14th December 2022 |
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Good morning. Just hours after Sam Bankman-Fried, the founder of the bankrupt crypto company owing depositors billions of dollars, made it clear he would, in fact, not testify before a House Financial Services Committee hearing, he was arrested in the Bahamas and will be extradited to the US.
Turns out, when the US Congress invites you to testify about the role you played in your crypto exchange losing $51 billion seemingly overnight, it's less of an invitation and more of an "invitation."
China. The government is reportedly preparing a $143B package of subsidies and tax credits to support the Chinese semiconductor manufacturing industry. The move comes in response to actions by the U.S. to bolster its semiconductor industry and bar exports of high-end chips and chip manufacturing equipment to China. The Biden Administration also passed legislation that would provide $52.7B in subsidies and tax credits for semiconductor manufacturing and research in the U.S.
World Cup. Lionel Messi produced a magical display to inspire Argentina to a 3-0 win over Croatia and fire his side into Sunday’s World Cup final. It marked a disappointing end for the Croatia's array of experienced stars, most notably captain and instrumental midfielder Luka Modric who, at 37, is unlikely to take part in another World Cup. Argentina will face either defending champions France or surprise package Morocco, the first Arab and African country to make it to a World Cup semifinal, on Sunday.
United States. A bipartisan group of U.S. lawmakers proposed a new bill to ban TikTok. Critics argue that the app is a security risk because TikTok's parent company ByteDance could be forced to turn over user data to the Chinese government. The bill is called the ANTI-SOCIAL CCP ACT, which stands for Averting the National Threat of Internet Surveillance, Oppressive Censorship and Influence, and Algorithmic Learning by the Chinese Communist Party. FBI Director Christopher Wray recently told Congress that he is "extremely concerned" over the Chinese government's ability to potentially influence U.S. TikTok users.
German physicist Max Planck publishes his groundbreaking study of the effect of radiation on a “blackbody” substance, and the quantum theory of modern physics is born. The theory helped to resolve previously unexplained natural phenomena such as the behavior of heat in solids and the nature of light absorption on an atomic level. In 1918, Planck was awarded the Nobel Prize in physics for his work on blackbody radiation.
NIGERIA
PS Risks Arrest Over Missing N113m
The Story
The Nigerian Senate says it will issue a warrant of arrest against the Permanent Secretary, Ministry of Finance, Budget and National Planning.
Why?
This is in reaction to the failure of the ministry's Director of Cash Departments to appear before the Senate Committee on Public Accounts, which requested for documents related to the disbursement of Service Wide Votes and seeks clarification on missing N113m on salary adjustment for the Joint Admissions and Matriculation Board (JAMB). According to the committee's chairman, Senator Matthew Urhoghide (PDP, Edo South), there have been three invites to the Director to appear before the committee, but all have been ignored.
How did the funds get missing?
That's still unclear. While the office of the Accountant-General of the Federation (AGF) told the Senate Committee that the N113m was released to JAMB in May 2017 for salary augmentation, JAMB says it did not receive the funds. JAMB's Director of Finance and Administration, Mufutau Bello, told the Committee that the N113m was not released to them. Senator Urhoghide gave the Permanent Secretary 48 hours to appear before the committee with relevant documents or risk arrest. SOURCE
NORTH AMERICA
New Energy Source On The Horizon
The Story
Scientists in the United States of America on Tuesday announced a breakthrough in the pursuit of an alternative source of energy through nuclear fusion.
What is nuclear fusion?
Nuclear fusion is the process by which two or more atoms combine to form one bigger atom, which releases a tremendous amount of energy. The Sun and other stars are propelled by it. It is the fusing of two pairs of light atoms; this "fusion" generates a lot of energy. It is the reverse of nuclear "fission," which is the splitting apart of heavy atoms. The National Ignition Facility at the Lawrence Livermore National Laboratory (LLNL) in California is where the experiment was conducted. With the technique holding the promise of a potentially endless source of clean energy, physicists have been working on it for decades.
How soon will this be available for public use?
A fusion-powered future is one step closer to becoming a reality. However, there's still a long way to go before we get there. Although the energy they produced in this experiment was minute, it is a sign of great things to come, and validates the efforts put into it. It needs to be replicated, polished, and the quantity of energy it produces will need to be greatly increased before scientists can consider scaling it up. "This is a historic achievement… over the past 60 years thousands of people have contributed to this endeavour and it took real vision to get us here", said LLNL director Dr Kim Budil.
In contrast to nuclear fission, nuclear fusion generates far more energy and just trace amounts of short-lived radioactive waste. Additionally, and more significantly, the process doesn't emit any greenhouse gases, preventing it from causing climate change. However, one of the challenges is that in order to force and maintain the atoms together in fusion, extremely high temperatures and pressures are needed. SOURCE
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LATIN AMERICA
Castillo, Cast Out
The Story
Pedro Castillo, now-former President of Peru, was ousted from office last Wednesday after attempting to dissolve the country's Congress and calling for fresh elections.
Why did he want new elections?
He probably made the desperate move in response to the Congress' threat to impeach him. Vice President Dina Boluarte took his position, making her Peru's first female president. Castillo has been the subject of numerous inquiries into, among other things, whether he used his position to acquire favor or special treatment for himself, his family, and closest supporters. He has emphasized his willingness to cooperate with any probe, while vehemently disputing every accusation.
Violent Protests
Over 20 people were hurt in clashes between protesters and police on Saturday in the city of Andahuaylas, including four police officers. Two police officers were captured by the protesters, some of whom were arrested during the protests. According to the Ombudsman's Office of Peru, everyone who was hurt was receiving “adequate medical care in the city hospital.” In the end, the captured officers were also freed.
What's the protest about?
Even though Andahuaylas is one of a handful towns nationally where demonstrations were staged last Friday in support of Castillo, the reasons for the protests have not yet been made public. Due to his classification as a flight risk, Castillo is under a seven-day preliminary arrest and is charged with the alledged crime of rebellion. He contends that the accusations stem from a witch hunt against him and his family by factions who refused to recognize his election victory. SOURCE
CONVERSATIONS
Are Jails in Norway Like Nice Hotels?
Quora Question: Are jails in Norway and Scandinavia basically like nice hotels? I've read that the only disadvantage to being locked up there is the loss of freedom.
No, nor even like inferior hotels. I've stayed in a lot of hotel rooms and none of them were as spartan as a Norwegian jail cell. It's true that you get a room to yourself, with a bed and a desk and power for a TV or laptop. But the floor is not carpeted, and the bathroom is pretty minimal. No fluffy bathrobe and little bottles of shampoo. They look more like American university dorm rooms.
An example is the image above.
Don’t wait till last day before collecting your PVC – INEC advises Nigerians
Debt servicing to gulp 123% of 2023 revenue
Withdrawal limits: PoS operators head for court, Gbajabiamila faults move
Travellers no longer require COVID-19 test- FG
Nigerians abroad can return with expired passports – NIS
IMF agrees to Ghana $3bn debt bailout
S Africa’s parliament votes against Ramaphosa impeachment move
France injury concerns ahead of World Cup semifinal with Morocco
Binance withdrawals hit $1.9bn in past 24 hours says data firm
Argentina’s Messi confirms Qatar final his last World Cup
GRANT OPPORTUNITY
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The Climate Story Fund prioritizes climate stories centering the most affected, the unengaged and the underrepresented, and puts them at the center of the story. The Fund also prioritizes storytellers working in and from those communities, sharing narratives that resonate deeply with new and unengaged audiences, bringing them into critical conversations around climate justice.
Application Deadline: 1 February 2023. APPLY HERE
How Ibom Air delayed Lagos-Abuja flight for 6 hours, threatened arrest of aggrieved passenger. The Cable
The Odd Culture of Obsessing over Degrees. Medium
This year's 100 greatest innovations. PopSci
World Cup 2022: 10 big moments so far. Al Jazeera
COUNTRY PROFILE
Morocco
Official Name: The Kingdom of Morocco
Region: North Africa
Government: Unitary Parliamentary Semi-Constitutional Monarchy
Country Calling Code: +212
Capital City: Rabat
Independence Day: 7 April 1956
Population: 36,767,655 (2022 estimate)
Currency: Moroccan dirham (MAD)
Official Languages: Arabic and Amazigh
King: Mohammed VI
GDP Per Capita: $$3,896 (2022 estimate)
TRIVIA
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Written by Seun, Mercy, Kingsley, and Tosin.
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