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Tag: damage

  • Collateral damage: Crypto market shaken by collapse of banks

    Collateral damage: Crypto market shaken by collapse of banks

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    silicon valley bank 46024

    “If banks are being told they can’t bank the sector, then how does the sector create diversification and banking?” said Dante Disparte, chief strategy officer at stablecoin issuer Circle. “The risk, unfortunately, was too few banks banking too big a sector.”

    The banking turmoil of the last week is the latest setback for a crypto industry that saw much of its value wiped out after the collapse of one of the largest crypto exchanges, FTX, and the indictment of its founder, Sam Bankman-Fried.

    In recent years, Silvergate and Signature, especially, had become integral parts of the digital asset ecosystem by offering both traditional banking services as well as speedy payments networks. SVB had less exposure to the industry.

    Now, with the banks shuttering, executives have been sent into a mad dash, hunting for new banking partners — with some experts also speculating that regulators are trying to put them out of business.

    “It’s hard to look at this and not see a coordinated effort to choke off the industry,” said Ryan Selkis, CEO of crypto research firm Messari.

    Yet not everyone is convinced that the banking crisis is heavily linked to the lenders’ ties to crypto. Ultimately, the cause was probably a combination of poor risk management and macroeconomic issues, said Mark Williams, a former Federal Reserve bank examiner who teaches at Boston University. Notably, the Fed’s aggressive fight against inflation left some lenders strapped with waning deposits and deeply discounted bonds that they could only sell at a loss.

    “When you lose depositor confidence,” Williams said, “not even the strongest bank can stand up.”

    A spokesperson for the New York Department of Financial Services, which shut down Signature on Sunday, said the decision “had nothing to do with crypto,” adding that the bank dealt in everything from food vendors to commercial real estate as well.

    “The bank failed to provide reliable and consistent data, creating a significant crisis of confidence in the bank’s leadership,” the spokesperson, who was granted anonymity to speak about a department decision, said in a statement. “The decision to take possession of the bank and hand it over to the FDIC was based on the current status of the bank and its ability to do business in a safe and sound manner on Monday.”

    The New York regulator’s remark came after former Rep. Barney Frank, a Signature board member, told POLITICO on Monday that the bank run was caused by “the nervousness and beyond nervousness from [Silicon Valley Bank] and crypto.”

    “I think if it hadn’t been for FTX and the extreme nervousness about crypto, that this wouldn’t have happened — even to [Silicon Valley Bank] or to us,” said the Massachusetts Democrat who was a key architect of new rules enacted in the aftermath of the 2008 crisis. “And that wasn’t something that could have been anticipated by regulators.”

    Regulators, nonetheless, are watching for any fallout from the banking industry’s woes to crypto.

    Commodity Futures Trading Commission Chairman Rostin Behnam said Wednesday that he is “comfortable that we’re going get through this without disruptions to our markets” following the banking regulators’ response over the weekend.

    But the CFTC is watching to make sure that the crypto-linked derivatives markets it oversees “remain resilient [and] free from fraud.” Given the close ties that Silvergate and Signature had to the industry, Behnam told reporters at an industry conference in Florida that there is a chance that the crypto market could see issues on liquidity and access to traditional finance.

    So far, the immediate impact has been relatively muted among some of crypto’s biggest players.

    Coinbase, the country’s top crypto exchange by market volume, has $240 million of corporate funds stuck at Signature, according to the company. But no customer funds have been affected, Coinbase said in a tweet.

    Kraken is winding down its relationship with Silvergate. Both companies have said they use a number of different banks for customer funds.

    Circle’s dollar-pegged token USDC, however, was rocked by traders over the weekend.

    The so-called de-pegging came after the company disclosed it had more than $3 billion deposited with Silicon Valley Bank. While that only represented a fraction of the Circle’s reserves — the bulk of which are held in a BlackRock-managed money market fund — news of its exposure sent the price of the token plummeting below its $1 peg. The token has since rebounded to the relief of crypto executives and backers.

    USDC’s “breaking the buck” injected uncertainty into crypto markets that view the token as a stable asset and critical element of the ecosystem’s payment infrastructure.

    The volatility had more to do with Silicon Valley Bank than Circle, Disparte said. The bank’s investment portfolio was torpedoed when the Fed started raising rates to bring down inflation. Circle’s exposure to the institution presented a major threat to its token.

    Disparte said he’s hopeful that pro-crypto lawmakers can leverage the calamity around the collapse of the three banks to pass stablecoin legislation, which has been in the works at House Financial Services for nearly a year.

    Sam Sutton, Zachary Warmbrodt and Victoria Guida contributed to this report.

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    #Collateral #damage #Crypto #market #shaken #collapse #banks
    ( With inputs from : www.politico.com )

  • Damage To Pipes Disrupt Water Supply To Srinagar Areas

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    SRINAGAR: Water supply to several parts of Srinagar have got disrupted after damage to pipes near TRC even as authorities said restoration work was going ob.

    An official said that the pipeline had got accidently damaged last night due to the ongoing work taken up under Srinagar Smart City project.

    He said men and machinery have been mobilized and are on work to restore the water supply.

    The water supply has got affected in areas like Lal Chowk, Kahayam, Rajbagh, Khanyar, Safakadal and several other areas.

    The official said water supply will be restored within few hours—(KNO)

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    #Damage #Pipes #Disrupt #Water #Supply #Srinagar #Areas

    ( With inputs from : kashmirlife.net )

  • Flawed reports causes more damage to credibility of poll management bodies: CEC KumarB

    Flawed reports causes more damage to credibility of poll management bodies: CEC KumarB

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    Bengaluru: Chief Election Commissioner Rajiv Kumar has flagged “flawed” reports of some agencies and organisations, saying they cause more damage to the credibility of election management bodies as the pioneering work done by them finds no place in such surveys.

    Kumar urged the EMBs to come up with essential parameters and standards which should guide such surveys and rankings.

    He was addressing the 3rd International Conference on the theme ‘Inclusive Elections and Elections Integrity’ on Thursday in a virtual format.

    The CEC along with fellow election commissioners were in Bengaluru where they also assessed the poll preparedness of poll-bound Karnataka.

    He lamented that countries with low inclusivity are ranked high.
    “The flawed report causes more damage to the credibility of EMBs,” he added.
    The CEC urged the participating EMBs to come up with essential parameters and standards which should guide such surveys…countries with low inclusivity are ranked high,” the poll panel said in a statement.

    Talking about inclusivity, the CEC pointed out that India has 460 million women voters, which is almost equal to the number of men voters.

    In the 2019 Lok Sabha polls, more women than men voted. “This is the level of inclusion that India has been able to achieve,” he said.

    In his address, Election Commissioner Anup Chandra Pandey said the Election Commission of India has been working for inclusive elections under the premise of ‘No Voter to be Left Behind’.

    “Our flagship voter education programme SVEEP connects with over 950 million voters spread over more than one million polling stations across the country,” he said.

    Election Commissioner Arun Goel said inclusive elections are a critical building block of ‘Elections Integrity’.

    A total of 59 participants from 31 countries/ EMBs including Angola, Armenia, Australia, Canada, Chile Costa Rica, Croatia, Denmark, Dominica, Georgia, Guyana, Kenya, Rep. of Korea, Mauritius, Moldova, Norway, the Philippines, Portugal, Romania, St Lucia, Suriname, Sweden, Switzerland and Zambia, as well as representatives of two International organisations, participated in the Conference.

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    #Flawed #reports #damage #credibility #poll #management #bodies #CEC #KumarB

    ( With inputs from www.siasat.com )

  • Highway construction firm to pay Rs 55 cr for environmental damage

    Highway construction firm to pay Rs 55 cr for environmental damage

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    Mumbai: The National Green Tribunal (NGT) has ordered a highway construction company to pay Rs 55.47 crore for causing environmental damage by illegally excavating stone, sand and murram for its projects in the Nashik and Hingoli districts of Maharashtra.

    In two separate orders on February 22, NGT’s western zone bench in Pune directed Rajendrasinh Bhamboo Infra Private Limited to pay Rs 36.35 crore and Rs 19.12 crore to the Maharashtra Pollution Control Board within a month. The detailed orders were made available recently.

    “We find that since the activity of mining has been conducted by the project proponent (Rajendrasinh Bhamboo Infra) without taking prior environmental clearance, the same is treated to be a violation which impacts the environment adversely,” said the green tribunal in one of its orders.

    One Dattatraya Phalke had filed pleas with the tribunal saying that the company be blacklisted for having repeatedly “violated environmental norms for its commercial benefits”.

    The tribunal had earlier punished the company by imposing “environmental compensation” but it continues to violate the environmental norms, said petitioner Phalke.

    As per the pleas, the firm deliberately did not obtain “prior environmental clearance for its project at Kalamnuri in Hingoli and has illegally excavated more than 4,50,000 brass of stones, murom and sand”.

    For its project at Nandgaon in Nashik district, the company has carried out illegal mining of 25,000 brass of similar construction materials, the plea added.

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    #Highway #construction #firm #pay #environmental #damage

    ( With inputs from www.siasat.com )

  • Earthquake Of Magnitude 3.9 Reported In Jammu & Kashmir, No Reports Of Damage

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    JAMMU, Mar 5: An earthquake of magnitude 3.9 struck Jammu and Kashmir on Sunday morning, according to the National Center for Seismology (NCS).

    The NCS in a tweet said that the 3.9-magnitude earthquake struck north of J&K capital Srinagar at 6:57 am. There were no immediate reports of damage from J&K.

    The J&K earthquake was reported by the NCS shortly after two earthquakes were reported in Afghanistan-Tajikistan region. The NCS in another tweet shared that a 4.3-magnitude earthquake struck the region of Tajikistan bordering Afghanistan at 6:10 am.

    The NCS said, “Earthquake of Magnitude:4.3 occurred on 05-03-2023, 06:10:37 IST, Lat: 37.72 & Long: 73.48, Depth: 10 Km, Location: 267km ENE of Fayzabad.”

    A second earthquake also struck Afghanistan just before the J&K earthquake, according to United States Geological Survey (USGS).

    The USGS earthquake tracker shows a 4.1-magnitude earthquake struck northern Afghanistan bordering Tajikistan at 6:56 am IST — just a minute before the J&K earthquake reported by NCS.

    Late on Saturday night, another earthquake of magnitude 4.1 was struck the same region, according to NCS.

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    #Earthquake #Magnitude #Reported #Jammu #Kashmir #Reports #Damage

    ( With inputs from : roshankashmir.net )

  • Damage Notes Holders Alert: Important! Damaged notes

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    If you have Torn Notes and you are not able to play that note anywhere, because shopkeepers refuse to take it. So now you do not need to worry because after reading the news of this work, you will get perfect notes instead of your mutilated notes.

    That is, now you will not need to run the Damage Note at a discount with a lower price. Actually we are saying this because RBI has made some rules to change this tape pasted note. Let us know that according to bank rules, how you can change these notes and how you can get full money back. That is, how can you make this tape sticking note valid.

    RBI rules on mutilated notes

    RBI says that old and torn notes can be easily replaced and for this the bank does not charge you any fee. But, if the note is badly burnt or has been broken into many pieces, then such note will not be exchanged. According to the circular of the Reserve Bank, there is a fixed limit for replacing your mutilated notes.

    For example, a person can change a maximum of 20 notes at a time, but their total value should not exceed Rs 5,000. At the same time, badly burnt, mutilated notes cannot be exchanged in the bank, because they can be deposited only in the issue office of RBI.

    Bank responsibility

    According to the Reserve Bank, if a bad or fake note comes out from the ATM, then it is the responsibility of the bank. If there is any kind of defect in the note, then it should be examined by the employees of the bank. If the serial number, watermark of Mahatma Gandhi and the oath of the Governor are visible on the note, then the bank will have to change the note in any case.

    The more torn the note, the more it costs

    It depends on the condition of your note and note value whether you will get full money back or not. In case of slightly mutilated note, full money is received, but if the note is more torn then you will get some percentage of the money back.

    For example, if you have a note of 2000 rupees, whose 88 square centimeter part will give you its full value. On the other hand, if the share is 44 square centimetres, half the amount will be given. Similarly, if 78 square centimeters of a torn note of Rs 200 is safe, then full money will be available, but only half the money will be available on 39 square centimeters.

    Second example – If the largest piece of a note with a value of less than Rs.50 is more than 50 percent of the normal note, then on exchange of this note, its full value will be received. If the largest piece of a note with a value of more than Rs 50 is 80 percent or more than the normal note, then you will get the full price for the exchange of this note.

    How to replace torn note received from ATM?

    To replace the mutilated notes that came out of the ATM, you have to go to the bank from whose ATM the notes came out. You will have to write an application after going there. In which you will have to write the information about the date, time and place from where the money was withdrawn.

    After this, along with the application, the transaction related slip from the ATM will also have to be attached. If the slip has not been issued, then the details of the transaction received on the mobile will have to be given. After this your notes will be changed by the bank immediately.

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    #Damage #Notes #Holders #Alert #Important #Damaged #notes

    ( With inputs from : kashmirpublication.in )

  • Landslides Damage Five Houses In Ramban

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    SRINAGAR: Five houses were damaged by landslides in J&K’s Ramban district on Sunday, officials said.

    Officials said landslides hit Duksar Dal village of Sangaldan area, 45 km from Ramban district headquarters.

    “The incident occurred nearly a fortnight after 19 residential houses, a mosque, and a girls religious school had developed cracks due to land sinking at Nai Basti village of Doda district.

    “The affected families have been shifted and provided tents, ration, utensils and blankets as an immediate relief,” an official said. (IANS)

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    #Landslides #Damage #Houses #Ramban

    ( With inputs from : kashmirlife.net )

  • Organ damage persists in almost 60 pc of long Covid patients a year after initial diagnosis: Study

    Organ damage persists in almost 60 pc of long Covid patients a year after initial diagnosis: Study

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    London: Scientists have found that organ damage persisted in 59 per cent of long Covid patients a year after initial symptoms, even in those not severely affected when first diagnosed with the virus, according to a new study.

    The study also found that 29 per cent of patients with long COVID had multi-organ impairment, with persistent symptoms and reduced function at six and twelve months, it said.

    The comprehensive study of organ impairment in long COVID patients over 12 months focused on patients reporting extreme breathlessness, cognitive dysfunction and poor health-related quality of life, it said.

    According to the study, of the 536 patients who were studied, 13 per cent were hospitalised when first diagnosed with COVID-19, with 32 per cent of people taking part in the study being healthcare workers.

    The study found that of the 536 patients, 331, or 62 per cent, were identified with organ impairment six months after their initial diagnosis. It is published in the Journal of the Royal Society of Medicine.

    These patients were followed up six months later with a 40-minute multi-organ MRI scan (Perspectum’s CoverScan), analysed in Oxford, the study said.

    “Symptoms were common at six and twelve months and associated with female gender, younger age and single organ impairment,” said Amitava Banerjee, Professor of Clinical Data Science at the UCL Institute of Health Informatics, UK.

    The study reported a reduction in symptoms between six and 12 months, it said.

    Extreme breathlessness came down from being reported in 38 per cent of the patients to 30 per cent of patients, the study said, while cognitive dysfunction came down from 48 per cent to 38 per cent.

    Poor health-related quality of life came down from 57 per cent to 45 per cent of patients, the study said.

    “Several studies confirm persistence of symptoms in individuals with long COVID up to one year.

    “We now add that three in five people with long COVID have impairment in at least one organ, and one in four have impairment in two or more organs, in some cases without symptoms,” said Banerjee.

    “Impact on quality of life and time off work, particularly in healthcare workers, is a major concern for individuals, health systems and economies.

    “Many healthcare workers in our study had no prior illness, but of 172 such participants, 19 were still symptomatic at follow-up and off work at a median of 180 days,” said Banerjee.

    The underlying mechanisms of long COVID remain elusive, said the researchers, who did not find evidence by symptoms, blood investigations or MRI to clearly define long COVID subtypes, the study said.

    They said that future research must consider associations between symptoms, multi-organ impairment and function in larger cohorts.

    “Organ impairment in long COVID has implications for symptoms, quality of life and longer-term health, signalling the need for prevention and integrated care for long COVID patients,” said Banerjee.

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    #Organ #damage #persists #long #Covid #patients #year #initial #diagnosis #Study

    ( With inputs from www.siasat.com )

  • New Zealand surveys damage from Cyclone Gabrielle amid new storm warnings – in pictures

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    At least five people have been killed after the storm with towns cut off, thousands of people uncontactable and many more without power

    Guardian staff

    Main image:
    Residents wade through flood waters in the city of Napier, on New Zealand’s North Island, in the wake of Cyclone Gabrielle.

    Photograph: AFP/Getty Images

    Thu 16 Feb 2023 05.07 GMT

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    #Zealand #surveys #damage #Cyclone #Gabrielle #storm #warnings #pictures
    ( With inputs from : www.theguardian.com )

  • Snowfall Causes Damage to 3 Residential Houses, Disrupts Normal Life in Uri

    Snowfall Causes Damage to 3 Residential Houses, Disrupts Normal Life in Uri

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    Zaffer Iqbal

    Uri, Jan 30 (GNS): At least three residential houses were damaged even as normal life disrupted in the aftermath of ongoing snowfall in frontier Uri town in North Kashmir’s Baramulla district.

    Reports reaching GNS that three residential houses belonging to Ghulam Hassan Khan and Jahangir Ahmed Khan were damaged in Mohura while as another house belonging to one Ghulam Murtaza Khan was damaged in Challan Boniyar.

    With incessant snowfall, thin public movement was witnessed on roads and markets even as the traffic movement also remaining largely effected.

    Most of roads conecting tehsil headquarters of Boniyar with Uri were still closed for vehicular movement, at the time of filing of this report.

    Many villages in the Uri town face power outage as the snowfall damaged electricity poles and wires at various places.

    The relatively high downpour of the season has reportedly also caused huge damage to fruit trees including apple, walnut, pear, apricot, pomegranate in upper villages viz. Nambla, Garkote, Balkote, Silikote, Sohura, Mothal, Chrunda Kamalkote, Lachipora, Bijhama, Boniyar.

    When contacted, a PDD official told GNS that electricity has been restored at many places. “The supply in remaining places will be restored tomorrow (Tuesday)”, the official said.

    Meanwhile a PMGSY Department official told GNS that several roads were cleared today only. “There has been accumulation on few roads due to continuous downpour”, he said adding the roads will be cleared and made accessible for movement once the weather conditions improve. (GNS)

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    #Snowfall #Damage #Residential #Houses #Disrupts #Normal #Life #Uri

    ( With inputs from : thegnskashmir.com )