united states – Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ Sun, 20 Mar 2022 22:01:04 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://piazzacarlogiuliani.org/wp-content/uploads/2021/03/cropped-icon-1-32x32.png united states – Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ 32 32 Feature: Forex Crackdown: A Case of Wind Chasing https://piazzacarlogiuliani.org/feature-forex-crackdown-a-case-of-wind-chasing/ Sun, 20 Mar 2022 22:01:04 +0000 https://piazzacarlogiuliani.org/feature-forex-crackdown-a-case-of-wind-chasing/

BY TATIRA ZWINOIRA

The director general of the Financial Intelligence Unit (FIU), Oliver Chiperesa, revealed that 206 companies have been hit with administrative sanctions for manipulating the exchange rate.

Chiperesa made the revelation in an article published last Sunday in the public weekly, The Sunday Mail.

The administrative penalties result from companies preferring to use the parallel exchange rate of US$1 for $250 rather than the central banks’ auction rate of US$1 for $127.48.

Indeed, for most businesses, the forex auction rate is not an appropriate price discovery mechanism for the local currency due to the controls put in place by the Reserve Bank of Zimbabwe (RBZ).

Therefore, many businesses turn to the parallel exchange rate to preserve the value of their goods and services as they believe it reflects the true value of the Zimbabwean dollar since the RBZ does not control it.

“Obviously, when we consider following the law as a business.

“We encourage our members to operate within the bounds of the law.

“But getting to the specific issue of product pricing, obviously because we know that some of our members are getting money, i.e. US dollars, from the auction and they should fix the price at the official exchange rate”.

In an interview, Confederation of Zimbabwe Industries (CZI) President Kurai Matsheza said, “But some of our members actually have to go to the parallel market to find their funds. So we understand that there is some mixing (between official and parallel exchange rates) that has to happen because when they get that money the cost is higher than at auction.

Statutory Instrument 127 of 2021 gave the central bank the power to impose fines on individuals or companies that manipulate exchange rates through fines, civil penalties, and even jail time.

However, some companies use Section 3, Subsection 1, to justify using the parallel market exchange rate.

This part reads as follows: “A natural or legal person is guilty of a civil offense if he uses, without an exchange control authority, foreign currency obtained directly or indirectly from an auction of foreign currency or an authorized dealer for a purpose other than that specified in the application for participation in the auction or in the request for foreign currency.

This means that only those accessing foreign currency from the RBZ auction are eligible for a fine or sanction if found to be using parallel exchange rates instead of the official rate.

Thus, a majority of companies continue to abuse the exchange rate because most companies, which are not exporters, do not source foreign currencies from forex auctions.

Additionally, research by the Food Security Branch of the United States Agency for International Development has shown that the US dollar has now become the preferred trading currency and most products and services are denominated in dollars. Americans.

This allows businesses to avoid tying their prices to the parallel exchange rate since the US dollar is an acceptable legal currency.

“Official and parallel market currency exchange rates jumped 10% in February compared to January,” reads its February-September food security outlook for 2022.

“In early February, the US dollar was trading as high as $240 on the parallel market, more than double the official exchange rate.

“Parallel market exchange rates are the main drivers of Zimdollar price increases in the formal and informal sectors.”

Economist Prosper Chitambara said arresting businesses, while justified, was not the right move to deal with disparities in official and parallel exchange rates.

“I think the idea of ​​shutting down companies is not the right move given that most companies source some of their currency needs and in some cases more of it from the black market. “, did he declare.

“So I think it will weaken business confidence and it could actually have negative outcomes that won’t be good for the economy.”

Without easy access to foreign currency auctions and delays in awarding the greenback to winning bidders, the parallel foreign exchange market will remain a reliable source of US dollars.

The chief executive of the Zimbabwe National Chamber of Commerce, Chris Mugaga, said that given the number of people using the parallel exchange rate, it would be impossible to stop or fine everyone.

“There must be a market exchange rate that reflects market forces.

As long as market exchange rates (official and parallel) get closer and price discovery improves, it is obvious that the black market will die a natural death,” he said.

The reintroduction of the local currency in June 2019 without significant market confidence, foreign currency or commodity support accelerated the gap between official and parallel exchange rates.

In this regard, businesses today often prefer the parallel exchange rate as it guarantees access to foreign currencies, offers a premium and preserves the value of their goods or services.

  • This article first appeared in the Weekly Digest, an AMH digital publication.

]]> Capital cars hit by converter burglar https://piazzacarlogiuliani.org/capital-cars-hit-by-converter-burglar/ Sun, 20 Mar 2022 06:46:37 +0000 https://piazzacarlogiuliani.org/capital-cars-hit-by-converter-burglar/

People have been stealing cars, or at least parts of cars, since their invention over 120 years ago.

Capital University was recently the site of multiple thefts of catalytic converters between midnight and 5 a.m. on Friday, February 11, 2022. The theft took place in the S1 and S2 parking lots on the east side of Pleasant Ridge Avenue, per email from Capital Communications sent later the same day.

“We got a call… that the car was making a loud noise when the student started it, we went over there and looked at the car and realized the catalytic converter was missing… we don’t have a good picture of the suspects…[but,] there were two [suspects involved]said Sergeant Willy Zarate, the capital’s public security officer.

Security surveillance video shows a black SUV, with both license plates removed, driving through the parking lot with a person exiting the vehicle, crawling under several cars for about a minute, then exiting from underneath holding a catalytic converter. The suspect then climbs back into the dark SUV and walks to another car and repeats the process.

The dark SUV had all license plates removed to avoid identification. Photo via Capital Communications.

Zarate said: “We have shared the information with other law enforcement agencies…seven cars in total [were hit that night].”

Catalytic converters have been a popular item for car thieves since they were required to be installed on all production cars in the United States in 1975.

The reason catalytic converters are so sought after is because of their composition. On the outside they look like a metal tube, but inside they are packed with rare metals like palladium, platinum and rhodium arranged in a honeycomb structure inside the steel case.

The purpose of the catalytic converter is to reduce the amount of harmful gases emitted by cars. Photo via Flickr.

There are only a few grams of each of these metals inside the catalytic converter, but that’s enough to make a new one worth hundreds of dollars. These metals react with environmentally harmful gases produced by internal combustion engines, such as carbon monoxide.

If a molecule of carbon monoxide reacts with the metal inside a catalytic converter, oxygen will stick to the metal and join with molecules of hydrogen to make water, or another molecule of carbon monoxide carbon to make carbon dioxide.

The remaining carbon will mix with other elements to form other less toxic gases. It might not look much better, but at least it won’t burn a hole in the ozone layer.

A well-trained thief with the right tools who knows what he’s doing can take apart a catalytic converter in less than a minute and can, in theory, sell it to a scrap yard for a few hundred dollars. But it’s not that easy.

Scrapyards are aware that people like to steal these bits of metal, so they may require proof of a serial number on the catalytic converter itself. Additionally, they may also ask you to have proof that it is from your own car.

Some things you can do to help to avoid to be a victim of this crime is to park in a well-lit or busy place. You can also buy aftermarket devices, basically metal cages or shields, to cover the catalytic converter to make it harder to remove. The probability of being affected by this crime also depends on what car do you have; newer cars, SUVs, pickup trucks and hybrids are most likely to be affected.

Efforts were made to reach the victims of the crimes, but no response was received.

  • Josh Conturo

    Josh Conturo is a reporter for the Chimes and is a fourth-year student in emerging media with a focus on journalism, and loves all things cars, coffee, and comedy.

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It’s not the stagflation of the 1970s, but it’s not the low-rate world of the 2010s either. https://piazzacarlogiuliani.org/its-not-the-stagflation-of-the-1970s-but-its-not-the-low-rate-world-of-the-2010s-either/ Tue, 15 Mar 2022 13:12:56 +0000 https://piazzacarlogiuliani.org/its-not-the-stagflation-of-the-1970s-but-its-not-the-low-rate-world-of-the-2010s-either/

Those of us who remember the 1970s, even when we were kids, get nervous. No decade is entirely bad, but very few of us would like to see a repeat of inflation, endless financial stress, poverty – and, in the case of many families (mine included), migration to looking for a job. Unfortunately, so far the 2020s are too much like the 1970s for comfort.

Dario Perkins of the TS Lombard Research Group – our latest guest on the MoneyWeek podcast – lists the ways: The 1960s saw one of the longest booms on record and a flattening of the Phillips curve – that is, say that falling unemployment was not correlated with rising inflation in the way one would expect.

This encouraged policymakers to prioritize full employment over low inflation (inflation did not seem to be the relevant risk) and to develop more militant fiscal policy.

This was the backdrop for a fabulous bull market. The FTSE All-Share Index doubled in the two years to January 1969, when it peaked at a record price-earnings ratio of 23 times.

Then came a huge energy shock that built on earlier inflationary rumblings. The Phillips curve normalized, wages started to rise and the money supply jumped. Policymakers blamed temporary factors – and removed them from the inflation numbers they used as a benchmark. It was “transient”, you see.

It’s not the 1970s…

Sounds awfully familiar, doesn’t it? Especially now that, despite last Thursday’s sharp drop in oil prices, the energy price shock of recent weeks is comparable in magnitude to that of the 1970s.

Perkins isn’t convinced we should be as tense as I’m beginning to feel. There is, he says, a huge and crucial difference between now and then, in the UK at least: then labor had power; Now, that is no longer the case. Our population is not so young and “activist”, our unions are weak, our markets are much more open (companies cannot get away with price hikes in the same way) and hardly anyone – pensioners and Members aside – does not have their income indexed in any way to inflation. All of this means that a wage price spiral cannot start in quite the same way.

He may be right. I would say workers will rebuild their bargaining power fairly quickly in the face of CPI inflation hitting 10%. It is worth recalling that in the 1960s wages lagged inflation for some time before pressures appeared. There were rumblings in 1966 in the railroads and coal mines and then things got seriously worse in late 1969 when Ford Motor workers went on strike.

…but it’s not the 2010s either

Yet, whoever of us is most right – forecasters are rarely quite right – one thing is certain: we will not return to the 2010s.

The deflation machine that has been the driving force of the past decades is properly broken, which quickly proves to be a terrible shock to fund managers who have only ever worked inside said machine, and who were therefore hard-wired in their behavior. an assumption that moderate inflation and low interest rates would last forever.

With the reversal of globalization, labor costs at best no longer falling, and the structural problem of material and energy supply increasingly evident, the prices of just about everything must now rise. . A quick reminder for those who think there is an easy way out: it takes fossil fuels to make wind turbine blades and solar panels and it takes a lot of nickel – up to 90% in two weeks – to make electric car batteries.

The question is how far prices should rise, how fast and with what volatility. That we cannot know. The war in Ukraine is giving us some nasty near-term clues (very quickly and with a lot of volatility) but the layering of uncertainty means we can’t guess much more than that. Who knows, for example, what might result from attempts by money-printing governments to shield households from the sharp rise in food prices caused by the horrors in one of the world’s most trusted grain producers. ?

How can you invest?

Where are the financial safe havens? You might think that as long as inflation stays around 1% to 4% (Perkins estimate), you will be safe in stocks. This is what we are often told, but it is not always the case.

Inflation in the UK only exceeded 5% in 1969, but investors still lost hugely in the 1960s: the market rose by 20% and prices by 43%. Extend it into the stagflationary 1970s and things look pretty bad too: From October 1964 to May 1979, a period that encompassed two Labor governments and a Tory, UK stock investors lost 31.7% of their money in terms of adjusted for inflation.

So much for the idea that a stock index can protect you from inflation, stagflation – or anything else. The good news is that the only way a stock market can protect you is to buy it low – the best long-term returns come from buying cheap markets.

It would be nice to think that some markets are almost there – especially the United States, which is less at risk of a war-related recession than Europe – but they are not. For that, we would need to be sure that there was another wave of central bank money on the way, to know that energy prices are coming down, and to be sure that the valuations are attractive. None of these things are true, or close to being true. For example, Shiller’s price-to-earnings ratio in the US is still over 30x, compared to a long-term average of over 16x.

Waiting for them to be true is a slow process. Russell Napier, a market historian, likes to point out that the four major bear markets in the United States lasted an average of nine years each. In the meantime, you should get some protection against commodities and against gold – you did in the 1970s.

But you’d also be wise to look into multi-asset funds run by managers who have long known the deflationary machine would break and are invested accordingly. Look Ruffer Investment Company (LSE: RICA)which has been up slightly since the beginning of the year, Personal Property Trust (LSE: NLP) and Capitalization Trust (LSE: CGT). They are more ready than most.

• This article first appeared in the Financial Times

]]> Ginkgo Bioworks Signs Definitive Agreement to Acquire FGen AG, a Leading Bioengineering Company and its Proprietary Ultra-High Throughput Screening Platform https://piazzacarlogiuliani.org/ginkgo-bioworks-signs-definitive-agreement-to-acquire-fgen-ag-a-leading-bioengineering-company-and-its-proprietary-ultra-high-throughput-screening-platform/ Mon, 14 Mar 2022 11:00:00 +0000 https://piazzacarlogiuliani.org/ginkgo-bioworks-signs-definitive-agreement-to-acquire-fgen-ag-a-leading-bioengineering-company-and-its-proprietary-ultra-high-throughput-screening-platform/

BOSTON and BASEL, Switzerland, March 14, 2022 /PRNewswire/ — Ginkgo Bioworks (NYSE: DNA), the leading horizontal cell programming platform, today announced that it has entered into a definitive agreement to acquire FGen AG (“FGen”), a Swiss-based company specializing in the development and optimization of strains. FGen has developed an ultra-high throughput (uHT) screening platform based on nanoliter reactor technology. Ginkgo believes that FGen’s technology will significantly enhance Ginkgo’s cell screening capabilities and allow Ginkgo to explore larger expanses of genetic opportunities, increasing the likelihood of finding enzymes, pathways and strains or cell lines. which operate under various product specifications.

Ginkgo and FGen expect to close the transaction soon. Post-closing, Ginkgo expects that the integration of the FGen platform can significantly increase the capability of Ginkgo’s Design-Build-Test-Learn strain development engine, a foundation of Ginkgo’s technology stack. By adding FGen’s uHT screening platform to its existing HT screening systems, Ginkgo seeks to be able to routinely analyze the performance of millions of genetic prototypes in a pooled format, thereby improving the quality of candidate results that feed downstream workflows for strain characterization and validation. FGen’s platform is extremely flexible for all target organizations, pathways and products. The platform can be deployed to screen for both intracellular and secreted target products as well as small molecules and proteins. It can also host various organisms including bacteria, yeasts, filamentous species and mammalian cells.

“Ginkgo is committed to investing in creating the first cellular programming platform by integrating best-in-class tools from around the world and deploying them widely across our programs,” said Township of Barry, co-founder and chief technology officer of Ginkgo. “We have worked with the FGen team for several years and believe that their world-class technology and scientists will further enhance our ability to explore an exponentially wider design space and deliver more value to our customers.”

“Our team has spent the past decade building one of the world’s most advanced screening platforms in hopes of enabling breakthrough discoveries and products across all industries,” said Andreas Meyer, CEO of FGen. “We are thrilled to be welcomed onto the Ginkgo platform where we can deploy this technology much more widely and better support customers and their world-changing work.”

Under the terms of the transaction, FGen will receive an upfront payment and additional contingent consideration related to, among other things, the successful integration and deployment of FGen technology into Ginkgo programs.

About Ginkgo Bioworks
Ginkgo is building a platform to allow customers to program cells as easily as we can program computers. The Company’s platform enables biotechnology applications in various markets, from food and agriculture to industrial chemicals and pharmaceuticals. Ginkgo has also actively supported a number of COVID-19 response efforts, including K-12 pooled testing, vaccine manufacturing optimization, and therapy discovery. For more information, visit www.ginkgobioworks.com.

About FGen AG
FGen is a Swiss start-up founded in 2011 in Basel, Switzerland as a spin-off from the Department of Biosystems Science and Engineering at ETH Zurich. As a contract research organization, we collaborate with partners in biotechnology, life sciences, food and pharmaceuticals to develop microbes, cells, chemicals and proteins for various apps. For more information, visit www.fgen.ch.

Ginkgo Bioworks Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws, including statements regarding its expectations regarding the prompt closing of the transaction, the potential success of the acquisition and Ginkgo’s cellular programming platform. These forward-looking statements are generally identified by the words “believe”, “project”, “potential”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future “, “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will,” “will,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from forward-looking statements contained herein, including, but not limited to: (i) the effect of the business combination with Soaring Eagle Acquisition Corp. (“Soaring Eagle”) on Ginkgo’s business, relationships, performance and business in general, (ii) risks whether the business combination disrupts Ginkgo’s current plans and potential difficulties in retaining Ginkgo’s employees, (iii) the outcome of any legal proceedings that may be brought against Ginkgo related to its business combination with Soaring Eagle , (iv) volatility in the price of Ginkgo’s securities now that it is a public company due to various factors, including changes in the competitive and highly regulated industries in which Ginkgo plans to operate, variations in performance between competitors, changes in laws and regulations affecting Ginkgo’s business and changes in the combined capital structure, (v) the ability to implement plans, forecasts and other expectations after completion of the business combination, and identifying and realizing additional opportunities, and (vi) the risk of reduced demand for products using synthetic biology. ic. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Ginkgo’s Quarterly Report on Form 10-Q filed with the United States Securities and Exchange Commission (the “SEC”). ) the November 15, 2021 and other documents filed by Ginkgo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Ginkgo undertakes no obligation and does not intend to update or revise such forward-looking statements, whether as a result of new information, future events or otherwise. Ginkgo gives no assurance that it will meet its expectations.

GINKGO BIOWORKS INVESTOR CONTACT:
[email protected]ginkgobioworks.com

GINKGO BIOWORKS MEDIA CONTACT:
[email protected]

SOURCE Ginkgo Bioworks

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Amazon announces stock split offering green in a sea of ​​red https://piazzacarlogiuliani.org/amazon-announces-stock-split-offering-green-in-a-sea-of-%e2%80%8b%e2%80%8bred/ Thu, 10 Mar 2022 14:36:48 +0000 https://piazzacarlogiuliani.org/amazon-announces-stock-split-offering-green-in-a-sea-of-%e2%80%8b%e2%80%8bred/

Key points to remember:

  • Consumer Price Index (CPI) report hits projections
  • Stocks rebound as Russian official signals potential progress ahead of peace talks
  • The strength of the sector could change depending on the prospects for peace

Stock index futures were pointing to a lower open as Wednesday’s rally appears to lack the legs to continue into Thursday. Commodities are rebounding from yesterday’s strong sell-off, and that seems to be weighing on investors. However, today’s Consumer Price Index (CPI) report will capture much of the attention of investors.

The CPI report measured a 0.8% increase month-on-month and a 7.9% increase year-on-year, meaning inflation rose as foreseen. However, these are still very high figures not seen since the early 1980s. Core inflation which excludes food and energy rose by 6.4% year-on-year, which was higher than expected by 5.9%. Stock index futures rallied on the report, but quickly gave back gains. All in all, there’s not much here that’s likely to push the Fed off the trajectory Chairman Jerome Powell outlined to Congress last week.

Investors are likely feeling the jolt of market swings, especially with 2% ranges. While there really isn’t anything that signals an end in sight, we can hope that the ranges will at least tighten.

US markets do not appear to be benefiting from a good trading day in Asia. The Japanese Nikkei 225 rose nearly 4% on lower oil prices. The Hang Seng Index in Hong Kong rose 1.27%, while the Shanghai Composite Index traded 1.22% higher. However, oil futures are trading higher again this morning, rising 5.25% before the opening bell.

As the Fed moves slowly to raise rates, some companies are looking to raise capital while interest rates are still low. AT&T (T) and Discovery (DISCA) raised $30 billion by selling 40-year corporate bonds for their joint venture. The long maturity allowed the group to offer a yield above 3%, which seemed to attract a lot of attention.

After the market closed on Wednesday, Amazon (AMZN) rebounded more than 8% on news that the company had approved a 20-to-1 stock split in February. Stock splits allow small investors to buy stocks without jeopardizing the diversification of a portfolio. AMZN also announced its intention to buy back $10 billion of its shares.

Market Minutes Review

Stocks rebounded on Wednesday with the S&P 500 (SPX) up 2.57% and testing the 4,300 level. We’ve watched this key level as support for the past nine months, but now it’s acting as resistance. . This level will be key for some traders. If the bulls are able to overcome the resistance, many traders can expect the rally to continue. However, if the resistance holds, the bears could push the benchmark to lower levels.

The rebound was prompted by the spokesperson for the Russian Foreign Ministry who said that Moscow did not want to overthrow the government in Kiev. I hope this is a good sign for tomorrow’s talks between Russia and Ukraine. However, Ukrainian President Zelensky said Ukraine would not give “a single inch” to Russia. Yesterday, President Zelensky said that Ukraine would no longer seek membership in NATO (North Atlantic Treaty Organization), which has been the main point of contention for Russia.

The news led to a sell-off in commodities, which have seen a tear in the past seven trading days. Crude oil futures fell 11.33% on Wednesday, closing below $110 a barrel. Similarly, RBOB gasoline futures fell more than 10% and fuel oil futures fell 20% on the day.

Mains strength switch

If the peace talks succeed, there could be a change in the strength of the sector. Depending on how oil prices react, energy will likely pull back a bit as crude oil goes through a price discovery phase where investors try to focus on supply and demand instead of speculating on what might come next. with Russia and Ukraine. However, even before Russia invaded Ukraine, oil prices were still rising and analysts were forecasting prices ranging from $65 a barrel to $150 in 2022. This means energy stocks could pull back in the short term. term but increase in the long term. If so, energy could still be a strong sector.

Wednesday’s sector performance could be a bit of a microcosm of what’s to come in the near future if peace prevails. The energy sector was the worst performer, with the Energy Select Sector Index falling 3.11%. Financials and technology were the strongest, followed by materials and consumer discretionary. The Financial Select sector index rose 3.93% as the 10-year Treasury yield (TNX) jumped more than 4% on the day and appears to be heading back towards a 2% yield.

If the threat of war lessens, the Federal Reserve is freer to be more aggressive in raising interest rates to fight inflation. Rising rates tend to benefit financials as the gap between savings and credit widens. In fact, the PHLX KBW Bank Index (BKX) rose 4.19% in reaction to higher yields.

If the resistance of the S&P 500 (SPX) holds, it is difficult to say how the sectors will react. Wednesday’s rally could just be a relief rally as the war between Russia and Ukraine is far from over. Therefore, there could still be a lot of anxiety that could prevent stocks from following today. However, war anxiety will make it difficult for the Fed to be aggressive on inflation, so inflationary sectors like energy, materials and financials could still benefit.

Measuring fear: Speaking of anxiety, the Cboe Market Volatility Index (VIX), aka Fear Gauge, fell 7.63% and is now trading just above 32. There are different levels on the VIX that can help investors gauge the degree of fear and complacency. It is important to remember that these levels are not exact due to the enormous volatility of the index. These levels have also evolved over time.

Measuring fear: Investor complacency tends to be highest when the VIX is trading below 15. This tends to happen during mature bull markets. Much of 2021 found the VIX at or below 15. However, in 2018 the VIX was as low as 10. When the VIX is around 20, investor anxiety tends to be heightened. This level often coincides with normal market pullbacks. At 30, anxiety turns to fear. In the early 2000s, this level tended to signal that fear was close to a capitulation point. When the VIX hits 40, investors typically hit a peak of fear. The VIX was around 40 years old when the dotcom bubble burst.

However, there have been times when the VIX has increased much more. When COVID-19 started arriving in the United States and breaking out, the VIX was hitting 90. Similar levels were reached during the 2008 credit crisis. The biggest spike on record was Black Monday in 1987, where the VIX exceeded 170.

TD Ameritrade® Commentary for educational purposes only. SIPC member.

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Alpha Exploration Ltd. – Grant of stock options https://piazzacarlogiuliani.org/alpha-exploration-ltd-grant-of-stock-options/ Tue, 08 Mar 2022 18:53:00 +0000 https://piazzacarlogiuliani.org/alpha-exploration-ltd-grant-of-stock-options/

Calgary, Alberta–(Newsfile Corp. – March 8, 2022) – Alpha Exploration Ltd. (TSXV: ALEX) (“Alpha“or the”Company“) announces its intention to grant 100,000 stock options to a director. The exercise price of the stock options has been set at C$0.66 and the stock options will be exercisable for a period of five years, until March 8, 2022 inclusively.

The granting of stock options is subject to the approval of the TSX Venture Exchange.

About Alpha

The company is focused on discovering world-class economic deposits of gold and base metals in the highly prospective Arabian-Nubian Shield, on either side of the Red Sea. Alpha currently owns a 100% interest in the large (771 km2) Kerkasha exploration permit in southwestern Eritrea on which 17 prospects have been identified to date. The large Anagulu gold-copper porphyry system was a pristine discovery by Alpha geologists in early 2018, which was made while running a region-wide soil sampling program. property. The discovery diamond hole was drilled in January 2020 and returned a 49m wide interval averaging 2.42 g/t gold, 1.10% copper and 6.83 g/t silver.

Cautionary Notes

This press release is for distribution in Canada only and is not for distribution to US news services or broadcast in the United States.

Forward-looking statements

Certain statements and information contained herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Often, but not always, forward-looking statements or information can be identified by the use of words such as “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect to ”, “plan”, “predict”, “may” or “should” and the negative form of these words or such variations or comparable terminology are intended to identify forward-looking statements and information. With respect to forward-looking statements and information contained herein, Alpha has made numerous assumptions, including assumptions about general business and economic conditions and the price of gold and other minerals. The foregoing list of assumptions is not exhaustive.

Although Alpha’s management believes that the assumptions made and expectations represented by such statements or information are reasonable, there can be no assurance that any forward-looking statements or information contained herein will prove to be accurate. Forward-looking statements and information, by their nature, are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or results of the industry, materially different from future results, performance or achievements. expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with Alpha’s funding efforts; risks associated with Alpha’s business given its limited operating history; business and economic conditions in the mining industry generally; supply and demand for labor and other project inputs; changes in commodity prices; changes in interest rates and currency exchange rates; risks related to inaccurate geological and technical assumptions (including with respect to tonnage, grade and recoverability of reserves and resources); risks related to unforeseen operational difficulties (including failure of equipment or processes to perform according to specifications or expectations, cost escalation, unavailability of materials and equipment, action governmental or delays in receiving governmental approvals, industrial disruptions or other business measures, and unforeseen health, safety and environmental events); weather-related risks; political risk and social unrest; changes in general economic or financial market conditions; changes in laws (including regulations regarding mining concessions); risks related to the direct and indirect impact of COVID-19, including, but not limited to, its impact on general economic conditions, the ability to obtain necessary financing and potential delays in the activities of exploration. and other risk factors as detailed from time to time. Alpha does not undertake to update forward-looking information except in accordance with applicable securities laws.

For more information, visit Alpha’s webpage at www.alpha-exploration.com or contact:

Michael Hopley
President and CEO
Alpha Exploration Ltd.
Email: mhopley@alpha-exploration.com
Tel: +44 207129 1148

Cautionary Notes

This press release is for distribution in Canada only and is not for distribution to US news services or broadcast in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/115996

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Blatant Absence of Standards Governing the Startup Ecosystem (Opinion) https://piazzacarlogiuliani.org/blatant-absence-of-standards-governing-the-startup-ecosystem-opinion/ Sun, 06 Mar 2022 05:51:48 +0000 https://piazzacarlogiuliani.org/blatant-absence-of-standards-governing-the-startup-ecosystem-opinion/

By Pratap Venugopal

New Delhi, March 6 (IANS): A startup is typically a small, self-funded early-stage company founded by one or more entrepreneurs, seeking to promote a product or service for which they believe there is a demand.

Sources of funding for startups include friends and family, venture capitalists, crowdfunding, etc.

India, according to the 2021-22 economic study, has become the third largest startup ecosystem in the world after the United States and China, with a total number of recognized startups exceeding 61,400. As of January 14, 2022, startups in India are expected to grow annually at the rate of 12-15%.

India has 83 unicorns (i.e. private tech startups with a valuation of around Rs 7,500 crore or more) worth a total of $277.77 billion (Rs 2, 10, 92 , 32, 60, 65,000), mostly in the service sector, contributing over 50% of India’s GDP.

Although governance standards for listed companies in India are strict and continue to be tightened, there is a distinct lack of standards governing startups.

It is only when a startup has, after having successfully achieved its objectives that institutional investors seek to exist by listing on the stock exchange, that governance standards come into effect and the listed entity becomes subject to the regulation from various regulatory bodies including the Securities and Exchange Board of India (SEBI).

There is an argument that the regulatory framework in India as a startup ecosystem is complex. However, the need for good governance practices is established by recent events at BharatPe, which was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 in New Delhi.

It, at breakneck speed of three and a half years, has grown into a well-known Indian fintech company that caters to smallholders and kirana or convenience stores.

However, in January 2022, an external investigation resulted in preliminary findings of financial manipulation and fraud for periods spent as a startup, involving Ashneer Grover’s wife and brother, resulting in a board decision. of BharatPe to end his services.

Ashneer Grover is currently under investigation and is on leave until April 1, 2022.

BharatPe’s experience reiterates the need for good corporate governance in the startup ecosystem that would hold management and other staff accountable and ensure the values, conduct, and ethical actions of these organizations.

However, it is essential that a balance be found between excessive control and what startups are looking for, namely self-regulation.

Proper regulation and corporate governance in the startup ecosystem will not only promote growth but also ensure transparency and ultimately promote the listing of a good company adding value to investors in the market. securities.

The basis of an efficient and effective corporate governance framework in the startup ecosystem requires clarity of legal requirements to be adopted and followed, authority or authorities responsible for regulating various functions, transparency through appropriate disclosure of financial and non-financial information to all stakeholders, auditing by independent auditors and other similar measures.

Corporate governance requirements for startups should be constantly reviewed and adapted based on requirements that arise from time to time.

Only with proper “checks and balances” can mismanagement, misuse of company resources, and conflicts of interest be curbed, making startups sustainable in the long run.

Corporate governance standards play a vital role in improving the public image of startups and making them attractive to investors.

A startup at each stage of its growth has different requirements when it comes to stakeholders and compliances and therefore requires appropriate corporate governance standards.

Corporate governance standards, although at the inception stage, could be less rigid and more flexible, and as the startup grows and is on its way to an initial public offering (IPO), the needs corporate governance should be tightened to ensure the protection of the interests of the investing public.

There is certainly a need for startups, especially those with exponential growth potential and therefore also potential for securities market disruption, to have strong pro-corporate governance, and to formulate and adopt best practices to avoid situations such as the one that arose in the case of BharatPe.

The establishment of good and appropriate corporate governance in the startup ecosystem, although not an easy task, is essential and of utmost importance in the long term and must evolve taking into account experiences. past and situations that have occurred.

The need for a good corporate governance framework and its implementation in the startup ecosystem has also been recognized by SEBI.

SEBI has from time to time considered the issue of corporate governance for startups, creating a number of committees including business leaders, although regulation by SEBI only comes into effect when registration of startups or in the event that alternative investment funds (AIFs) are involved.

SEBI meanwhile relaxed listing standards to help startups attract big investors.

The SEBI (AIF) (Second Amendment) Regulations, 2021 sought to define a startup as a limited liability company or limited liability company that meets the criteria for startups prescribed by the DPIIT, Department of Trade and Industry , Government of India in the notification dated 19th February 2019 or such other policy as may be issued from time to time by the Central Government.

It is undoubtedly true that legal and accounting standards may not be strictly of paramount importance to a startup that suffers from inadequate resources or finances, but as the startup scales and grows and begins to generate substantial revenue, strong and efficient business governance standards would prevent money laundering, corruption, account manipulation, embezzlement, unfair labor practices, etc.

In summary, while corporate governance should not be equated with bureaucracy, it would be essential to promote the mission as envisioned by the founder(s) of a startup, improve and endear its image to the investing public. with a healthy culture. transparency and focus on an efficient corporate structure.

To achieve this objective, it would be necessary to rethink the roles of regulators and authorities in order to place startups under their jurisdiction, to promote and ensure compliance with good and effective corporate governance practices.

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Features of Electronic Gold Receipt Gold Trading on Gold Exchanges -Narinder Wadhwa https://piazzacarlogiuliani.org/features-of-electronic-gold-receipt-gold-trading-on-gold-exchanges-narinder-wadhwa/ Thu, 03 Mar 2022 18:58:28 +0000 https://piazzacarlogiuliani.org/features-of-electronic-gold-receipt-gold-trading-on-gold-exchanges-narinder-wadhwa/

In the modern history of investing, gold has retained its importance with the emergence of financial derivatives based on gold as the underlying asset. Traditionally, gold has always been considered a safe investment because not only has it traditionally been seen as a store of value regardless of economic cycles, but also because of the perceived intrinsic value associated with the yellow metal. The financialization of gold took root with the emergence of the Gold ETF which allowed an investor to gain exposure to this gold in portfolios. ETFs follow the price of real gold; you can’t take delivery of the metal when you need it.

A proper mechanism was needed for transparent discovery of the gold spot price. The Spot Gold Exchange and trading ecosystem through EGR, which have been notified as securities, will reduce market inefficiencies and help integrate spot gold trading with derivatives markets and pave the way for a flat – transparent shape for gold.

SEBI at its board meeting in September 2021 approved a gold exchange proposal, in which the yellow metal will be traded in the form of EGR and will help to have a transparent mechanism for discovery of national spot prices. India currently only trades gold derivatives and gold ETFs, unlike several other countries that have spot exchanges for physical gold trading. The holder of the EGR can continue to hold the EGR for as long as planned since the EGR will have perpetual validity.

An EGR holder, at their discretion, may also remove the underlying gold from the vaults upon delivery of such receipts. To reduce the costs associated with removing gold from vaults, EGRs have been made “fungible” and “interoperability between vault managers” will be allowed. EGR brings the interoperability of the physical and electronic form of gold comfortable for the investor

The SEBI unveiled on February 14, 2022 the trading functionalities relating to electronic receipts of gold (EGR) on the exchange platforms. With this notification, SEBI had completed the process of implementing the framework for operationalizing Gold Exchange in India after issuing a circular on January 10, 2022 for Gold Exchange – which is the trading ecosystem of EGR and physical delivery of gold, would be a national platform to buy and sell EGR issued against physical gold.

Trading Features

SEBI has issued guidelines on trading hours, trading fees by exchanges, pre-opening session call bidding, bulk and block trading, price ranges, unique client code , the Investor Protection Fund and the Investor Servicing Fund.

  • Trading hours: According to the guidelines, trading on the EGR segment will be permitted Monday through Friday and exchanges may set their trading hours within the timeframe of 9:00 a.m. to 11:30 p.m./11:55 p.m. (in accordance with daylight saving time from the United States in the spring/fall). Season).
  • commercial holiday: The list of holidays for EGR should be consistent with the list of holidays for derivatives markets to provide effective hedging support.
  • During public holidays, stock exchanges may authorize trading in the evening session, ie after 5:00 p.m., in the event that the corresponding international reference markets are open.

Our view on the trade calendar and holidays – This is well thought out with a view to integration between spot and derivatives markets as well as it takes into account trading on other international exchanges.

  • ·Call the pre-opening auction: The pre-opening session will last 15 minutes from 8:45 a.m. to 9:00 a.m., of which 8 minutes will be allocated for order entry, modification and cancellation, 4 minutes for order matching and confirmation of the trade and the remaining 3 minutes will be the buffer period to facilitate the transition from the pre-open session to the normal market. The session will close randomly during the last minute of order entry – anytime between the 7th and 8th minute of order entry. Such random closing will be driven by the system.
  • Reference price – Only for the first day of trading of EGR, the exchanges will discover and disclose a reference price for EGR during the pre-opening session. This reference price would be discovered using the “Spot Price Inquiry Mechanism” as set forth in SEBI Circular no. SEBI/HO/CDMRD/DMP/CIR/P/2016/78 dated September 2, 2016. This one-time survey would be conducted one business day prior to the launch of EGRs on an exchange.

Narinder Wadhwa, President, Commodity Participants Association of India (CPAI)Our Take on Call option in pre-opening: It was kept simple and similar to the successful pre-opening mechanism in the equity segment. Similarly, there is a well-established spot price inquiry mechanism that SEBI notified in 2016 after taking over commodity derivatives regulation in 2015, which works well for international benchmark commodities. The equilibrium price, the pending order, the risk management is similar to the mechanism of the stock segment.

  • Block the deal– A block trade window between 3:05 p.m. and 3:20 p.m. and the reference price for block trades will be the volume-weighted average market price (VWAP) of trades executed on the EGR segment between 2:45 p.m. and 3:00 p.m. and the order minimum size of Rs 10 crore.
  • Wholesale – EGR bought/sold representing 5% of the market-wide limit will constitute a block transaction and the market-wide limit means the sum of the underlying gold, on which EGR was issued and outstanding, on all contracts launched by stock exchanges.

Our take on BLOCK and BULK Deal: Unlike the equity segment which has 2 deal block windows – morning 8:45-9:00 a.m. and afternoon window 2:05-2:20 p.m. and a minimum order size of 5 crore , SEBI has taken into account that the EGR is a new safety class and therefore only one window is allowed. We hope SEBI will revise this and maybe even allow 3 windows once liquidity picks up. However, the minimum order size is expected to be Rs 5 crore.

In the equity segment, a block trade is a trade where the total quantity of shares bought or sold is greater than 0.5% of the number of shares of a listed company. SEBI correctly considered the market-wide limit to be the sum of underlying gold, on which EGR was issued and outstanding, across all contracts issued by exchanges.

  • Price range – The initial limit price of the price range will be set at 10% of the previous closing price. If the market moves in one direction or the other, the dynamic price ranges are relaxed by the exchanges in increments of 5%.

Our view on BLOCK and BULK Deal: Similar to scripts that have derivatives, SEBI has designed a suitable framework for EGR.

  • Unique Customer Code (UCC) – For transactions in the EGR segment, it will be mandatory for members to have a unique client code (UCC) for all their clients transacting on the exchange. The exchanges will not allow trades to be executed without the uploading of UCC details by members of the exchanges. – E-PAN, members should verify the authenticity of e-PAN with the details on the IT department website and keep the electronic copy of PAN for their records.

Our take on UCC: This is natural because EGR is notified as a safety.

The financialization of gold is the need of the hour, including the priority of developing bullion exchanges that can focus on price discovery and provide an entire ecosystem of gold financial products and physical deliveries. EGR can realize the financialization potential of gold. SEBI established the framework to operationalize the Bullion Exchange. SEBI completed the process by releasing EGR’s thoughtful business features.

Warning: The views expressed in the above article are those of the authors and do not necessarily represent or reflect the views of this publishing house. Unless otherwise indicated, the author writes in a personal capacity. They are not intended and should not be taken to represent the official ideas, attitudes or policies of any agency or institution.


]]> What is a payday loan? https://piazzacarlogiuliani.org/what-is-a-payday-loan/ Fri, 25 Feb 2022 22:26:00 +0000 https://piazzacarlogiuliani.org/what-is-a-payday-loan/

payday ready are generally short-term unsecured loans characterized by high interest rates that generally do not require a credit check.

Although there is no exact and universal definition of the term, the US Consumer Financial Protection Bureau indicates that this type of loan is usually $500 or less and is usually due on the borrower’s next payday. States have different laws governing these types of fast loans, but they may be available to Americans through in-store payday lenders or in line, depending on location. The due date on payday loans is generally two to four weeks from the date of issuance, and lenders generally do not consider borrowers’ credit scores or their ability to meet other financial obligations when approving the loan.

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To secure a payday loan, payday lenders often require a personal check from the borrower for the loan amount, plus interest and fees, for a future deposit. They often require direct access to the borrower’s bank account.

Payday lenders hold the personal check until the borrower receives their next paycheck, direct deposit or social Security Payment. Depending on the terms of the loan and the laws of the state in question, some payday lenders offer long-term repayment plans that allow them to make multiple electronic withdrawals from the borrower’s bank account.

The average term for payday loans is about two weeks, and loans typically range between $50 and $1,000. In exchange for quick loans that don’t require a credit check, payday borrowers typically pay exorbitant interest rates and fees on their loans. Payday lenders often charge annual percentage ratesor APR, of 400% or more on their loans, plus finance charges of between $10 and $30 for every $100 borrowed.

The only requirements to qualify for most payday loans are an opening Bank account relatively good standing, a regular income and a source of identification.

Because little consideration is given to the financial condition or creditworthiness of borrowers, the CFPB has found that payday loans have a high default rate of around 20%. Additionally, approximately 80% of payday borrowers renew or re-borrow their loans within 30 days of their initial loan.

Qualified state borrowers can apply for a payday loan online from companies such as MoneyMutual, CashUSA.com, and BillsHappen. Many payday lenders also have thousands of physical stores in the United States.

In times of financial emergency or life or death situation, payday loans may be one of the only places Americans have bad credit can turn to temporary financial assistance. However, due to widespread deception and predatory behavior in the payday loan industry, the CFPB, Federal Trade Commission, and other federal and state regulators have repeatedly warned Americans of the dangers of payday lending. payday and imposed restrictions on the activities of payday lenders.

A 2016 five-year study by Pew Charitable Trusts found that 12 million Americans take out payday loans each year, and those borrowers collectively pay $9 billion a year in loan fees alone.

  • Speed. Payday loans are fast, and lenders often approve the same or next day.
  • Ease of use. It’s usually easy to get approved for a payday loan as long as the applicant has a stable source of income, a bank account in good standing, and proper identification. Borrowers can even get payday loan approval online. While some critics say payday loans are inherently predatory, there are laws in place to protect the rights of borrowers.
  • Availablity. Depending on the situation, payday loans may be one of the only viable sources of emergency cash for borrowers with bad credit.

  • High cost. Payday loans can come with annual interest rates of 400% or more, and finance charges can be 15% to 30% of the loan amount. These high interest rates stand out even more compared to the national average of around 16.17% credit card interest rate or the average interest rate of 4.25% over 30 years mortgage end of February 2022.
  • Debt cycle. Due to interest and fees, a payday loan can easily force the borrower to put off the majority of their next paycheck, creating an opportunity for borrowers to fall into a cycle of repeat loans.
  • Harassment. Payday lenders have a reputation for exploiting financially vulnerable borrowers and using aggressive and harassing collection practices.

]]> Hours of work, natural unemployment rate, etc. https://piazzacarlogiuliani.org/hours-of-work-natural-unemployment-rate-etc/ Thu, 24 Feb 2022 16:02:32 +0000 https://piazzacarlogiuliani.org/hours-of-work-natural-unemployment-rate-etc/

What are the latest thoughts on fiscal and monetary policy? The Hutchins Roundup keeps you informed of the latest research, charts and speeches. Want to receive the Hutchins Roundup by email? Sign up here to receive it in your inbox every Thursday.

The labor market is tighter than low unemployment and labor force participation rates suggest, say Jason Faberman of the Chicago Fed and Andreas Mueller and Ayşegül Şahin of the University of Texas at Austin. Comparing the number of hours individuals want to work with those they actually work, they find that desired hours of work fell by 4.6% across all individuals between February 2020 and the end of 2021, nearly doubling. the 2.3% decline in labor force participation. These trends are mainly driven by inactive people and part-time workers changing the number of hours they are willing to work, rather than broad changes in the desire to enter the labor market. They are consistent across most demographic groups, with larger declines among those without a college degree. Notably, the authors do not find that desired hours declined significantly more for women than for men, despite documented gender disparities in child care burdens caused by COVID-19. The authors also show that workers in jobs involving some degree of social contact saw particularly large reductions in desired work hours, but those in low-contact jobs actually increased their desired work hours.

The unemployment rate soared at the start of the COVID-19 pandemic before falling back to pre-pandemic levels. The natural unemployment rate — the rate that is consistent with full employment and stable inflation — had a longer-lasting response, according to Richard K. Crump of the Federal Reserve Bank of New York and his co-authors. The authors estimate that the natural rate of unemployment fell from 4.5% to 5.9% over the period 2019-2021, with the estimate driven by strong wage growth rather than rising inflation expectations or the level of inflation. Modeling the Phillips curve relationship – the trade-off between inflation and a slowing labor market – the authors estimate that the deviation of the real unemployment rate from its natural rate will push inflation up by 0.5 points percent above its long-term trend until the end of 2023, although long-term inflation expectations remain well anchored. Recovering labor force participation could help ease wage pressures and lower inflation, although such changes are likely to occur in the long run, the authors conclude.

In the United States, wealth is more unequally distributed than income, perhaps because the rate of return on assets is higher for wealthier households. Using housing market data, Jung Sakong of the Federal Reserve Bank of Chicago finds that poorer households are more likely to buy a home during an economic boom – when expected returns are lower – and sell after a recession, when expected returns are higher. According to his calculations, a 10% increase in net worth is associated with an increase of about 12 basis points in annual return. Consistent with these trends, geographic regions with higher housing market volatility have larger differences in wealth inequality relative to income inequality. He concludes that government policies aimed at increasing wealth by encouraging home ownership could backfire.

The average 30-year fixed rate mortgage rate is climbing

Graphic courtesy of The Wall Street Journal

“In my view, labor market conditions have been and are currently consistent with the FOMC’s maximum employment target, and as such I have focused on continued high inflation…I support the increase in the fed funds rate at our next meeting in March and, if the economy evolves as I expect, further rate increases will be appropriate in the coming months. I will be watching the data closely to judge the appropriate size of an increase at the March meeting In early March, the FOMC will finally stop expanding the Federal Reserve’s balance sheet The resulting end of our pandemic asset purchases will remove another source of unnecessary stimulus over the next few months, we will need to take the next step, which is to start reducing the Fed’s balance sheet by ceasing to reinvest the maturing securities already held in the portfolio. a level appropriate and manageable will be an important additional step towards tackling high inflation,” said Michelle Bowman, Governor of the Federal Reserve.

“I expect these measures to contribute to an easing of inflationary pressures in the coming months, but further measures will probably be necessary this year to tighten monetary policy. Beyond this spring, my opinion on the The appropriate pace of interest rate increases and balance sheet reduction for this year and beyond will depend on how the economy plays out, and I will focus particularly on the progress we are making in reducing inflation. would be to take strong action to help reduce inflation, bringing it back toward our 2% target, while keeping the economy on track to continue creating jobs and economic opportunity for Americans.

The Brookings Institution is funded through support from a wide range of foundations, corporations, governments, individuals, as well as an endowment. The list of donors can be found in our annual reports published online here. The findings, interpretations and conclusions of this report are the sole responsibility of their author(s) and are not influenced by any donation.

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