Congress leader Rahul Gandhi has accused Prime Minister Modi and Home Minister Amit Shah of misleading investors in the stock market. Gandhi criticized their recent comments, stating that the government officials promoted buying stocks before June 4. Gandhi claims that Modi, Shah, and the Finance Minister suggested that the stock market would see a significant increase on that date. This has raised concerns among investors regarding the government’s involvement in the stock market and the potential impact on their investments. Gandhi’s comments come amidst a backdrop of economic uncertainty and political tensions leading up to the upcoming elections.
Surge in Broken Heart Syndrome Cases after Hamas Massacre in Israel
Israeli hospitals saw a significant increase in cases of broken heart syndrome following Hamas’s Oct. 7 massacre. The rare condition, also known as takotsubo cardiomyopathy, presented two to five times more frequently than usual in the weeks after the tragic event. Studies conducted at various hospitals revealed a surge in patients experiencing symptoms similar to a heart attack due to the intense emotional stress caused by the massacre. Experts noted that broken heart syndrome predominantly affects women and typically results in temporary heart weakening of the left ventricle, with most patients recovering within a couple of months. The rise in cases post-Oct. 7 prompted alarm among healthcare professionals, with one hospital reporting an increase from one case to five within the same timeframe compared to the previous year. These findings shed light on how national traumas can impact public health, emphasizing the need for psychological support and care during times of heightened stress and distress.
Victoria Approves Beach Energy’s Enterprise Gas Field in Otway Basin, Australia
Sydney, 6 June — The state government of Australia’s Victoria has granted final approvals for Australian independent Beach Energy’s Enterprise gas field in the Otway basin.
The government gave the go-ahead on 6 June for the nearshore Enterprise, which Beach said has proved and probable reserves of 160PJ (4.27bn m³), on the condition that the firm make best endeavours to sell to domestic customers first.
Victoria, Australia’s largest domestic gas consuming state, has a permanent ban on hydraulic fracturing used to extract unconventional resources and lifted a May 2014 moratorium on conventional onshore gas exploration and development in mid-2021. It also restricts new gas connections for residential and commercial users to reduce demand.
Beach’s January-March report advised it was targeting first gas from Enterprise during April-June after receiving regulatory approval for final construction works at the well site, near the western Victorian coastal town of Port Campbell.
The Otway gas plant (OGP) will process gas from the Enterprise 1 well but the size of the 205 TJ/d (5.47mn m³/d) plant, which produced 100 TJ/d during January-March, will not be increased.
The Australian Energy Market Operator’s (Aemo) Victorian Gas Planning Report (VGPR) update from March 2024 forecast the Port Campbell region, which includes OGP, will increase output from the 38PJ produced in 2023 to 55PJ in 2024 because of new supplies. The new supplies from Enterprise and the offshore Thylacine West 1 and 2 wells in the first half of 2025 will enable OGP to reach its nameplate capacity, Aemo said. But delays to connection of the wells meant the agency cut its forecast Port Campbell production for 2024 from the 73PJ outlook in its 2023 VGPR.
Victoria is critically short of gas largely because of falling output from the Gippsland Basin Joint Venture, operated by ExxonMobil, which will reduce capacity at its 1,150 TJ/d Longford plant this year.
Two LNG import terminals are proposed for Victoria but both are yet to receive environmental approvals from the state government.
Victoria is targeting 2GW of offshore wind capacity by 2032 and 9GW by 2040, which is in doubt because of a federal rejection of a planned seaport terminal needed to service the proposed turbines, which may result in higher gas-fired power utilisation as the state’s coal-fired power plants retire.
UNDP Launches $25K Accelerator Program for African Fintech Startups, Rwanda
The United Nations Development Program (UNDP) has announced the opening of applications for its timbuktoo Fintech Startup Accelerator program, where selected African startups will receive $25,000 equity-free funding.
According to the program’s announcement published by the UNDP, in addition to the funding, startup founders in the program will also receive mentorship and coaching from Africa’s leading industry experts and seasoned entrepreneurs.
Other benefits include access to a network of fellow startup founders and entrepreneurs from across the African continent; the opportunity to connect with and access potential investors as well as customers; and access to technical resources, tailored to accelerate the growth and impact of the startup.
The program announcement indicated that the applications are open to technology-focused entrepreneurs and startup founders across Africa aged between 18 and 35, who can build, or are already building, fintech startups that meet the following criteria:
In addition, UNDP said the program will be supporting startups that have a technology-enabled solution at its core, utilizing digital tools and platforms to drive innovation and efficiency in the financial sector.
Attention will also be paid to startups whose solutions contribute towards one or more of the SDGs, by promoting growth, industrialization, trade, education, health, and inclusive governance among others.
According to the organizers, the application portal will be open from May 31st, 2024, to the 21st of June 2024. Interested and qualified startups can apply here.
At a special session of the 2024 World Economic Forum in January this year, the UNDP launched a $1 billion innovation fund aimed at supporting startups across Africa.
Tagged the timbuktoo Africa Innovation Fund, the initiative was launched together with African countries’ leaders including President Paul Kagame of Rwanda, President Nana Akufo-Addo of Ghana, the Secretary General of the African Continental Free Trade Area Secretariat, Wamkele Mene.
According to the UNDP, timbuktoo’s ambition is to mobilize and invest $ 1 billion of catalytic and commercial capital to transform 100 million livelihoods and create 10 million dignified new jobs.
It added that what makes timbuktoo unique is its design, which blends commercial and catalytic capital to de-risk private investment, with a pan-African approach to supporting startups, while also focusing on the whole ecosystem, engaging and deepening the linkages between government policy, universities, corporates, development partners, catalytic partners, and commercial investors.
Scotland Passes Controversial Hate Speech Bill: Impact on Freedom of Speech & Rights, UK
Scotland (International Christian Concern) – On April 1, the Scottish Parliament officially passed the Hate Crime and Public Order Act, which creates restrictions punishing hate speech. The act, which received mass criticism in Scotland, defines the offense as a person either behaving in a manner that a reasonable person would consider to be threatening, abusive or insulting, or communicat[ing] to another person material that a reasonable person would consider to be threatening.
Once the legal counsel meets this portion of the offense, they must prove that the offender either intended to stir up hatred against a group of persons based on the group being defined by reference to race, color, nationality, or ethnic or national origins or a reasonable person would consider the behavior or the communication of the material to be likely to result in hatred being stirred up against such a group.
While the limits defined by the bill may seem extreme and unreasonable, other countries with Hate Speech laws, such as the United Kingdom and others across the European Union, have prosecuted Christians for voicing their opinions regarding issues of gender or sexuality. While many would not perceive the actions as threatening or harmful, others continually express personal offense they take by the words of others. While no bill is perfect, the Hate Crime and Public Order Act does provide the right to freedom of expression guaranteed by the European Convention on Human Rights, which protects ideas that offend, shock, or disturb.
Protection of human rights and freedom of speech is a top priority for many Western democracies, including the United States. However, with continued advances toward broadening the definitions and punishments for hate speech, the West is experiencing a deterioration in the practice of freedom of thought, conscience, and speech.
Market Update: Floki Inu Hits $3.2 Billion Peak, BNB Surges to ATH
Bitcoin’s price has seen a resurgence, with a rise to $71,700 on June 5 and the current price hovering around $71,000. This increase of 11% over the month has been met with enthusiasm in the crypto community. Amidst this, Binance Coin (BNB) hit an all-time high of $710, with a market capitalization surpassing $110 billion, outperforming companies like Airbnb and Starbucks. On the other hand, meme coin Floki Inu’s market cap peaked at over $3.2 billion but has since retraced slightly. Analysts predict further rallies for both BTC and BNB, with some foreseeing a potential pullback in BTC’s price. The excitement around these price movements indicates a positive sentiment in the market, with many industry participants eagerly tracking the developments in the cryptocurrency space.
Life360 Prices IPO at $27 a Share, Starts Trading on Nasdaq, US
SAN FRANCISCO, June 6, 2024 /PRNewswire/ — San Francisco area-based Life360, Inc. (Life360 or the Company) today announced the pricing of its initial public offering in the U.S. (the Offering) of 5,750,000 shares of its common stock, with 3,703,704 shares of common stock being offered by Life360 and 2,046,296 shares of common stock being offered by the selling securityholders named in the prospectus (Selling Securityholders), at an initial public offering price of $27.00 per share. Life360 will not receive any of the proceeds from the sale of the shares by the Selling Securityholders. The shares are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol LIF, today, Thursday June 6, 2024. In addition, the Selling Securityholders have granted the underwriters a 30-day option to purchase up to an additional 862,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on June 7, 2024, subject to customary closing conditions.
The Company intends to use the net proceeds it receives from the proposed offering to increase its capitalization and financial flexibility, to create a public market for its common stock in the United States and for general corporate purposes, including working capital, operating expenses, and capital expenditures. Life360, a family connection and safety company, keeps people close to the ones they love. The category-leading mobile app and Tile tracking devices empower members to stay connected to the people, pets, and things they care about most, with a range of services, including location sharing, safe driver reports, and crash detection with emergency dispatch.
Goldman Sachs & Co. LLC, Evercore ISI, and UBS Investment Bank are acting as joint book-running managers for the Offering, while Stifel is acting as an additional book-running manager. Canaccord Genuity, Citizens JMP, and Loop Capital Markets are acting as co-managers for the Offering. A registration statement on Form S-3 (Registration No. 333-279271) has been filed with the SEC and became automatically effective on May 9, 2024. A preliminary prospectus supplement and accompanying prospectus relating to the Offering has been filed with the SEC and is available on the SEC’s website located at http://www.sec.gov.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Life360 intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements regarding Life360’s intentions, objectives, plans, expectations, assumptions, and beliefs about future events, including statements regarding Life360’s expectations relating to the commencement of trading of its common stock on the Nasdaq Global Select Market and the underwriters’ 30-day option to purchase additional shares. The Company’s CHESS Depositary Interests (CDIs) remain listed on the Australian Securities Exchange.
Life360 serves approximately 66 million monthly active users across more than 150 countries and enhances family life with peace of mind. For more information, please visit life360.com.
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Putin Doubles Down on Nuclear Threats Amid Ukraine Tensions, Russia
Vladimir Putin has doubled down on his nuclear threats after Ukraine was given the green light to use American-supplied weapons against Russia. The Kremlin leader reminded the West of its capability to deploy conventional missiles within striking distance of the US and European allies if they help Ukraine to infiltrate deeper into the region with long-range weapons. It follows the Biden Administration’s decision to supply weaponry for Ukraine to hit back at Russian forces, but only in the Kharkiv region.
In a three-hour press conference yesterday at Gazprom tower, Putin warned it has the right to act in the same way if it sees countries are being drawn into a war against the Russian Federation. However, the 71-year-old did not provide specifics on where these missiles may target.
When asked about the risk of a nuclear war, Putin said simply: We have a nuclear doctrine, look what it says.
If someone’s actions threaten our sovereignty and territorial integrity, we consider it possible for us to use all means at our disposal. This should not be taken lightly, superficially. According to Reuters, he added: For some reason, the West believes that Russia will never use it.
Russia’s 2020 nuclear doctrine explicitly states the country reserves the right to use nuclear weapons in response to the use of nuclear or other weapons of mass destruction against it or its allies. The document also states it can deploy nuclear weapons in response to large-scale aggression involving the use of conventional weapons in situations critical for the national security of the Russian Federation.
The Dictator did however rule out an attack on NATO, arguing the West should not make Russia out to be the enemy. He added: Have you gone completely crazy? That is as thick as this table. Who came up with this? It is just complete nonsense, you know? Total rubbish.
Both Putin and Biden have previously said a direct conflict with Russia and US-led NATO would be moving towards World War Three.
Global Clean Energy Investment to Double Fossil Fuel Spending in 2024
Worldwide investment in low-carbon energy is expected to double that of the cash pumped into fossil fuel power, largely due to a spike in solar project spending, research from the International Energy Agency revealed.
Investment in clean energy, which includes sectors such as renewables, nuclear power, electric vehicles, heat pumps, and energy storage, is expected to reach US$2 trillion in 2024, the global energy organization said.
Global green energy spending topped that of fossil fuels for the first time last year and the trend is expected to continue, with the latter predicted to see investments of US$1 trillion.
For every dollar going to fossil fuels today, almost $2 are invested in clean energy, said Fatih Birol, IEA executive director.
Yet, Birol warned the amount of cash being pumped into the fossil fuel industry is still too high and puts global climate targets at risk.
Climate experts believe any new investments in the oil and gas industry will result in these goals being missed.
Over 50GW of unabated coal-fired power was approved in 2023, a year-on-year rise and the highest twelve months on record since 2015.
In 2024, worldwide oil and gas investments are expected to rise 7% to US$570 billion, which is a similar size jump as in 2023, the IEA stated.
Trinamool Congress Leader Sheikh Shahjahan: Land Grabbing and Money Laundering Exposed in Kolkata, India
The Enforcement Directorate (ED) has accessed crucial documents on how suspended Trinamool Congress leader Sheikh Shahjahan sold land owned by the people of Sandeshkhali. Sources said that Shahjahan’s men used to forcefully get signatures of land owners on the Power of Attorney authorising Sheikh Shahjahan to sell that land to a third party. This was over and above the other modus operandi adopted by them for grabbing land by rendering it useless after flooding it with saline water. As per the ED’s findings, once Sheikh Shahjahan got the Power of Attorney, the land was sold to a third party at premium prices while the actual land owner was given a paltry sum. Sources added that the ED mentioned this Power of Attorney modus operandi adopted by Shahjahan in the charge sheet field at a special court of the Prevention of Money Laundering Act (PMLA) in Kolkata recently. ED officials have tracked another source of income of Shahjahan where fisheries owners were compelled to sell the fish, mainly prawn and shrimp, produced at their farms only to agents chosen by the leader at a paltry price fixed by him. Later, the same fish products were sold at a premium in the export market. In its charge sheet filed last month, the ED accused Shahjahan of collecting Rs 261 crore through illegal land grabbing in Sandeshkhali. So far the central agency has identified 59.5 acres of illegally-grabbed land. The ED has so far confiscated assets and property worth Rs 27 crore owned by Shahjahan.
