The Reserve Bank of Zimbabwe will soon issue a gold-backed digital currency that will function as the country's legal tender. The move is part of a government strategy to keep the local currency from depreciating further against the US dollar.

According to the state-run outlet, The Sunday Mail, the initiative will allow small amounts of Zimbabwean dollars to be swapped for the digital gold token, allowing more Zimbabweans to hedge against currency volatility. According to Reserve Bank of Zimbabwe Governor John Mangudya, the objective is to "leave no one and no place behind." Last year, the government also issued gold coins in an attempt to absorb surplus liquidity and stabilise the local currency.

Mangudya said the current exchange rate volatility can be&nbsp;attributed&nbsp;to market anticipation of higher foreign currency supply when the tobacco auction season began in March. Zimbabwe has shipped 54.9 kilos&nbsp;of tobacco for $307 million since the auction season began. It shipped 57 million kilos&nbsp;for $295.5 million over the same period last year.

According to Bloomberg, Zimbabwe's currency is valued at 1,001 ZWL for $1, but it is frequently exchanged for 1,750 ZWL on the streets of Harare, the country's capital. Annual consumer price inflation in the country fell to one year low of 87.6 percent&nbsp;in March from 92 percent&nbsp;in February.

ZIMBABWE'S ECONOMIC HISTORY AND DIGITAL CURRENCIES

Zimbabwe has suffered huge economic issues in the past, including one of history's most severe examples of hyperinflation. In the late 2000s, hyperinflation reached astronomical proportions, with prices doubling every few hours, causing the local currency to collapse.

In 2009, the government adopted the US dollar as its primary form of currency in order to stabilise the economy. This, however, was not an effective long-term solution because it hampered the government's capacity to control its monetary policy. In an attempt to revitalise the economy, Zimbabwe reintroduced its own currency, the Zimbabwe dollar, in 2019. However, the re-introduction has been plagued by rapid price hikes and volatile exchange rates, causing substantial issues for the local population.

The introduction of a gold-backed digital currency is seen as a potential solution to address these challenges. By leveraging the stability of gold as a backing asset, digital currency aims to provide a more stable form of currency for Zimbabweans to store value and protect against currency volatility.

As a result of economic issues, crypto usage has increased in several African countries. The Middle East and North Africa are the fastest-growing regions for crypto adoption, primarily to cross-border remittances, with over $566 billion in crypto transactions between July 2021 and June 2022, up 48 percent&nbsp;from the previous year, according to Chainalysis.

The Reserve Bank of Zimbabwe will soon issue a gold-backed digital currency that will function as the country's legal tender. The move is part of a government strategy to keep the local currency from depreciating further against the US dollar.

The Reserve Bank of Zimbabwe will soon issue a gold-backed digital currency that will function as the country's legal tender. The move is part of a government strategy to keep the local currency from depreciating further against the US dollar. According to the state-run outlet, The Sunday Mail, the initiative will allow small amounts of Zimbabwean dollars to be swapped for the digital gold token, allowing more Zimbabweans to hedge against currency volatility. According to Reserve Bank of Zimbabwe Governor John Mangudya, the objective is to "leave no one and no place behind." Last year, the government also issued gold coins in an attempt to absorb surplus liquidity and stabilise the local currency. Mangudya said the current exchange rate volatility can be attributed to market anticipation of higher foreign currency supply when the tobacco auction season began in March. Zimbabwe has shipped 54.9 kilos of tobacco for $307 million since the auction season began. It shipped 57 million kilos for $295.5 million over the same period last year. According to Bloomberg, Zimbabwe's currency is valued at 1,001 ZWL for $1, but it is frequently exchanged for 1,750 ZWL on the streets of Harare, the country's capital. Annual consumer price inflation in the country fell to one year low of 87.6 percent in March from 92 percent in February. ZIMBABWE'S ECONOMIC HISTORY AND DIGITAL CURRENCIES Zimbabwe has suffered huge economic issues in the past, including one of history's most severe examples of hyperinflation. In the late 2000s, hyperinflation reached astronomical proportions, with prices doubling every few hours, causing the local currency to collapse. In 2009, the government adopted the US dollar as its primary form of currency in order to stabilise the economy. This, however, was not an effective long-term solution because it hampered the government's capacity to control its monetary policy. In an attempt to revitalise the economy, Zimbabwe reintroduced its own currency, the Zimbabwe dollar, in 2019. However, the re-introduction has been plagued by rapid price hikes and volatile exchange rates, causing substantial issues for the local population. The introduction of a gold-backed digital currency is seen as a potential solution to address these challenges. By leveraging the stability of gold as a backing asset, digital currency aims to provide a more stable form of currency for Zimbabweans to store value and protect against currency volatility. As a result of economic issues, crypto usage has increased in several African countries. The Middle East and North Africa are the fastest-growing regions for crypto adoption, primarily to cross-border remittances, with over $566 billion in crypto transactions between July 2021 and June 2022, up 48 percent from the previous year, according to Chainalysis.

Gold-backed digital tokens: Zimbabwe’s bid to revive its local currency

Nine people were killed in northern Ecuador on the 11th of April ...in an indiscriminate shootout that has been described as a territorial fight between criminal gangs. Ecuador's Interior minister Juan Zapata said that the attack was due to payment of 'protection money' to a rival gang. The next day, six inmates were found hanging at the notorious Guayaquil prison. Both Guayaquil and Esmeraldas have witnessed a recent surge in violence. A state of emergency had been declared on the 3rd of March by President Guillermo Lasso to crackdown on the criminal gangs. But despite this ... criminal gangs have managed to carry out their killings with almost complete impunity. So why is the government failing to crackdown on the narco-criminal gangs?

Fishermen targeted over 'protection money' in Esmeraldas, Ecuador | World At War

A Shaman in Indonesia accused of killing 12 people has been arrested. He made his clients believe that he could multiply their money through spells. Molly Gambhir tells you more.

Gravitas: Indonesian Shaman promised to multiply money

On Wednesday, the hip-hop mogul took to Twitter to reveal that he pays Sting $5,000 per day for sampling The Police frontman's "Every Breath You Take" in Combs' song "I'll Be Missing You."

Diddy admits he pays Sting $5K per day for 'Every Breath You Take' sample

The AI revolution has fascinated human beings. While some people are afraid for their jobs, others are asking ChatGPT for money. The AI-led chatbot has helped people find money through unclaimed refunds and forgotten funds. Joshua Browder, the CEO of DoNotPay, secured $210 in unclaimed refunds from the California government in one minute using ChatGPT's premium browsing extension. He described his experience in a Twitter thread.&nbsp;

The only details Browder gave to the chatbot were his name, date of birth and place of residence. ChatGPT's AI helped Joshua to claim his unclaimed refund using an obscure government portal, California State Controller. Browder wrote, "The only thing stopping the AI doing it itself was a captcha. Companies will never build these integrations directly, because it loses them money. Comcast isn't going to let you cancel with a ChatGPT plugin. But we are working to bridge this gap DoNotPay with our own plugin." Like Joshua, many social media users have used ChatGPT to find unclaimed funds under their names.

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The first idea it came up with was to visit an obscure government website: the "California State Controller." 
 
This website holds unclaimed refunds from companies that can't contact you. 
 
It gave me a link with step by step instructions on what to do. (2/4) <a href="https://t.co/vJ3tOHlmQs">pic.twitter.com/vJ3tOHlmQs</a>
— Joshua Browder (@jbrowder1) <a href="https://twitter.com/jbrowder1/status/1642642472122589186?ref_src=twsrc%5Etfw">April 2, 2023</a></blockquote>
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However, not everyone appreciates the AI chatbot. The Italian government temporarily banned the use of OpenAI's ChatGPT, The New York Times reported. Italy's data protection authority has placed a temporary ban on the use of ChatGPT due to 'safety concerns.' They have accused ChatGPT-maker OpenAI of 'illegally collecting personal data from users.' Moreover, they pointed to the ChatGPT data breach in March. OpenAI CEO, Sam Altman, acknowledged the breach.&nbsp;

Joshua Browder explained in a Twitter threat that only captcha hinder the AI, preventing it from automatically finishing the task. Companies must not use such kinds of integrations as it might result in a loss of revenue for them. For instance, s multinational company would not allow customers to cancel their services with the help of the ChatGPT plugin. However, Browder's company DoNotPay is developing its plugin to overcome the hindrance and make the process more seamless. ChatGPT only helps you with easy-to-follow instructions to claim your refund.&nbsp;

The AI revolution has fascinated human beings. While some people are afraid for their jobs, others are asking ChatGPT for money. The AI-led chatbot has helped people find money through unclaimed refunds and forgotten funds.

The AI revolution has fascinated human beings. While some people are afraid for their jobs, others are asking ChatGPT for money. The AI-led chatbot has helped people find money through unclaimed refunds and forgotten funds. Joshua Browder, the CEO of DoNotPay, secured $210 in unclaimed refunds from the California government in one minute using ChatGPT's premium browsing extension. He described his experience in a Twitter thread. The only details Browder gave to the chatbot were his name, date of birth and place of residence. ChatGPT's AI helped Joshua to claim his unclaimed refund using an obscure government portal, California State Controller. Browder wrote, "The only thing stopping the AI doing it itself was a captcha. Companies will never build these integrations directly, because it loses them money. Comcast isn't going to let you cancel with a ChatGPT plugin. But we are working to bridge this gap DoNotPay with our own plugin." Like Joshua, many social media users have used ChatGPT to find unclaimed funds under their names. The first idea it came up with was to visit an obscure government website: the "California State Controller." This website holds unclaimed refunds from companies that can't contact you. It gave me a link with step by step instructions on what to do. (2/4) pic.twitter.com/vJ3tOHlmQs — Joshua Browder (@jbrowder1) April 2, 2023 × However, not everyone appreciates the AI chatbot. The Italian government temporarily banned the use of OpenAI's ChatGPT, The New York Times reported. Italy's data protection authority has placed a temporary ban on the use of ChatGPT due to 'safety concerns.' They have accused ChatGPT-maker OpenAI of 'illegally collecting personal data from users.' Moreover, they pointed to the ChatGPT data breach in March. OpenAI CEO, Sam Altman, acknowledged the breach. Joshua Browder explained in a Twitter threat that only captcha hinder the AI, preventing it from automatically finishing the task. Companies must not use such kinds of integrations as it might result in a loss of revenue for them. For instance, s multinational company would not allow customers to cancel their services with the help of the ChatGPT plugin. However, Browder's company DoNotPay is developing its plugin to overcome the hindrance and make the process more seamless. ChatGPT only helps you with easy-to-follow instructions to claim your refund.

ChatGPT helps man earn refunds worth $200 when asked to find money, leaves internet impressed

The question - “Can we buy happiness with money?” - has remained unanswered even though many social scientists and economists have been tempted to solve the puzzle.

Recently, a fresh answer has come out in a new study according to which happiness increases with growth in earnings and income, as per a report published in The Washington Post.

The study is based on research conducted by Nobel Prize-winning economist Daniel Kahneman along with Princeton University's Matthew Killingsworth who performed number crunching to reach this conclusion, the outlet further stated.

The result of the study contradicts research conducted in 2010 which stated that money can only boost happiness to a certain point, which was estimated to be about $75,000 in annual earnings.

ALSO READ | <a href="https://www.wionews.com/technology/netflix-starts-charging-money-for-extra-member-of-a-household-569571">Netflix starts charging money for 'extra member' of household in some countries</a>

Kahneman was among the two authors who had conducted the earlier study. The study became so popular that the founder of a credit card company raised his employees' minimum salaries to $70,000 by taking a cut in his own salary to do so.

The recent study was published this month in the Proceedings of the National Academy of Sciences, according to the Washington Post report.

Around 33,391 people, living in the US and between the age of 18 and 65, were surveyed by the two researchers. The people surveyed had a household income of a minimum of $10,000 a year.

As per the outlet, the responses about people's feelings at various intervals were recorded through a smartphone application by the researchers. The responses of people ranged from "very bad" to "very good".

WATCH | The key to happiness is more time, not more money

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CBS News stated that the study reached two major conclusions. One conclusion was that happiness does increase with growth in earnings up to $500,000 a year and the other conclusion was that a group of people exist for whom higher incomes do not create much of a difference.

This "unhappy group" comprised around 15 per cent of people, said the outlet further citing the study.

However, Killingsworth, in a statement, cautioned that money isn't everything. "Just one of the many determinants of happiness. Money is not the secret to happiness, but it can probably help a bit,” he stated.

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The question - “Can we buy happiness with money?” - has remained unanswered even though many social scientists and economists have been tempted to solve the puzzle.

The question - “Can we buy happiness with money?” - has remained unanswered even though many social scientists and economists have been tempted to solve the puzzle. Recently, a fresh answer has come out in a new study according to which happiness increases with growth in earnings and income, as per a report published in The Washington Post. The study is based on research conducted by Nobel Prize-winning economist Daniel Kahneman along with Princeton University's Matthew Killingsworth who performed number crunching to reach this conclusion, the outlet further stated. The result of the study contradicts research conducted in 2010 which stated that money can only boost happiness to a certain point, which was estimated to be about $75,000 in annual earnings. ALSO READ | Netflix starts charging money for 'extra member' of household in some countries Kahneman was among the two authors who had conducted the earlier study. The study became so popular that the founder of a credit card company raised his employees' minimum salaries to $70,000 by taking a cut in his own salary to do so. The recent study was published this month in the Proceedings of the National Academy of Sciences, according to the Washington Post report. Around 33,391 people, living in the US and between the age of 18 and 65, were surveyed by the two researchers. The people surveyed had a household income of a minimum of $10,000 a year. As per the outlet, the responses about people's feelings at various intervals were recorded through a smartphone application by the researchers. The responses of people ranged from "very bad" to "very good". WATCH | The key to happiness is more time, not more money CBS News stated that the study reached two major conclusions. One conclusion was that happiness does increase with growth in earnings up to $500,000 a year and the other conclusion was that a group of people exist for whom higher incomes do not create much of a difference. This "unhappy group" comprised around 15 per cent of people, said the outlet further citing the study. However, Killingsworth, in a statement, cautioned that money isn't everything. "Just one of the many determinants of happiness. Money is not the secret to happiness, but it can probably help a bit,” he stated. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Can money buy happiness? Nobel prize-winning economist says 'yes'

Russian oligarch Oleg Deripaska said that Russia is likely to run out of money by 2024 unless the nation receives investment from “friendly” countries as the sanction imposed by the Westen countries continue to bite.&nbsp;

An energy and metals tycoon who once held the tag of Russia’s richest person, Deripaska, said, There will be no money already next year. We will need foreign investors.”

He was speaking at an investment conference in Siberia on Thursday. The tycoon has also been impacted by the sanctions imposed by the US, UK and EU against Russia for invading Ukraine.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/torture-centres-in-kherson-planned-and-financed-by-russia-lawyer-group-says-567607">Torture centres in Kherson planned and financed by Russia, says lawyer group</a>

He said that funds have been running low and “that’s why they’ve (the Russian government) already begun to shake us down”, according to a Bloomberg report.

He stated that Russia has been facing “serious” pressure because of western sanctions and that Moscow and its businesses need to look to other countries which have “serious resources” to invest.

“We thought we were a European country,” said Deripaska, &nbsp;founder of Rusal which is the biggest producer of aluminium outside China.&nbsp;

“Now, for the next 25 years, we will think more about our Asian past," he added.&nbsp;

The comment comes amid warnings of the European ratings agency Scope that the budget deficit of Russia may increase to 3.5 per cent of gross domestic product (GDP), in comparison to the government’s forecast of 2 per cent of GDP. The official shortfall of 2.3 per cent was recorded in 2022.&nbsp;

Scope stated that the fall was a result of lower revenues from oil and gas exports, as the West distanced itself from Russian energy.

WATCH | NATO: World more dangerous with Russia suspending START treaty

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&nbsp;“Sanctions and the war are constraining Russia’s fiscal flexibility … due to lower energy export revenues, higher war-related spending and a steady decline in GDP,” Scope stated, as per a Reuters report.&nbsp;

“For now, Russia can finance its deficit relatively easily by drawing down the national wealth fund, set to amount to only 3.7 per cent of GDP by end-2024 from 10.4 per cent of GDP at end-2021," it added.&nbsp;

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Russian oligarch Oleg Deripaska said that Russia is likely to run out of money by 2024 unless the nation receives investment from “friendly” countries as the sanction imposed by the Westen countries continue to bite.

Russian oligarch Oleg Deripaska said that Russia is likely to run out of money by 2024 unless the nation receives investment from “friendly” countries as the sanction imposed by the Westen countries continue to bite. An energy and metals tycoon who once held the tag of Russia’s richest person, Deripaska, said, There will be no money already next year. We will need foreign investors.” He was speaking at an investment conference in Siberia on Thursday. The tycoon has also been impacted by the sanctions imposed by the US, UK and EU against Russia for invading Ukraine. ALSO READ | Torture centres in Kherson planned and financed by Russia, says lawyer group He said that funds have been running low and “that’s why they’ve (the Russian government) already begun to shake us down”, according to a Bloomberg report. He stated that Russia has been facing “serious” pressure because of western sanctions and that Moscow and its businesses need to look to other countries which have “serious resources” to invest. “We thought we were a European country,” said Deripaska, founder of Rusal which is the biggest producer of aluminium outside China. “Now, for the next 25 years, we will think more about our Asian past," he added. The comment comes amid warnings of the European ratings agency Scope that the budget deficit of Russia may increase to 3.5 per cent of gross domestic product (GDP), in comparison to the government’s forecast of 2 per cent of GDP. The official shortfall of 2.3 per cent was recorded in 2022. Scope stated that the fall was a result of lower revenues from oil and gas exports, as the West distanced itself from Russian energy. WATCH | NATO: World more dangerous with Russia suspending START treaty “Sanctions and the war are constraining Russia’s fiscal flexibility … due to lower energy export revenues, higher war-related spending and a steady decline in GDP,” Scope stated, as per a Reuters report. “For now, Russia can finance its deficit relatively easily by drawing down the national wealth fund, set to amount to only 3.7 per cent of GDP by end-2024 from 10.4 per cent of GDP at end-2021," it added. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Russia likely to run out of money next year, claims oligarch Oleg Deripaska

How much money will you need to be comfortable when you retire is one of the trickiest financial problems. The latest Bloomberg news survey says at least $3 million is needed for a secure retirement. When asked how much is enough to be comfortable when you retire, Bloomberg's MLIV Pulse survey of 553 investors globally showed about a third bet on $3 million and roughly another third pencilled in $5 million.

Most respondents are confident that by the end of 2023, their retirement savings will be higher than in 2022, and investors were also convinced they would get closer to their retirement objective. But the respondents were not sure if they would have enough money saved to support their current standard of living after retiring from work.

Also Read | <a href="https://www.wionews.com/world/is-vladimir-putin-sick-new-clip-of-his-feet-twitching-goes-viral-sparks-health-concerns-564297">Is Vladimir Putin sick? New clip of his feet twitching goes viral, sparks health concerns</a>

Less than half of the investors gave that a 100 per cent chance.

The lack of conviction on the standard of living is mostly driven by a surge in inflation since the war on the edge of Europe a year ago. According to Vanguard Group, the average American retirement account was down 20 per cent last year, largely driven by higher borrowing rates, inflation, and a downturn in the prices of stocks and bonds.

Also Read | <a href="https://www.wionews.com/trending/same-sex-blessings-row-anglican-leaders-rejects-archbishop-of-canterbury-justin-welby-as-leader-564282">Same-sex blessing row: In a first, a move against Archbishop of Canterbury Justin Welby</a>

A large portion of retirement savings is invested in actively managed equity funds. Blue chip stocks make up for a majority of such funds, especially for senior savers and index funds.

With the hammering global stocks, surging inflation and rising interest rates, the value of those retirement savings has taken a beating. The global economic outlook and, in turn, the expectations for returns on assets also remain bleak this year.

Watch | <a href="https://www.wionews.com/videos/air-india-begins-massive-hiring-pilots-salary-crosses-rs-2-crore-564293">Air India begins massive hiring, pilots' salary crosses Rs 2 crore</a>

Still, despite the uncertain economic future and recent losses in their accounts, 56 per cent of investors in the survey said they are not changing their retirement plans. About 8 per cent of respondents indicated they would never retire.

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How much money will you need to be comfortable when you retire is one of the trickiest financial problems. The latest Bloomberg news survey says at least $3 million is needed for a secure retirement.

How much money will you need to be comfortable when you retire is one of the trickiest financial problems. The latest Bloomberg news survey says at least $3 million is needed for a secure retirement. When asked how much is enough to be comfortable when you retire, Bloomberg's MLIV Pulse survey of 553 investors globally showed about a third bet on $3 million and roughly another third pencilled in $5 million. Most respondents are confident that by the end of 2023, their retirement savings will be higher than in 2022, and investors were also convinced they would get closer to their retirement objective. But the respondents were not sure if they would have enough money saved to support their current standard of living after retiring from work. Also Read | Is Vladimir Putin sick? New clip of his feet twitching goes viral, sparks health concerns Less than half of the investors gave that a 100 per cent chance. The lack of conviction on the standard of living is mostly driven by a surge in inflation since the war on the edge of Europe a year ago. According to Vanguard Group, the average American retirement account was down 20 per cent last year, largely driven by higher borrowing rates, inflation, and a downturn in the prices of stocks and bonds. Also Read | Same-sex blessing row: In a first, a move against Archbishop of Canterbury Justin Welby A large portion of retirement savings is invested in actively managed equity funds. Blue chip stocks make up for a majority of such funds, especially for senior savers and index funds. With the hammering global stocks, surging inflation and rising interest rates, the value of those retirement savings has taken a beating. The global economic outlook and, in turn, the expectations for returns on assets also remain bleak this year. Watch | Air India begins massive hiring, pilots' salary crosses Rs 2 crore Still, despite the uncertain economic future and recent losses in their accounts, 56 per cent of investors in the survey said they are not changing their retirement plans. About 8 per cent of respondents indicated they would never retire. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

How much money is enough when you retire? $3 million, says survey

The botched attempt to replace Nigeria's currency has left hundreds unable to pay for their medical treatment with several deaths attributed to the currency change. This is happening just when the country is approaching elections due to take place on Saturday (February 25). The cash shortages have sparked riots in several parts of the country.

Media reports say that patients are left without&nbsp;treatment as their families scramble to find cash. The situation is worse in rural areas where people don't have access to bank accounts.

Watch | Nigeria goes to polls on February 25, stakes high for Presidential elections

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In northern Kaduna state, a pregnant woman reportedly died after her husband failed to get the cash needed for her treatment.

“Patients are in a dire situation as they are unable to buy required drugs to stay alive. A patient that is critically sick and cannot access money to pay for drugs is a terrible combination,” said Ola Ahmed, Kwara state chair of the Nigerian Medical Association. Ahmed was quoted by The Guardian.

Also Read | <a href="https://www.wionews.com/world/violent-protests-erupt-in-nigeria-over-scarcity-of-cash-reports-562541">Nigeria president defends currency swap but orders old notes to remain in circulation</a>

Lagos, Nigeria's economic hub has witnessed protests and riots. Last Friday, police had to fire teargas at the rioters.

In October last year, Nigeria's central bank announced that high denominations of currency Naira would be redesigned. However, only 45 per cent of the country's total population has access to bank account and hence, many people have been unable to access cash.

People are standing in long lines outside ATMs and some are even sleeping outside the banks.

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The botched attempt to replace Nigeria's currency has left hundreds unable to pay for their medical treatment with several deaths attributed to the currency change.

The botched attempt to replace Nigeria's currency has left hundreds unable to pay for their medical treatment with several deaths attributed to the currency change. This is happening just when the country is approaching elections due to take place on Saturday (February 25). The cash shortages have sparked riots in several parts of the country. Media reports say that patients are left without treatment as their families scramble to find cash. The situation is worse in rural areas where people don't have access to bank accounts. Watch | Nigeria goes to polls on February 25, stakes high for Presidential elections × In northern Kaduna state, a pregnant woman reportedly died after her husband failed to get the cash needed for her treatment. “Patients are in a dire situation as they are unable to buy required drugs to stay alive. A patient that is critically sick and cannot access money to pay for drugs is a terrible combination,” said Ola Ahmed, Kwara state chair of the Nigerian Medical Association. Ahmed was quoted by The Guardian. Also Read | Nigeria president defends currency swap but orders old notes to remain in circulation Lagos, Nigeria's economic hub has witnessed protests and riots. Last Friday, police had to fire teargas at the rioters. In October last year, Nigeria's central bank announced that high denominations of currency Naira would be redesigned. However, only 45 per cent of the country's total population has access to bank account and hence, many people have been unable to access cash. People are standing in long lines outside ATMs and some are even sleeping outside the banks. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Nigeria: Cash crisis hits health services, patients die for lack of money

A big question - how much money do you need to be comfortable when you retire, it is one of the trickiest financial problems. The latest Bloomberg news survey says that at least $3 million is needed for a secure retirement.

How much money is enough when you retire | Lifestyle News

Valentine's Day2023:&nbsp;It's 2023, the world is still spinning on its axis, scientists are still hunting for life on Mars and Gen Z culture has taken over Millenials. Amid these changes, one thing that hasn't changed at all is the over-romanticised idea of love – an idea which holds the capacity of selling flimsy, yellow chiffon sarees to Indians visiting the snow-clad Alps in Switzerland so that they can go all "Chandni".

For those who couldn't really understand the chemistry between "Chandni" and "Switzerland", Netflix is dropping a docuseries "The Romantics", a kind of remedial class on 90's Bollywood romance. So, here's the season to sell love in all forms – flowers, food, clothes, films, travel, chocolate, jewellery and the list goes on. So the question arises: who's the one actually enjoying celebrations – lovers or those trading in love?

ALSO READ | <a href="https://www.wionews.com/trending/freedom-is-a-gift-indian-leaders-valentines-day-tweet-celebrating-singlehood-goes-viral-561770">'Freedom is a gift': Indian leader's Valentine's Day tweet celebrating singlehood goes viral</a>

<h2>Burning in love</h2>

Remember Elvis Presley's "Burning Love" which went like "Girl, girl, girl, girl, You gonna set me on fire, My brain is flaming.......I'm just a hunk, a hunk of burning love". Often people say that they are burning in love, but let's pause for a while and understand what is exactly burning on a Valentine's Day – a hole in your pocket? This is the season when literally everything can be sold, from a heart-shaped island to a heart-shaped &nbsp;pizza and that too at an unbelievable price! Why? Because Urdu poet Jigar Moradabadi very rightly said,&nbsp;"ye ishq nahin asan itna hi samajh liije, ik aag ka dariya hai aur duub ke jaana hai (Understand that love is not easy, it's a river full of fire and you have to swim through it)”.

Years back, Valentine's Day was just one spend full day. Now, it's a season of seven days to buy chocolates, purchase teddies and keep the shopkeepers and online sellers happy and in glee. Flowers are the best deal these days. In Pune, people are buying Dutch roses for Rs300 a bunch, no not a bunch of 100 roses but that of a mere 15! The trend of greeting cards on birthdays, New Year and other occasions has become obsolete. But that's not the case with Valentine's. On this day, even cards work magic for shopkeepers. Poor fellows arrested in love are lured using every possible business trick to splurge their hard-earned money and help the people in business print the notes.

WATCH | Valentine's day to look different this year

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<h2>Social hype, peer pressure and FOMO</h2>

Why is it so important to go on a proper date on Valentine's Day? Couples these days actually have a checklist – romantic location, nice food, champagne and stuff. But why? It's the Instagram dilemma and the peer pressure and fear of missing out (FOMO) that comes along. How can one not upload pictures on Instagram? Isn't it mandatory? Wouldn't people call it blasphemy if not done? Instagram is the perfect place to promote businesses, sell businesses and lure people to businesses. And then we have a dedicated list of "Instagram-worthy places" on Zomato. Today good food and wine don't help restaurants pull crowds, its Instagram-worthy label which makes the impossible happen.

So, this Valentine’s day, here's a congratulations to all the singles out there who have managed to save their pockets from being raided for an over-hyped emotion called "love".

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)

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Valentine's Day2023: It's 2023, the world is still spinning on its axis, scientists are still hunting for life on Mars and Gen Z culture has taken over Millenials.

Valentine's Day2023: It's 2023, the world is still spinning on its axis, scientists are still hunting for life on Mars and Gen Z culture has taken over Millenials. Amid these changes, one thing that hasn't changed at all is the over-romanticised idea of love – an idea which holds the capacity of selling flimsy, yellow chiffon sarees to Indians visiting the snow-clad Alps in Switzerland so that they can go all "Chandni". For those who couldn't really understand the chemistry between "Chandni" and "Switzerland", Netflix is dropping a docuseries "The Romantics", a kind of remedial class on 90's Bollywood romance. So, here's the season to sell love in all forms – flowers, food, clothes, films, travel, chocolate, jewellery and the list goes on. So the question arises: who's the one actually enjoying celebrations – lovers or those trading in love? ALSO READ | 'Freedom is a gift': Indian leader's Valentine's Day tweet celebrating singlehood goes viral Burning in love Remember Elvis Presley's "Burning Love" which went like "Girl, girl, girl, girl, You gonna set me on fire, My brain is flaming.......I'm just a hunk, a hunk of burning love". Often people say that they are burning in love, but let's pause for a while and understand what is exactly burning on a Valentine's Day – a hole in your pocket? This is the season when literally everything can be sold, from a heart-shaped island to a heart-shaped pizza and that too at an unbelievable price! Why? Because Urdu poet Jigar Moradabadi very rightly said, "ye ishq nahin asan itna hi samajh liije, ik aag ka dariya hai aur duub ke jaana hai (Understand that love is not easy, it's a river full of fire and you have to swim through it)”. Years back, Valentine's Day was just one spend full day. Now, it's a season of seven days to buy chocolates, purchase teddies and keep the shopkeepers and online sellers happy and in glee. Flowers are the best deal these days. In Pune, people are buying Dutch roses for Rs300 a bunch, no not a bunch of 100 roses but that of a mere 15! The trend of greeting cards on birthdays, New Year and other occasions has become obsolete. But that's not the case with Valentine's. On this day, even cards work magic for shopkeepers. Poor fellows arrested in love are lured using every possible business trick to splurge their hard-earned money and help the people in business print the notes. WATCH | Valentine's day to look different this year Social hype, peer pressure and FOMO Why is it so important to go on a proper date on Valentine's Day? Couples these days actually have a checklist – romantic location, nice food, champagne and stuff. But why? It's the Instagram dilemma and the peer pressure and fear of missing out (FOMO) that comes along. How can one not upload pictures on Instagram? Isn't it mandatory? Wouldn't people call it blasphemy if not done? Instagram is the perfect place to promote businesses, sell businesses and lure people to businesses. And then we have a dedicated list of "Instagram-worthy places" on Zomato. Today good food and wine don't help restaurants pull crowds, its Instagram-worthy label which makes the impossible happen. So, this Valentine’s day, here's a congratulations to all the singles out there who have managed to save their pockets from being raided for an over-hyped emotion called "love". (Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Valentine's Day 2023: A day for businesses to make 'money' their 'honey'

A research has shown that time plays a more significant role in happiness than money — particularly for parents. People who prioritize time to do the things they love are happier and experience more fulfilling social relationships, more satisfying careers and more joy. Watch this to know more.

The key to happiness is more time, not more money

As the usage of hard cash has declined in recent years, Denmark has had its first year without bank robberies, according to the nation's financial workers organisation.

The union claimed in a statement on Monday that as society has become less dependent on cash, institutions have downsized their cash services, providing less potential for robberies.

"It's nothing short of amazing. Because every time it happens, it's an extreme strain on the employees involved," Steen Lund Olsen, vice president of the union, Finansforbundet, said in a statement to AFP.&nbsp;

"It's something you can't even begin to understand the emotional impact of if you haven't experienced it yourself," he added.

Also read |&nbsp;<a href="https://www.wionews.com/science/zombie-flies-discovered-by-scientists-in-denmark-350075">'Zombie flies' discovered by scientists in Denmark</a>

The union reported 221 bank robberies in 2000, which have gradually reduced to fewer than 10 each year since 2017.

The usage of cash has almost decreased from 23 per cent of payments in 2017 to 12 per cent in 2021, according to a study from Denmark's central bank in March of last year.

While robberies have decreased in frequency, the finance workers' organisation observed that "many bank employees who have been robbed continue to suffer with the consequences." The symptoms include&nbsp;anxiety, sadness, irritability, restlessness, and insomnia.

(With inputs from agencies)

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As the usage of hard cash has declined in recent years, Denmark has had its first year without bank robberies, according to the nation's financial workers organisation.

As the usage of hard cash has declined in recent years, Denmark has had its first year without bank robberies, according to the nation's financial workers organisation. The union claimed in a statement on Monday that as society has become less dependent on cash, institutions have downsized their cash services, providing less potential for robberies. "It's nothing short of amazing. Because every time it happens, it's an extreme strain on the employees involved," Steen Lund Olsen, vice president of the union, Finansforbundet, said in a statement to AFP. "It's something you can't even begin to understand the emotional impact of if you haven't experienced it yourself," he added. Also read | 'Zombie flies' discovered by scientists in Denmark The union reported 221 bank robberies in 2000, which have gradually reduced to fewer than 10 each year since 2017. The usage of cash has almost decreased from 23 per cent of payments in 2017 to 12 per cent in 2021, according to a study from Denmark's central bank in March of last year. While robberies have decreased in frequency, the finance workers' organisation observed that "many bank employees who have been robbed continue to suffer with the consequences." The symptoms include anxiety, sadness, irritability, restlessness, and insomnia. (With inputs from agencies) WATCH WION LIVE HERE:

Denmark marks first year with no bank robberies amid declining usage of hard cash in recent years

Are you one of those who recently lost your job? Here are six ways you can dodge going moneyless after the job loss.

How to lay-off proof your finances: 6 ways to manage money after job loss

The Indian banking system played a vital role in shaping the economy of the country. The banking system came into existence before India got independence in 1947.

India@75: From money lenders to digital payments, how the Indian banking system was transformed

Where does aid money really go? Does it even reach the intended recipients or does it get lost in distribution? Palki Sharma deconstructs some figures to explain how humanitarian aid has become a bit of a farce.

Gravitas Plus: The untold truth about Humanitarian Aid

The US police&nbsp;in Georgia are on a hunt for a man disguised himself as an old lady to rob a bank. Wearing a floral dress, white sneakers, orange latex gloves, a white wig and a dark face mask or neck "gator", the unidentified successfully pulled off the heist. According to CBS46 news TV, the suspect is described as a Black man, around 6 feet tall and slim.

According to the police, the incident took place in Henry County, southeast of Atlanta, on Monday.

The man in disguise arrived at Chase Bank in the city of McDonough carrying a pink bag and armed with a gun. He then reportedly gave a note to a member of staff demanding money, The Atlanta Journal-Constitution&nbsp;reported citing police.

After taking the money, the man drove off in a small, white SUV that police believe could have been a recent Lexus model. A tag wasn’t spotted.

Photos of the disguised accused were shared on Facebook by&nbsp;McDonough Police Department.

"Based on CCTV recordings and photos taken inside the bank, the department was able to confirm that the suspect was wearing a floral dress, a wig, and a black mask," the department wrote.

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The Facebook post, which has photos of the accused, as expectedly, drew a slew of reactions on social media, with some even praising him for single-handedly pulling off the heist.

“The funny part in all of this is, no one saw his strange getup as 'ODD' in any way. Just normal for Atlanta,” wrote another.

Another user said, "Now you know... I would have already pushed the panic button before she/ he reached the counter."

While the third user commented, "Hoping they find this man real soon. He's going to do it again and get aggressive.”&nbsp;

(With inputs from agencies)

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The US police in Georgia are on a hunt for a man disguised himself as an old lady to rob a bank. Wearing a floral dress, white sneakers, orange latex gloves, a white wig and a dark face mask or neck "gator", the unidentified successfully pulled off the heist.

The US police in Georgia are on a hunt for a man disguised himself as an old lady to rob a bank. Wearing a floral dress, white sneakers, orange latex gloves, a white wig and a dark face mask or neck "gator", the unidentified successfully pulled off the heist. According to CBS46 news TV, the suspect is described as a Black man, around 6 feet tall and slim. According to the police, the incident took place in Henry County, southeast of Atlanta, on Monday. The man in disguise arrived at Chase Bank in the city of McDonough carrying a pink bag and armed with a gun. He then reportedly gave a note to a member of staff demanding money, The Atlanta Journal-Constitution reported citing police. After taking the money, the man drove off in a small, white SUV that police believe could have been a recent Lexus model. A tag wasn’t spotted. Photos of the disguised accused were shared on Facebook by McDonough Police Department. "Based on CCTV recordings and photos taken inside the bank, the department was able to confirm that the suspect was wearing a floral dress, a wig, and a black mask," the department wrote. × The Facebook post, which has photos of the accused, as expectedly, drew a slew of reactions on social media, with some even praising him for single-handedly pulling off the heist. “The funny part in all of this is, no one saw his strange getup as 'ODD' in any way. Just normal for Atlanta,” wrote another. Another user said, "Now you know... I would have already pushed the panic button before she/ he reached the counter." While the third user commented, "Hoping they find this man real soon. He's going to do it again and get aggressive.” (With inputs from agencies) WATCH WION LIVE HERE

Man dressed as elderly woman robs bank in US, police launch manhunt

On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies.

Following a lifetime low of 78.95, the partially convertible rupee was trading at 78.94/95 per dollar around 04:09 GMT. Tuesday's currency closing rate was 78.77.

Traders predicted that the rupee might go as low as 79 to the dollar during the session, but the central bank is predicted to step in to stop the decline.

The Nifty and Sensex are expected to experience their worst month since the pandemic-hit March of 2020 as a result of concerns about interest rates and inflation. As of the most recent closing, the blue-chip indexes had lost roughly 9% of their value.

This month, Indian equity markets are projected to experience the largest outflow of foreign funds since March 2020.

According to Refinitiv data, foreign investors sold a net $6.29 billion worth of stocks this month as of June 28 compared to a net $4.63 billion in sales during the same period last month. 
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On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies.

On June 29, the Indian rupee continued to decline and hit record lows versus the US dollar as investors' confidence was dampened by declines in domestic stocks and other Asian currencies. Following a lifetime low of 78.95, the partially convertible rupee was trading at 78.94/95 per dollar around 04:09 GMT. Tuesday's currency closing rate was 78.77. Traders predicted that the rupee might go as low as 79 to the dollar during the session, but the central bank is predicted to step in to stop the decline. The Nifty and Sensex are expected to experience their worst month since the pandemic-hit March of 2020 as a result of concerns about interest rates and inflation. As of the most recent closing, the blue-chip indexes had lost roughly 9% of their value. This month, Indian equity markets are projected to experience the largest outflow of foreign funds since March 2020. According to Refinitiv data, foreign investors sold a net $6.29 billion worth of stocks this month as of June 28 compared to a net $4.63 billion in sales during the same period last month. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Rupee hits all-time low of 78.9 against dollar; 80-level at sight

Russia is on the brink of its first debt default since 1998 as the Sunday deadline to make a $100m interest payment seems certain to be missed. Russia has the money and is willing to pay, but sanctions make it impossible to get the payments to international creditors, as reported by BBC.

On Thursday, Russia made two interest payments on dollar-denominated debt in rubles, as Moscow faces the risk of an external debt default.

"Funds for the payment of coupons on external bonds of the Russian Federationmaturing in 2027 and 2047 in the total amount of 12.51 billion rubles (the equivalent of £234.85 million) have been received by the National Settlement Depository (NSD) payment agency," the ministry said in a statement.

In the statement, the ministry said that it is using a new temporary payment system which came into force on June 22, after sanctions imposed over Ukraine made it difficult for Moscow to service its foreign debt.&nbsp;

Under the new system, the ministry transfers the ruble equivalent of the coupon's value to the Moscow-based National Settlement Depository that reimburses creditors in rubles at the Central Bank exchange rate "to ensure the maximum equivalence of payments".&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/south-asia/cash-strapped-sri-lanka-on-lookout-for-discounted-russian-oil-492001">Cash-strapped Sri Lanka on lookout for discounted Russian oil</a>

Russia's finance ministry said in a statement earlier, "ready to consider and, if there are necessary grounds, to bilaterally settle all complaints regarding the complete fulfilment of debt obligations on the 'Russia-2022' Eurobonds".

The statement provided two e-mail addresses to which complaints should be directed, adding that "all requests will be considered". Some creditors are requesting "additional interest" for as long as the payments are outstanding, the statement said.

The ministry blamed the delay in processing payments on the "illegal actions of foreign financial intermediaries."

(with inputs from agencies)

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Russia is on the brink of its first debt default since 1998 as the Sunday deadline to make a $100m interest payment seems certain to be missed. Russia has the money and is willing to pay, but sanctions make it impossible to get the payments to international creditors, as reported by BBC.

Russia is on the brink of its first debt default since 1998 as the Sunday deadline to make a $100m interest payment seems certain to be missed. Russia has the money and is willing to pay, but sanctions make it impossible to get the payments to international creditors, as reported by BBC. On Thursday, Russia made two interest payments on dollar-denominated debt in rubles, as Moscow faces the risk of an external debt default. "Funds for the payment of coupons on external bonds of the Russian Federationmaturing in 2027 and 2047 in the total amount of 12.51 billion rubles (the equivalent of £234.85 million) have been received by the National Settlement Depository (NSD) payment agency," the ministry said in a statement. In the statement, the ministry said that it is using a new temporary payment system which came into force on June 22, after sanctions imposed over Ukraine made it difficult for Moscow to service its foreign debt. Under the new system, the ministry transfers the ruble equivalent of the coupon's value to the Moscow-based National Settlement Depository that reimburses creditors in rubles at the Central Bank exchange rate "to ensure the maximum equivalence of payments". Also Read: Cash-strapped Sri Lanka on lookout for discounted Russian oil Russia's finance ministry said in a statement earlier, "ready to consider and, if there are necessary grounds, to bilaterally settle all complaints regarding the complete fulfilment of debt obligations on the 'Russia-2022' Eurobonds". The statement provided two e-mail addresses to which complaints should be directed, adding that "all requests will be considered". Some creditors are requesting "additional interest" for as long as the payments are outstanding, the statement said. The ministry blamed the delay in processing payments on the "illegal actions of foreign financial intermediaries." (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Dollar bankruptcy: Russia may soon default on debt servicing

For almost two months, thousands of desperate depositors in China have been struggling to recover their savings. 4 banks suddenly suspended cash withdrawals. Palki Sharma tells you about the latest bank runs in China.

Gravitas: Angry depositors in China protest for their money

The Nepal government on Sunday announces its annual budget of Rs 1.793 trillion for the fiscal year 2022-23, highlighting 'Make in Nepal’ and ‘Made in Nepal’ campaigns as rising imports increase the country’s economic vulnerability.&nbsp;

Presenting the budget at the joint session of the parliament, Finance Minister Janardan Sharma said the budget’s main focus is on inclusive development, inflation control, providing adequate resources to subnational governments, and a self-reliant economy.&nbsp;

“The programs run by the private sector like ‘Make in Nepal’ and ‘Made in Nepal’ will be supported by the government. Provisions made for the use of domestic products in government and public offices,” Sharma said.&nbsp;

“Venture capital to be promoted and funds to be established for the promotion of manufacturing industries. Nepal government will promote Made in Nepal companies,” he added.&nbsp;

The government has set aside Rs 753 billion of the total budget for recurrent expenditure, while Rs 380 billion has been allocated for capital expenditure. Likewise, Rs 230.22 billion has been allocated for other financial purposes.&nbsp;

“The government will focus on production and agriculture to decrease imports by 20 per cent. A national campaign will be launched to increase agriculture production to achieve self-reliance,” the minister said.&nbsp;

Out of the allocated expenditure, the government has targeted to finance Rs 1.240 trillion through revenue mobilisation. For the rest of the amount, the government will go for domestic borrowing of Rs 256 billion and is expected to rake in Rs 242.26 billion through foreign loans and Rs 55.46 billion from foreign grants.

Amid the critical economic situation, the government has targeted to achieve an ambitious economic growth rate of 8 per cent for the next fiscal year, compared to the initial target of 6.5 per cent for the current fiscal year.&nbsp;

At a time when the government is being criticised for its inefficiency in controlling the inflationary pressure, Finance Minister Sharma assured to rein inflation within the 7 per cent limit.&nbsp;

The Nepal government has pledged to increase employment by 30 per cent annually.&nbsp;

Following the impact on the tourism sector for the last two years, the incumbent government has set a target of attracting 1 million tourists in the upcoming fiscal year and allocated Rs 9.38 billion to the tourism sector.&nbsp;

A mountaineering research centre would be set up in the Mt Everest region, while Rs 330 million has been allocated for the construction of the Great Himalayan Trail.&nbsp;

Both Gautam Buddha International Airport and Pokhara Regional International Airport will be made with China’s support, and it will be brought into a full-fledged operation.&nbsp;

The Nepal government on Sunday announces its annual budget of Rs 1.793 trillion for the fiscal year 2022-23, highlighting 'Make in Nepal’ and ‘Made in Nepal’ campaigns as rising imports increase the country’s economic vulnerability.

The Nepal government on Sunday announces its annual budget of Rs 1.793 trillion for the fiscal year 2022-23, highlighting 'Make in Nepal’ and ‘Made in Nepal’ campaigns as rising imports increase the country’s economic vulnerability. Presenting the budget at the joint session of the parliament, Finance Minister Janardan Sharma said the budget’s main focus is on inclusive development, inflation control, providing adequate resources to subnational governments, and a self-reliant economy. “The programs run by the private sector like ‘Make in Nepal’ and ‘Made in Nepal’ will be supported by the government. Provisions made for the use of domestic products in government and public offices,” Sharma said. “Venture capital to be promoted and funds to be established for the promotion of manufacturing industries. Nepal government will promote Made in Nepal companies,” he added. The government has set aside Rs 753 billion of the total budget for recurrent expenditure, while Rs 380 billion has been allocated for capital expenditure. Likewise, Rs 230.22 billion has been allocated for other financial purposes. “The government will focus on production and agriculture to decrease imports by 20 per cent. A national campaign will be launched to increase agriculture production to achieve self-reliance,” the minister said. Out of the allocated expenditure, the government has targeted to finance Rs 1.240 trillion through revenue mobilisation. For the rest of the amount, the government will go for domestic borrowing of Rs 256 billion and is expected to rake in Rs 242.26 billion through foreign loans and Rs 55.46 billion from foreign grants. Amid the critical economic situation, the government has targeted to achieve an ambitious economic growth rate of 8 per cent for the next fiscal year, compared to the initial target of 6.5 per cent for the current fiscal year. At a time when the government is being criticised for its inefficiency in controlling the inflationary pressure, Finance Minister Sharma assured to rein inflation within the 7 per cent limit. The Nepal government has pledged to increase employment by 30 per cent annually. Following the impact on the tourism sector for the last two years, the incumbent government has set a target of attracting 1 million tourists in the upcoming fiscal year and allocated Rs 9.38 billion to the tourism sector. A mountaineering research centre would be set up in the Mt Everest region, while Rs 330 million has been allocated for the construction of the Great Himalayan Trail. Both Gautam Buddha International Airport and Pokhara Regional International Airport will be made with China’s support, and it will be brought into a full-fledged operation.

Nepal announces annual budget of Rs 1.793 trillion for 2022-23

Lillie Walsh Dudley and Andy Dudley wanted to be homeowners. The couple, who have a 5-year-old son, had been renting in the South Slope neighborhood in the New York City borough of Brooklyn since 2014. They began looking for something to buy about three years ago.

“Even though we’re not rolling in money, we had a little bit of savings,” said Lillie Walsh Dudley, 41, who works in book publishing, as does Andy Dudley, 45. Still, not enough to buy in Brooklyn. “Anything we could possibly afford would be a stretch and a downgrade from our rental.”

Then the pandemic hit, and their apartment suddenly felt small and the city itself felt claustrophobic. The couple decided to try another house hunt.

This time, instead of looking in Brooklyn, they looked farther out — much farther. Their plan: Keep their rental and buy a second home about three hours away in the Catskills. In August 2020, they paid $221,000 for a move-in ready, 100-year-old house in Roxbury, New York.

A growing number of first-time buyers are doing what the Dudleys did — purchasing a second home while renting their main residence. Though there isn’t data to track this trend, real estate agents and industry observers say a combination of rapidly rising home prices and pandemic work-from-home flexibility has prompted some hopeful homeowners to skip the first step — owning a primary home — and go straight to buying a second home in a more affordable location.

Vacation home purchases in general boomed during the pandemic. In 2020, loan applications for vacation homes were up 30% from 2019, according to the most recently available data from the Home Mortgage Disclosure Act. Zillow, a real estate website, looked at homes for sale in vacation and weekend destinations, and in January 2019 one-quarter of those markets had more page views per home than typical markets. By January 2022, half of them did.

Historically low interest rates and an unpredictable stock market have made real estate an appealing investment category during the past few years, said Richard K. Green, the director of the University of Southern California Lusk Center for Real Estate. But rapid price appreciation has put homeownership out of reach for buyers who don’t already have equity in the market or very high income, particularly in already-pricey metro areas like New York and Los Angeles.

Indeed first-time homeownership nationwide has been falling dramatically. In 2009, first-timers made up 45% of the homebuying market, but by January 2022 they represented just 27%, according to the National Association of Realtors. And with median home prices up 13.7% from a year ago, the challenges are mounting.

“Even if you’re being paid really well, accumulating a down payment for a million-dollar house is really hard,” Green said. “But you want to own somewhere, you want to get into the market.”

Which is why some first-timers are getting creative. Virginia Alber-Glanstaetten, 51, and Becky Goodman, 35, who are renters in the Dumbo neighborhood in Brooklyn, said COVID-era lifestyle changes, including remote work, prompted them to buy their first home together near Provincetown, Massachusetts, where they have vacationed for years. Their budget of $800,000 for a primary home wouldn’t have gotten them much more space than they already had in Brooklyn, they said. But on Cape Cod, where they bought, there were more options within their budget, which was about $600,000 after setting aside enough to keep paying rent in Brooklyn.

In March 2021, they paid $605,000 for a 220-year-old fixer-upper on 1.3 acres in North Truro, Massachusetts. “Everyone in my family thought I was insane and that it was the backward way of doing things,” said Goodman.

The home they bought had long ago been converted from a single family into three separate units, which was part of the appeal. The couple plans to stay in one of the units while renting out the others as investment income. With their jobs still partially remote, they have been spending weeks at a time in Cape Cod, while keeping their rental as a home base closer to friends and work. (Goodman works in human resources and Alber-Glanstaetten works in health care advertising strategy.)

The appeal of living in multiple places has grown in recent years with an increase in “nomadic” living, says Austin Allison, CEO and co-founder of Pacaso, a company that sells a fractional ownership model for second homes, allowing buyers to purchase a share of a home to use occasionally. “We see a growing cohort of people who might buy four shares of four homes around the world,” he said.

Some say it’s like having the best of both worlds. “The Cape Cod house has become this really beautiful escape,” said Goodman. “And we like having our resident footprint here in the city and doing the things we love here.”

Dylan Beaumont, 33, who owns a house in the Catskills and rents in Manhattan, put it this way: “If I’m up here for a week or a week and a half, it’s like, ‘I want to go to the city and get Thai food and see some friends,’” he said. “Then you get sick of the city, and you come up here and go hiking.” He and his fiancee, Susanah Zeffiro, 32, purchased in Margaretville, New York, in August 2020, pivoting from their original, pre-pandemic plan to buy a place in the city.

They paid $565,000 for the Catskills home and have spent more time there than they initially thought they would, with the prolonged nature of the pandemic. Beaumont and Zeffiro’s jobs in advertising are still partially remote, but they often have to meet with clients in the city or travel for work. “I love the balance,” Beaumont said.

But first-time buyers can face unique challenges when it comes to owning a home in a rural location, especially those more used to apartment living. Beaumont’s house is on about 20 acres and, at one point, he and Zeffiro discovered there was an underground oil tank on the property, which they had to have removed — a problem that would not have come up had they bought a condo in Manhattan.

They’ve also had smaller headaches to deal with, like replacing the hot water heater, dishwasher and the washer and dryer. “We’re learning lots of first-time homebuyer lessons here,” Beaumont said.

Alber-Glanstaetten and Goodman described their Cape Cod house as “ramshackle with a vision.” Renovations are ongoing, which means they often have to travel last-minute for contractor meetings and troubleshooting. “As first-time buyers we had no idea what we were getting into,” said Alber-Glanstaetten.

Although the cost of buying in a rural area can be significantly lower than in the city, the pandemic buying spree has meant competition has been fierce. Last year, first-time buyers Anna Lewkowska and Alex McKean bought a second home in Yucca Valley, California, near Joshua Tree National Park. They put in offers on three different houses before landing the winning bid on a two-bedroom, 1 1/2 bathroom house with about 2,000 square feet and panoramic views. They paid $517,000 — more than $120,000 over the list price.

That’s still a fraction of what it would have cost them to own a home in Santa Monica, California, where the median price today is $1.9 million, according to Realtor.com. Lewkowska, 31, who owns a talent management business, and McKean, 32, who works in product management for a pipe manufacturing company, said they love where they live near the beach in Santa Monica, but they knew homeownership was not affordable there. “We know that real estate is a great investment,” said Lewkowska. “But here in Los Angeles, it’s extremely expensive.”

They’ve spent the past year going back and forth between the two places while renovating the Yucca Valley property, doing some of the work themselves. They’ve dubbed the house the Mandarin Escape and describe the design style as “modern retro” with gold fixtures and a sunset, ‘70s color theme. The plan is to rent it out on Airbnb, starting later this spring. Lewkowska said they think they can charge between $250 and $1,000 a night, depending on the season. “It was the basic economics of it, for us,” McKean said.

Other first-timers are buying second homes now with the idea of moving into them later on. Jackie Puerta, a 48-year-old ultrasound technician who lives in North Bergen, New Jersey, said she became enamored with Miami in the ’80s watching “Miami Vice,” the TV show. Earlier this year, she bought a 16th-floor condo in Miami’s Edgewater neighborhood for $310,000. She spent the first few weeks staying at the condo on an air mattress. “Just to wake up to that view, it was all worth it,” she said.

Though her job is in New York, she plans to move to Florida within the next two years. Until then, she’s renting the place to long-term tenants to cover her mortgage and other monthly expenses. “I’m very surprised that I pulled this off,” she said. “I always wanted to do it.”

One unexpected benefit of such arrangements? First-time second-home buyers say it can reaffirm how convenient rental life can be. “It’s opened my eyes to what a luxury renting is,” said Beaumont. “It’s like, hey, my washing machine is broken. And a person just comes and fixes it.”

Dudley, the Park Slope renter who owns a Catskills house, said one of the things they like about their arrangement is that they didn’t have to leave her landlady, who Dudley described as a “gem of a human” who takes great care of their apartment and has never raised the rent.

Though there’s no guarantee, some have used the equity they’ve built in their second home to purchase a primary home. Abbey Londer, 36, and Ahmed Bharoocha, 38, recently took out a home equity line of credit on a house they own in Big Bear, California, to buy a primary home in Monrovia, California, just outside of Los Angeles. “I never really imagined I’d ever be able to own anything in LA proper,” said Londer. In 2019, the longtime renters paid $425,000 for a three-bedroom, two-bathroom house in Big Bear, about two hours away. The house rents for between $350 and $950 a night, depending on the season, according to Londer. That income came in handy during the beginning of the pandemic, when her job in live events and her husband’s work as an actor and stand-up comedian dried up for several months.

Last year, the couple, who have a 4-year-old and an 8-month-old, paid $1.36 million for a 2,000-square-foot circa-1911 Craftsman home. “I didn’t even know this was achievable,” Londer said. “Buying that house in Big Bear was a life-changing thing for us.”

Lillie Walsh Dudley and Andy Dudley wanted to be homeowners. The couple, who have a 5-year-old son, had been renting in the South Slope neighborhood in the New York City borough of Brooklyn since 2014.

Lillie Walsh Dudley and Andy Dudley wanted to be homeowners. The couple, who have a 5-year-old son, had been renting in the South Slope neighborhood in the New York City borough of Brooklyn since 2014. They began looking for something to buy about three years ago. “Even though we’re not rolling in money, we had a little bit of savings,” said Lillie Walsh Dudley, 41, who works in book publishing, as does Andy Dudley, 45. Still, not enough to buy in Brooklyn. “Anything we could possibly afford would be a stretch and a downgrade from our rental.” Then the pandemic hit, and their apartment suddenly felt small and the city itself felt claustrophobic. The couple decided to try another house hunt. This time, instead of looking in Brooklyn, they looked farther out — much farther. Their plan: Keep their rental and buy a second home about three hours away in the Catskills. In August 2020, they paid $221,000 for a move-in ready, 100-year-old house in Roxbury, New York. A growing number of first-time buyers are doing what the Dudleys did — purchasing a second home while renting their main residence. Though there isn’t data to track this trend, real estate agents and industry observers say a combination of rapidly rising home prices and pandemic work-from-home flexibility has prompted some hopeful homeowners to skip the first step — owning a primary home — and go straight to buying a second home in a more affordable location. Vacation home purchases in general boomed during the pandemic. In 2020, loan applications for vacation homes were up 30% from 2019, according to the most recently available data from the Home Mortgage Disclosure Act. Zillow, a real estate website, looked at homes for sale in vacation and weekend destinations, and in January 2019 one-quarter of those markets had more page views per home than typical markets. By January 2022, half of them did. Historically low interest rates and an unpredictable stock market have made real estate an appealing investment category during the past few years, said Richard K. Green, the director of the University of Southern California Lusk Center for Real Estate. But rapid price appreciation has put homeownership out of reach for buyers who don’t already have equity in the market or very high income, particularly in already-pricey metro areas like New York and Los Angeles. Indeed first-time homeownership nationwide has been falling dramatically. In 2009, first-timers made up 45% of the homebuying market, but by January 2022 they represented just 27%, according to the National Association of Realtors. And with median home prices up 13.7% from a year ago, the challenges are mounting. “Even if you’re being paid really well, accumulating a down payment for a million-dollar house is really hard,” Green said. “But you want to own somewhere, you want to get into the market.” Which is why some first-timers are getting creative. Virginia Alber-Glanstaetten, 51, and Becky Goodman, 35, who are renters in the Dumbo neighborhood in Brooklyn, said COVID-era lifestyle changes, including remote work, prompted them to buy their first home together near Provincetown, Massachusetts, where they have vacationed for years. Their budget of $800,000 for a primary home wouldn’t have gotten them much more space than they already had in Brooklyn, they said. But on Cape Cod, where they bought, there were more options within their budget, which was about $600,000 after setting aside enough to keep paying rent in Brooklyn. In March 2021, they paid $605,000 for a 220-year-old fixer-upper on 1.3 acres in North Truro, Massachusetts. “Everyone in my family thought I was insane and that it was the backward way of doing things,” said Goodman. The home they bought had long ago been converted from a single family into three separate units, which was part of the appeal. The couple plans to stay in one of the units while renting out the others as investment income. With their jobs still partially remote, they have been spending weeks at a time in Cape Cod, while keeping their rental as a home base closer to friends and work. (Goodman works in human resources and Alber-Glanstaetten works in health care advertising strategy.) The appeal of living in multiple places has grown in recent years with an increase in “nomadic” living, says Austin Allison, CEO and co-founder of Pacaso, a company that sells a fractional ownership model for second homes, allowing buyers to purchase a share of a home to use occasionally. “We see a growing cohort of people who might buy four shares of four homes around the world,” he said. Some say it’s like having the best of both worlds. “The Cape Cod house has become this really beautiful escape,” said Goodman. “And we like having our resident footprint here in the city and doing the things we love here.” Dylan Beaumont, 33, who owns a house in the Catskills and rents in Manhattan, put it this way: “If I’m up here for a week or a week and a half, it’s like, ‘I want to go to the city and get Thai food and see some friends,’” he said. “Then you get sick of the city, and you come up here and go hiking.” He and his fiancee, Susanah Zeffiro, 32, purchased in Margaretville, New York, in August 2020, pivoting from their original, pre-pandemic plan to buy a place in the city. They paid $565,000 for the Catskills home and have spent more time there than they initially thought they would, with the prolonged nature of the pandemic. Beaumont and Zeffiro’s jobs in advertising are still partially remote, but they often have to meet with clients in the city or travel for work. “I love the balance,” Beaumont said. But first-time buyers can face unique challenges when it comes to owning a home in a rural location, especially those more used to apartment living. Beaumont’s house is on about 20 acres and, at one point, he and Zeffiro discovered there was an underground oil tank on the property, which they had to have removed — a problem that would not have come up had they bought a condo in Manhattan. They’ve also had smaller headaches to deal with, like replacing the hot water heater, dishwasher and the washer and dryer. “We’re learning lots of first-time homebuyer lessons here,” Beaumont said. Alber-Glanstaetten and Goodman described their Cape Cod house as “ramshackle with a vision.” Renovations are ongoing, which means they often have to travel last-minute for contractor meetings and troubleshooting. “As first-time buyers we had no idea what we were getting into,” said Alber-Glanstaetten. Although the cost of buying in a rural area can be significantly lower than in the city, the pandemic buying spree has meant competition has been fierce. Last year, first-time buyers Anna Lewkowska and Alex McKean bought a second home in Yucca Valley, California, near Joshua Tree National Park. They put in offers on three different houses before landing the winning bid on a two-bedroom, 1 1/2 bathroom house with about 2,000 square feet and panoramic views. They paid $517,000 — more than $120,000 over the list price. That’s still a fraction of what it would have cost them to own a home in Santa Monica, California, where the median price today is $1.9 million, according to Realtor.com. Lewkowska, 31, who owns a talent management business, and McKean, 32, who works in product management for a pipe manufacturing company, said they love where they live near the beach in Santa Monica, but they knew homeownership was not affordable there. “We know that real estate is a great investment,” said Lewkowska. “But here in Los Angeles, it’s extremely expensive.” They’ve spent the past year going back and forth between the two places while renovating the Yucca Valley property, doing some of the work themselves. They’ve dubbed the house the Mandarin Escape and describe the design style as “modern retro” with gold fixtures and a sunset, ‘70s color theme. The plan is to rent it out on Airbnb, starting later this spring. Lewkowska said they think they can charge between $250 and $1,000 a night, depending on the season. “It was the basic economics of it, for us,” McKean said. Other first-timers are buying second homes now with the idea of moving into them later on. Jackie Puerta, a 48-year-old ultrasound technician who lives in North Bergen, New Jersey, said she became enamored with Miami in the ’80s watching “Miami Vice,” the TV show. Earlier this year, she bought a 16th-floor condo in Miami’s Edgewater neighborhood for $310,000. She spent the first few weeks staying at the condo on an air mattress. “Just to wake up to that view, it was all worth it,” she said. Though her job is in New York, she plans to move to Florida within the next two years. Until then, she’s renting the place to long-term tenants to cover her mortgage and other monthly expenses. “I’m very surprised that I pulled this off,” she said. “I always wanted to do it.” One unexpected benefit of such arrangements? First-time second-home buyers say it can reaffirm how convenient rental life can be. “It’s opened my eyes to what a luxury renting is,” said Beaumont. “It’s like, hey, my washing machine is broken. And a person just comes and fixes it.” Dudley, the Park Slope renter who owns a Catskills house, said one of the things they like about their arrangement is that they didn’t have to leave her landlady, who Dudley described as a “gem of a human” who takes great care of their apartment and has never raised the rent. Though there’s no guarantee, some have used the equity they’ve built in their second home to purchase a primary home. Abbey Londer, 36, and Ahmed Bharoocha, 38, recently took out a home equity line of credit on a house they own in Big Bear, California, to buy a primary home in Monrovia, California, just outside of Los Angeles. “I never really imagined I’d ever be able to own anything in LA proper,” said Londer. In 2019, the longtime renters paid $425,000 for a three-bedroom, two-bathroom house in Big Bear, about two hours away. The house rents for between $350 and $950 a night, depending on the season, according to Londer. That income came in handy during the beginning of the pandemic, when her job in live events and her husband’s work as an actor and stand-up comedian dried up for several months. Last year, the couple, who have a 4-year-old and an 8-month-old, paid $1.36 million for a 2,000-square-foot circa-1911 Craftsman home. “I didn’t even know this was achievable,” Londer said. “Buying that house in Big Bear was a life-changing thing for us.”

When your second home is the first one you buy

It is known that if parents of a child have good source of income, the child stands to benefit. But a new landmark study has pointed at a direct correlation between money available with parents and brain development of the child in very first year. This is being touted to be first direct experimental evidence to show how poverty leads to such changes.

The study is ongoing.&nbsp;

"We have known for many years that growing up in poverty puts children at risk for lower school achievement, reduced earnings, and poorer health," explains neuroscientist Kimberly Noble from Columbia University.

"However, until now, we haven't been able to say whether poverty itself causes differences in child development, or whether growing up in poverty is simply associated with other factors that cause those differences."

For this study, a thousand low-income mothers were recruited shortly after their baby was born. These parents were from New York City, New Orleans, Omaha or Minneapolis/St. Paul.

By random selection, these mothers were given either USD 333 or USD 20 per month for first four years of their babies' lives.

It was found that babies of low-income mothers who had received higher cash payments showed higher frequency brain activity than the babies whose mothers had got lower amount of money.

More research is said to be needed to correctly ascertain whether higher frequency brain activity led to better cognitive development. But researchers think that this was possible. It is being ascertained if lower mental&nbsp;stress of parents had anything to do with heightened brain activity of the baby.

The study has been published in PNAS.

It is known that if parents of a child have good source of income, the child stands to benefit. But a new landmark study has pointed at a direct correlation between money available with parents and brain development of the child in very first year.

It is known that if parents of a child have good source of income, the child stands to benefit. But a new landmark study has pointed at a direct correlation between money available with parents and brain development of the child in very first year. This is being touted to be first direct experimental evidence to show how poverty leads to such changes. The study is ongoing. "We have known for many years that growing up in poverty puts children at risk for lower school achievement, reduced earnings, and poorer health," explains neuroscientist Kimberly Noble from Columbia University. "However, until now, we haven't been able to say whether poverty itself causes differences in child development, or whether growing up in poverty is simply associated with other factors that cause those differences." For this study, a thousand low-income mothers were recruited shortly after their baby was born. These parents were from New York City, New Orleans, Omaha or Minneapolis/St. Paul. By random selection, these mothers were given either USD 333 or USD 20 per month for first four years of their babies' lives. It was found that babies of low-income mothers who had received higher cash payments showed higher frequency brain activity than the babies whose mothers had got lower amount of money. More research is said to be needed to correctly ascertain whether higher frequency brain activity led to better cognitive development. But researchers think that this was possible. It is being ascertained if lower mental stress of parents had anything to do with heightened brain activity of the baby. The study has been published in PNAS.

Extra money with parents changes babies' brains, says a landmark study

Prime Minister Narendra Modi stated on Monday that dealing with the difficulties posed by cryptocurrenices requires a worldwide commitment.&nbsp;

"The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset," Modi said at the World Economic Forum's virtual Davos Agenda conference.

India has been considering virtual currency-related rules, which were generally expected to be introduced in the parliament's winter session in December before being postponed.

New Delhi has already stated that it intends to outlaw most cryptocurrencies, a move that would follow China's recent steps to tighten its grip on the digital currency.

In addition, India's central bank has expressed "severe worries" about digital currencies, claiming that they could jeopardise financial stability.&nbsp;

According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion rupees ($5.39 billion).

Modi also stated that India is working on signing free trade deals with a number of countries.

India has declared the start of free trade negotiations with the United Kingdom, with the goal of reaching an agreement by the end of the year.

The prime minister also stated that now is the perfect moment to invest in India since the country is eager to establish itself as a more reliable partner in the global supply chain.&nbsp;

(With inputs from agencies)

Prime Minister Narendra Modi stated on Monday that dealing with the difficulties posed by cryptocurrenices requires a worldwide commitment. "The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges.

Prime Minister Narendra Modi stated on Monday that dealing with the difficulties posed by cryptocurrenices requires a worldwide commitment. "The kind of technology it is associated with, the decision taken by a single country will be insufficient to deal with its challenges. We have to have a similar mindset," Modi said at the World Economic Forum's virtual Davos Agenda conference. India has been considering virtual currency-related rules, which were generally expected to be introduced in the parliament's winter session in December before being postponed. New Delhi has already stated that it intends to outlaw most cryptocurrencies, a move that would follow China's recent steps to tighten its grip on the digital currency. In addition, India's central bank has expressed "severe worries" about digital currencies, claiming that they could jeopardise financial stability. According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with total crypto holdings of roughly 400 billion rupees ($5.39 billion). Modi also stated that India is working on signing free trade deals with a number of countries. India has declared the start of free trade negotiations with the United Kingdom, with the goal of reaching an agreement by the end of the year. The prime minister also stated that now is the perfect moment to invest in India since the country is eager to establish itself as a more reliable partner in the global supply chain. (With inputs from agencies)

PM Modi urges collective global effort to deal with cryptocurrencies

&nbsp;The Swedish pop supergroup ABBA on Friday filed a lawsuit to stop a British cover band known as Abba Mania from using that name. 
 
In a complaint filed with the U.S. District Court in Manhattan, lawyers for ABBA accused Abba Mania`s managers of "parasitic and bad-faith conduct" by trading off ABBA`s goodwill and cachet in promoting Abba Mania. 
 
ABBA said the defendants have ignored its demands to stop using Abba Mania on social media, YouTube and the abbamania.com website, or take its suggestion to use "ABBA Tribute" in a way that won`t confuse people. 
 
The corporate defendants include Handshake Ltd of Manchester, England, and TAL Entertainment Ltd of Bicester, England. 
 
Neither immediately responded on Friday to requests for comment outside business hours. 
 
ABBA's trademark infringement lawsuit comes amid a U.S. tour for Abba Mania, which calls itself 'The Original Tribute from London's West End!', which includes a Feb. 2022 date in Middletown, New York, about a 90-minute drive from Manhattan. 
 
Polar Music International AB, the named plaintiff, has handled ABBA business affairs since the group`s 1972 founding in Stockholm. Its lawsuit also seeks a variety of damages. 
 
Abba Mania's website says "Abba Mania is in no way associated, affiliated, or endorsed by Polar Music or ABBA" in small capital letters. 
ABBA has sold an estimated 385 million records, and is known for such songs as 'Waterloo,' 'Dancing Queen,' 'Money, Money, Money'&nbsp;and 'The Winner Takes It All.'&nbsp;It was also one of the first acts to use music videos to promote its music. 
 
The group last month released its first new album in 40 years, 'Voyage,'&nbsp;and is planning a stage show featuring digital avatars of its members, who are now in their 70s, replicating their 1970s look.

The Swedish pop supergroup ABBA on Friday filed a lawsuit to stop a British cover band known as Abba Mania from using that name. In a complaint filed with the U.

The Swedish pop supergroup ABBA on Friday filed a lawsuit to stop a British cover band known as Abba Mania from using that name. In a complaint filed with the U.S. District Court in Manhattan, lawyers for ABBA accused Abba Mania`s managers of "parasitic and bad-faith conduct" by trading off ABBA`s goodwill and cachet in promoting Abba Mania. ABBA said the defendants have ignored its demands to stop using Abba Mania on social media, YouTube and the abbamania.com website, or take its suggestion to use "ABBA Tribute" in a way that won`t confuse people. The corporate defendants include Handshake Ltd of Manchester, England, and TAL Entertainment Ltd of Bicester, England. Neither immediately responded on Friday to requests for comment outside business hours. ABBA's trademark infringement lawsuit comes amid a U.S. tour for Abba Mania, which calls itself 'The Original Tribute from London's West End!', which includes a Feb. 2022 date in Middletown, New York, about a 90-minute drive from Manhattan. Polar Music International AB, the named plaintiff, has handled ABBA business affairs since the group`s 1972 founding in Stockholm. Its lawsuit also seeks a variety of damages. Abba Mania's website says "Abba Mania is in no way associated, affiliated, or endorsed by Polar Music or ABBA" in small capital letters. ABBA has sold an estimated 385 million records, and is known for such songs as 'Waterloo,' 'Dancing Queen,' 'Money, Money, Money' and 'The Winner Takes It All.' It was also one of the first acts to use music videos to promote its music. The group last month released its first new album in 40 years, 'Voyage,' and is planning a stage show featuring digital avatars of its members, who are now in their 70s, replicating their 1970s look.

Money, money, money: ABBA sues over Abba Mania cover band

Afghanistan's Taliban government is pressing for the release of billions of dollars of central bank reserves as the drought-stricken nation faces a cash crunch, mass starvation and a new migration crisis.

Afghanistan parked billions of dollars in assets overseas with the US&nbsp;Federal Reserve and other central banks in Europe, but that money has been frozen since the Islamist Taliban ousted the Western-backed government in August.

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A spokesman for the finance ministry said the government would respect human rights, including the education of women, as he sought fresh funds on top of humanitarian aid that he said offered only "small relief".

Under Taliban rule from 1996-2001, women were largely shut out of paid employment and education and normally had to cover their faces and be accompanied by a male relative when they left home.

"The money belongs to the Afghan nation. Just give us our own money," ministry spokesman Ahmad Wali Haqmal told Reuters. "Freezing this money is unethical and is against all international laws and values."

One top central bank official called on European countries including Germany to release their share of the reserves to avoid an economic collapse that could trigger mass migration towards Europe.

"The situation is desperate and the amount of cash is dwindling," Shah Mehrabi, a board member of the Afghan Central Bank, told Reuters. "There is enough right now &nbsp;to keep Afghanistan going until the end of the year.

"Europe is going to be affected most severely, if Afghanistan does not get access to this money," said Mehrabi.

"You will have a double whammy of not being able to find bread and not being able to afford it. People will be desperate. They are going to go to Europe," he said.

The call for assistance comes as Afghanistan faces a collapse of its fragile economy. The departure of US led forces and many international donors left the country without grants that financed three quarters of public spending.

Also Read |&nbsp;<a href="https://www.wionews.com/south-asia/afghan-girls-learn-code-underground-to-bypass-taliban-curbs-424641">Afghan girls learn, code 'underground' to bypass Taliban curbs</a>

The finance ministry said it had a daily tax take of roughly 400 million Afghanis ($4.4 million).

Although Western powers want to avert a humanitarian disaster in Afghanistan, they have refused to officially recognise the Taliban government.

Haqmal said Afghanistan would allow women an education, although not in the same classrooms as men. 
Human rights, he said, would be respected but within the framework of Islamic law, which would not include gay rights.

"LGBT&nbsp;That's against our Sharia law," he said.

Mehrabi hopes that while the United States has recently said it will not release its lion's share of roughly $9 billion of funds, European countries might.

He said Germany held half a billion dollars of Afghan money and that it and other European countries should release those funds.

Mehrabi said that Afghanistan needed $150 million each month to "prevent imminent crisis", keeping the local currency and prices stable, adding that any transfer could be monitored by an auditor.

"If reserves remain frozen, Afghan importers will not be able to pay for their shipments, banks will start to collapse, food will be become scarce, grocery stores will be empty," Mehrabi said.

He said that about $431 million of central bank reserves were held with German lender Commerzbank, as well as a further roughly $94 million with Germany's central bank, the Bundesbank.

The Bank for International Settlements, an umbrella group for global central banks in Switzerland, holds a further approximately $660 million. All three declined to comment.

The Taliban took back power in Afghanistan in August after the United States pulled out its troops, almost 20 years after the Islamists were ousted by US-led forces following the September&nbsp;11, 2001, attacks on the United States.

Afghanistan's Taliban government is pressing for the release of billions of dollars of central bank reserves as the drought-stricken nation faces a cash crunch, mass starvation and a new migration crisis.

Afghanistan's Taliban government is pressing for the release of billions of dollars of central bank reserves as the drought-stricken nation faces a cash crunch, mass starvation and a new migration crisis. Afghanistan parked billions of dollars in assets overseas with the US Federal Reserve and other central banks in Europe, but that money has been frozen since the Islamist Taliban ousted the Western-backed government in August. Also Read | Exclusive- 'Women encouraged to work in pine nut industry': Taliban to WION A spokesman for the finance ministry said the government would respect human rights, including the education of women, as he sought fresh funds on top of humanitarian aid that he said offered only "small relief". Under Taliban rule from 1996-2001, women were largely shut out of paid employment and education and normally had to cover their faces and be accompanied by a male relative when they left home. "The money belongs to the Afghan nation. Just give us our own money," ministry spokesman Ahmad Wali Haqmal told Reuters. "Freezing this money is unethical and is against all international laws and values." One top central bank official called on European countries including Germany to release their share of the reserves to avoid an economic collapse that could trigger mass migration towards Europe. "The situation is desperate and the amount of cash is dwindling," Shah Mehrabi, a board member of the Afghan Central Bank, told Reuters. "There is enough right now to keep Afghanistan going until the end of the year. "Europe is going to be affected most severely, if Afghanistan does not get access to this money," said Mehrabi. "You will have a double whammy of not being able to find bread and not being able to afford it. People will be desperate. They are going to go to Europe," he said. The call for assistance comes as Afghanistan faces a collapse of its fragile economy. The departure of US led forces and many international donors left the country without grants that financed three quarters of public spending. Also Read | Afghan girls learn, code 'underground' to bypass Taliban curbs The finance ministry said it had a daily tax take of roughly 400 million Afghanis ($4.4 million). Although Western powers want to avert a humanitarian disaster in Afghanistan, they have refused to officially recognise the Taliban government. Haqmal said Afghanistan would allow women an education, although not in the same classrooms as men. Human rights, he said, would be respected but within the framework of Islamic law, which would not include gay rights. "LGBT That's against our Sharia law," he said. Mehrabi hopes that while the United States has recently said it will not release its lion's share of roughly $9 billion of funds, European countries might. He said Germany held half a billion dollars of Afghan money and that it and other European countries should release those funds. Mehrabi said that Afghanistan needed $150 million each month to "prevent imminent crisis", keeping the local currency and prices stable, adding that any transfer could be monitored by an auditor. "If reserves remain frozen, Afghan importers will not be able to pay for their shipments, banks will start to collapse, food will be become scarce, grocery stores will be empty," Mehrabi said. He said that about $431 million of central bank reserves were held with German lender Commerzbank, as well as a further roughly $94 million with Germany's central bank, the Bundesbank. The Bank for International Settlements, an umbrella group for global central banks in Switzerland, holds a further approximately $660 million. All three declined to comment. The Taliban took back power in Afghanistan in August after the United States pulled out its troops, almost 20 years after the Islamists were ousted by US-led forces following the September 11, 2001, attacks on the United States.

'Just give us our money': Taliban push to unlock Afghan billions abroad

Leaders of the Group of 20 leading industrial nations are set to sign off on the most sweeping overhaul of the international tax system in a century when they gather in Rome this weekend, ushering in a 15% global minimum tax and changes to how governments can impose levies on large, profitable multinational companies.

The agreement is the result of years of sputtering international negotiations that gathered pace this year when the Biden administration took office. When the pact is fully enacted, most likely by 2023, it could have significant implications for the global economy, corporate investment and government coffers.

Some details will continue to be refined in the coming months. But tax experts and officials around the world have hailed the agreement as an achievement that will reverse decades of a “race to the bottom” in corporate taxation that has deprived nations of revenue as companies sought low-tax jurisdictions for their headquarters.

Here’s a look at how the deal will work.

<h2>A 15% Global Minimum Tax</h2>

The most prominent feature of the deal is the 15% global minimum tax, which is expected to be enacted by each country that has agreed to the deal. That rate will apply to multinational corporations with annual revenues of more than $867 million. The idea is to discourage companies from being able to avoid paying taxes by finding havens with low rates. Companies that park money in a country that is not part of the deal will be required to pay the difference between that nation’s rate and the 15% minimum rate to their home country.

Governments will apply the tax on a country-by-country basis, so that companies cannot lower their tax bill simply by seeking out tax havens and “blending” their tax rates. That will ensure that companies actually pay the 15% minimum rate regardless of where they locate within the 136 countries that are part of the deal.

The Biden administration has said it would impose a penalty rate on any foreign corporations based in countries that did not abide by the agreement.

The United States already has its own form of global minimum tax, which it applies to the foreign profits of American companies. To comply with the agreement, Congress will have to raise that tax rate from 10.5% to at least 15% and switch to the country-by-country system. It is expected to include this in the spending bill that is being negotiated among Democrats and count revenue from the tax to help pay for that legislation.

<h2>Pay Where You Play</h2>

Another crucial part of the agreement involves a shift in how governments can tax companies in the digital era. Taxes have traditionally depended on where a company operates, but the deal will update rules for the 21st century and allow countries to levy taxes on some large and profitable companies based on where their goods and services are sold.

The agreement was a response to an attempt by European countries to impose digital services taxes on U.S. technology giants such as Google and Facebook, which operate all over the world, even if they do not have a physical presence in every country. Those taxes prompted the United States to threaten retaliatory tariffs.

The global pact reached a compromise that allows countries to impose an additional tax on some of the profits of about 100 of the world’s richest companies based on where their sales are. The right to tax a total of $125 billion of profits will be reallocated among countries around the world. The taxes will be applied to companies with global sales of more than $23 billion and profit margins of at least 10%. A quarter of a company’s profit above that threshold will be taxed, with the revenue divvied up around the world.

U.S. companies are expected to bear the brunt of this new policy. Treasury Department officials contend that, on balance, the United States will gain about as much tax revenue as it loses once the plan is enacted. However, some analysts predict that the United States would be a net loser.

<h2>The Money at Stake</h2>

The Organization for Economic Cooperation and Development estimates that the agreement will raise $150 billion a year globally from companies that have parked their operations in low-tax nations, avoiding a higher tax bill.

The Biden administration hopes that the agreement will make U.S. companies more competitive globally while reducing incentives for them to move jobs abroad.

The White House estimates that the changes it is making to the international side of the tax code will raise $350 billion in revenue over a decade as U.S. companies are forced to pay higher taxes on profits they earn abroad and are more likely to invest in operations in the United States.

<h2>What’s Next</h2>

In some respects, reaching the agreement was the easy part. Now 136 countries must enact it. That will be easier in some countries than others.

It could be most challenging in the United States, which took a leading role in brokering the deal this year. Democrats are likely to be able to make the required changes to comply with the new minimum rate in the tax and social welfare package that they hope to pass next month.

However, the other part of the deal, which gets rid of the digital services taxes and applies largely to technology giants, could require changes to tax treaties. That would probably mean that some Republicans, who have resisted nearly all of the Biden administration’s tax proposals, would have to offer their support in separate legislation that lawmakers will tackle next year.

Other countries will have to deal with their own legislative challenges to comply with the agreement.

Leaders of the Group of 20 leading industrial nations are set to sign off on the most sweeping overhaul of the international tax system in a century when they gather in Rome this weekend, ushering in a 15% global minimum tax and changes to how governments can impose levies on large, profitable multinational companies.

Leaders of the Group of 20 leading industrial nations are set to sign off on the most sweeping overhaul of the international tax system in a century when they gather in Rome this weekend, ushering in a 15% global minimum tax and changes to how governments can impose levies on large, profitable multinational companies. The agreement is the result of years of sputtering international negotiations that gathered pace this year when the Biden administration took office. When the pact is fully enacted, most likely by 2023, it could have significant implications for the global economy, corporate investment and government coffers. Some details will continue to be refined in the coming months. But tax experts and officials around the world have hailed the agreement as an achievement that will reverse decades of a “race to the bottom” in corporate taxation that has deprived nations of revenue as companies sought low-tax jurisdictions for their headquarters. Here’s a look at how the deal will work. A 15% Global Minimum Tax The most prominent feature of the deal is the 15% global minimum tax, which is expected to be enacted by each country that has agreed to the deal. That rate will apply to multinational corporations with annual revenues of more than $867 million. The idea is to discourage companies from being able to avoid paying taxes by finding havens with low rates. Companies that park money in a country that is not part of the deal will be required to pay the difference between that nation’s rate and the 15% minimum rate to their home country. Governments will apply the tax on a country-by-country basis, so that companies cannot lower their tax bill simply by seeking out tax havens and “blending” their tax rates. That will ensure that companies actually pay the 15% minimum rate regardless of where they locate within the 136 countries that are part of the deal. The Biden administration has said it would impose a penalty rate on any foreign corporations based in countries that did not abide by the agreement. The United States already has its own form of global minimum tax, which it applies to the foreign profits of American companies. To comply with the agreement, Congress will have to raise that tax rate from 10.5% to at least 15% and switch to the country-by-country system. It is expected to include this in the spending bill that is being negotiated among Democrats and count revenue from the tax to help pay for that legislation. Pay Where You Play Another crucial part of the agreement involves a shift in how governments can tax companies in the digital era. Taxes have traditionally depended on where a company operates, but the deal will update rules for the 21st century and allow countries to levy taxes on some large and profitable companies based on where their goods and services are sold. The agreement was a response to an attempt by European countries to impose digital services taxes on U.S. technology giants such as Google and Facebook, which operate all over the world, even if they do not have a physical presence in every country. Those taxes prompted the United States to threaten retaliatory tariffs. The global pact reached a compromise that allows countries to impose an additional tax on some of the profits of about 100 of the world’s richest companies based on where their sales are. The right to tax a total of $125 billion of profits will be reallocated among countries around the world. The taxes will be applied to companies with global sales of more than $23 billion and profit margins of at least 10%. A quarter of a company’s profit above that threshold will be taxed, with the revenue divvied up around the world. U.S. companies are expected to bear the brunt of this new policy. Treasury Department officials contend that, on balance, the United States will gain about as much tax revenue as it loses once the plan is enacted. However, some analysts predict that the United States would be a net loser. The Money at Stake The Organization for Economic Cooperation and Development estimates that the agreement will raise $150 billion a year globally from companies that have parked their operations in low-tax nations, avoiding a higher tax bill. The Biden administration hopes that the agreement will make U.S. companies more competitive globally while reducing incentives for them to move jobs abroad. The White House estimates that the changes it is making to the international side of the tax code will raise $350 billion in revenue over a decade as U.S. companies are forced to pay higher taxes on profits they earn abroad and are more likely to invest in operations in the United States. What’s Next In some respects, reaching the agreement was the easy part. Now 136 countries must enact it. That will be easier in some countries than others. It could be most challenging in the United States, which took a leading role in brokering the deal this year. Democrats are likely to be able to make the required changes to comply with the new minimum rate in the tax and social welfare package that they hope to pass next month. However, the other part of the deal, which gets rid of the digital services taxes and applies largely to technology giants, could require changes to tax treaties. That would probably mean that some Republicans, who have resisted nearly all of the Biden administration’s tax proposals, would have to offer their support in separate legislation that lawmakers will tackle next year. Other countries will have to deal with their own legislative challenges to comply with the agreement.

A global tax deal is at hand. Here’s how it would work

The Deputy US Treasury Secretary, Wally Adeyemo, stated&nbsp;that the Taliban would have no access to Afghan central bank reserves, which are primarily held in the US.&nbsp;

But US has assured Afghans that it is committed to providing humanitarian aid and that the Taliban must help the distribution process.

According to Khaama Press, US Deputy Finance Minister Wally Adeyemo emphasised the need of sustaining pressure on the Taliban while emphasising that the Afghan people should not be harmed.&nbsp; 
 
<a href="https://www.wionews.com/south-asia/afghanistan-russia-calls-for-humanitarian-aid-as-it-hosts-taliban-422322">Also read | Afghanistan: Russia calls for humanitarian aid as it hosts Taliban</a>

"We believe that it's essential that we maintain our sanctions against the Taliban but at the same time find ways for legitimate humanitarian assistance to get to the Afghan people. That's exactly what we're doing," Adeyemo told the Senate Banking Committee, according to the report. 
 
<a href="https://www.wionews.com/south-asia/amid-soaring-fuel-prices-and-dwindling-cash-reserves-in-afghanistan-taliban-say-all-is-well-421995">Also read | Amid soaring fuel prices and dwindling cash reserves in Afghanistan, Taliban say ‘all is well’</a>

He emphasised that the US is committed to providing humanitarian supplies to Afghans and that the Taliban must help the distribution process.&nbsp; 
 
Watch | Gravitas: Taliban celebrate suicide bombers

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-taliban-celebrate-suicide-bombers-422473/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"We will continue to assert our restrictions on Haqqani network and the Taliban, but will continue humanitarian aids to Afghan people," added Adeyemo. 
 
Also read |<a href="https://www.wionews.com/south-asia/taliban-are-not-terrorists-us-has-a-wrong-understanding-zabihullah-mujahid-to-wion-421788">&nbsp;Taliban are not terrorists, US has a wrong understanding: Zabihullah Mujahid to WION</a>

After the US froze the central bank's $9 billion in assets outside of Afghanistan in August, as the Taliban seized over the nation and now face an exploding economic crisis, the Taliban requested for access to the funds.

The Taliban has been unable to seize the Afghan central bank's almost $10 billion in reserves, as previously revealed by Insider.&nbsp;

(With inputs from agencies)

The Deputy US Treasury Secretary, Wally Adeyemo, stated that the Taliban would have no access to Afghan central bank reserves, which are primarily held in the US.

The Deputy US Treasury Secretary, Wally Adeyemo, stated that the Taliban would have no access to Afghan central bank reserves, which are primarily held in the US. But US has assured Afghans that it is committed to providing humanitarian aid and that the Taliban must help the distribution process. According to Khaama Press, US Deputy Finance Minister Wally Adeyemo emphasised the need of sustaining pressure on the Taliban while emphasising that the Afghan people should not be harmed. Also read | Afghanistan: Russia calls for humanitarian aid as it hosts Taliban "We believe that it's essential that we maintain our sanctions against the Taliban but at the same time find ways for legitimate humanitarian assistance to get to the Afghan people. That's exactly what we're doing," Adeyemo told the Senate Banking Committee, according to the report. Also read | Amid soaring fuel prices and dwindling cash reserves in Afghanistan, Taliban say ‘all is well’ He emphasised that the US is committed to providing humanitarian supplies to Afghans and that the Taliban must help the distribution process. Watch | Gravitas: Taliban celebrate suicide bombers "We will continue to assert our restrictions on Haqqani network and the Taliban, but will continue humanitarian aids to Afghan people," added Adeyemo. Also read | Taliban are not terrorists, US has a wrong understanding: Zabihullah Mujahid to WION After the US froze the central bank's $9 billion in assets outside of Afghanistan in August, as the Taliban seized over the nation and now face an exploding economic crisis, the Taliban requested for access to the funds. The Taliban has been unable to seize the Afghan central bank's almost $10 billion in reserves, as previously revealed by Insider. (With inputs from agencies)

We will not let the Taliban access the money: US on releasing Afghan frozen assets

Democrats are racing against time to avoid a government shutdown and credit default. At this rate, the US Treasury could run out of money by October 18. What does a US default mean for the world economy? Molly Gambhir tells you.

Gravitas: Will America run out of money?

A new report has revealed that 42 low-income countries owe $385 billion to China. The debt is hidden from the world bank & some governments are now even aware of the monetary value of the contracts. Molly Gambhir gets you a report.

Gravitas: 42 countries owe $385 billion to China

In an embarrassing incident that took place in Kerala’s capital, locals and head-load workers blocked a crucial piece of high-tech, heavy equipment that was being transported for the Indian Space Research Organization. The consignment weighing nearly 180tons was being carried on a special heavy-cargo haulier truck and moving towards ISRO’s Vikram Sarabhai Space Center (VSSC) in Thumba, Thiruvananthapuram when the incident occurred.&nbsp;

VSSC is India’s lead centre for the development of rockets and related technologies. It is named after the Father of the Indian Space Programme.&nbsp;

Despite the high COVID-19 cases in Kerala and the lockdown restrictions, locals and people affiliated with the political trade unions had gathered in large numbers around the truck and created a ruckus.&nbsp;

Unmindful of the fact that ISRO’s cargo was being wheeled in with special security, the locals halted the vehicle’s movement for nearly two hours.&nbsp;

In Kerala, the locals and workers unscrupulously demand unreasonable charges for unloading any cargo that is brought into their locality.&nbsp;

Even if the owners of the cargo off-load it by themselves, the head-load workers demand exorbitant money.&nbsp;

In Malayalam, this practice is known as ‘Nokku Kooli’, it loosely translates to gawking fees or gawking charges.

<a href="https://www.wionews.com/india-news/india-reports-over-38000-covid-19-cases-lowest-daily-fatalities-in-167-days-411079">Also read |&nbsp;India reports over 38,000 COVID-19 cases; lowest daily fatalities in 167 days</a>

It means that the workers will stand and stare, while the hapless people work and also shell out money to the workers.&nbsp;The workers consider that this unfair practice is their absolute right.

Zee Media has understood that the locals and workers (who possessed no equipment and had nil expertise) wanted to unload the 180-ton cargo, demanded anywhere between Rs. 2000 per ton, which is upwards of Rs. 3.6lakhs.&nbsp; 
Some reports also say that the demand was as high as Rs.10lakhs.&nbsp;

The demand for money was made even after knowing that such a heavy cargo could only be unloaded using specialised equipment and cranes. The concerned cargo was a component of a new Trisonic wind tunnel equipment that ISRO is building at its facility.&nbsp;

A trisonic wind tunnel facility enables testing of aircraft and rocket prototypes at different speeds of airflow - subsonic, which is less than the speed of sound, transonic, which is close to the speed of sound, and supersonic, which is faster than the speed of sound.&nbsp;

Simply put, wind tunnels are large air tubes used to study how model aircrafts or rockets would actually fly.

It is learnt that this is, unfortunately, a routine issue in Kerala and in this case, the Police had to intervene after ISRO raised the matter seriously with the highest office in Kerala.&nbsp;

It was only after the police convinced the gathered people that the crowd dispersed and the cargo was let into ISRO, after a delay of nearly two hours.&nbsp;

The oversized cargo had arrived in Kollam, Kerala from Maharashtra via ship and it was being transported by a heavy-haulier truck to Thumba, Thiruvananthapuram.&nbsp;

There have been reports alleging that ISRO did not honour its promise of providing jobs to the local population.

This is despite having acquired land from there.

It is noteworthy that ISRO acquired land for VSSC, back in the 1960s. Zee Media has understood from ISRO sources that the space agency has been employing people from the locality, spanning three generations. Several contracts worth lakhs of

Rupees are also handed to the locals.&nbsp;

According to the Kerala High Court, the practice of ’Nokku-Kooli was damaging the image of Kerala and the Court called for its eradication. While the Kerala Government banned the practice in 2018, it is still rampant and ongoing.&nbsp;

Such practices have been adversely impacting the Southern India state’s capability to attract investments and help sustain small local businesses, despite the State Government’s tall claims of being “business-friendly”.

The greater irony and tragedy of this entire incident is that, it is this very Kerala and this very local population (of thumba) that gave up their coastal land and church to establish ISRO's Thumba equatorial rocket launching station (TERLS) in the early 1960s.

The sacrifice of that little hamlet consisting of fishermen has led to so much advancement in India's science and technology capabilities and space-faring prowess.

It is worthwhile to recall that India's space programme and indigenous space technology have saved countless lives of fishermen, sailors, and those living on the coast and beyond. ISRO has even made an ultra-portable device that helps fishermen send distress signals to satellites in order to receive immediate help and rescue.&nbsp;

It appears that a significant number of people who blocked ISRO's cargo and demanded money have not come across these lesser-known facts and chapters of India's history.

In an embarrassing incident that took place in Kerala’s capital, locals and head-load workers blocked a crucial piece of high-tech, heavy equipment that was being transported for the Indian Space Research Organization.

In an embarrassing incident that took place in Kerala’s capital, locals and head-load workers blocked a crucial piece of high-tech, heavy equipment that was being transported for the Indian Space Research Organization. The consignment weighing nearly 180tons was being carried on a special heavy-cargo haulier truck and moving towards ISRO’s Vikram Sarabhai Space Center (VSSC) in Thumba, Thiruvananthapuram when the incident occurred. VSSC is India’s lead centre for the development of rockets and related technologies. It is named after the Father of the Indian Space Programme. Despite the high COVID-19 cases in Kerala and the lockdown restrictions, locals and people affiliated with the political trade unions had gathered in large numbers around the truck and created a ruckus. Unmindful of the fact that ISRO’s cargo was being wheeled in with special security, the locals halted the vehicle’s movement for nearly two hours. In Kerala, the locals and workers unscrupulously demand unreasonable charges for unloading any cargo that is brought into their locality. Even if the owners of the cargo off-load it by themselves, the head-load workers demand exorbitant money. In Malayalam, this practice is known as ‘Nokku Kooli’, it loosely translates to gawking fees or gawking charges. Also read | India reports over 38,000 COVID-19 cases; lowest daily fatalities in 167 days It means that the workers will stand and stare, while the hapless people work and also shell out money to the workers. The workers consider that this unfair practice is their absolute right. Zee Media has understood that the locals and workers (who possessed no equipment and had nil expertise) wanted to unload the 180-ton cargo, demanded anywhere between Rs. 2000 per ton, which is upwards of Rs. 3.6lakhs. Some reports also say that the demand was as high as Rs.10lakhs. The demand for money was made even after knowing that such a heavy cargo could only be unloaded using specialised equipment and cranes. The concerned cargo was a component of a new Trisonic wind tunnel equipment that ISRO is building at its facility. A trisonic wind tunnel facility enables testing of aircraft and rocket prototypes at different speeds of airflow - subsonic, which is less than the speed of sound, transonic, which is close to the speed of sound, and supersonic, which is faster than the speed of sound. Simply put, wind tunnels are large air tubes used to study how model aircrafts or rockets would actually fly. It is learnt that this is, unfortunately, a routine issue in Kerala and in this case, the Police had to intervene after ISRO raised the matter seriously with the highest office in Kerala. It was only after the police convinced the gathered people that the crowd dispersed and the cargo was let into ISRO, after a delay of nearly two hours. The oversized cargo had arrived in Kollam, Kerala from Maharashtra via ship and it was being transported by a heavy-haulier truck to Thumba, Thiruvananthapuram. There have been reports alleging that ISRO did not honour its promise of providing jobs to the local population. This is despite having acquired land from there. It is noteworthy that ISRO acquired land for VSSC, back in the 1960s. Zee Media has understood from ISRO sources that the space agency has been employing people from the locality, spanning three generations. Several contracts worth lakhs of Rupees are also handed to the locals. According to the Kerala High Court, the practice of ’Nokku-Kooli was damaging the image of Kerala and the Court called for its eradication. While the Kerala Government banned the practice in 2018, it is still rampant and ongoing. Such practices have been adversely impacting the Southern India state’s capability to attract investments and help sustain small local businesses, despite the State Government’s tall claims of being “business-friendly”. The greater irony and tragedy of this entire incident is that, it is this very Kerala and this very local population (of thumba) that gave up their coastal land and church to establish ISRO's Thumba equatorial rocket launching station (TERLS) in the early 1960s. The sacrifice of that little hamlet consisting of fishermen has led to so much advancement in India's science and technology capabilities and space-faring prowess. It is worthwhile to recall that India's space programme and indigenous space technology have saved countless lives of fishermen, sailors, and those living on the coast and beyond. ISRO has even made an ultra-portable device that helps fishermen send distress signals to satellites in order to receive immediate help and rescue. It appears that a significant number of people who blocked ISRO's cargo and demanded money have not come across these lesser-known facts and chapters of India's history.

Head-load workers and locals block ISRO’s cargo and demand money for unloading

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