
(Bloomberg Opinion) -- Brazil isn’t the only big emerging market struggling with the dollar’s relentless strength. Indonesia, so often depicted as a rising star and gifted with an abundance of natural resources that the global economy desires, is busy propping up its currency. Officials have described their interventions as particularly bold. They need to be: Few things are as totemic in the vast archipelago as the standing of the rupiah. It has lost about 6% against the greenback this quarter and recently weakened beyond the psychologically important 16,000 level. Aside from being a big, round number, the slide resonates for a couple of reasons. The collapse of the currency during the Asian financial crisis of the late 1990s ushered in more than a deep recession — it was midwife to sectarian strife and a re-ordering of the state. The new president, Prabowo Subianto, a former top army commander, has just taken office with plans to turbocharge the economy. Indonesia’s contemporary performance has generally been praised by the International Monetary Fund and the World Bank. The nation is often depicted as a comer — thanks to a huge population and vast mineral wealth — a nation that will share the limelight in coming years with India, China and the US. But Prabowo has expressed dissatisfaction and, during his campaign, targeted an annual rate of growth in the vicinity of 8%. He wants the government to play a bigger role in driving the economy and has made skeptical comments about laws that curtail deficits. More spending would tend to weaken the rupiah, hardly desirable right now. The rules are there for good reason. History explains the high degree of sensitivity to fluctuations. A former finance minister once likened watching a drop in the rupiah to a national trauma. Prabowo is now challenged in a manner a military career didn’t prepare him for. The ultimate check on power is what the market will bear. When EMs shine, Indonesia does well. When they are on the nose, as they are today, assessments are less hagiographic. As rough a patch as this is, Jakarta can take some comfort from being part of the pack. The dollar's advance has many central banks on the defensive. Brazil's travails have grabbed most of the headlines, but the retreat has been broad. The real is down 12% over the past three months and more than 20% this year. The yen is taking a beating and the Malaysian ringgit's bumper third quarter has given way to a slide. The South Korean won has taken a drubbing since the president briefly declared martial law, a grave mistake that backfired and led to his impeachment. Bank Indonesia's intervention has prevented a steeper decline. Also significant is what hasn’t happened. The central bank passed on an interest-rate cut this month that would have been justified by contained inflation — were that the only consideration. With the rupiah under pressure, there was little choice other than to demur. The bank will also buy government bonds in the secondary market. Indonesia is in a much sounder economic position than its South American counterpart. Inflation is under control, while Brazil is braced for price advances next year that exceed the central bank's target. Thanks to rules enacted by Jakarta after the 1990s collapse, fiscal deficits are limited to 3% of gross domestic product. Brazil's shortfall is approaching 10% of GDP. Prabowo has occasionally chafed at budget constraints and desires an economy that would grow faster than any other, up from the respectable average of around 5% recorded under his predecessor. If a quarter-point rate cut is on pause, tossing out these strictures should be off the agenda. (A probe of the central bank by the anti-corruption agency may also be weighing on sentiment. Bank Indonesia’s governor has vowed to cooperate.) They do share a common problem, though: The muscular greenback. Donald Trump's election in November, has most currencies on the defensive. The difficulty is acute for emerging markets, which enjoyed much demand in the late 20th century and the early years of the current one. The coming era was said to belong to them; it was easy to dismiss the West as yesterday's hero. EMs are, however, no longer so in vogue. A big part of the diminished allure has been China's disappointing economic run after the rapid expansion of the 1980s that lifted living standards dramatically. To a large extent, the appeal of developing countries in their heyday was a bet on China's march to commercial and financial supremacy. That assumption is now questionable, to say the least. A closely watched JPMorgan Chase & Co. currency index is heading for a seventh successive year of losses. In the weeks leading up to his inauguration in October, Prabowo looked like he was going to be the beneficiary of a favorable environment. Inflation was coming down around the world and rate cuts by major central banks would make it easier for local authorities to juice growth. Bank Indonesia began what was considered likely to be a series of reductions in September — hours before the Federal Reserve undertook its first trim since the early days of the pandemic. Luck may still shine upon the new president. Prabowo already made a shrewd call in retaining the highly respected finance minister, Sri Mulyani Indrawati, who has served since 2016. Prabowo has big plans. He’s finding out early, though, that power can come in many shapes and forms. Not least of which is that flickering screen on the trading floor. More From Bloomberg Opinion: This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Daniel Moss is a Bloomberg Opinion columnist covering Asian economies. Previously, he was executive editor for economics at Bloomberg News. More stories like this are available on bloomberg.com/opinion ©2024 Bloomberg L.P.Live Blog: Soo Greyhounds at Saginaw Spirit
Harry Potter creator and women’s rights activist J.K. Rowling has told her fans on social media that there is no such thing as a transgender kid and that no child is born in the “wrong body.” Rowling engaged series of messages on X on Saturday but after being accused of perpetrating a “hateful focus on trans kids,” the children’s books author seemed to insist that there is no such thing as a trans kid in the first place. “There are no trans kids. No child is ‘born in the wrong body,'” she wrote. “There are only adults like you, prepared to sacrifice the health of minors to bolster your belief in an ideology that will end up wreaking more harm than lobotomies and false memory syndrome combined.” In another post, Rowling blamed some of society’s problems on a type of cultural contamination where social media convinces children that they are transgender. When one X user said that parents are to blame for transgendering of kids, Rowling responded, saying, “Kids are watching TikTok videos of surgeons selling the idea that bodies can be modified like Lego. Schools affirm kids’ trans identities behind parents’ backs. A certain kids’ charity in the UK sent out breast binders to pubescent girls without parental consent.” “Many parents are struggling to protect kids from a Zeitgeist telling them that anxieties about puberty, sexuality and growing up can be fixed by lifelong reliance on Big Pharma and by doctors who make Frankenstein look ethical,” she added. Rowling went on to say that parents are facing strong headwinds as schools and the Internet continue to push transgenderism on kids outside the home. She also blasted the entire scheme of transgenderism for pushing a false nirvana. She noted that transgender medical intervention “causes infertility, the loss of the ability to orgasm and a lifetime’s reliance on powerful hormones your body wasn’t designed to cope with,” she wrote. Rowling has been a staunch voice in opposition to transgender “women” in sports and recently pointed out that men claiming to be transgender female athletes have stolen hundreds of medals and championships from female athletes. “Over 890 medals, across 29 sports, stolen from women by men,” the shocked British writer exclaimed in a post from October. Still, the famed author has taken much criticism from the far-left for her stance in favor of women’s rights. She has faced boycott threats and death threats from the left. But the opposition to her seems to be losing its power. Recently, HBO announced its continued partnership with Rowling as the studio prepares to launch yet another Harry Potter project despite efforts by woke leftists looking to force the studio to cut its ties to Rowling. Adding more credence to her position, the British national health system has announced a ban on puberty blockers and other transgender procedures for minors. Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston , or Truth Social @WarnerToddHustonNone
Green scores 20 as Rhode Island downs Detroit Mercy 81-75'1,988 projects benefited from Investment Law over 4 years'
"Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" Thanks for your interest in Kalkine Media's content! To continue reading, please log in to your account or create your free account with us.
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Riyadh Metro set to launch first phase, transforming the Saudi capital
SIOUX CITY — Woodbury County Supervisor Jeremy Taylor hoped to have a public discussion Tuesday about finances for the new Law Enforcement Center, but the LEC Authority attorney rejected the move. Taylor said he submitted an agenda item for the board's weekly meeting Tuesday focusing on the annual operating costs for the new LEC, which opened in September. The Republican said County Sheriff Chad Sheehan and County Auditor-Elect Michelle Skaff helped draft the financial information. Taylor said the county is levying $447,980 in property taxes for the LEC, which include bond payments, pay and benefits for jail staff, and insurance and maintenance funds. The costs include $1.2 million per year for 20 to 25 additional jailers to staff the 448-bed facility, which is nearly double in size than the old jail. The new jail, though, is running at a $348,000 deficit each month, due to lower than anticipated revenue from the U.S. Marshals Service to house federal inmates, he said. "These are numbers that are publicly available," Taylor said at the meeting. "Taxpayers were told that $301,000 bond payment every month will be taken care of, so far it hasn't been in three and a half, nearly four years," Taylor said. Board chair Matthew Ung said Taylor's request was removed from the agenda at the advice of the LEC Authority's attorney Jodie McDougal and John A. Templar, Jr., the outside damages attorney hired by the board, saying it could be detrimental to the county's recouping damaging from parties that led to the delay in the completion of the over $70 million project. "Reasons for that probably shouldn't be discussed in open session," Ung said. Taylor said he did not understand why the board could not publicly discuss financial data that is public record. County Attorney James Loomis said public discussion about the numbers is different, due to its relation to damages and mitigation of damages. "I don't think it's appropriate to have this discussion," Loomis said, suggesting the matter would be better brought up in a closed session. Taylor asked if he could share the numbers. Loomis said there is a difference between sharing the numbers and discussing them, and his advice was not to discuss the issue in public. Supervisor Mark Nelson said the boards want to avoid discussing numbers because they may be lower than the actual damages. Therefore, it potentially could impact any costs the county could recoup in a lawsuit. Matthew Ung, Chair of the Woodbury County Board of Supervisors, praises the the LEC Authority while chiding lawmakers and naysayers during an open house at the new LEC on Wednesday. Tim HyndsArm vs. Qualcomm - IP Licensor vs IP Licensee During its second day of deliberation and with just a few hours before the holiday break, the jury reached a decision in the Arm-Qualcomm case. They determined that Qualcomm did not breach the Nuvia ALA (question 2) and that custom Qualcomm CPUs developed after the agreement using Nuvia technology as a baseline are covered under the Qualcomm ALA agreement (question 3 – the counterclaim). The jury could not reach a decision on whether Nuvia breached the Nuvia ALA agreement (question 1). This is of no surprise given the conflicting language in the license agreement that created the dispute in the first place. It’s no wonder that a jury could not interpret it if the parties that signed it cannot agree on the meaning of its terms and conditions. Disclosure: My company, Tirias Research, has consulted for Arm, Qualcomm and other companies mentioned in this article. The outcome is positive for Qualcomm. The jury decided that Qualcomm did not breach an agreement that it was not a party to and, perhaps more importantly, it can move forward with its efforts under its current license agreement. However, it leaves a cloud hanging over Nuvia. As for Arm, it loses its leverage to push for a new ALA with Qualcomm and faces lower royalties from its largest customer as Qualcomm rolls out its new line of custom CPU cores throughout its product lines. Note that it may take a few years before the custom CPU cores replace off-the-shelf Arm CPU cores across Qualcomm’s entire product line, and Qualcomm will still be using other Arm technology covered in its TLA agreement. Additionally, Arm will receive additional TLA and ALA royalties from Qualcomm as it pushes into new market segments. Arm will just receive a lower royalty rate on the custom CPU cores than it would have if Qualcomm was using off-the-shelve Arm cores or if were forced to operate under the Nuvia ALA, but this was inevitable as Qualcomm sought to develop more competitive CPUs one way or another. This may be a wake-up call for the rest of the Arm ecosystem as it considers taking new Arm licenses and/or acquisitions. The licenses need to be clear and should provide protection for all parties without limiting the operation, including a potential acquisition, of the licensee. In terms of ALA licensees, this is of little concern because most of the remaining ALA licensees are large, established tech companies like AMD, Intel, Microsoft, Google, and Samsung. Google’s Gmail Upgrade—Why You Need A New Email Address In 2025 ‘Tipping Point’—Crypto Braced For $280 Trillion Price Bitcoin Reserve After Trump Picks Trump Says US Should Take Ownership Of Greenland And Threatens Panama Canal Takeover The trial also highlighted Arm’s efforts to raise royalty rates in general, which is well known throughout the industry. However, it exposed some of the amounts and tactics Arm is leveraging to accomplish this goal. It also confirmed Arm’s efforts to design complete processors and SoCs for customers. This may benefit some customers and pose a competitive risk to others. When the lawsuit was first filed, most of the industry was questioning why Arm would sue its largest customer, something that the judge questioned as well. For the past few decades, Arm has been the Switzerland of the semiconductor industry. It was an independent vendor providing technology and support across the entire industry. Prior to this suit, Arm had never brought legal action against any customer, which it refers to more accurately as “partners,” and it had achieved huge success as its customers succeeded. What changed and how did things come to this? The answer requires looking at the changes in both Arm and Qualcomm over a little more than a decade, the inherent competitive threat created by Arm’s competing business models, and the changing dynamics of the industry. That will be the focus of my next article. For now, the industry is breathing a sigh of relief that this is over and that there is little, if any, impact on the existing Arm agreements, but with a bit of caution for the future.