman, which provides worker-recognition programs and prides itself on listening closely to employee concerns, has asked most of its staff to come back to offices twice a week beginning this month.

“The summer is wide open, then things normalize in September,” said KeyAnna Schmiedl, Workhuman’s chief human experience officer.

Read more: Wall Street Gets Tough on Return-to-Office Laggards

But any leader who keeps hoping things will get “back to normal” will be disappointed, because the workplace is fundamentally different now. Office occupancy rates have plateaued in the US at half of pre-Covid levels. Lobbies are ghost towns on Fridays. Business leaders grumble about the effects of working from home, but they also know it’s now ingrained, according to a new survey by the Federal Reserve Bank of New York. Work is no longer a place people go, it’s a thing they do — and when, where and how it happens is no longer written in stone. 

“Covid was a portal we walked through,” said McKinsey’s  Kirschner. “And  we’re not going back.” 

—With assistance from Sarah Holder, Chiara Remondini, Irina Anghel, Cagan Koc, Morwenna Coniam, Joao Lima and Taiga Uranaka.

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UK consumer spending ‘rebounds’ in August

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UK consumer spending rebounded in August helped by holiday purchases, such as health and beauty products, but growth remained below the pace of inflation, according to data published on Tuesday.

Retail sales rose at an annual rate of 4.1 per cent in August, up from 1.5 per cent in July and above the three-month average of 3.6 per cent, according to figures from the British Retail Consortium, an industry body, compiled by advisory services firm KPMG.

The figures are not adjusted for inflation and the BRC data showed growth rates lower than the latest official rate of increase in consumer prices at 6.8 per cent for July, indicating that sales fell in volume terms. This has been the pattern since the second half of 2021.

Inflation-adjusted figures from the Office for National Statistics showed that retail sales fell 1.2 per cent month-on-month in July largely because of the wet weather.

Paul Martin, UK head of retail at KPMG, said the August “bounceback” would come as a “relief for many retailers”. He said health, beauty and food and drink were the strongest performing categories, “as consumers made the most of brief spells of sunshine to enjoy the summer holidays”.

Helen Dickinson, the BRC’s chief executive, said the performance in August was helped by improved consumer confidence, adding that retailers would be hoping “this general upwards trend will carry on”.

However, she said some parts of the sector had not seen an upturn, with clothing and footwear showing weaker growth “as families held back spending on children’s uniforms and other back-to-school goods until the last minute”.

The more positive BRC figures stood in contrast to consumer spending data tracked by the payments company Barclays, which monitors nearly half of all UK credit and debit card transactions.

Spending grew by an annual rate of 2.8 per cent in August, down from 4 per cent the previous month, according to the figures released on Tuesday. Barclays reported that the contraction in spending in restaurants accelerated in August to minus 5.8 per cent from minus 2.5 per cent in July.

Spending on fuel fell sharply year-on-year, reflecting the big decline in forecourt prices over the past 12 months, while clothing was marginally lower.

In contrast, holiday spending rose strongly, with airlines reporting annual growth of 32.1 per cent. Spending at pharmacy, health and beauty stores held up at 5.2 per cent, “likely boosted by holidaymakers buying sun cream and other toiletries for trips away”, according to Barclays.

Consumer spending on services such as restaurants, cinemas and travel is included in the Barclays data but not in the BRC retail figures.

Spending was up 12 per cent in entertainment, Barclays data showed, largely driven by a 101 per cent surge in cinema spending as audiences flocked to watch this summer’s blockbusters on the big screen.

“The huge box office success of Barbie and Oppenheimer meant entertainment enjoyed another strong month, while holidays abroad boosted international travel and pharmacy, health and beauty stores,” said Esme Harwood, director at Barclays.


#consumer #spending #rebounds #August

SEC to align with Asian markets on short-selling

SEC to align with Asian markets on short-selling

THE SECURITIES and Exchange Commission (SEC) is aligning the country’s short-selling environment with other markets in Asia to boost the local equities market.

“We are pushing to align the short selling environment with the major Asian markets, which has the potential to promote liquidity, stabilize the market, protect investors, and further unlock the value of shares of Philippine corporations,” SEC Chairperson Emilio B. Aquino said in a statement on Monday.

The commission said it had looked at the adoption or non-adoption of existing practices in other markets to advance short-selling in the Philippines.

Short-selling — or betting on the decline of a stock’s price to make a profit — is allowed in other Southeast Asian countries such as Singapore, Hong Kong, Malaysia, Thailand, and Indonesia.

The SEC said it is looking at requiring the submission of a regular report on activities relating to short-selling and securities borrowing and lending (SBL), and their compliance with existing rules and policies to guide future policies. 

“We will balance our role as regulator and market innovator, imposing the necessary restrictions and safeguards while ensuring that they will not stifle investors and trading participants from fully taking advantage of this trading strategy,” Mr. Aquino said.

Short-selling happens when an investor sells a security that he or she does not own, the SEC explained. It is consummated by the delivery of a borrowed security, “with a commitment to return the borrowed security or its equivalent on a determined or determinable future date.” 

In 2018, the SEC approved the guidelines of the Philippine Stock Exchange (PSE) on short-selling transactions. The rules mandate that only the PSE index and exchange-traded funds are eligible for short-selling. Companies should also maintain a ratio of short interest to outstanding shares of at least 10%.

The SEC also approved the Capital Markets Integrity Corp. (CMIC) implementing guidelines on SBL and short-selling in 2019, which cover the recording of SBL and short-selling transactions on trading participants’ books and records. The guidelines call for trading participants to ascertain transacting parties have entered into the necessary borrowing arrangements prior to entering a short sale transaction.

Meanwhile, the SEC said in a separate statement that there is a need for digital transformation to improve the ease of doing business in the country.

“Over the years, we have adopted — and we continue to explore more — innovations in the way we receive, process and approve applications for company registration and corporate filings, as well as in the way we offer our other services to the public,” Mr. Aquino said during a seminar in Davao City on Aug. 30. 

The SEC said it is focused on digitalizing and streamlining its internal systems and direct interfaces with the transacting public and boosting digital external links with partner agencies and the private sector.

“Our digital transformation has been calibrated and tempered to the requirements of the transacting public and stakeholders,” Mr. Aquino said. “We need to adjust to our customers.” — Revin Mikhael D. Ochave

#SEC #align #Asian #markets #shortselling

Havells India evaluating refrigerator manufacturing

Havells India is exploring options to set up a new facility to manufacture refrigerators. This is part of the company’s broader plan to make brand Lloyd a complete consumer durables brand. The company already makes air-conditioners and washing machines in Rajasthan.

Speaking at the sidelines of an event organised by the Indian Fan Manufacturers Association, Anil Rai Gupta, Chairman & Managing Director, Havells India said, “We are evaluating setting up a facility to manufacture refrigerators in Giloth, Rajasthan. Currently, refrigerators are made by a third-party partner. So a feasibility study is being done before we finalise our plans. We want Lloyd to become a complete consumer durables brand.”

“We are in the nascent stage of selling refrigerators. We are already in the market with the complete range. To eventually decide to get into our own manufacturing, we are doing this feasibility study. So we are evaluating various aspects including the demand cycles for the Lloyd brand in this space. We are also evaluating the timing of whether we should do it now,“ Gupta added.

‘Hopeful of festive season’

In a BSE filing, the company had said that if it decides to go ahead, it will set up a greenfield facility with a capacity of 10 lakh units with an investment of ₹350 crore. It added that this will help it in backward integration and achieve economies of scale.

Responding to a query on the second half of the year, he said, “We do believe the second half of the year will be better. We are looking forward to the festival season.”

Gupta said that the penetration levels in various categories of consumer appliances are still low.

“There is huge scope for growth across all categories where we have a presence, “ he added.

“Rural demand was impacted due to inflationary pressures. With raw material costs abating and if good monsoons continue, we expect to see improvement in rural demand trends. With electrification happening across villages, we believe eventually rural demand will grow at a much faster pace,” Gupta stated.

Talking about the recent transition the industry has undertaken to selling star-rated fans, Gupta said ,”The industry needs to work towards consumer education as well as education of the trade channel that is selling the star-rated fans to consumers.”

#Havells #India #evaluating #refrigerator #manufacturing

OKX Set to Receive Hong Kong VASP License as It Enters Final Stage of Approval

According to an OKX exec, the exchange is in the final stage and has banks waiting on regulatory approval in the form of a license.

Popular OKX crypto exchange is close to getting a virtual asset provider license (VASP) in Hong Kong and is in the final stage of the process. If all goes well, OKX should receive final approval for the license sometime in March 2024.

OKX is currently engaging with banks and financial institutions that are waiting to kick off operations with the crypto exchange as soon as it receives the VASP license. OKX global chief commercial officer Li Zhikai made this known in a recent interview.

Zhikai explained that banks have been wary of the cryptocurrency industry for a long time until last year when the government of Hong Kong began to throw its weight behind digital assets. The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority had asked banks to prepare to pay more attention to the crypto industry. Interestingly, Zhikai does not believe that there will be many approved licenses issued next year.

HashKey Received a VASP License Last Month

Last month, crypto exchange and trading platform HashKey became the first company to obtain a license in Hong Kong as a retail crypto service provider under Hong Kong’s new regulatory rules. Before then, HashKey had Type 1 and Type 7 licenses, which allowed the firm to deal in securities and also provide automated trading services. However, the new license allows HashKey to widen its customers to retail users. These developments put Hong Kong on a trajectory different from China’s stance largely against most crypto assets.

As of February 2023, over 80 companies, including Chinese and foreign companies, have expressed interest in setting up shop in Hong Kong. This follows Hong Kong’s welcoming outlook on cryptocurrency trading. However, only a few, including OSL and HashKey, are licensed to provide retail services. HashKey began crypto services on August 28 and will only offer Bitcoin (BTC) and Ether (ETH). The Hong Kong SFC has only approved BTC and ETH to reduce the potential risks of trading digital assets.

OKX to Enter India

In a recent interview, OKX’s Chief Marketing Officer Haider Rafique said the company is looking into the Indian market. OKX wants to expand into India despite the regulatory stiffness in the country. However, Rafique said OKX is willing to learn about the community in India and “work with local folks”.

Last year, India announced a 30% tax on all crypto gains in the country and a 1% tax deducted at source (TDS) on all crypto transactions. Following the rule, Indian think-tank Esya reported that up to $3.8 billion worth of crypto trading volume moved to foreign exchanges from domestic firms. Esya also reported that local crypto exchanges like WazirX, CoinDCX, and CoinSwitch saw an 81% crash in local trading volume between July and October. In addition, the volume of related keyword searches and app downloads have also tanked, showing that Indians have become a lot less interested in crypto. An Indian association for Web3 companies, Bharat Web3 Association, believes that reducing the TDS to 0.1% or 0.01% could solve the problem.


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Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

#OKX #Set #Receive #Hong #Kong #VASP #License #Enters #Final #Stage #Approval

LSE Group Plans to Launch Trading Venue Powered by Blockchain Technology: Report

The London Stock Exchange (LSE) is reportedly planning to develop a digital markets enterprise. The move aligns with its broader strategy to become the first major exchange offering comprehensive trading of traditional financial assets on blockchain technology.

One of the world’s oldest stock exchanges which can trace its history back more than 300 years, is “definitely not building anything around cryptoassets.” The focus is rather on blockchain technology to improve the efficiency of buying, selling, and holding traditional assets.

LSE’s Blockchain-Powered Trading Venue

According to Murray Roos, who serves as the head of capital markets at the LSE Group, the company has dedicated approximately a year to investigating the potential of a blockchain-powered trading venue. The firm has now reached an “inflection point” and opted to advance these plans.

LSE has roped in Julia Hoggett, the head of one of the units within the broader London Stock Exchange group. to lead the venture.

While speaking to the Financial Times, Roos emphasized that LSE had no intentions of developing anything related to crypto. Instead, the aim is to leverage the technology that serves as the foundation for Bitcoin and other assets to enhance the efficiency of traditional asset transactions, including buying, selling, and custody.

He explained,

“The idea is to use digital technology to make a process that is slicker, smoother, cheaper and more transparent  and to have it regulated.”

Roos explained that if their plans materialize, LSEG would become the first large global stock exchange to offer an “end-to-end” blockchain-powered ecosystem to investors.

“The ultimate goal is a global platform that allows participants in all jurisdictions to be able to interact with people in other jurisdictions completely abiding by rules, laws, and regulations, potentially multiple jurisdictions simultaneously, which is something that hasn’t been possible in an analogue world.”

Besides, the latest development comes months after the London Stock Exchange Group tapped Global Futures Options to start offering the country’s first regulated trading clearing in bitcoin index futures and options derivatives.


LSEG’s decision aligns with the current trend among major financial institutions, who are increasingly highlighting the blockchain’s potential to simplify the issuance and trading of financial assets, and much of the concept revolves around tokenization which is the creation of digital versions of stocks or bonds, and even gold and US Treasury notes, allowing for ownership tracking via blockchain.

Tokenization of real-world assets (RWA), for one, has gained tremendous traction in recent years, attracting both users as well as large institutional players. A recent report by Binance Research suggested that the tokenized treasury market is worth over $600 million.


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#LSE #Group #Plans #Launch #Trading #Venue #Powered #Blockchain #Technology #Report

The ‘Wizard of Wharton’ says stocks are on solid ground

jeremy siegel point

Jeremy Siegel.Getty Images

  • Jeremy Siegel says the US stock market is on firm ground and house prices are proving resilient.

  • The “Wizard of Wharton” says investors view stocks and homes as valuable hedges against inflation.

  • A softer labor market could mean the Fed doesn’t hike interest rates until December at the earliest.

Jeremy Siegel says the stock market is on firm footing, and the housing market is shaking off the surge in mortgage rates for now.

“Equities can hold in here,” the retired finance professor known as the “Wizard of Wharton” said on the “Behind the Markets” podcast on Friday. The benchmark S&P 500 index has gained nearly 18% this year, while the tech-heavy Nasdaq Composite has surged by 34%.

Siegel believes stocks are in good shape because the inflation threat is receding, so the Federal Reserve won’t have to hike interest rates as aggressively as many feared.

“The likelihood that the Fed will raise in September is now almost nil, and in fact it puts the November increase in doubt,” he said, referring to the central bank’s next two meetings.

The author of “Stocks for the Long Run” also noted that forecasts for S&P 500 profits next year have climbed over the last month.

“That means a stronger economy, better profits, good view towards productivity,” he said, adding that stocks would have rallied strongly on Friday if not for a jump in the yield from 10-year Treasuries.

As for the housing market, Siegel said he was surprised to see prices climb 0.7% in June, according to the Case-Shiller national home price index. Mortgage rates have soared in response to the Fed’s rate hikes, making homes far less affordable, and deterring would-be sellers from listing their homes as they’re loath to give up mortgages they’ve locked in at much lower rates. However, strong demand and insufficient supply have shored up prices this year.

Siegel, a senior economist at WisdomTree, suggested one reason why both stocks and housing have shrugged off pressures this year is that investors view them as a defense against rising prices.

“Housing and stocks are the best long-term hedges against inflation and that’s what people want,” Siegel said. On the other hand, investors are punishing bonds for failing to protect them against certain risks or offer attractive returns in real terms, he added.

The veteran economist also dug into why the latest jobs report, which showed unemployment ticking higher, is good news for markets.

“It’s not tight as a drum anymore, there are people coming in,” he said about the labor market, a key driver of US inflation as wage increases can fuel higher prices. He also highlighted the most recent JOLTS data, which showed the number of job openings fell in July, as further evidence that demand for workers is cooling.

Signs of a softening job market could lead the Fed to wait until at least December to raise rates and once again turn the screw on the economy, he said.

Inflation spiked as high as 9.1% last spring, spurring the Fed to hike interest rates from almost zero to over 5% today. Higher rates can slow price growth by encouraging saving over spending and making borrowing more expensive. But they can also temper demand, pull down asset prices, and even plunge an economy into recession.

Read the original article on Business Insider

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Sabin Vaccine Institute Leads Public and Private Sector Fight to Prevent HPV and End Cervical Cancer with Global HPV Consortium Launch in Kuala Lumpur

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KUALA LUMPUR, Malaysia, Sept. 05, 2023 (GLOBE NEWSWIRE) — The Global HPV Consortium, a worldwide public and private collaboration focused on accelerating prevention of Human Papillomavirus (HPV) and eliminating cervical cancer, launched today in Kuala Lumpur, Malaysia. The Sabin Vaccine Institute will lead the Consortium as its Secretariat.

“We are building a new ecosystem in global public health,” said Anuradha Gupta, President of Global Immunization at Sabin. “We aim to create and implement a strategic roadmap focused on improving access and adoption of the tools in our HPV prevention arsenal – vaccines, screening, and treatment of precancerous lesions.”

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Cervical cancer affects more than 600,00 women each year. It kills approximately 350,000 women annually, is increasing in frequency, and is highly preventable with the HPV vaccine. Almost 90% of the deaths from cervical cancer occur in low- and middle-income countries, where resources including secondary prevention such as screening and treatment, are limited. Without action, cervical cancer is projected to increase almost 50% by 2040.

“Today, we gather at a crossroads of innovation, commitment and resolve, to confront an issue of key importance to women and families world-wide: HPV – the human papillomavirus – and cervical cancer,” said Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization. “Cervical cancer is not only a health concern, but also a barrier to women’s ability to pursue an education, advance their economic opportunities and support the well-being of their families. That’s why the launch of the HPV Consortium is not just timely, but essential.”

The Consortium brings together a transdisciplinary alliance of public and private stakeholders, including organisations working on vaccination, cancer-control, non-communicable diseases, HIV, reproductive and adolescent health, gender equity and women empowerment. Joining the launch are country leaders, policy makers, implementers, researchers, youth advocates, women champions, non-profits, and industry representatives including manufacturers of vaccines, syringes, cold-chain, diagnostics, and therapeutics.

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These goals support the groundbreaking 2018 World Health Organization Initiative to end cervical cancer –the first cancer targeted for elimination – and the World Health Organization’s 90-70-90 strategy of 90 percent of women vaccinated, 70 percent screened, and 90 percent treated by 2030.

“The Consortium is critical for building a better understanding of the impact of HPV and of cervical cancer on women,” said Rt. Hon. Helen Clark, former Prime Minister of New Zealand, who is delivering the keynote address. “We have work to do if we truly want to eliminate cervical cancer.”

Although the HPV vaccine has been available for 17 years, fewer than 1 in 7 eligible girls have received the vaccine and the global number vaccinated for HPV fell during the pandemic.

“The pandemic has highlighted the need for new collaborations. The Consortium’s uniqueness lies in the wide range of diverse partners uniting behind a common cause,” said Gupta. “It is time to topple silos and work across disciplines to prevent HPV, stop needless deaths and end cervical cancer.”

The Consortium will meet through Sept. 6.

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For more information about the Consortium, visit:

For media inquiries: [email protected]

About the Sabin Vaccine Institute

The Sabin Vaccine Institute is a leading advocate for expanding vaccine access and uptake globally, advancing vaccine research and development, and amplifying vaccine knowledge and innovation. Unlocking the potential of vaccines through partnership, Sabin has built a robust ecosystem of funders, innovators, implementers, practitioners, policy makers and public stakeholders to advance its vision of a future free from preventable diseases. As a non-profit with three decades of experience, Sabin is committed to finding solutions that last and extending the full benefits of vaccines to all people, regardless of who they are or where they live. At Sabin, we believe in the power of vaccines to change the world. For more information, visit and follow us on X, @SabinVaccine.

Media Contact:
Monika Guttman
Media Relations Specialist
Sabin Vaccine Institute
+1 (202) 662-1841
[email protected]

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