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During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
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During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
We support credit card, debit card and PayPal payments.
adminComments Off on Subscribe to read | Financial Times 2
During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
We support credit card, debit card and PayPal payments.
adminComments Off on Subscribe to read | Financial Times 2
During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
We support credit card, debit card and PayPal payments.
adminComments Off on Subscribe to read | Financial Times 2
During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
We support credit card, debit card and PayPal payments.
adminComments Off on Subscribe to read | Financial Times 2
During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
We support credit card, debit card and PayPal payments.
adminComments Off on Subscribe to read | Financial Times 1
During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
We support credit card, debit card and PayPal payments.
adminComments Off on Subscribe to read | Financial Times 1
During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
We support credit card, debit card and PayPal payments.
adminComments Off on Subscribe to read | Financial Times 1
During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. For a full comparison of Standard and Premium Digital, click here.
Change the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section.
What happens at the end of my trial?
If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.
For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.
You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here.
Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.
When can I cancel?
You may change or cancel your subscription or trial at any time online. Simply log into Settings & Account and select “Cancel” on the right-hand side.
You can still enjoy your subscription until the end of your current billing period.
What forms of payment can I use?
We support credit card, debit card and PayPal payments.
adminComments Off on Subscribe to read | Financial Times 1
A vital element in the defence of medieval castles and a symbol of status throughout history, the water feature has long served a greater architectural purpose than mere plumbing. At the Palace of Versailles, ornate fountains represented King Louis XIV’s mastery over nature. And modern architects are equally fixated on channelling water into focal points that blur boundaries between the home and its surroundings.
Garret Werner of the international architectural practice Garret Cord Werner drew on the ethos behind traditional Japanese architecture and its emphasis on balancing the elements when designing a residence on Lake Washington’s Mercer Island. The property, used by its owners as a refuge from nearby Seattle, is built around a central spine of water – a rill – criss-crossed by a series of glass bridges leading to different interior spaces. Werner’s rill leads to the entrance, which segues into a lap pool running the length of the interior, and ends in an infinity spa at the rear of the property with views across the lake. “Consequently all these very emotional experiences happen as you travel through space,” says the architect of the house, which was completed in 2019. “Most clients now want their homes to be more of an experience because they spend so much more time there.”
Architect Jim Cappuccino was inspired by the “calming sound of trickling water” when his practice, Hutker Architects, created reflection pools as “time out” zones at a residence in Concord, Massachusetts. One zone sits just beyond the kitchen – an “island” of black granite steppers, which appear to float on the surface creating an idyllic spot for morning coffee – and the other outside the home’s den; both are only around 1.5ft deep but are lined with black river-stone mesh tiles to create the illusion of depth. “The experience is auditory and visual,” he says of time spent beside them. “We all know that water calms us and promotes relaxation.”
Most clients now want their homes to be more of an experience
Han Loke Kwang, principal architect at HYLA Architects, uses water to instil a sense of peace and privacy within Singapore city homes. At Vertical Court, a colossal house in Greenbank Park, he’s created a two-storey inner courtyard that punches through the heart of the house and encases a timber-framed pond – at the centre of which is a single frangipani tree. “I have a very simple definition of architecture. It is the space between you and your environment,” he says. “In densely populated Singapore, where the houses are very close together, having this courtyard – which can only be seen by those inside – generates space, light and a focus for the property.”
Han has conjured the same sensibility within another cavernous house – Serangoon Gardens, north-east of the city, which features a courtyard with two pools on the ground floor: one for swimming and the other for koi carp. The living and dining rooms open onto this inner sanctum through sliding and bifold glass doors, creating an indoor-outdoor living experience that also helps to ventilate the home, while most rooms have views of the courtyard. “People see their houses in a much more holistic way,” says the architect of his water feature, “as somewhere to live, to work and to be entertained. They are not just shelters but an oasis.”
Buyers searching for an oasis of their own will find Spain fertile hunting ground. At the premium end of the market is El Mirador – a 23,486sq ft, five-bedroom home in Sotogrande on the Costa del Sol, which is on the market with Savills for €17.9mn. Here, the hefty price tag buys privacy in what is a community of just five owners (and where the entrance is shielded by a courtyard of shallow pools and tropical trees). Inside, the list of luxuries includes an indoor pool opening onto the garden and a spa with Turkish bath, jacuzzi, sauna and showers.
No one can deny the sense of theatre that comes with this approach
The demand for water features within domestic architecture is an offshoot of the growth of biophilic design. The thinking is that a sense of connection to the natural world has real health benefits – both physical and mental – but no one can deny the sense of theatre that comes with this approach. In Alcobendas, 11 miles north of central Madrid in Spain, the aptly named The Waterfall House (on sale through Knight Frank for €17.5mn) is currently under construction, and will feature a show-stopping raised swimming pool complete with a three-sided waterfall when it is finished.
Retro-futurist fans might also consider looking to Beverly Hills, where a $20mn 1960s bungalow has been radically transformed. Its slick, all-white open-plan interior plays host to a series of circular and oval water-filled “pools” with a 2001: A Space Odyssey-like aesthetic, while mirroring the organic form of the home’s outdoor swimming pool. The property is on sale through Christie’s International Real Estate.
In countries where water is a scarcity, the architectural vernacular has evolved around its use. In the desert nation of Morocco, for example, early riads were built facing inward with rooms overlooking an open courtyard – with a central pool used for washing and cleaning. “In traditional homes you also find small canals running through the house, giving access to water and making it easier for chores,” says Kenza Taj, a real estate agent with Kensington Morocco, a local affiliate of Christie’s International Real Estate. “Access to water means wealth, it is a way to show the importance of a family.” House-hunters will find an abundance of status homes here, including a 10-bedroom pile on sale at The Palmeraie, an upscale enclave some 15 minutes’ drive from the centre of Marrakech, which is dotted with extravagant modern palaces surrounded by formal gardens featuring lakes, ponds and streams. The spectacle of the 17,653sq ft house (priced €4.95mn, through Sotheby’s International Realty) is a linear water feature slicing through the garden, which extends over one hectare – an asset, as Taj points out, which is increasingly rare in the area. “The depletion of the water table means that homes are no longer automatically built with wells to supply water features and pools,” she says. “People are now much more careful with water.”
Water, of course, is a precious resource globally, which means designers have turned to collected rainwater systems to fill architectural details, while filtration keeps the water clean and healthy. When upgrading a home, water features can dramatically set a property apart from the rest – even in the most suburban of locations, as architect Gregory Phillips, founder and director of Gregory Phillips Architects, can attest. Among Phillips’ projects is the completion of what could have been a standard kitchen extension in a Victorian house in Wimbledon, south-west London, which is instead elevated by the design of a linear water rill around the perimeter of a glass box. “A small extension would have looked silly tacked onto the house, but by creating this sense that the room is floating, it gives it substance,” he says of his creation. “And the wonderful thing is the way the water reflects light into the room, while also mirroring the sky.” A design, perhaps, that brings a whole new meaning to the phrase “a room with a view”.
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Collette Dinnigan made her name almost three decades ago on the runways of Paris as the first Australian designer to show her ready-to-wear collections in the French capital. She’s long since stopped creating clothes, but she’s proven to be a dab hand at interiors. Case in point: Casa Olivetta, the little compound of farmhouses in an olive grove that she restored in the Valle d’Itria back in 2016.
With a gorgeous cook’s kitchen, a master suite with an antique iron canopy bed, two further bedrooms in the main house, and a guest villa that’s perfect for a couple (or a teenager), it’s a masterclass in unstudied country chic. The pool, surrounded by a limestone border and native wildflower beds and grasses, is bucolic; the 100-year-old pizza oven is a bonus. Book through masseriamoroseta.com, from €7,500 a week
Conceived and kitted for a much bigger group – it sleeps up to 22 people – Masseria Pistola is a new-for-2023 villa. British entrepreneur Constant Tedder saw the house, at the time abandoned for more than 35 years, and fell for it. He enlisted James Thurstan Waterworth, formerly the European design director for Soho House, to see to its interiors. The suites are spread throughout two houses and a smattering of trulli across the estate’s 30 acres.
The antiques hail from the south of France and northern Spain as well as all the best shops and weekend markets around the Canale di Pirro, where Pistola is. It brings plenty of privacy (a few of the trulli cottages have their own kitchens), but also numerous indoor and outdoor gathering spaces, including games in the main house and no fewer than four dining terraces: the wine, honey and preserves, and most fruits and vegetables, all come from the estate. masseriapistola.com, from €13,500 per week
A hidden palazzo with charm to spare
Don Totu Dimora Storica in San Cassiano
The southern reaches of Puglia – the tip of the heel of Italy’s boot – are known as the Salento: flat, windswept, bracketed by the Ionian and the Adriatic, with a strong sense of Greece in the air and on the land (Corfu is only about 60 miles to the east). It’s simpler and maybe a bit more shambolic down here, but I’ve always preferred it to the region’s northern reaches, not least because the sea between Pescoluse and Punta Pizzo is some of the bluest and most beguiling in Italy.
The sprawling courtyard with pool and olive trees
The underground hammam at Don Totu Dimora Storica
Don Totu Dimora Storica is in the middle of the Lilliputian village of San Cassiano, south-west of Otranto – an unassuming street door leads into a sprawling palazzo with a wide courtyard complete with pool and olive trees. There’s a second roof terrace for sunset lounging. The six accommodations range from a modest couple’s room to a studio-apartment-sized suite with its own terrace. Breakfast is served in the shaded portico or in a pretty room off the courtyard – all star-vaulted ceilings, exposed walls of creamy pietra leccese, and regional delights such as dense, fruit-filled pasticciotti. And the beaches of Santa Cesarea are a 20-minute drive away. dontotu.it, from €345
I discovered the charms of Masseria Silentio – one part of the estate near Ostuni known as Borgo Silentio – thanks to our friends over at Maison Flâneur, who have as good an eye for a chic sleep as they do a chic lamp, placemat or set of bed linens. It truly does feel like a home, from the rustic painted furniture mixed in with the odd baroque or 19th-century showpiece antique, to the eclectic mix of ceramics on the table in the morning.
Sun pours into the single-storey building through the half-arched glass doors, which lead out to a stone terrace and small but pretty pool surrounded by olive trees. Above is a roof terrace that spans the entire building, with café tables and loungers for enjoying the views morning to night. borgosilentio.com, from £350
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Regulations governing tokenized deposits and crypto assets are likely to become effective on Jan. 1, 2025, a senior fintech analyst at the South African central bank has revealed. However, according to the analyst, regulators are still trying to understand or learn the risks that come with using distributed ledger technology.
Central Bank Considers Appropriateness of Retail CBDC
Gerhard van Deventer, a senior fintech analyst at the South African Reserve Bank (SARB) recently disclosed that regulations governing the so-called tokenized deposits and crypto assets are expected to come into effect on Jan.1, 2025. Although taking this step is seen as an important milestone, Deventer, however, warned regulators still need to understand the risks that are associated with the technology underpinning digital assets.
To achieve this, the SARB and its partners have conducted experiments whose objective was to understand and identify the risks as well as the benefits of distributed ledger technology (DLT). Project Khokha and Project Khokha 2 are among the experiments that were conducted by the South African central bank in conjunction with commercial banks.
In one of the experiments, the SARB is said to have explored a general-purpose retail central bank digital currency (CBDC). The South African central bank similarly explored wholesale and multi-CBDCs and according to Deventer, the bank is now interested in finding a way forward.
“At the SARB, we recently completed a project that explored the feasibility, desirability and appropriateness of a retail CBDC for South Africa. We are currently progressing with an internal project to consider the way forward,” the fintech analyst said.
However, according to a report published in Creamer Media’s Engineering News, South African regulators; the SARB and the Financial Sector Conduct Authority (FSCA) as well as the financial industry still need to do more work on the prudential treatment of crypto assets.
Benefits of a Central Bank Digital Currency
Meanwhile, the same report also quotes Sim Tshabalala, the chief executive (CE) of Standard Bank, who recently spoke about the benefits of using CBDCs to facilitate secure interbank clearing. According to Tshabalala, CBDCs, particularly retail ones, can potentially increase participation in the formal financial system. They can also reduce opportunities for tax evasion and other forms of financial crimes.
Tshabalala noted however that questions still remain about the role of central banks should CBDCs become widely used. He said:
“However, it is not clear at this stage how retail CBDC balances held with commercial banks differ from other deposits, or how CBDC balances held by an individual or a firm directly with the central bank differs from the central bank turning itself into a retail bank.”
The Standard Bank CE said failing to address this would be equivalent to doing nothing to “mitigate the risk and moral hazards” that arise from a central bank’s direct participation in the financial system.
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Terence Zimwara
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons
adminComments Off on Report: Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025 – Africa Bitcoin News 1
American venture capital investor and entrepreneur Tim Draper advised founders to keep at least two payrolls worth of cash in Bitcoin (BTC) or alternative cryptocurrencies, in response to the uncertainty created by the collapse of Silicon Valley Bank (SVB).
In a March 25 report directed at business founders, Tim Draper stated that Bitcoin is a hedge against a “domino run” on the banks and on overbearing government intervention, adding that businesses “can no longer rely” on a single bank or governing body to manage their cash.
Draper suggested that business founders keep at least “6 months of short-term cash” in two separate bank accounts – one with a local bank and another with an international bank.
He noted that businesses should also have at least two payrolls “worth of cash” in Bitcoin and other cryptocurrencies.
Draper explained these preventative steps were necessary as for the “first time in many years,” governments are seizing control of banks and governments themselves are “at risk of becoming insolvent.”
He further revealed that “many startups” sought “emergency relief” from him after SVB and other banks shut down.
Additionally, he emphasized the importance of contingency plans, as boards and management are responsible for meeting payroll deadlines, “even in times of crisis.” He noted:
“It is important to build out contingency plans for bank failures that could happen more and more often if the government continues to print money and whipsaw interest rates to counteract inflation caused by the over-printing of money.”
He also warned that businesses should remain vigilant against fraud, noting that fraudsters are skilled at identifying weaknesses in a system and exploiting them.
Furthermore, he advised founders that phishing theft can be prevented by verifying with all parties involved whenever there is a change in wire instructions or a new approval system.
This comes after recent news that Tim Draper performed a self-composed Bitcoin Song after his keynote speech at Paris Blockchain Week 2023 on March 22.
He stated that the song was dedicated to SVB and “all the banks that have failed and will fail.”
The song received a round of applause from the audience, with Draper concluding his time on stage by saying blockchain, Bitcoin and smart contracts are making up one of the “greatest transitions in the history of the world.”
adminComments Off on Tim Draper recommends founders hold ‘at least’ two payrolls ‘worth of cash’ in crypto 1
American venture capital investor and entrepreneur Tim Draper advised founders to keep at least two payrolls worth of cash in Bitcoin (BTC) or alternative cryptocurrencies,in response to the uncertainty created by the collapse of Silicon Valley Bank (SVB).
In a March 25 report directed at business founders, Tim Draper stated that Bitcoin is a hedge against a “domino run” on the banks and on overbearing government intervention, adding that businesses “can no longer rely” on a single bank or governing body to manage their cash.
Draper suggested that business founders keep at least “6 months of short-term cash” in two separate bank accounts – one with a local bank and another with an international bank.
He added that businesses should also have the equivalent of at least two payrolls in Bitcoin and other cryptocurrencies.
Draper explained these preventative steps were necessary as for the “first time in many years,” governments are seizing control of banks and governments themselves are “at risk of becoming insolvent.”
He warned that as boards and management are “responsible” for meeting payroll deadlines regardless, it is vital to have a diversified cash management approach. He noted:
“It is important to build out contingency plans for bank failures that could happen more and more often if the government continues to print money and whipsaw interest rates to counteract inflation caused by the over-printing of money.”
Draper stated that the reason behind implementing this plan was due to “many startups” seeking “emergency relief” from him after SVB and other banks shut down.
He also warned founders in the report to remain vigilant against fraud, noting that fraudsters are skilled at identifying weaknesses in a system and exploiting them.
Furthermore, he advised founders that phishing theft can be prevented by verifying with all parties involved whenever there is a change in wire instructions or a new approval system.
This comes after Tim Draper performed a self-composed Bitcoin Song at the end of his keynote speech at Paris Blockchain Week 2023 on March 22.
He stated that the song was dedicated to Silicon Valley Bank and “all the banks that have failed and will fail.”
The song received a round of applause from the audience, with Draper concluding his time on stage by saying blockchain, Bitcoin and smart contracts are making up one of the “greatest transitions in the history of the world.”
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Billionaire Barry Sternlicht, chairman and CEO of Starwood Capital Group, has warned that the U.S. economy is going to implode, emphasizing that interest rates have to fall. He further stressed that the economy “will have a hard landing.”
Barry Sternlicht on Hard Landing, Economic Implosion
The chairman and CEO of Starwood Capital Group, billionaire Barry Sternlicht, discussed the state of the U.S. economy in an interview with CNBC on Thursday.
Following the Federal Reserve hiking interest rates by 25 basis points (bps) on Wednesday, Sternlicht reiterated that the Fed should have stopped raising interest rates, citing the banking crisis. Recently, several major banks failed, including Silicon Valley Bank and Signature Bank.
“I think you have to lower rates. That’s how you recapitalize the banks. I think they’ve done enough,” Sternlicht opined, adding:
The bond market is telling you what’s going to happen. The bond market is right. Interest rates have to fall. The economy is going to implode.
Last week, billionaire Jeffrey Gundlach, aka the “bond king,” also explained how the bond market is signaling that the Federal Reserve will be cutting interest rates substantially soon.
Asserting that Federal Reserve Chairman Jerome Powell “is using a steamroller to get the price of milk down two cents, to kill a small fly,” the Starwood Capital CEO stressed: “You do not have to see the car hit the wall to know it’s going 8,000 miles an hour and it will hit the wall.” He cautioned:
The economy will have a ‘hard landing.’
Some people believe that there will be a hard landing in the U.S. while some expect a soft landing or even no landing. Recently, economist David Rosenberg examined the Federal Reserve Bank of Philadelphia’s manufacturing business outlook since 1968 and concluded that the U.S. seems to be headed towards a “crash landing.”
Many people believe that the Federal Reserve will cut interest rates very soon, including Gundlach. However, Fed Chair Jerome Powell said that rate cuts are not in the Fed’s base case, emphasizing that inflation is still too high. Meanwhile, economist and gold bug Peter Schiff has warned that inflation is about to get a lot worse and Americans’ cost of living will go way up.
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Do you agree with billionaire Barry Sternlicht? Let us know in the comments section below.
Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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United States authorities are reportedly deliberating on extending an emergency credit line for banks, “in ways” which may provide First Republic Bank with a time buffer to address balance sheet concerns, according to people with knowledge of the situation.
In a March 26 Bloomberg report citing unnamed sources, it was reported that U.S. officials have not decided on what support, “if any,” they can provide to First Republic, however an “expansion of the Federal Reserve’s offering” is one of the options being considered.
First Republic was reportedly deemed “stable enough to operate” by regulators without the need for “immediate intervention,” while the bank and its advisers attempt to “shore up its balance sheet.”
The sources noted that while the Fed’s liquidity offerings would be reportedly expanded in accordance with banking law, which stipulates that it must be “broadly based” and not aimed at benefiting a specific bank, they also warned that the alteration could be “made in a way” that ensures First Republic Bank benefits.
It was reported that despite First Republic facing structural challenges with its balance sheet, “the bank’s deposits are stabilizing” and is not at risk of experiencing “the kind of sudden, severe run” that led regulators to close down Silicon Valley Bank. It noted:
“It has cash to meet client needs while it explores solutions, the people said. That includes $30 billion deposited by the nation’s largest banks this month.”
This comes after the Fed announced a plan on March 19 to strengthen liquidity conditions through “swap lines,” which involve an agreement between two central banks to exchange currencies.
Coordinated central bank action to enhance the provision of U.S. dollar liquidity: https://t.co/Qs4cYY8BFO
“To improve the swap lines’ effectiveness in providing U.S. dollar funding, the central banks currently offering U.S. dollar operations have agreed to increase the frequency of seven-day maturity operations from weekly to daily,” the Fed said in a statement
The swap line network – which involves the Bank of Canada, Bank of England, Bank of Japan, European Central Bank, and the Swiss International Bank – commenced on March 20 and is set to run until at least April 30.
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