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Gabriel Makhlouf likens craze for Bitcoin to 17th century Tulip Mania

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gabriel Makhlouf, the British economist and European Central Bank governing council member, has likened the craze for Bitcoin to the Netherlands Tulip mania of the 17th century, often used metaphorically to refer to an economic bubble.

Reiterating his last month’s warning, Makhlouf said Bitcoin investors must prepare to “lose all their money”. Makhlouf, however, added he was not advising people on whether or not they should invest in the digital currency.

Attending a webinar on Tuesday in Dublin, Makhlouf said even though some people thought investing money in Bitcoin was “good bet”, he wouldn’t put his money into it.

Also read: BOTTOMLINE: All that Yellen about crypto can hurt others besides Bitcoin

The current governor of Ireland’s central bank said, “Three hundred years ago, people put money into tulips because they thought it was an investment”.

Makhlouf’s comparison of investment in Bitcoin with the 17th century Tulip Mania in the Netherlands gives us a reason to revisit what caused most famous market bubbles to burst.

The sudden craze for the flower took its value to outrageous levels. It’s said that some specimens of single tulip bulb traded for the prices of high-end house in Amsterdam.

Never had anyone thought that a flower could cause the market to collapse, something the investors and traders would look back on centuries later. When the Dutch began developing a framework for speculative trading around the same time, it allowed traders to exchange future contracts, meaning they could first produce and then deliver.

Also read: Bitcoin, Sensex and Gold have this in common – the 50,000-mark

By 1636, the continuous rise in demand led to speculators entering the Stock Exchange of Amsterdam for tulip bulbs, raising the prices by speculating on demand.

A year later, in 1637, the massive demand for tulips led to the skyrocketing of prices. Such was the obsession for the flower that some rarest tulip bulbs valued at more than 10 times a person’s yearly salary. The same year, the bubble burst, the prices fell dramatically, causing an unprecedented economic crash.

Many traders, who thought they would mint money because of the continuous rise in prices, were left with flowers nobody wanted, leading to many declaring themselves bankrupt. In 1638, the prices of the flower once considered a rare treasure were back to normal.

On Tuesday, Bitcoin almost touched the $50,000-mark, continuing the sharp increase, which analysts say, occurred after several big investors took digital assets seriously.

Also read: Tesla says it will accept bitcoin in payments for cars and other products in near future

The most famous cryptocurrency has gained roughly 70% this year, hitting $49,938 on Tuesday. Bitcoin has made tremendous gains after the electric carmaker’s move to buy $1.5 billion in cryptocurrency and accept it as payment.

In recent months, the first cryptocurrency has drawn the interest of other investors as it moves towards establishing itself as a mainstream mode of exchange.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Hyundai teases interiors of ‘Ioniq 5’ electric car ahead of world premiere on Feb 23

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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South Korean automaker Hyundai has teased the first image of interiors of much-anticipated Ioniq 5 electric car a week ahead of its virtual world premiere on February 23, 2021.

Based on the Electric-Global Modular Platform (E-GMP), the Ioniq 5 gets a flat battery. A dedicated BEV platform allows for a long wheelbase and flat floors. Strictly following the ‘Living Space’ theme, the designers have been able to give the car the interiors distinct from others in the market.

Not just that, the company has also furnished the interiors with sustainable materials and textiles such as eco-processed leather, bio paint as well as natural and recycled fibres, another step towards a better environment. The eco-processed leather that covers the seats is dyed and treated with oil extractions from flaxseed, says the company.

Soft furnishings inside the cabin are clad in textiles derived from sustainable fibres such as sugar cane bio components, wool and poly yarns. The designers have also used material woven from fibres made from recycled PET plastic bottles. The dashboard, switches, steering wheel and door panels are coated in a polyurethane bio paint composed of oils from rape flowers and corn.

Besides that, the driver and front passenger seats are equipped with leg rests, enabling passengers as they wait while their vehicle gets recharged. Additionally, all the seats in the new Ioniq 5 can be operated and repositioned, making it convenient for parents and adults in the front to care for children and pets seated in the rear.

Last month, Hyundai had shared the first images of Ioniq5, which marks the South Korena company’s debut in battery-powered electric vehicles. The company had also claimed that the new CUV can run over 100 km with just a 5-minute charge.

Besides several EVs that Hyundai has lined up for launch in future, the company currently has Nexo, a hydrogen-powered SUV, in its kitty of eco-friendly vehicles. Many believe even Nexo has the potential to make it to the Indian market.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mercedes-Benz teases C-Class ahead of February 23 global debut

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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German carmaker Mercedes-Benz teased its new C-Class earlier this week, and the model is set to make its debut on February 23. The fifth-generation C-Class comes seven years after the fourth-generation car, which reportedly sold 2.5 million units across the globe.

The car is expected to be bigger and more luxurious than its predecessors. In terms of design, it draws inspiration from S-Class, the German carmaker’s flagship vehicle.

“Upgrade your comfort zone,” the company said in a media release on Monday, adding Mercedes-Benz will reveal the new C-Class under this claim in a digital world premiere on February 23.

Take a first glimpse at our all new @MercedesBenz C-Class Sedan and Estate which will be announced soon! #CClass #Mercedes pic.twitter.com/l7APca773t

— Daimler AG (@Daimler) February 15, 2021

While one of the two photographs the company teased show the car in a silhouette, the other one focuses on the led headlights and teal-lamps.

Christian Früh, development boss of the past three C-Class generations, told Autocar UK that the new car is going to be 65mm longer than its previous versions. The car’s size has also been worked to make it distinctly different from the A-class limousine, which is expected to launch this year.

In the photographs of a prototype, one can see the dashboard has been crafted largely keeping the S-Class in mind. The dashboard has a large touchscreen in the centre and four central AC vents.

Fruh said the car is also spacious compared to its predecessors, saying it has 25mm more rear legroom and 13mm more headroom.

All the versions of the fifth-gen C-Class, including standard and performance, will feature four-cylinder engines. According to Firstpost, there will be a range of 2.0-litre, four-cylinder petrol and diesel engines equipped with a mild-hybrid system, along with plug-in hybrid versions.

Since the three-pointed star is said to have at least 15 launches lined up for this year and therefore the new C-Class is only expected to arrive in India the next year. The much-anticipated A-Class goes to sale this year.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

South Africa Health Minister denies returning AstraZeneca vaccines to India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The health ministry of South Africa has dismissed reports that the country had returned 1 million doses of AstraZeneca vaccines to the Pune-based Serum Institute of India (SII).

Dr Zweli Mkhize, the health minister of South Africa, clarified that the country had not returned vaccines to India as reported by many media outlets. The health minister, who spoke during the state of the nation address debate, said the doses that South Africa purchased had been offered to the African Union (AU), of which his country is a part.

He further said the AU will distribute the vaccine to countries that have shown willingness to acquire the stock. “I also wish to once again put it on record that the vaccines have not expired and that the expiry date of April 31 was established through our quality control processes – a wrong impression was created that the vaccines have expired – this is simply not true,” Mkhize was quoted as saying by WION.

The AstraZeneca’s shot is being produced by SII. Last week, close to 1 million doses of the COVID-19 vaccine reached the African nation and 500,000 are expected to reach in the next few weeks.

On February 8, South Africa had temporarily put on hold the usage of AstraZeneca against COIVD-19 after a small clinical trial showed the jab protected minimally from mild and moderate illness caused by the virus variant.

Also read: SII to supply 20mn Covishield doses to African countries, won’t impact Indian supply: Adar Poonawalla

The vaccine had, however, shown to be 75 percent efficacious before the more contagious variant of the deadly SARS-CoV2 began circulating, researchers have said.

On February 11, South Africa, which is yet to begin vaccination, secured 9 million doses of Johnson & Johnson vaccine, its President Cyril Ramaphosa said.

He added that upon the arrival of the first 500,000 shots over the next four weeks, authorities will start vaccinating health workers. South Africa is the first country to start its vaccination drive with the J&J vaccine.

Besides J&J, the country has also requested another 20 million doses from Pfizer, expected to be delivered by the end of March 2021.

The Coronavirus has claimed the lives of more than 47,000 people in South Africa since the beginning of the pandemic and has infected nearly 1.5 million men, women and children.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Foreign envoys arrive in J&K for two-day visit, third such tour in last one year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A delegation of foreign envoys from Europe and Africa arrived in Srinagar, Jammu and Kashmir, on Wednesday, on a two-day visit. The delegation will assess the security situation in the union territory and also have a look at the development work undertaken by the government, officials said.

This is the third time when such a delegation has embarked on a visit to J&K after India decided to abrogate Article 370, which granted special status to the state of Jammu and Kashmir. The envoys will visit Srinagar and Jammu during the two-day trip.

Upon reaching Srinagar, the group of foreign envoys visited the famous Hazratbal Shrine, the holiest and the only domed mosque in Srinagar, and was received by the Imams of the shrine and were briefed on its historical significance as the holy relic of revered Prophet Muhammad is preserved in the mosque.

The delegation’s visit comes over a month after the union territory went to polls for District Development Council (DDC) and Block Development Council (BDC) elections, its first since the abrogation of Article 370 in August 2019.

Also read: 4G mobile internet services being restored in entire Jammu and Kashmir

Similar to previous trips, the envoys are expected to speak with local political leaders, civil society groups and businessmen to have a better understanding of the ground situation, Hindustan Times reported.

Among the nearly 20 delegates, mostly are reportedly from Europe, including France, Italy, Spain, Finland. Besides them, diplomats from Bangladesh, Malawi and Ghana will also be accompanying them, says a report.

Previously, India had taken two batches of delegates in January and February last year but the outbreak of Coronavirus pandemic led to travel restrictions and, therefore, no other visit could be possible.

Also read: Parliament approves J-K reorganisation amendment bill

During the last visit, the Opposition parties had launched into a tirade against the Centre, accusing it of practicing “double standards” by allowing foreign dignitaries to visit J&K but not Indian politicians.

“The government is adopting double standards by allowing foreign envoys to visit Jammu and Kashmir, but not Indian politicians,” senior Congress leader Jairam Ramesh had said.

The Communist Party of India (CPI), too, hit out saying no “red carpet” for foreign envoys would “absolve” the BJP-led government of “crimes they have committed” in the region.

Earlier this month, the government of India lifted the ban on 4G internet in the Kashmir Valley, 18 months after it was imposed, along with a series of other restrictions, days before the Centre moved the motion in the Parliament to revoke Article 370.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China bans BBC from airing in country; What it means for international media

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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China has banned BBC World News from broadcasting in the country, just days after British media regulator, Ofcom, revoked the China Global Television Network’s (CGTN) licence to broadcast in the United Kingdom.

The Ofcom’s decision came in the light of an investigation which concluded that the licence was wrongfully held by Star China Media Limited. Days later, China, which has often hit out at BBC for its reporting of novel coronavirus and persecution of Uighur Muslims, banned BBC World News from broadcasting in the country.

Reacting to the development, the British broadcaster, in a statement, said that it was disappointed in the decision of Chinese authorities. “The BBC is the world’s most trusted international news broadcaster and reports on stories from around the world fairly, impartially and without fear or favour,” it added.

China’s National Radio and Television Administration has accused BBC of broadcasting reports on China that “infringed the principles of truthfulness and impartiality in journalism.”

BBC’s reportage on Uighur Muslims:

Earlier this month, BBC published a report after having spoken to women, belonging to ethnic Uighur minority group, who alleged systematic rape, sexual assault and torture in what China refers to as “re-education” camps. The Chinese foreign ministry was quick to label it as a “false report”.

But BBC is not the only one to report what the US last month termed as “genocide” of Uighurs and other Muslim groups at the hands of Chinese.

According to the US State Department estimates, up to two million Uighurs and others belonging to Muslim minority groups have been bundled into camps, which, China says, is necessary to flush out extremism.

Was BBC Broadcast in mainland China?

What purpose does the ban serve is a question that remains for many. The British broadcasters’ World News service was never aired in mainland China or into the Chinese drawing rooms. The channel was only available in international hotels and some diplomatic quarters.

Former director of the BBC’s Global News division Richard Sambrook told CNBC the ban on airing BBC was a direct response to Ofcom’s decision on CGTN.

The Chinese have responded in kind against BBC, said Sambrook, now the director of the Center of Journalism at Cardiff University. “China already bans BBC services in Chinese languages and to a large extent the BBC’s online site,” he said. He added these moves were reminiscent of past years (during the cold war for example) when they were not considered unusual.

China-UK relations

The recent months have not been the best when it comes to the relations between the two countries. They took a fresh blow after China promulgated a new security law in Hong Kong, where not long ago a large pro-democracy protest swept the territory.

Last month, the United Kingdom had introduced a new visa granting Hong Kong residents to live in the UK. The UK has also accused China of suppressing the rights and freedoms of people of its former colony.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Warren Buffett’s Berkshire cuts Apple’s holding but reveals three new secret buys

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Business Tycoon Warren Buffet’s Berkshire Hathaway has bought new stakes in Verizon stock, Chevron (CVX) and Marsh & McLennan, according to a regulatory filing on Tuesday. These bets were confidential and not revealed in the third quarter regulatory filing.

Interestingly, the conglomerate has cut its stake in Apple by 6 percent but the iPhone maker remains the number 1 stock in his portfolio in terms of market value. Berkshire’s stake in Apple is still valued at a staggering $120 billion, according to another filing. It’s the number 2 stock in the portfolio in terms of the number of shares.

According to a report in Investors.com, the American ace investor Verizon stock is worth $8.62 billion for 147 million shares, which now account for 3 percent of Berkshire’s total portfolio. In terms of the number of shares, Buffet’s stake makes American telecommunications firm 6th in his portfolio.

Among the stocks that Berkshire dumped entirely were Pfizer, JPMorgan Chase, Barrick Gold, M&T Bank and PNC Financial.

Berkshire’s investment in Chevron was valued at nearly $4.1 billion at the end of 2020; its Marsh & McLennan stake was valued at $499 million.

Besides these, the conglomerate has also increased stakes by 117 percent in T-Mobile, 34 percent in Kroger, 28 percent in Merck, 20 percent in AbbVie, 11 percent in Bristol-Myers Squibb, and 1 percent in RH (RH), according to a report.

After investing heavily in the banking sector, which did well even during the pandemic, the company has now decided to trim several bank stocks. It, however, remains heavily invested in Bank of America where the company had invested $2billion in Q3.

The news saw prices of Verizon stock and Chevron rallying by 2.7 percent and 2.3 percent respectively in the late trading. Apple, wherein the company cut its holdings, witnessed a dip of 0.1 percent. Merck, Bristol Myers and AbbVie grew by 0.3 percent.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Toolkit Case: Who are Disha Ravi, Nikita Jacob and Shantanu Muluk

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Delhi Police have accused activists Disha Ravi, lawyer Nikita Jacob and Shantanu Muluk of creating the “toolkit” to support the ongoing farmers protest against the three new farm laws and of collaborating with a pro-Khalistani group, Poetic Justice Foundation, to tarnish the image of India.

Addressing the media, the police on Monday said they obtained the search warrant from the court on February 9 after their probe got them enough information relating to “toolkit” and its “editors”.

While Disha was arrested on February 13 on charges of conspiracy and sedition, non-bailable warrants have been issued against Nikita and Shantanu. The police have also alleged that Disha is “key conspirator in document’s formulation and dissemination,” adding “she started a WhatsApp Group and collaborated to make the Toolkit doc”.

Disha Ravi

Disha Ravi is a climate activist and one of the founders of the “Friday for Future” campaign.  She heads the India wing of the campaign. The 21-year-old is a student of Mount Carmel College, one of Bengaluru’s top women’s colleges. She has been sent to five-day police custody, a decision by Magistrate that many found appalling. Disha has maintained that she didn’t author any toolkit but simply made two edits to it.

She has outrightly rubbished allegations that she is a part of “Khalistani conspiracy”. According to The Wire, during the hearing, she said she was just supporting farmers.  “I supported farmers because they are our future and we all need to eat.”

Nikita Jacob

According to her LinkedIn profile, Nikita is a practising advocate enrolled with the Maharashtra & Goa State Bar Council and registered with the Bombay HC (OS). She is now a human right and environmental activist as well. A civil lawyer, Nikita is a graduate of Indian Law Society’s Law College, Pune. She has interest and experience in advisory work, litigation and alternative dispute resolution. “Social justice is and will always be the need of the hour,” she says on her LinkedIn profile.

The 30-year-old advocate told the police that the information in the toolkit does not in any manner incite riots or violence and is simply a pack of information from various sources. “No weapons, no violence, no mention of anything remotely violent in the toolkit or any of our communication,” she has asserted. According to NDTV, Nikita has moved the Bombay High Court seeking protection against the arrest.

Shantanu Muluk

The third accused in the “toolkit” case, Shantanu Muluk is a native of Beed in Maharashtra. An engineer by profession, Muluk runs an NGO. The police have alleged that his account owns the toolkit Google doc. The Delhi Police have also alleged that Disha, Nikita and Muluk had come in contact with the banned “Poetic Justice Foundation” via a Canada-based woman, Puneet.

On January 11, the police say they had a meeting over Zoom where they discussed the farmers’ tractor rally on Republic Day. The three have been accused of creating the document and disseminating it to others. Muluk’s lawyer Satej Jadhav said a non-bailable warrant (NBW) has been issued against his client in the FIR the Delhi Police’s cyber cell filed in the case.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rakesh Jhunjhunwala, wife made Rs 18.4 crore per day trading in NCC Ltd stock in last 11 sessions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ace investor Rakesh Jhunjhunwala and his wife Rekha Jhunjhunwala have made a whopping Rs 18.40 crore per day in the last 11 trading sessions dealing in the stock of NCC Ltd.

The Jhunjhunwala couple owned 7.83 crore shares in the infrastructure firm for the quarter ending December 2020, reported Business Today. Of the 7.83 crore shares, Rakesh held 11.60 shares in the company, while Rekha owned 6.67 crore shares for the period. The Jhunjhunwalas together hold 12.84 percent of the net NCC shares.

On January 29, the NCC stock had closed at Rs 58.95, valuing the stake of Jhunjhunwalas in that session at Rs 461.77 crore. However, on February 15, as a result of 43.85 percent increase in the value, the infrastructure firm’s stock closed at Rs 84.80, taking the Jhunjunwala couple’s stake to a staggering Rs 664.26 crore. The massive rise in stock prices meant the couple made a profit of Rs 202.49 crore in the 11 trading sessions.

Also read: Rakesh Jhunjhunwala on Budget 2021, GameStop mania and why crypto is a myth

The stock of NCC performed way better than industry players such as GMR infra and Dilip Buildcon, which gained 6.91 percent and 31.57 percent respectively during the same number of session.

Among others, while K Narasimha Reddy-owned KNR Constructions’ stock climbed significantly by 18.48 percent, shares of IRB Infrastructure Developers haven’t shown any sign of improvement since February 29.

According to figures available on its website, NCC Ltd reported a total income of Rs 1,942.85 crore (including other income) for the 3rd quarter of 2020-21 as against Rs 2,149.03 crore in the corresponding quarter of the previous year.

Also read: Rakesh Jhunjhunwala has a ‘problem if Islam, Catholicism want to convert Hindus’

Since January 29, Sensex has shown a positive spike of 5,869 points and Nifty has added 1,680 points in what is said to be the strongest post Budget rally investors have ever seen. On January 29, Sensex ended at 46,285 following a fall of 588.59 points. Similarly, Nifty closed 182.95 points lower at 13,634.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India deregulates map-making and geospatial data. Here’s all you need to know

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a sweeping change, India has now deregulated map-making and geospatial data generation, allowing the private companies to conduct surveys and mapping without any restriction or prior government approval. Until the policy changed, Survey of India, the agency of the Central government, handled the mapping in the country.

However, now not only can the private entities participate in the process but can also benefit from geospatial data generated by government agencies such as the Survey of India and the Indian Space Research Organisation.

Taking to Twitter, Prime Minister Narendra Modi said that the government had taken the decision to provide a huge impetus to Digital India.

“Liberalising policies governing the acquisition and production of geospatial data is a massive step in our vision for an Aatmanirbhar Bharat,” the PM further wrote in a tweet.

Our government has taken a decision that will provide a huge impetus to Digital India. Liberalising policies governing the acquisition and production of geospatial data is a massive step in our vision for an Aatmanirbhar Bharat. #mapmakingsimplified https://t.co/ssbPhAeSp1

— Narendra Modi (@narendramodi) February 15, 2021

In another tweet, he said, “The reforms will unlock tremendous opportunities for our country’s start-ups, private sector, public sector and research institutions to drive innovations and build scalable solutions. This will also generate employment and accelerate economic growth”.

Why it is important:

Ashutosh Sharma, Secretary of the Department of Science and Technology, said geospatial data is critical to all kinds of planning and development work. One of the three objectives of deregulation of the sector, he added, is to make it easy for private players to collect, use and share geospatial data.

The second aim, he said, is to allow private players to survey and map all the physically accessible areas without prior approvals from the government. The third objective, according to him, is to ensure government agencies share collected data with public and industries.

Sharma also emphasised that government agencies and the private sector must collaborate strongly to avoid duplication.

What the new guidelines say:

Since map-making was readily available across the globe, the Department of Science and Technology, said there was no reason for geospatial data to be restricted in India.

The new guidelines also underline that Indian corporations and innovators are neither restricted nor do they require prior approvals to collect, generate, prepare, disseminate, store, publish, update digital Geospatial Data and Maps within the territory of India.

Even Science Minister Harsh Vardhan said that regulatory restrictions had subjected Indian startups to unnecessary red-tapism and hindered innovation in mapping technology for decades.

How much does the sector stand to gain:

According to the government estimates, the deregulation of the sector will give it a major fillip, taking its value to Rs 1 lakh crore by 2030 and create job opportunities for 2.2 million people. It also says the liberalisation of the sector will help India realise its “Atmanirbhar Bharat” mission and the 5-trillion dollar economy goal.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow