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Coronavirus pandemic scales down December Nobel peace prize award ceremony

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

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Summary

Since 1901, the prizes have been presented at ceremonies on the anniversary of Alfred Nobels death. The peace award has been handed out in Oslo according to Nobels will while the rest have been handed out in Stockholm.

The award ceremony for the 2020 Nobel Peace Prize, traditionally held at the Oslo city hall on Dec. 10, will instead be held in the scaled-down form at the city’s university because of the coronavirus outbreak. It is a strange and challenging year in many ways. We experience the same thing as many others, namely that things must be done in a new way, Olav Njoelstad, the director of the Norwegian Nobel Institute, the body that oversees the Nobel Peace Prize, told Norway broadcaster NRK on Tuesday.

Ceremonies for the other prizes physics, chemistry, physiology or medicine and literature as well as the economic prize will be awarded in Stockholm, Sweden, on the same day. Organizers also have scheduled smaller ceremonies because of the pandemic.

Since 1901, the prizes have been presented at ceremonies on the anniversary of Alfred Nobels death. The peace award has been handed out in Oslo according to Nobels will while the rest have been handed out in Stockholm.

From 1947 to 1990, the setting for the peace prize was the auditorium of the University of Oslo. Thirty years ago, the event moved to the city hall that could seat roughly 1,000 guests, among them Norwegian royals. This year, 100 guests are planned.

The name of the 2020 Nobel Peace Prize winner will be revealed on Oct. 9, while the other prizes will be announced between Oct. 5 and Oct. 12. There are 318 nominations for the 2020 peace prize 211 are individuals and 107 are organizations and groups.

The Nobel institution does not publish the names of the nominees for 50 years. However, those who nominate a select group of people and organizations, including national lawmakers, heads of state and certain international institutions can publicly announce their nominations. Among this year’s nominees is Swedish teenage climate activist Greta Thunberg.

There is some uncertainty about whether winners will be able to travel to Sweden because of the pandemic, and a digital award ceremony is being considered.

As the infection situation is now, I think it is most likely that the prize winner or winners cannot be physically present. That is what we are planning for, Njoelstad told NRK.

We are looking into the possibility of having a video link to a meeting room in the award winners home country. It may also be relevant to have a representative of the Nobel Committee present there to present the Peace Prize.

The traditional banquet and concert held after the Nobel peace award ceremony have been canceled, Njoelstad said. The musical tribute to the Nobel laureate was first held in 1994. It has drawn big names from the entertainment industry. Lionel Richie, Bon Jovi, Aretha Franklin and Mary J. Blige are among the performers who have hosted the event.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Restarting India: COVID-19 and the creative economy

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

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Summary

The coronavirus outbreak in India and the subsequent lockdowns announced by the government have delivered a brutal blow to India’s arts and entertainment industry, which is referred to as the creative economy. A recent report by FICCI, in collaboration with British Council and Art X Company, highlights the pain of the industry. Around 53 percent …

The coronavirus outbreak in India and the subsequent lockdowns announced by the government have delivered a brutal blow to India’s arts and entertainment industry, which is referred to as the creative economy. A recent report by FICCI, in collaboration with British Council and Art X Company, highlights the pain of the industry.

Around 53 percent of companies registered with the Event and Entertainment Management Association have seen 90 percent of business being called off between March and July. Around 107 companies suffered revenue losses of up to Rs 1 crore (each) during the lockdown.

The report, which provides a snapshot of the impact of lockdowns on event companies up until early June, also highlights that 41 percent of India’s cultural sector stopped functioning until the lockdown was lifted.

In India, a large number of artists, musicians and artisans belong to the informal sector, which makes them financially more vulnerable. Moreover, with social distancing norms still in place, cultural or social events face an uncertain future. So what does the pandemic mean for the creative economy? What kind of alternative revenue streams can be explored? What assistance is the sector looking for?

Sabbas Joseph, co-founder and Director at Wizcraft, CEO of Sunburn Karan Singh, Managing Director of Geometry Encompass Roshan Abbas, and singer/music composer and lyricist Sona Mohapatra discuss what the future of entertainment and more.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Virus surge makes US weak link in global economic recovery

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

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Summary

People in China are back to buying German luxury cars. Europe’s assembly lines are accelerating. Now the global economy is waiting for the United States to get its coronavirus outbreak under control and boost the recovery, but there’s little sign of that.

People in China are back to buying German luxury cars. Europe’s assembly lines are accelerating. Now the global economy is waiting for the United States to get its coronavirus outbreak under control and boost the recovery, but there’s little sign of that.

The United States’ fumbling response to the pandemic is casting doubt on its economic prospects and making it one of the chief risks to a global rebound.

After springtime restrictions, many U.S. states prematurely declared victory over the virus and began to reopen their economies, leading to a resurgence in COVID-19 cases.

Confirmed infections are rising in most states, and many businesses have had to scale back or even cancel plans to reopen.

And while it does not dominate global commerce like it did 20 years ago, America is still by far the biggest economy – accounting for 22 per cent of total economic output, versus 14 per cent for No. 2 China, according to the World Bank.

That makes its handling of the pandemic and its economy crucial for companies like Officina del Poggio, a producer of luxury handbags in Bologna, Italy, that sells 60 per cent its vintage motorcycle-inspired satchels to U.S. customers.

Company owner Allison Hoeltzel Savini said retail sales dried up during the spring. She had already suffered a blow when Barneys, her main client, went bankrupt and didn’t pay for the spring-summer collection that had shipped.

Hoeltzel Savini said she has had to hold off on new hires, and hasn’t been able to do her usual sales trip to the United States.
She got some orders by trying to find consumers directly through newsletters and social media, but remains cautious about the future, as she sees the U.S. market for her goods continuing to slow down.

“I am really concerned for the next season, if wholesale clients will be placing orders,” she said.

Same for of Shenzhen Aung Crown Industrial Ltd., which makes baseball hats. The company usually sells about 60% of its output to the United States.

“We can’t afford to lose the U.S. market,” said general manager Kailyn Weng. “It is difficult to find other markets that could digest such a great amount of high-quality hats…We have no alternative but to focus on the U.S. market.”

The United States is unlikely to pull the world economy out of its rut as it did in past downturns such as after the Asian financial crisis of the late 1990s.

The U.S. won’t be the locomotive,” said Nariman Behravesh, chief economist at IHS Markit.

The American economy shrank at an annual pace of 32.9 per cent from April through June, by far the worst quarter on record.

The numbers are expected to bounce back strongly in the second half but to leave the U.S. economy well short of where it stood at the beginning of 2020.

The European Union, which has reduced the number of contagions more effectively than the U.S., shrank at a similar pace but is forecast to grow more quickly next year and government support for workers has contained the rise in unemployment for now.

China, meanwhile, was the first major economy to resume growth since the pandemic struck, recording a 3.2 per cent expansion during the April-June period from the quarter before.

“If the U.S had done a better job managing the outbreak, the rebound would have been stronger,” Behravesh said. “There’s no doubt in my mind about that.” Hopes for a strong and quick recovery have largely been dashed by the country’s inability to bring the virus under control.

The United States’ diminished ability to drive global growth isn’t just related to its coronavirus response. Its share of global economic output – and growth – has been eroding.

China’s economy has consistently grown faster than America’s and has steadily narrowed the gap between them. From 2009 through 2019, China accounted for almost 28 per cent of global economic growth; the United States, just 17 per cent.

“We’re in a multi-polar world in which there are multiple locomotives — China, Europe” as well as the United States,” Behravesh said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

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

 Daily Newsletter

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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From shops to dining out, NYC reopening hits ‘biggest piece’

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

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Summary

The city estimates 150,000 to 300,000 additional workers will return to their jobs Monday, two weeks after reopening began with construction, curbside-pickup retail, wholesaling and manufacturing.

From Macy’s “Miracle on 34th Street” store to the World Trade Center’s office towers, New York City hits a key point Monday in trying to rebound from the nation’s deadliest coronavirus outbreak.

For the first time in three months, New Yorkers will be able to dine out, though only at outdoor tables. Shoppers can once again browse in the city’s destination stores. Shaggy heads can get haircuts. Cooped-up kids can finally climb playground monkey bars instead of apartment walls. Office workers can return to their desks, though many won’t yet.Larry Silverstein, for one, can’t wait.

The 89-year-old World Trade Center developer is going to work at his office there Monday, along with up to a third of Silverstein Properties’ staff. The firm is staggering schedules so employees can keep their distance and they’ll have to wear masks in the 7 World Trade Center lobby. Footprints mark where to stand in elevators now limited to about a quarter their usual capacity.

To Silverstein, returning to office life and in-person teamwork brings “a joy, a fulfillment, such a sense of being able to function.” He doesn’t buy into arguments that the pandemic doesn’t bode well for office work or New York City.

“I went through 9/11. I remember people telling me we were never going to be able to get people to come back to lower Manhattan,” said Silverstein, who leased the twin towers six weeks before the 2001 terror attacks destroyed them. “Never bet against New York, because New York always comes back, bigger and better than ever before.”

But some New Yorkers are apprehensive.

Alex Michaels may return soon to a retail job. He agrees it’s important to revive the economy, but he worries about potential coronavirus exposure from working with the public, even with new safety measures.

“Something’s got to give. I get that,” said Michaels, 30, but there could be “a high price to pay.”

Eve Gonzalez, a food industry worker whose job hasn’t yet resumed, feels it’s too soon to relax restrictions.

“I’m dying to go out, but people’s health is more important,” said Gonzalez, 27.

The virus has been blamed for over 22,000 New York City deaths. The death toll has been in single digits in recent days. Infections are down, but between 200 and 400 people have still been testing positive for the virus each day over the past two weeks, according to city data.

The city estimates 150,000 to 300,000 additional workers will return to their jobs Monday, two weeks after reopening began with construction, curbside-pickup retail, wholesaling and manufacturing.

Monday marks just the second of four reopening phases, but Mayor Bill de Blasio sees it as “the single biggest piece of our economy,” particularly for a restaurant industry he called “quintessential to New York City.”

After three months of struggling to get by on takeout and delivery, Melba Wilson is exuberant about introducing appropriately spaced sidewalk tables outside Melba’s, her Harlem restaurant.

“This is definitely the infusion that we so greatly needed. … It’s been very grim,” and not just financially, said Wilson, president of the NYC Hospitality Alliance, an industry group. “We talk about being physically distant, which is important, but being socially active is important, as well.”

Retailers also hope for a boost once customers can wander aisles and try on clothes, with new virus-safety measures.

At Macy’s famous flagship store, makeup testing is temporarily banned. Clothes left in fitting rooms won’t go back on the rack for 24 hours. Workers will undergo temperature checks. Mask-wearing shoppers will find plastic dividers at cash registers.

“We want both customers and colleagues to be comfortable and to feel that their safety and health is our top priority,” said division Vice President Kathy Hilt.

Saks Fifth Avenue plans to reopen Wednesday, with 100 new hand-sanitizer stations and escalator handrails newly outfitted with ultraviolet-light disinfection, among other changes.

Shuttered offices also can reopen Monday, with various new rules. But some of the city’s biggest corporate employers are sticking with largely remote work for now.

Only about 5 percetb of Citi’s 13,300 New York City employees are expected back at the bank’s offices on July 1. JPMorgan Chase hasn’t set a date yet for returning to its New York offices; Wells Fargo’s time frame is July 31 or later. Pharmaceutical company Pfizer is extending remote working at least until the as-yet-undetermined date for city’s next reopening phase.

With work-from-home arrangements now established and employees concerned about offices, public-transit commutes and child care, many white-collar companies are “moving with caution and safety,” says Bhushan Sethi, a PwC partner specializing in workplace strategies. The consulting and accounting firm plans to reopen its own New York offices in September.

As New York reopens, retail worker William Rodgers is figuring out his next steps.

The last three months have not been easy, but “a lot of us have gotten time to reflect on our own lives,” said Rodgers, 29. “That’s one blessing.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

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

 Daily Newsletter

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Limits on airfares may be extended beyond Aug 24 depending on situation: Aviation Secretary

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

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Summary

The government resumed domestic passenger flights from May 25 after nearly two months of suspension to combat the coronavirus outbreak, but placed lower and upper limits on airfares depending upon the flight duration.

The government-imposed upper and lower limits on airfares may be extended beyond August 24 depending upon how the situation turns out, Aviation Secretary P S Kharola said on Saturday.

The government resumed domestic passenger flights from May 25 after nearly two months of suspension to combat the coronavirus outbreak, but placed lower and upper limits on airfares depending upon the flight duration.

It had said on May 21 that these limits would be in place for a period of three months.

“Depending on how the situation turns out, the fare band may have to adjusted beyond that (August 24) also. But right now, it is only for three months,” Kharola said at a press conference here.?

International passenger flights continue to remain suspended in the country.

However, the government started Vande Bharat Mission on May 6 to help stranded people reach their destinations through special flights.

Aviation Minister Hardeep Singh Puri said at the conference that during phase 3 and phase 4 of the mission, private domestic airlines have been approved to operate 750 international flights to repatriate people stranded amid the coronavirus pandemic.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

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

 Daily Newsletter

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

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Finance Ministry proposes to decriminalise host of minor offences under 19 legislation

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

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Summary

The Finance Ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislation to help businesses tide over the crisis caused by the coronavirus outbreak.

The Finance Ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak.

The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act.

“Actions taken for decriminalisation of minor offences are expected to go a long way in improving ease of doing business and helping unclog the court system and prisons,” the Finance Ministry said while inviting comments of stakeholders by June 23 on 19 legislations.

“It would also be a significant step in the Government of India’s objective of achieving ‘Sabka Saath, Sabka Vikas and Sabka Vishwas’,” it noted.

Based on the feedback, the Department of Financial Services will take a call as to a particular section should remain a criminal offence or that should be suitably modified to decriminalise to improve ease of doing business.

The other legislations listed in the document for consultation for suitable amendments to decriminalise minor offences are Insurance Act, Payment and Settlements Systems Act, NABARD Act, State Financial Corporations Act, Credit Information Companies (Regulation) Act, and Factoring Regulation Act.

The Actuaries Act, the General Insurance Business (Nationalisation) Act, the Banning of Unregulated Deposit Schemes Act, the DICGC Act and the Prize Chits and Money Circulation Schemes (Banning) Act are also among the legislations.

Last month, Finance Minister Nirmala Sitharaman while announcing the fifth and final tranche of the Rs 20.97-lakh crore stimulus package for the economy hit by the coronavirus pandemic had said that violations involving minor technical and procedural defaults would be decriminalised as effort to further ease of doing business in the country.

Taking a cue from the decriminalisation of minor offences under Companies Act, the Department of Financial Services came out with a list of minor offences under various legislation and said decriminalisation of minor offences is one of the thrust areas of the government.

With regard to Section 138 of Negotiable Instruments Act, 1881 relating to cheque bounce due to insufficient amount in the account, a person is deemed to have committed an offence and shall, without prejudice to any other provision of this Act, be punished with imprisonment for a term which may be extended to two years, or with fine which may extend to twice the amount of the cheque, or with both, it said.

For example Section 40 of LIC Act, 1956 makes an act of a person wilfully withholds or fails to deliver to LIC as required by section 13, any property or any books, documents or other papers which may be in his possession or unlawfully retains possession of any property of an insurer punishable with imprisonment which may extent to one year, or with fine of Rs 1,000 or both.

Similarly, it has proposed to decriminalise two Sections 36 AD (2) and 46 of the Banking Regulation Act, 1949 and Sections 58B (1), 58B (4A), Section 58B (5) and Section 58B (5A) of the RBI Act, 1934.

In order to develop consensus, the Department of Financial Services, which administers the Acts, invites the comments of state governments, UT administrations, civil society, academicians, public and private sector organisations and members of the public, it added.

Commenting on the Finance Ministery’s proposal, Pratibha Jain, founding partner Nishith Desai Associates, said that it would provide relief to foreign investors for whom criminal liability for economic offences is a big concern.
Jain further said that “lack of clarity on the jurisdiction of SFIO, ED and CBI often resulting in multiple regulators and proceedings for the same offence, causing significant issue for defendants.”

Moreover, she added, “unlike some of the developed jurisdictions, Indian regulators especially SFIO and ED do not have processes to allow monetary penalties in lieu of imprisonment, especially for offences that are technical in nature.”

However, Shardul Amarchand Mangaldas & Co partner Veena Sivaramakrishnan said the decriminalisation of such acts would certainly take away the deterrent that this threat played, irrespective of whether the threat was actually acted upon or not.

“From a lenders perspective, criminal action against the key managerial personnel of the Borrower has always acted as a crucial tool in bringing the borrowers to the negotiation table, especially for restructuring and post default,” she said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Delhi police files chargesheets before court against 541 foreigners for attending Nizamuddin Markaz

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

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Summary

The Delhi police on Thursday filed before a court here 12 charge sheets against 541 foreign nationals from three countries for attending Markaz at Nizamuddin in national capital by violating visa conditions, indulging in missionary activities illegally and violating government guidelines, issued in the wake of Covid-19 outbreak in the country.

The Delhi police on Thursday filed before a court here 12 charge sheets against 541 foreign nationals from three countries for attending Markaz at Nizamuddin in national capital by violating visa conditions, indulging in missionary activities illegally and violating government guidelines, issued in the wake of Covid-19 outbreak in the country.

The police filed the chargesheets before Metropolitan Magistrate Archana Beniwal who put up the matter for consideration of the charegsheets on June 25.

According to the chargesheets, 42 of the accused are from Malaysia, 85 from different parts of Kyrgystan and 414 from different parts of Indonesia.

According to the chargesheets, all the foreign nationals have been booked for violating visa rules, violating government guidelines issued in the wake of Covid-19 pandemic and regulations regarding Epidemic diseases Act, Disaster Management Act and prohibitory orders under section 144 of Code of Criminal Procedure.

They have also been for the offences under sections 188 (Disobedience to order duly promulgated by public servant), 269 (Negligent act likely to spread infection of disease dangerous to life), 270 (Malignant act likely to spread infection of disease dangerous to life) and 271 (Disobedience to quarantine rule) of the Indian Penal Code and relevant sections of the Foreigners Act.

The Centre has cancelled their Visa and blacklisted them. The foreign nationals have not been arrested yet.

Till date 47 charge sheets have been filed against 915 foreign nationals in the case.

The police had filed 20 charge sheets against 82 foreigners from 20 countries on Tuesday and 15 on Wednesday against 294 from 14 countries in the case.

The 294 foreigners belonged to countries, including Malaysia, Thailand, Bangladesh, Nepal, Sri Lanka and several African nations.

Out of the 82 foreigners charge sheeted earlier, four of the accused were from Afghanistan, seven each from Brazil and China, five from US, two from Australia, Kajahstan, Morocco, UK, one each from Ukraine, Egypt, Russia, Jordan, France, Tunisia, Belgium, eight from Algeria, 10 from Saudi Arabia, 14 from Fiji and six each from Sudan and Philippines.

In April, COVID-19 cases across the country spiked after hundreds of many Tablighi Jamaat members, who had attended the religious congregation at Nizamuddin Markaz event, tested positive.

At least 9,000 people, including the foreign nationals participated in the religious congregation in Nizamuddin. Later, many of the attendees travelled to various parts of the country.

According to police, these foreign nationals had entered India on tourist visa and had participated in the gathering at Markaz illegally.

Besides, violating the provisions of visa, these foreign nationals also led to a situation where a highly infectious disease Covid-19 infection spread and threatened the lives of the inmates and the general public at large, they said.

The police also said that more than 900 foreign nationals who are accused in the case belong to 34 different countries and charge sheets are being prepared country-wise, under sections of Foreigners Act, The Epidemic Diseases Act, Disaster Management Act and relevant sections of IPC.

The punishment for various offences under penal provisions ranges from six months to eight years of imprisonment.

A FIR was registered against Tablighi Jamaat leader Maulana Saad Kandhalvi and six others on March 31 on a complaint of the Station House Officer of Nizamuddin under sections of the Epidemic Diseases Act, Disaster Management Act (2005), Foreigners Act and other relevant sections of Indian Penal Code.

Kandhalvi was later booked for culpable homicide not amounting to murder after some of the attendees of the religious congregation died due to Covid-19, police said.

After being exposed to a large gathering in March amid the COVID-19 or coronavirus lockdown many members of Tablighi Jamaat from Markaz Hazrat Nizamuddin were taken out by the authorities and lodged in different quarantine centres in Delhi. Some of them were sent to the centres a few days later after being detained from various mosques.

The other members were directly taken to quarantine centres to contain the spread of COVID-19.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Typhoon Vongfong slams into pandemic-hit Philippines; observing social distancing becomes difficult

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

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Summary

The typhoon came as the Philippines is trying to fight COVID-19 outbreaks largely by locking Filipinos in their homes and prohibiting gatherings that can set off infections. More than 11,600 infections, including 772 deaths, have been reported in the country.

A strong typhoon slammed into the eastern Philippines on Thursday after authorities evacuated tens of thousands of people while trying to avoid the virus risks of overcrowding emergency shelters.

The first typhoon to hit the country this year rapidly gained force as it blew from the Pacific then barged ashore in San Policarpio town in Eastern Samar province around noon, weather agency administrator Vicente Malano said.

The typhoon came as the Philippines is trying to fight COVID-19 outbreaks largely by locking Filipinos in their homes and prohibiting gatherings that can set off infections. More than 11,600 infections, including 772 deaths, have been reported in the country.

Typhoon Vongfong, which was packing maximum sustained winds of 150 kilometers per hour (93 miles per hour) and gusts of up to 185 kph (115 mph), was forecast to blow northwestward and barrel across densely populated eastern provinces and cities before exiting in the north Sunday.

Overcrowding in emergency shelters is a common scene in the archipelago hit by about 20 typhoons and storms annually and regularly experiencing volcanic eruptions and earthquakes.

Many officials faced a difficult dilemma on how to shield villagers from the double threats. Video showed fierce rain and wind swaying coconut trees, rattling tin roofs and obscuring visibility in Eastern Samar, where some towns lost power.

“This is very complicated,” Mayor Benjamin Ver of a town in the typhoon’s path told The Associated Press by telephone.

Far-flung Jipapad is prone to landslides and flooding. The town in Eastern Samar province is surrounded by mountains and planked by two rivers that often swell in storms. The only evacuation centers for its 8,000 villagers are a gymnasium and the town hall where residents could be sheltered from the typhoon. Ver, who also is the town’s only doctor, said he has secured enough face masks to protect his villagers from the virus in the town hall when the typhoon hits.

Observing social distancing “is almost impossible” if all the villagers are cramped in the town hall, but Ver said he would see what else can be done.

Jipapad and the entire Eastern Samar, a province of half a million people, fortunately remain free of coronavirus infections unlike neighboring regions, provincial Gov. Ben Evardone said. All emergency shelters have been turned into quarantine facilities with medical equipment in case of outbreaks but may have to be rearranged back into evacuation centers if large numbers of people need shelter, Evardone told The AP.

Northern Samar provincial Gov. Edwin Ongchuan said he has asked for twice the usual number of school buildings to be turned into typhoon shelters to accommodate about 80,000 residents who were being forcibly evacuated from high-risk coastal villages.

“If we used 10 school buildings before, we now need 20 to accommodate the evacuees with social distancing,” Ongchuan said by telephone.

The government weather agency warned that “along with large swells, this storm surge may cause potentially life-threatening coastal inundation” and added that sea travel would be dangerous in regions expected to be battered by Vongfong, a Vietnamese word for wasp.

Metropolitan Manila will not be hit directly by the storm but may be lashed by strong winds. Officials were advised to remove many medical quarantine tents set up outside hospitals that could be blown away, Malano said.

The impoverished eastern region initially hit by Vongfong was devastated in 2013 by Typhoon Haiyan, which left more than 7,300 people dead or missing, flattened entire villages, swept ships inland and displaced more than 5 million.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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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

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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COVID-19: Plea in SC challenges full payment to workers in lockdown

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

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Summary

The petitioner contended that these directions have caused consternation to a large number of employers in the country, despite their best intentions for and efforts towards, supporting their employees during this period of crisis.

A plea has been moved in the Supreme Court challenging the constitutional validity of the orders issued by the Ministry of Home Affairs (MHA) and the Maharashtra government ordering payment of salaries to the workers during the nationwide lockdown to contain the coronavirus outbreak.

The MHA on March 29 issued an order mandating payment of salaries to industry workers with deduction, for the lockdown period. On March 31, the Maharashtra government issued various directions to all private establishments not to terminate any workman, including temporary/contract workmen and pay wages for the period of lockdown even if any workman has not performed/attended work.

“The losses of the petitioner will be multiplied and if the petitioner has to observe the said orders, March 29 and March 31, in its entirety, then the business itself’ will become unsustainable and will have more far reaching consequences, affecting the livelihood of more people”, said Mumbai-based textile company Nagreeka Exports Limited, which moved the apex court challenging the constitutionality of these order.

The petitioner contended that these directions have caused consternation to a large number of employers in the country, despite their best intentions for and efforts towards, supporting their employees during this period of crisis.

The petitioner submitted that due to stoppage of operations since the lockdown, the firm has suffered losses to the tune of Rs 1.50 core, and complying with these orders, the petitioner had to disburse full salaries to all its employees on its payroll, which amounts to approximately Rs 1.75 crore. The petitioner has urged the top court to set aside both orders to the extent that payment of full salaries was mandated.

The plea claims the orders passed by the MHA and the Maharashtra government is illegal, unconstitutional and violates Articles 14 and 19 of the Constitution. The petitioner contended that the Disaster Management Act does not provide for continued payment of wages by employers to their workers/employees during any disaster.

“National Disaster Management Authority and National Executive Committee constituted under the Act have no power under section 7 and 10, respectively, to direct the employers to make payment to their workers, without any deduction, during the period of lockdown. These government orders are passed beyond the legislative competence of the respondents and therefore, ultra vires the Disaster Management Act, 2005”, said the plea.

The plea further urges during the pendency of the matter, the petitioner be allowed to pay only 50 percent of the salaries to its workers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

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

 Daily Newsletter

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Chinese driverless car firm launches autonomous deliveries in California as lockdown continues

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

 Listen to the Article (6 Minutes)

Summary

Pony.ai has repurposed its fleet of 10 vehicles for deliveries. It has teamed up with e-commerce site Yamibuy for the initiative.

Chinese driverless car start-up Pony.ai has launched a delivery service in Irvine, California using its autonomous vehicles as people remain stuck at home due to the coronavirus outbreak.

Last year, the company launched a robo-taxi service in Irvine in partnership with Hyundai using the South Korean automaker’s cars equipped with Pony.ai technology. That driverless taxi service was suspended after a “shelter-in-place” order was issued in northern California in March.

Pony.ai has repurposed its fleet of 10 vehicles for deliveries. It has teamed up with e-commerce site Yamibuy for the initiative.

Once a customer in the Irvine area places an order on Yamibuy, an autonomous car will pick up the package and deliver it to the destination. The customer can either come to the car to collect it or an operator, who will be in the car, will drop it off at the doorstep.

Yamibuy has a variety of products on its site — from food to drinks and cosmetics.

The whole process is contactless, the company claims. A Pony.ai spokesperson said the company can deliver somewhere between 500 to 700 packages a day.

Pony.ai is a competitor to the likes of Waymo, the self-driving car subsidiary of Google parent company Alphabet. In February, it raised USD 462 million in a funding round which included Japanese automaker Toyota, valuing Pony.ai at around USD 3 billion.

In December, California’s Department of Motor Vehicles (DMV) authorized the testing and commercial use of light-duty autonomous delivery vehicles on the roads. Pony.ai is regulated by the California DMV.

While Pony.ai’s delivery service is only available in one area of California and on a small scale, it could prove valuable for improving the company’s systems. Autonomous driving technology relies on driving hundreds of thousands of miles to collect data and learn from that in order to make the systems more accurate, reliable and safer.

Carrying out a pilot service of this kind could give Pony.ai valuable insight and data, as well as a boost in autonomous deliveries for when the coronavirus pandemic has ended.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?