Bitcoin creeps toward $30K, but data shows bears in favor for Friday’s $1.8B BTC options expiry

Bitcoin (BTC) price has been unable to close above $32,000 for the past fifteen days and is currently down 37% year-to-date. Although that might seem excessive, it does not stand out among some of the largest U.S.-listed tech companies that have also sustained notable losses recently. 

In this same 15-day period, Shopify Inc. (SHOP) stock dropped 76%, Snap Inc. (SNAP) crashed 73%, Netflix (NFLX) is down 70% and Cloudflare (NET) presented a negative 62% performance.

Cryptocurrency investors should be less concerned about the current “bear market” considering Bitcoin’s 79% annualized volatility. However, that is clearly not the case, because Bitcoin’s “Fear and Greed Index” reached an 8 out of 100 on May 17, the lowest level since March 2020.

Traders fear that worsening macroeconomic conditions could cause investors to seek shelter in the U.S. dollar and Treasuries. Japan’s industrial production data released on May 18 showed a 1.7% contraction year-over-year. Moreover, May 20 retail sales data from the United Kingdom showed a 4.9% decline versus 2021.

Financial analysts across the globe blame the weakened market conditions on the U.S. Federal Reserve’s slow reaction to the inflation surge. Thus, traders increasingly seek shelter outside of riskier assets, which negatively impacts Bitcoin price.

Bulls placed most bets above $40,000

The open interest for the monthly May 27 options expiry in Bitcoin is $1.81 billion, but the actual figure will be lower since bulls were caught by surprise as the BTC price has fallen 26% in the last 30 days.

Bitcoin options aggregate open interest for May 27. Source: CoinGlass

The 1.31 call-to-put ratio reflects the $1.03 billion call (buy) open interest against the $785 million put (sell) options. Nevertheless, 94% of the bullish bets will likely become worthless as Bitcoin currently trades near $30,000.

If Bitcoin’s price remains below $31,000 on May 27, bulls will only have $60 million worth of these call (buy) options available. This difference happens because there is no use in a right to buy Bitcoin at $31,000 if it trades below that level on expiry.

Related: Low inflation or bust: Analysts say the Fed has no choice but to continue raising rates

Bears can secure a $390 million profit on May 27

Below are the three most likely scenarios based on the current price action. The number of options contracts available on May 27 for call (buy) and put (sell) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:

  • Between $28,000 and $30,000: 800 calls (buy) vs. 14,200 puts (sell). The net result favors bears by $390 million.
  • Between $30,000 and $32,000: 2,050 calls (buy) vs. 11,200 puts (sell). Bears have a $250 million advantage.
  • Between $32,000 and $33,000: 5,650 calls (buy) vs. 9,150 puts (sell). The net result favors bears by $110 million.

This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.

For example, a trader could have sold a call option, effectively gaining negative exposure to Bitcoin above a specific price, but unfortunately, there’s no easy way to estimate this effect.

Bitcoin bears need to sustain the price below $30,000 on May 27 to profit $390 million from the monthly options expiry. On the other hand, bulls can reduce their loss by pushing BTC above $32,000, an 8% rally from the current $29,700 price. However, judging by the bearish macroeconomic conditions, bears seem better positioned for May 27 expiry.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.



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Opinion | The Texas School Massacre: Heartache and Outrage

To the Editor:

Re “At Least 18 Children Shot Dead at School” (front page, May 25):

My daughter was born three days after Sandy Hook in 2012. She has never lived in a world where terrorism hasn’t been waged on elementary schoolers. She’s cowered in a dark closet or a cramped bathroom during a code red drill while her teachers urged her and her young classmates to stay quiet so the “bad man” doesn’t find them.

Because it’s always a man, typically young, who has decided the world has wronged him or owes him and chooses to terrorize those smaller than him. It’s coldblooded murder in a space that should remain safe.

My heart aches for those parents who have lost their children to such violence. And as a parent, I am furious.

How dare this country become complacent! How dare this country offer thoughts and prayers as parents lose the most important people in their lives!

We must do more. We need gun reform. We need assault rifles off the streets. We need background checks to keep guns out of the hands of those people unable to handle the responsibility.

This is no longer about the right to bear arms. This is now about the right to a childhood. This is about the right to grow up safe. This is about the right to life.

I call on Congress to prove to the American people that we care about our children more than firearms.

Fallan Patterson
Plantation, Fla.

To the Editor:

As a former educator and now a parent myself, I believe we all agree that a school should never be the place for such violence. In 1999, the year of Columbine, there were six shootings in schools. There have been 27 so far this year.

As a conservative Christian who grew up properly and safely owning guns, after so many of these massacres, I finally am reflecting and asking myself: Is protecting the Second Amendment more important than protecting the life of a second grader?

While I still support the right to bear arms, I believe we can borrow from regulated sectors that deal with other deadly devices. Why is it harder to obtain a driver’s license than it is to buy automatic high-caliber rifles?

While my conservative counterparts across the country fight fervently to protect unborn babies, I worry that we are missing the mark by failing to protect our kids already on the playground.

Along with the majority of Americans, I challenge my elected officials to finally do something about this violent and very preventable social epidemic. I believe it’s time to pass sensible bipartisan legislation that requires more checks for those wishing to own any weapon capable of killings like this.

Chase Rigby
Newport Beach, Calif.

To the Editor:

All schoolteachers in this country should go on strike until sane gun laws are enacted. Enough is enough.

Nancy R. Brewster
Plymouth, Minn.

To the Editor:

Re “An Emotional Biden: ‘Why Do We Keep Letting This Happen?’” (news article, May 25):

President Biden is right to express sympathy for the families of the children killed in Ulvalde. He’s right to express outrage on behalf of the American people who are tired of senseless gun violence. He’s right to say, “We have to act.”

But that’s weak tea. Of course we have to act. But how?

The president must tell the American people what to do to compel a recalcitrant Congress to act. Please, Mr. President, tell me and my fellow Americans what to do. In concrete terms. I’ll do it, and so will many others.

Bradley Kemp
Lawrence, Kan.

To the Editor:

In response to the latest episode of gun carnage in our country, President Biden implored the nation “to turn this pain into action.” He asks when will we have the courage to stand up to the gun lobbies.

On Friday, many prominent politicians, including Gov. Greg Abbott and Senator Ted Cruz of Texas, are scheduled to join fellow opponents of sensible gun control legislation at the annual meeting of the National Rifle Association in Houston.

Will any of these policymakers have the moral integrity to support gun control measures and speak truth to the powerful N.R.A. in the aftermath of the massacres in Buffalo and Uvalde, or will they merely call for more armed guards in our schools and public institutions as the solution to gun violence?

To use the words of the prophet Isaiah, now is the time for America “to beat swords into plowshares.”

Peter Schmidt
Phillipsburg, N.J.

To the Editor:

It does not matter about the motives, mind-set or mental state of the shooter. It is very simple. If the 18-year-old did not have the ability to buy a semiautomatic military-style weapon in this country, then it is likely that the little children and teachers who died Tuesday would be alive. This shooting is on the backs of those federal and state legislators who have voted against gun safety laws.

Ellyn Roth
Manhattan

To the Editor:

As we are unlikely to see effective gun control legislation anytime soon, the most important task to prevent school shootings right now is for officials to improve at identifying potential shooters.

In the coming days, we are likely to hear repeated the conventional wisdom that there is no typical school shooter, that these people are unknowable. But intensive case studies of school shooters have identified patterns of behavior.

A school shooter tends to be socially isolated and incompetent. Profound humiliation over perceived ostracism is coped with by murderous revenge fantasies, which is characteristic of severe personality disturbance rather than psychotic illness or autism. In the bright, happy eyes of the children they murder, the shooter sees all that they believe they were denied.

Based on similar cases of the school shooters at Sandy Hook, Virginia Tech, Parkland and Columbine, I would not be surprised if the shooter at Robb Elementary School in Uvalde fits this profile.

Paul Siegel
New York
The writer, an associate professor of psychology at Purchase College, created the Behavioral Intervention Team for identifying distressed and potentially violent students at Westchester Community College.

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Dead Space Creator’s The Callisto Protocol: New Screenshots and Details Revealed

Dead Space creator Glen Schofield has revealed new information about his upcoming sci-fi horror The Callisto Protocolstill scheduled for 2022 — including a breakdown of combat, its not-so-subtle Dead Space influence, and more.

In an extensive interview with Game Informer, with screenshots shared on Reddit, Schofield explained the game’s basic story. Set 300 years in the future, protagonist Jacob Lee is forced to make his way through a prison on Jupiter’s Callisto moon that’s become overrun with all sorts of horrifying monsters.

The Callisto Protocol Game Awards Trailer Screenshots

Combat in The Callisto Protocol

Lee is just an average cargo ship pilot so doesn’t have any special training. Over the course of the game, he’ll gather new weapons, but in the demo shown to Game Informer he’s only equipped with a baton, a pistol, a shotgun, and a device called the GRP that lets players push and pull items (or enemies) across the environment.

A combination of every weapon at your disposal will often be needed to get through combat encounters with the gross, once-human monsters called Biophages and, according to design director Ben Walker, the player won’t ever feel particularly powerful.

“We want you to be afraid of single enemies,” he said. “All these tools we built up for Jacob are to deal with the difficulty as opposed to coming at it from the end of, ‘hey, you can kill all these cool things, now let’s make some enemies’. We did it in reverse for that very reason. You feel scared, and you have to make the right calls at the right time.”

Dead Space’s Influence on The Callisto Protocol

Dead Space — a space-based sci-fi horror game from 2008 that IGN said was great — was also created by Schofield and he was pretty open about pulling ideas directly from Dead Space. “I’m not going to shy away from a good idea because it was in one of my games,” he said. “All game makers look at ideas from other games. Picasso said, ‘good artists borrow, great artists steal’. Well, why not steal from myself?”

The Callisto Protocol Game Awards Trailer Screenshots

After leaving EA and Activision Schofield linked up with PUBG: Battlegrounds publisher Krafton, whose CEO Chang-Han Kim guaranteed Schofield “100% creative autonomy”.

The Callisto Protocol’s Connection to PUBG: Battlegrounds

While the PUBG connection was confirmed soon after the game’s reveal, Schofield shared more information on the two games’ connection, saying that while it is technically the same universe, The Callisto Protocol is so far in the future that it doesn’t really matter.

“The idea of us being in the universe at first sounded really good, and then as you start coming up with your story we realized, ‘wow, this is a little out there,'” Schofield said. “We built in some touchpoints, and you’ll find them throughout the game like Easter eggs and things like that.”

PUBG is known more for its Battle Royale gameplay than its story but publisher Krafton does have official lore and a timeline for the PUBG universe.

“They write this giant timeline and our writers are involved in helping,” Schofield continued. “We sit on the timeline but we sit pretty far out there, and kind of alone. So if they ever make another game, let’s say that’s after our timeline, I would imagine our game will inform that more than we are being informed by their timeline.”

The Callisto Protocol is set to be released this year. Coincidentally, EA is also working on a remake of the first Dead Space, something Schofield says is “weird” given that he’s still working in the horror genre.

Ryan Dinsdale is an IGN freelancer who occasionally remembers to tweet @thelastdinsdale. He’ll talk about The Witcher all day.

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Who should they keep and who should they sell?


 

In 2021/22, Arsenal enjoyed a season that, had it been offered at the beginning of the campaign, most fans would have been content with.

However, missing out on Champions League football despite being four points clear with three games to go has instead left it one shrouded in disappointment across the club and fanbase, with Mikel Arteta himself claiming that he could not judge the season on the final day because he was ‘still in a lot of pain after what happened on Monday’ [when the Gunners lost to Newcastle].

Looking ahead to the 2022/23 campaign, Arsenal will need a bigger squad to contend with European football being back on their agenda, while Mikel Arteta and Edu Gaspar are continuing to mould the squad into the side that they want to push on with.

With this in mind, 101 ran the rule over the Arsenal squad, deciding if they are one to keep, or if moving on is the best move.

Goalkeepers

Aaron Ramsdale 

Has made himself the undisputed no.1 in north London. Performances tailed off in the second half of the season but is certain to be in goal for the Gunners for years to come.

Verdict: Keep

Aaron Ramsdale of Arsenal applauds the fans after the Premier League match between Crystal Palace and Arsenal at Selhurst Park (Photo by Craig Mercer/MB Media/Getty Images)

Bernd Leno 

Still a fantastic shot-stopper, but less comfortable with his feet than Ramsdale. In a World Cup year, he will not want to be a second choice option, while Arsenal have already signed a backup.

Verdict: Sell

Matt Turner

A new arrival from the MLS seemingly set to take over from Bernd Leno as no.2.

Verdict: Keep

Defenders

Takehiro Tomiyasu 

An impressive debut season when fit, Arsenal fans will be hoping he can shake his injuries over the summer and continue to improve.

Verdict: Keep

Cedric Soares 

Though Arsenal are reportedly ‘pleased’ with the fullback, it was the absence of a Tomiyasu-type defender that played a part in Arsenal’s poor end of the season. Could be moved on if a replacement can be found.

Verdict: Sell

Hector Bellerin 

Coming back from a successful loan spell at Real Betis and has openly spoken about his desire to stay there. The Gunners should not stand in his way if a deal can be agreed.

Verdict: Sell

Ben White 

A key part of Mikel Arteta’s new-look defence, White will definitely be at the Emirates next season.

Verdict: Keep

Gabriel Magalhaes 

Improving every game, and looks at home in north London even amid links to Juventus. Would command a massive fee.

Verdict: Keep

Pablo Mari

Deemed not good enough in January, and a mixed loan with Udinese has not changed that. Cash in.

Verdict: Sell

William Saliba 

Coming off the back of a brilliant season and still only young, Mikel Arteta has already confirmed that Saliba will be a part of the squad next season.

Verdict: Keep

Rob Holding 

A low cost, useful option helpful in specific situations. His off the pitch role cannot be understated either given some of the impending departures.

Verdict: Keep

Nuno Tavares 

Would be a brilliant footballer if his brain worked at the same speed as the rest of him. Needs a loan but there’s plenty of promise.

Verdict: Keep

Kieran Tierney 

Arsenal’s current starting left-back and, barring a mammoth bid, will remain so when he returns from injury.

Verdict: Keep

Midfielders

Ainsley Maitland-Niles 

Went on loan to Roma but has failed to impress there and it seems as though he will be moving on permanently this summer following his failure to do so 12 months ago.

Verdict: Sell

Lucas Torreira 

Has never been comfortable in England and was not in Mikel Arteta’s plans last summer. It’s difficult to see how that would have changed during his time in Italy.

Verdict: Sell

Mohamed Elneny 

Solid but unspectacular, Elneny has already renewed his contract for at least one more season. Will be useful in cup competitions.

Verdict: Keep

Granit Xhaka 

One of few experienced heads- when he keeps it- left in the Arsenal squad. Doesn’t have to be a starter but certainly a strong rotation option.

Verdict: Keep

Thomas Partey 

The only truly top-class midfielder that Arsenal have in their engine room. Keeping Partey fit next season has to be a key priority.

Verdict: Keep

Sambi Lokonga 

A tricky first season for the summer signing but the Europa League will offer him more opportunities to hone his craft.

Verdict: Keep

Martin Odegaard 

A successful first full season made his £35m price tag look a snip. Will continue to improve and is key to the Arsenal side.

Verdict: Keep

LONDON, ENGLAND – APRIL 20: Martin Odegaard of Arsenal during the Premier League match between Chelsea and Arsenal at Stamford Bridge on April 20, 2022 in London, United Kingdom. (Photo by Marc Atkins/Getty Images)

Emile Smith Rowe

A strong start to the campaign tailed off drastically but he is still a very bright talent within the Arsenal ranks.

Verdict: Keep

Forwards

Gabriel Martinelli 

Continuing to improve and looks set to be a superstar.

Verdict: Keep

Reiss Nelson 

Finished the season strongly with Feyenoord, and could be a useful rotation option in attack with the added games.

Verdict: Keep

Bukayo Saka

The poster boy of the club, Saka must stay and a new long-term contract is likely to be offered to him this summer.

Verdict: Keep

Nicolas Pepe

Arsenal’s record signing has just completed his third season in north London and is still flattering to deceive. Arsenal would be best cutting their losses.

Arsenal’s Nicolas Pepe during the Premier League match between Newcastle United and Arsenal at St. James Park (Photo by Alex Dodd – CameraSport via Getty Images).

Verdict: Sell

Alexandre Lacazette 

4 goals in the top flight this season is simply not good enough, and his contract will not be renewed.

Verdict: Sell

Eddie Nketiah 

A strong end to the season has changed plenty of minds in the Arsenal fanbase, and it now looks as though he will be staying this summer rather than departing for free.

Verdict: Keep

Read more:

Liverpool vs Real Madrid betting tips: Champions League Final preview, predictions and odds

Arsenal 2021/22 Season Review: Best signing, biggest flop & more


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Premier League table

# Team MP D P
1 Manchester City 38 73 93
2 Liverpool FC 38 68 92
3 Chelsea FC 38 43 74
4 Tottenham Hotspur 38 29 71
5 Arsenal FC 38 13 69
6 Manchester United 38 0 58
7 West Ham United 38 9 56
8 Leicester City 38 3 52
9 Brighton & Hove Albion 38 -2 51
10 Wolverhampton Wanderers 38 -5 51
11 Newcastle United 38 -18 49
12 Crystal Palace 38 4 48
13 Brentford FC 38 -8 46
14 Aston Villa 38 -2 45
15 Southampton FC 38 -24 40
16 Everton FC 38 -23 39
17 Leeds United 38 -37 38
18 Burnley FC 38 -19 35
19 Watford FC 38 -43 23
20 Norwich City 38 -61 22
Player Team Goals
Salah, Mohamed Liverpool FC 23
Son, Heung Min Tottenham Hotspur 23
Ronaldo, Cristiano Manchester United 18
Kane, Harry Tottenham Hotspur 17
Mane, Sadio Liverpool FC 16
De Bruyne, Kevin Manchester City 15
Jota, Diogo Liverpool FC 15
Vardy, Jamie Leicester City 15
Zaha, Wilfried Crystal Palace 14
Sterling, Raheem Manchester City 13
Bowen, Jarrod West Ham United 12
Maddison, James Leicester City 12
Toney, Ivan Brentford FC 12
Mount, Mason Chelsea FC 11
Saka, Bukayo Arsenal FC 11
Mahrez, Riyad Manchester City 11
Richarlison Everton FC 11
Pukki, Teemu Norwich City 11
Raphinha Leeds United 11
Watkins, Ollie Aston Villa 11



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Here’s What’s Coming to Netflix in June 2022

The weather isn’t the only thing heating up this summer. 

Netflix has announced what TV shows and movies are coming to the streaming platform this June—and it’s enough to keep you entertained as you cool off from the hot weather. 

Starting June 1, fan favorites like Mission: ImpossiblePlayer’s Club, The Amazing Spider-ManLean on MeItSoul PlaneTroyDumb and Dumber, Titanic and more will be available to watch anytime. 

And if you’re looking for new content, don’t worry comma Netflix has you covered with films like Hustle, which follows a basketball scout—played by Adam Sandler—who discovers a new street player that could revive his career. Plus, there is Love & Gelato, a romantic film about a girl who finds love after spending the summer in Rome before going to college.

The streaming giant will also highlight comedy specials from their Netflix is a Joke Festival, including Pete Davidson Presents: The Best FriendsSnoop Dogg’s F*cn Around Comedy Special, Jane Fonda & Lily Tomlin: Ladies Night Live and Amy Schumer‘s Parental Advisory.

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UN deputy chief — Global Issues

Ms. Mohammed was speaking at the opening of the Seventh Global Platform for Disaster Risk Reduction – the first international forum on the issue since the start of the COVID-19 pandemic – bringing together governments, the UN and key stakeholders.

During the three-day meeting, participants will take stock of implementation of a 2015 agreement known as the Sendai Framework, which aims to protect development gains from the risk of disaster.

Resilient future

The UN deputy chief told participants that the world is looking to the forum for leadership, wisdom, and expertise.

“The decisions you take can play a significant part in preventing another calamity like the COVID-19 pandemic,” she said.  “We can – and we must – put our efforts firmly behind prevention and risk reduction, and build a safe, sustainable, resilient and equitable future for all.”

Disasters are already hampering global efforts to achieve the Sustainable Development Goals (SDGs).

© UNDRR

UN Deputy Secretary-General Amina Mohammed (third left) visits the UN in Indonesia booth at the first post-pandemic global disaster summit in Bali.

Lessons from COVID-19

Stressing the need for urgency, Ms. Mohammed outlined four areas for action, starting with learning from the pandemic.

“We must secure better coherence and implementation of the humanitarian development nexus.  That means improving risk governance. Because despite our efforts, risk creation is outpacing risk reduction,” she said.

Ms. Mohammed noted that currently, there are no governance frameworks in place to manage risks and to mitigate their impact. She said the UN’s 2022 Global Assessment Report, published last month, outlines ways in which governance systems can evolve to better address systemic risks. 

The report “makes clear that in a world of uncertainty, understanding and reducing risk, is fundamental to achieving sustainable development”, she added.

Invest in data

For her second point, Ms. Mohammed emphasized the importance of investing in stronger data capabilities.  

She pointed to “new multilateral instruments” in this area, such as the UN’s Complex Risk Analytics Fund, which supports “data ecosystems” that can better anticipate, prevent, and respond to complex threats, before they turn into full-blown disasters

“This includes jointly developing risk analysis, and investing in coordination and data infrastructure that enables knowledge-sharing and joint anticipatory action. Such investments will us help us navigate complex risks earlier, faster, and in a more targeted and efficient manner,” she said.

© WFP/Giulio d’Adamo

Mangroves serve as a protective ecosystem for the community of Punta de Miguel near Ecuador’s border with Colombia.

Support vulnerable countries

As the world’s Least Developed Countries and Small Island Developing States suffer disproportionately during disasters, her third point centred on giving greater focus to them. 

Disasters in these countries can wipe out decades of development progress and economic growth, she said, with very serious long-term economic and social consequences. 

“We urgently need to step up international cooperation for prevention and disaster risk reduction in the most vulnerable countries and for the most vulnerable communities, including women and girls, people with disabilities, the poor, marginalized and isolated,” she said.

Early warning saves lives

Ms. Mohammed listed the provision of Early Warning Systems as one example of an effective measure that provides a considerable return on investment.

She said the UN Secretary-General has asked the World Meteorological Organization (WMO) to present an action plan at the next UN Climate Conference (COP27), to be held in Egypt in November, aimed at ensuring that every person on earth is covered by Early Warning Systems within five years.   

For her final point, Ms. Mohammed called for the public and financial sectors to be “risk proofed”, stating that “we need to ‘think resilience’, account for the real cost of disasters and incentivize risk reduction, to stop the spiral of disaster losses.”

Governments also need to factor disaster risk reduction into financial frameworks, while “alternative measurements, beyond Gross Domestic Product, should take account of disaster risk and resilience.”

UN Photo/Rick Bajornas

Aerial view of damage caused by Hurricane Irma in Antigua and Barbuda (2017).

Resilience ‘must be our mantra’: Shahid

The President of the UN General Assembly, Abdulla Shahid, said that one overriding lesson of COVID and the climate crisis, was that those who are furthest behind, and who suffer the most are “far to often, wiped away by whatever crisis comes their way.”

“Our recovery from the pandemic must reflect this knowledge. Resilience, must be our mantra”, he said.

“Every new building, every new social programme, every budget and every initiative must be designed and executed in a way that reduces risk. It must be embedded into everything we do, from the very beginning, and cross-checked at each step of the way.

“And the importance, no, the necessity, of this will only increase.”

Mr. Shahid said the requirement now, was for a “transformative recovery” that makes up for gaps in economic, social, and environmental policies, and over production and consumption.

“Everything about the way we live on this planet, must now be seen through a precautionary lens, ever mindful of the volatility that exists, and laser focused on covering gaps and strengthening defences.

Such a recovery, he said, “requires more than policy, it requires whole-of-society ownership.”

Seize the moment

The Seventh Global Platform for Disaster Risk Reduction was organized by the UN Office for Disaster Risk Reduction (UNDRR) and is being hosted by the Government of Indonesia. 

President Joko Widodo said his country is highly prone to disasters.

“In 2022, as of May 23, 1,300 disasters have taken place, and in a month, on average, 500 earthquakes happened,” he said.

“Therefore, at the Global Platform for Disaster Risk Reduction, today, the government of Indonesia offers to the world the concept of resilience as a solution to mitigate all forms of disasters, including pandemics.”

President Widodo also called on all nations to “commit and be serious” in implementing the Sendai Framework.

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Original Source

Tax guidelines for crypto mining pass the first reading in Kazakhstan

Kazakhstan, one of the global leaders in crypto mining with a recent history of hostile measures against the industry, is taking a step toward a comprehensive fiscal framework for mining operators. 

On Thursday, May 25, the lower chamber of Kazakh parliament, Mejlis, passed in the first reading the amendments to the national tax code, regulating the fiscal burden on crypto mining. These amendments suggest graded tax rates tied to the electricity prices consumed by mining entities.

For example, the cheapest grade of electricity prices, 5 to 10 tenges ($0,012–0,024) for Kwh, would come with an additional burden of 10 tenges ($0,024). For 10–15 tenges ($0,024–0,036) per Kwh, the tax would be 7 tenges ($0,017) and for 20–25 tenges ($0,048–0,060) per Kwh — 3 tenges ($0,0072).

Proposed amendments overstride the earlier initiative to raise the price for electricity from $0.0023 per Kwh to $0.01 for crypto miners, voiced by Kazakhstan’s First Vice Minister of Finance Marat Sultangaziyev back in February.

Further reading: Go green or die? Bitcoin miners aim for carbon neutrality by mining near data centers

The chamber indicated that the amendments are also aimed at creating a stimulus for using renewable sources of energy. In the case of green energy the tax would be only 1 tenge ($0,0024) without any regard to the electricity cost.

As Kazakh Economic Minister Alibek Kyantyrov stated, the measures are intended to “level the load and de-stimulate the consumption from private sources of energy”.

On April 29, the country’s Minister of Digital Development compelled digital mining businesses to provide information about electricity consumption and “technical specifications” for connection to the power grid 30 days before starting operations. Earlier, in March, 106 illicit crypto mining operations were shut down following raids by the Financial Monitoring Agency, which seized over 67,000 pieces of equipment at the time.

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Original Source

Patrick Mahomes fires back at Tom Brady for ‘The Match’ troll

Kansas City Chiefs quarterback Patrick Mahomes isn’t about to let Tom Brady walk all over him before ‘The Match’ without a fight.

Mahomes and Brady have a long history dating back to the Chiefs’ quarterback’s second year in the league in 2018. Brady came away the winner in the first two matchups that season, including in the AFC Championship Game. Mahomes has since evened the score.

But things could turn out differently on the golf course. Brady and veteran QB Aaron Rodgers will face off against young guns Mahomes and Josh Allen in ‘The Match’. This sort of spectacle always involves plenty of trash talk in the lead-up, and TNT has delivered tenfold.

While Mahomes and Allen lost that chipping competition, the former is confident they’ll fare well come the actual tournament. Mahomes fired back at Brady on social media.

In the end, this is all for good fun. Mahomes and Brady have the utmost respect for one another on the field. Off of it, it’s all about growing the brand of these two superstars.

Chiefs: Patrick Mahomes fires back at Tom Brady

Give Mahomes credit for flexing his personality on Twitter, something that doesn’t come naturally to all quarterbacks (look no further than Denver).

On the field, the Chiefs will face off against Brady and the Buccaneers come Week 4 of the regular season. While TB12 retired earlier this offseason, he couldn’t step away from the game he loved that easily, after all.

Both teams are coming off disappointing playoff losses. Let’s hope they take out that angst on the golf course.

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Original Source

UNHCR chief urges support for Bangladesh to save Rohingya lives, ‘build hope’ — Global Issues

The world must remember the crisis that Rohingya refugees and their hosts have been facing for the last five years,” Filippo Grandi said after visiting refugee camps in Cox’s Bazar and Bhasan Char island, in the Bay of Bengal.    

Bangladesh hosts some one million Rohingya refugees, most of whom fled from Myanmar in 2017.

UN priority

Mr. Grandi lauded the Bangladesh Government’s leadership in making important strides in refugee response, including the provision of COVID-19 vaccinations for more than 88 per cent of the population, aged 18 and over.

“Bangladesh, which has led in assisting nearly a million refugees, remains a priority partner for UNHCR, but continued international support is crucial to provide life-saving assistance and build hope,” he stressed.

Support, imperative

Noting that refugee lives depend on “how the international community responds in caring for them,” the High Commissioner reminded that international support was vital, “including flexible funding to protect Rohingya refugees until they can safely return home.”

In meeting with national leaders, UNHCR donors and humanitarian actors, he also emphasized the need to maintain refugees’ hopes for voluntary return to Myanmar, as the situation allows.

The world must work to address the root causes of their flight and to translate those dreams into reality,” said the High Commissioner.

Hope of return

According to Mr. Grandi, the solutions lie within Myanmar.

“The Rohingya refugees I met reiterated their desire to return home when conditions allow”, he said.

Meanwhile, under a tripartite agreement maintained with the military leadership, the UN refugee agency, UNHCR, and UN Development Programme (UNDP) continue to work on community projects in Myanmar’s Rakhine state.

He explained however, that those initiatives must be scaled up and better supported, to create conditions for voluntary returns in a just, safe, and sustainable manner.

Safety, dignity, and education

In the meantime, Bangladesh has offered a welcoming interim home to those on the move – some 52 per cent of whom are under 18.

As such, the UNHCR chief maintained the importance of enabling Rohingya parents to send their children to school and study according to the Myanmar curriculum, which is being rolled out in the refugee camps.

Skills development and livelihood activities in Cox’s Bazar and on Bhasan Char are extremely important in allowing refugees to build peaceful communities, contribute to a safe environment and support their sustainable return.”

Island camp

The Bangladesh Government has relocated some 28,000 Rohingya refugees to the offshore island of Bhasan Char, where it has scaled up essential humanitarian services.

He called for continued strong management of conditions on the island, enhanced education services, skills development and livelihood initiatives. 

Humanitarian agencies need more than $881 million this year to support approximately 1.4 million people, including 920,000 Rohingya refugees in Cox’s Bazar and Bhasan Char, and around 540,000 Bangladeshis “in neighbouring communities.”

As of this month, the Joint Response Plan is only 13 per cent funded.



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Live Updates: Boris Johnson and U.K. Lockdown Report News

Credit…Andrew Testa for The New York Times

The report explores 16 gatherings that took place from May 2020 to April 2021, and, for the first time, lays out in stark detail the evidence of rule-breaking at the highest level of government in allowing questionable events to take place in Downing Street when the rest of Britain was under lockdown.

A pattern of booze-fueled parties at Downing Street was also described in the report — some that involved karaoke, music, and dozens of people — even as the public at large was being told not to gather with people from other households, including relatives. At the time, hospitals and nursing homes were also discouraging or prohibiting visitors, and funerals were allowed only with very limited attendance.

The details of the parties reflected what Ms. Gray’s inquiry called “failures of leadership and judgment in No. 10 and the Cabinet Office.” Photographs from the gatherings, along with emails, messages and accounts of the parties were also included in the report.

A party on June 18, 2020, at Downing Street and in the Cabinet Office at 70 Whitehall, for example, involved speeches, alcohol, food and music. At least one person got sick and there was at least one fight; the last member of staff didn’t leave until after 3 a.m.

That party, which took place in two stages, included more than 25 people who had gathered to say goodbye to a departing colleague and featured speeches in the Cabinet Room. Dominic Cummings, a special adviser to Prime Minister Boris Johnson; and Simon Case, the permanent secretary for Covid and the pandemic response, attended that event.

A series of other parties, around Christmas 2020, also came under the spotlight, revealing instances of more drunkenness in government offices.

One of the parties, on Dec. 18, 2020, was an hourslong, planned event at the press office at Downing Street, with 20 to 45 people congregating to celebrate Christmas and the end of the year. The gathering included a Secret Santa game, an awards ceremony, alcohol and food. According to the report, “Some members of staff drank excessively. The event was crowded and noisy,” with staff members staying until after midnight. A cleaner cited in the report described red wine having been spilled on the floor.

At the time, gatherings of two or more people from different households were prohibited. Weeks later, on Jan. 14, 2021, while the same restrictions were in place, a goodbye event for two officials at Downing Street took place. It involved alcohol, and Mr. Johnson attended for a short time to give a speech, while others stayed late into the evening.

Two more gatherings were held at Downing Street on April 16. At that time, restrictions had slightly eased but nonwork gatherings of two or more households indoors or six outdoors were still prohibited. Both events lasted for hours, the report said, with senior officials attending, though Mr. Johnson was not there.

“A number of those present drank excessively,” the report added. After more than 20 people moved outside, still drinking, they damaged a child’s play set, and the last staff members left after 4 a.m.

Emails and messages detailed in the report showed that some people had expressed reservations about gathering while the restrictions were in force. But others seemed to simply ignore the warnings as they exchanged invitations to the parties.

The report included a series of emails sent before a gathering on May 20, 2020, organized by officials to bolster morale and attended by 30 to 40 members of staff in the garden of 10 Downing Street.

Lee Cain, who was then the director of communications for Mr. Johnson’s office, received an invitation and sent a response back to other officials saying, I’m sure it will be fine — and I applaud the gesture — but a 200 odd person invitation for drinks in the garden of no 10 is somewhat of a comms risk in the current environment.” According to the report, his concerns and those raised by other senior members of staff were ignored.

Mr. Johnson attended the May 20 party for about 30 minutes, the report said. Later, his principal private secretary at the time, Martin Reynolds, texted another adviser in a message about the news media that read, “better than them focusing on our drinks (which we seem to have got away with).”

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