SEE ALSO – Anna May on why she’d ‘hate’ the political life Twitter By Steven Miller – 31st December 2018 Charlie Flanagan on Electric Picnic: ‘I’d ask organisers to consult with community leaders’ Previous article2018 Remembered: Kilcruise footballer goes above and beyond to earn his team a drawNext article2018 Remembered – Fianna Fail choose successor for vacant Portlaoise seat following death of Jerry Lodge Steven Millerhttp://www.laoistoday.ieSteven Miller is owner and managing editor of LaoisToday.ie. From Laois, Steven studied Journalism in DCU and has 14 years experience in the media, almost 10 of those in an editorial role. Husband of Emily, father of William and Lillian, he’s happiest when he’s telling stories or kicking a point. Pinterest New Arles road opens but disquiet over who was invited to official opening Brought to you in association with Expert LaoisWe’ve had a wide range of guests in with us for our Christmas Video Interview Series and it concludes this evening with a piece with Anna May and Anna Marie McHugh from the National Ploughing Association.They reflect on the 2018 Ploughing – one that saw the weather lead to the cancellation of Day 2, the addition of a Day 4 at short notice and how that all played out over a couple of intense days in Screggan in Offaly.The mother and daughter combo reflect on how the Ploughing became such a huge event and where it can possibly grow.Anna May also tells how she has been approached by various politcial parties but explains why a life in politics certainly wasn’t for her.Our Christmas Video Interview Series was brought to you in association with Expert Electrical Laois and filmed by Gintautis Cepaitis.You can watch back all of the previous episodes here. We would like to thank you for tuning in and we hope to bring you more great video content in 2019.But for now – Happy New Year! Community Council Twitter Community Facebook WhatsApp WATCH: Anna May and Anna Marie McHugh reflect on Ploughing 2018 – and what lies ahead WhatsApp Home We Are Laois WATCH: Anna May and Anna Marie McHugh reflect on Ploughing 2018 –… We Are Laois Pinterest TAGSAnna Marie McHughAnna May McHughNational Ploughing Championships RELATED ARTICLESMORE FROM AUTHOR Facebook Laois secondary school announces scholarship winners for new academic year
US dollar and Chinese reminbi plummet against North Korean won once again Kang Mi JinKang Mi Jin is a North Korean defector turned journalist who fled North Korea in 2009. She has a degree in economics and writes largely on marketization and economy-related issues for Daily NK. Questions about her articles can be directed to [email protected] There are signs that North Korea is running into serious difficulties with its corn harvest North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) SHARE Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR Regime Makes Calculated Bet on a New Kim By Kang Mi Jin – 2014.03.11 1:52am News Kim Jong Eun’s younger sister Yeo Jung made her firstofficially listed appearance over the weekend, travelling with the North Koreanleader as he took part in March 9th Supreme People’s Assembly elections. The youngwoman’s debut did not go unnoticed by the North Korean public, and a number ofdifferent reactions came out of it, with many people discussing her in relation to the history of Kim Jong Il’s younger sister, Kim Kyong Hui.A source in Yangkang Province told Daily NK on the 10th,“People already felt resistance at the fact that the Marshal [Kim Jong Eun] isso young. Now there is criticism of the official appearance of his youngersister, Kim Yeo Jung; people feel like it’s a bunch of kids getting together torun the country.”“The name of comrade Kim Kyong Hui, who was born way back in1946, did not appear in the public record at all until 1987, when she wasappointed director of the Party Department of Light Industry. She had beensupporting the General [Kim Jong Il] behind the scenes,” the source went on to recall. “Comparedto that, Kim Yeo Jung has appeared really quickly; she is not even thirty yet. Whethershe can take good care of the country is an obvious concern.”However, the source also acknowledged a degree of publicinterest in the latest member of the Kim family to enter the public domain.This is not because anyone expects her to have an impact on policy; rather, it isbecause very little is known about her inside North Korea. “Because absolutelynothing had previously been made public about Kim Yeo Jung, some people areinterested in her,” she explained.Kim Jong Il, who was astute politically, sent his youngersister Kim Kyong Hui out to assess public opinion during the late 1990s, whenthe North Korean economy was in dire straits. To most ordinary North Koreansthe decision to bring Kim Yeo Jung out into the public domain was a politicalcalculation intended to arouse memoriesof the past.“They say the General was getting too many reports from cadres thatwere just empty fawning, so it was impossible for him to judge the difficultiesthe public were facing,” the source recalled. “Therefore, he ordered his youngersister comrade Kim Kyong Hui to go out personally and find out the situation.”“They say that she went around the place by ‘servi-cha’ [adhoc public transport, much of it utilizing trucks] asking people whattheir biggest problems were,” she said. “She apparently went to the jangmadang to find out about people’slivelihoods, chastised some security cadres and issued orders to improvepeople’s lives.” News News NewsEconomy
NewsEconomy There are signs that North Korea is running into serious difficulties with its corn harvest North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) News News RELATED ARTICLESMORE FROM AUTHOR US dollar and Chinese reminbi plummet against North Korean won once again News Facebook Twitter SHARE Residents Indifferent to 5000 KPW Swap By Daily NK – 2014.08.18 4:34pm Daily NKQuestions or comments about this article? Contact us at [email protected] Daily NK has learned that the recent 5000KPW note exchange has prompted an overall apathetic response from residents inNorth Korea. As Daily NK first reported here on July 31st the North Korean authorities informedresidents that the largest denomination monetary unit would be replaced with anew bill.US Dollars and Chinese Yuan being thecurrencies of choice in the markets, the recent collection and exchange of thehighest denomination bill “doesn’t really affect people’s lives.”A source in the capital reported to DailyNK on August 14, “A new [5000 KPW] note has been issued, but the exchange ofold to new notes hasn’t made much headway.” This is hardly a nuisance to mostresidents, who are used to adapting, she went on to explain. “People are fairlyindifferent about the new 5000 bill, and anyone who expresses concern about it isconsidered to be a fool by others.”Production of the new 5000 KPW notes beganlast year; at the end of July 2014, the Chosun Central Bank announced thatresidents would have until 2017 to exchange the old bills. “At first, residentsdidn’t know what the exchange rate would be when they converted to the newbills, so a bit of chaos ensued; once they found out it was a 1:1 exchangerate, things have been pretty quiet of late,” she explained. “The number ofresidents holding 5000 KPW notes is pretty low so there isn’t an atmosphere ofconcern surrounding the matter.” The source did add that it cannot be verifiedat this time if those in rural or farming areas are equally as impervious tothe matter.The source cited two chief factorsunderpinning this resident indifference: trust in the authorities continues todecline, as does the value of North Korean currency.The 5000 KPW bill is the largestdenomination of bill in North Korean currency, but when compared with foreigncurrencies like Chinese Yuan or US Dollars, its value is dismal, considered bymost to be “wastepaper.” By currentexchange rates, 1 USD is equal to 8000 KPW; in other words, the largest note inNorth Korea [5000 KPW] is less than 1 USD or equal to approximately 5 RMB. Moreover, at current market prices, 5,000KPW [6000 KPW per kilo] is insufficientfor people to purchase a kilo of rice or a dozen eggs [5000 KPW yields six eggsat present]. “Even when people buy a block of tofu [700 KPW], they use dollars,”the source explained. “Because merchants only do business in US Dollars ofChinese Yuan, people save all their money in these currencies.” Citing the 2009 currency reforms, sheexplained the shift in public sentiment on the KPW, “People won’t suffer any losses even if thereare 10 more currency reforms. Even those in poorer, rural areas regard NorthKorean currency as something for ‘use by the state’ and keep their assets inrice and other goods. ” This shift in attitude of North Korean currency as “means of exchange”to “means of savings” occurred during and after the Arduous March [the North Korean famine of 1994-1998]. After ceasing distribution of regular food rations, starvation quicklybecame rife. In order to minimize dependency on a broken state system, peoplesought to build assets by saving as much KPW as possible. Tragically, those savings were reduced toworthless scraps of paper during the currency reforms in 2009.The goal of thecurrency redenomination of November 30, 2009 was officially to bring inflationunder control and eliminate monetary overhang, but the result of the 100:1redenomination was catastrophic. This led to a complete transformation inresident commercial activity. The North Korean residents lost complete faith instate-issued banknotes and adopted foreign currencies, namely Chinese Yuan andUS Dollars, as the preferred legal tender for business transactions. “Because KPW is ‘not even worth counting’,there are more and more people who don’t care about the new 5,000 won bill,” shewent on. “Instead of curiosity or trepidation as to the motivations behind theexchange, people just feel reassured by holding onto foreign currency.” Once the privilege of traders and Partyofficials working abroad, accessibility to these foreign currencies has trickled down tomarket vendors and young students. Daily NK has recently learned that marketsin all major cities in the North even provide small change back to customers inUS Dollars and Chinese Renminbi.
James Langton The Consumers Council of Canada says that the Canadian banking industry should have a single, regulated, independent dispute resolution service. In a new report, the Consumers Council examines the recent proposals from the federal Department of Finance for increasing oversight of dispute resolution in the banking industry, and concludes that consumers would be best served by a single, independent provider, rather than the fragmented process that has emerged, and Finance has implicitly endorsed. Share this article and your comments with peers on social media Related news Facebook LinkedIn Twitter Fed plays limited role in assessing climate risks for banks Canadian banks to focus on growth, spending and buybacks after strong second quarter Keywords Banking industry, Dispute resolution TD getting new head of private wealth, financial planning Earlier this year, Finance proposed new minimum standards for dispute resolution providers and plans for increased oversight by the Financial Consumer Agency of Canada (FCAC). This riled consumer advocates who had been hoping that the government would require all of the banks to belong to the Ombudsman for Banking Services and Investments (OBSI), which had been the sole provider, but has suffered two significant defections (Royal Bank and TD Bank) in recent years. Now, the Consumer Council is lining up with those other consumer advocates. It says that it has told Finance and the FCAC that it favours a single provider, and it says that the approach to dispute resolution and redress offered by OBSI “better protects the rights of consumers and makes it easier for consumers to manage their responsibilities” than the alternative method offered by RBC and TD. Indeed, it concludes that the process being used by RBC and TD “does not meet agreed-upon minimum standards, has not had an appropriate level of involvement in its development by consumers, government regulators or industry self-regulators.” Additionally, it argues that regulatory change in this area requires lengthy, detailed public consultation. And, in the meantime, it says that all banks should be required to belong to OBSI. If that’s not the case, it says that the FCAC’s priorities should be to: assert and assume its new responsibility for improving the internal dispute resolution of banks; and, develop a processes for monitoring dispute resolution and redress decisions, and for monitoring and responding to systemic issues revealed by both internal and external dispute resolution processes. It also says that research is needed to determine the resources that the FCAC will need to properly oversee dispute resolution; and, that public consultation to develop the standards, rules and penalties to be used by FCAC should be undertaken, with the government financing input from independent consumer advocates. The Consumers Council says that following these recommendations “would help protect consumers from an unnecessarily confusing, complicated and increasingly costly situation created by the unreasonable actions of two banks.”
IE Staff Share this article and your comments with peers on social media U.S. proposes tax of at least 15% on global corporate profits U.S. businesses may have to report crypto assets to IRS Starting with the 2014 tax year, CI Investments Inc. will provide additional tax information to U.S. taxpayer clients to help them file their American tax returns, the firm announced on Thursday. Upon request, CI Investments will provide clients with passive foreign investment company annual information statements (PFIC). These statements may allow clients to receive more favourable tax treatment of their CI mutual fund investments, according to CI Investments. The statements set out the investor’s pro-rata share of a fund’s ordinary earnings, net capital gains and other information in accordance with tax legislation. The form will allow U.S. clients to elect to treat a CI fund held in an open account as a qualified electing fund (QEF) on their tax return. Under U.S. tax law, Canadian mutual fund trusts and corporations are considered PFICs, which are subject to strict rules designed to limit U.S. taxpayers’ ability to defer tax through foreign investments. With the QEF election, the tax treatment of Canadian mutual fund holdings held in open accounts will be similar to that of U.S. mutual funds. Currently, Canadian mutual funds held in registered retirement plans, including registered retirement savings plans (RRSP) and registered retirement income funds (RRIF), are exempt from PFIC reporting requirements. However, other registered plans, including registered education savings plans (RESP), registered disability savings plans (RDSP) and tax-free savings accounts (TFSA), are not exempt. Facebook LinkedIn Twitter Related news Fed plays limited role in assessing climate risks for banks Keywords U.S.
Ministry of Energy and Mining Committed to Working with Environmentalists MiningJuly 6, 2009 RelatedMinistry of Energy and Mining Committed to Working with Environmentalists RelatedMinistry of Energy and Mining Committed to Working with Environmentalists FacebookTwitterWhatsAppEmail The Ministry of Energy and Mining and representatives from Environmental Groups are describing as productive, a meeting hosted recently to discuss mining-related issues.The meeting which was held on June 24 provided an opportunity for the environmentalists to give an overview of the Cockpit Country, especially its ecosystem services (‘use values’ such as water supply, carbon sequestration and climate regulation; ‘indirect use values’ such as tourism and ‘non use values’ such as geology, culture and bio-diversity.They further stressed that the municipal and agricultural water supply for western Jamaica is dependent on the input of groundwater from Cockpit Country sources, which supplies 25% of Jamaica’s surface water run-off and 40% of its exploitable groundwater.The headwaters of a number of the island’s major rivers are found within the Cockpit Country, including the Martha Brae, the Hector’s River, Black River and the Rio Bueno.The environmental groups also raised the issue of land reclamation and rehabilitation and pointed out that the 8 inches of soil currently being spread on hard-packed gravel, was not adequate for certain types of farming and would in any case be totally eroded within 200 years unless the industry incorporated different solutions, such as creating deeper pockets of soil for trees to be established.Minister of Energy and Mining, James Robertson assured the environmentalists that the Ministry is open to new standards for land reclamation and to establishing pilot projects to investigate improved solutions. Continuing he emphasized the need for compromise and cooperation on environmental issues especially those relating to mining.Meanwhile Minister Robertson informed the environmentalists that the issue of the Cockpit Country boundary will not be dragged out and a decision will be made in short order. He further disclosed that once a decision is made on the Cockpit Country boundary, it will be made available to the environmentalists and the general public for comment.The Minister also asserted that the Government through its Draft National Energy Policy and related draft policies such as the Carbon Emissions Trading Policy is working to make Jamaica a carbon neutral country.Minister Robertson requested a follow-up meeting for September 2009, where the environmentalists will propose solutions with supporting evidence of best practices world wide, with respect to mining related issues such as land reclamation following mining activities.It is anticipated that at the follow-up meeting, an Ecosystem Valuation of the Cockpit Country being undertaken by the National Environment and Planning Agency (NEPA) and the Windsor Research Centre would be introduced, in the expectation that this could assist the decision-making process of the Ministry’s mining portfolio.The meeting was also attended by State Minister Laurence Broderick, Permanent Secretary Marcia Forbes and other high level representatives from the Ministry, the Mines and Geology Division and the Jamaica Bauxite Institute.The environmentalists were represented by Diana McCaulay, Jamaica Environment Trust, Mike Schwartz and Dr. Susan Koenig of Windsor Research Centre and Hugh Dixon from Southern Trelawny Environmental Agency. RelatedMinistry of Energy and Mining Committed to Working with Environmentalists Advertisements
Hermannsburg Historic Precinct – Stage One upgrade works complete NT GovernmentThe Hermannsburg community has welcomed the completion of the first round of restoration works to its iconic heritage area.Stage One upgrades to the Hermannsburg Historic Precinct included a $1.4 million investment from the Territory Labor Government, with Alice Springs building company Nicholl Constructions undertaking the major refurbishment and landscaping works.The upgrades are part of the Territory Government’s $3.5 million Turbocharging Tourism investment to deliver much-needed restoration works at the historical precinct, established by Lutheran missionaries in 1877.The significant refurbishment works were undertaken on nine of the existing 16 buildings within the heritage site, including stonework restoration, timbers and roofing renewal and utility upgrades.Landscaping upgrades have enabled better visitor movement around the precinct with the works including the re-establishment of a small section of the market garden which existed in the late 1800s.Completion of the Stage One upgrades follows salt extraction works that were completed in 2019 by heritage stonemasons, Centralian Masonry. With three Hermannsburg locals on board, the Alice Springs company extracted salt that was causing the stonework, bricks and mortar to decay.Another aspect of restoring the Precinct has been the development of a contemporary interpretation design plan by Navin Officer Heritage Consultants (NOHC) in partnership with the Australian Government.NOHC is regarded as a national expert in heritage interpretation and will capture the rich history and stories of the Lutheran Mission and the local Arrernte people.The display materials better narrate the story of the Precinct, and include visual materials, website redesign, improvements to social media and brochures including a signage and a new logo.The restoration of the Precinct aims to increase visitation and participation by tourists and the local community, through new experiences and activities in restored, conserved, and new exhibits.Quotes attributable to Minister for Arts, Culture and Heritage Chansey Paech:“The Hermannsburg Historic Precinct is one of only five nationally-listed heritage sites in the Territory and it is important to restore and preserve the iconic monuments.“The old mission is the cornerstone attraction for visitors to the West MacDonnell region and a pivotal part of our shared history that has helped to shape Territorian identity, especially in Central Australia.“This significant restoration project will not only protect and preserve this quaint outback treasure, it will showcase our history, create local jobs and boost visitation to the region.” /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Alice Springs, AusPol, Australia, Australian, Australian Government, building, Central, community, culture, Government, identity, Investment, Minister, monuments, Northern Territory, outback, social media, tourism
Woodland High School’s staff, students, and community conduct commencement ceremonyPosted by ClarkCountyToday.comDate: Friday, May 29, 2020in: Community News, Youthshare 0 In order to plan the entire commencement ceremony, the high school assembled a committee including staff, students, parents, and community membersWOODLAND — Woodland High School kicked off the first of many graduation events for the Class of 2020 on Wednesday (May 27) with a socially-distant distribution of more than 100 caps and gowns to graduating seniors. In order to plan the entire commencement ceremony, the high school assembled a committee including staff, students, parents, and community members to determine what a commencement ceremony might look like in these unprecedented times of statewide school closures and pandemic response.Socially-distant cap and gown distribution with graduate recognitionOn Wed., May 27, graduates from the Class of 2020 arrived at the high school to pick up their caps and gowns. In order to ensure all social distancing rules could be observed, the staff scheduled a four-hour time window for the event. As each graduate arrived, Brent LiaBraaten, Woodland High School’s choir teacher and the professional-grade announcer of all the school’s athletic events, announced the name of each graduate in true attention-getting style.Woodland High School staff members wore masks and gloves in order to provide no-touch handoffs of graduates’ caps and gowns. Photo courtesy of Woodland Public SchoolsSeveral staff members wore masks and gloves in order to deliver each graduate’s cap and gown in a decorative bag while respecting no-touch handoffs to the graduates. Graduates and their families smiled and waved while Rose Ruff, the school’s business education teacher, took photos using a zoom lens to create keepsakes for the grads.Woodland High School staff members volunteered to recognize graduates and distribute caps and gowns during the carefully planned socially-distant event on Wed., May 27. Photo courtesy of Woodland Public SchoolsHow Woodland plans a commencement during a pandemicWhile Principal John Shoup typically plans the commencement ceremony each year, he knew this year’s task would be too large and formed the EPIC Graduation Committee 2020 with volunteers from the staff and community members including parents of the graduates. “There were quite a few people involved in the committee which met four or five times as a whole group along with several meetings of smaller groups focusing on each element,” explained LiaBraaten.While many other school districts in the region have opted for a virtual commencement ceremony held online, Woodland’s staff wanted to know what type of ceremony their graduates and their families would prefer. “We sent out a survey to our graduates providing a number of options and offering each graduate two votes – one for themselves and one for their families,” said LiaBraaten. “The graduates overwhelmingly voted for a delay of the commencement to July in hopes that an in-person ceremony, even if it must be socially-distant, may be possible by that time.”Given that tradition defines Woodland Public Schools’ commencement ceremonies each year, the EPIC committee worked hard to not completely change the graduation ceremony. “I was very impressed with the care our community has shown these graduates,” said LiaBraaten. “The statewide closure due to the pandemic has been an incredibly difficult situation with our community suffering in its own right, but the community has come together to try and make graduation as special and meaningful as possible in these strange times.”For graduates, the end of their time in school brings a lot of emotions in the best of times. During these unprecedented times, emotions have run higher than other years. “There are emotions ranging from indifference to complete devastation over the school closure and what it means for ending their high school careers,” said LiaBraaten. “The end of a senior’s time in school is a celebration of all they have accomplished along with the turning of a major page in the story of their lives; they want to enjoy it with their loved ones and friends at the school with many of our graduates having attended Woodland schools for the past 13 years.”Devon Fliss, a special education teacher at the high school, admires the students’ maturity in handling what has been a harrowing experience for students, staff, and the entire community alike. “I’m impressed how the students continue plugging along with little to no complaint,” she said. “While they are certainly disappointed, my students have been accepting these crazy times with grace and stoicism.”Much like the students, the staff has experienced many emotions during the past months since the statewide closure was enacted on March 13. “I tear up simply reliving the moment when Governor Inslee initially announced schools were going to close until April 27,” said Shari Conditt, a history teacher at the high school. “Watching the announcement live with my seniors in AP Government class brought incredible sadness as my students had to come to grips with the loss of normalcy and what the closure might mean.”Not physically attending school means the loss of both the regular interaction with students each day as well as the lack of staff members interacting with each other, too. “I miss impromptu conversations with my colleagues in the hallway and laughing out loud with my students,” said Fliss. “I miss the feeling of complete exhaustion and satisfaction as we all finished each school week.”For the staff, the statewide closure required quick-thinking, innovative problem-solving, and rapid implementation. “The pandemic caused a lot of change in a hurry,” said LiaBraaten. “There have been challenges adapting to teaching online and a lot to learn about the Google Classroom package, but Woodland Public Schools is a special place to work; we work hard, lean-in, and take care of our students.”Staff members have also taken the opportunity to develop new skills and strategies. Fliss took three classes from universities including the Massachusetts Institute of Technology (MIT) and Oregon State University and became a Newsela-certified educator. “I’ve also taken this opportunity to learn more about the Step Up to Writing curriculum and Naviance programs we plan on launching this fall,” said Fliss. “My next goal is to finish the requirements to become fully Google-certified.”No stranger to innovative teaching techniques, Conditt has applied her talents to engaging her students. “For students who want to dig into certain areas of learning or improve skills they feel they lack, I’m coaching them up toward mastery,” she explained. “For students who need space to manage life outside of school during these historic times, I’m giving them the space they likely need so they can focus their attention where it matters; I’m trying to be the teacher each of my students need for wherever they are throughout this situation.”Information provided by Woodland Public Schools.AdvertisementThis is placeholder textTags:Clark CountyWoodlandshare 0 Previous : Camping areas on the Lewis River to reopen Next : Letter: ‘Opponents have labored under difficult shutdown conditions to get the required signatures on Referendum 90 to get the issue before voters in November’AdvertisementThis is placeholder text
Published: Feb. 3, 2021 • By Daniel Strain Some funds have had to close out in a losing position, but there are plenty of institutions, also sophisticated money, who piled in with these retail investors and went along for the ride. Given the information these institutions have, it’s pretty unlikely that institutions would see this situation and not act on it. So it may be more of a case of Wall Street versus Wall Street?Indeed. Based on the numbers I’ve seen, from buy and sell orders routed to Citadel Securities, retail investors were net sellers of GameStop on Tuesday, Wednesday and Thursday last week. GameStop reached its high of $483 per share on Thursday. After the initial jolt of interest by retail investors on Monday, it looks like GameStop reached new highs due to mostly institutional trades.You’ve studied how investors are changing their behaviors, and losing money in many cases, based on internet “echo chambers.” Do you see connections to what’s happening with GameStop?Yes. We study how people confirm their investment opinions by following other users with similar opinions on an investor social network called StockTwits. In our setting, we can see, for example, that some of these people are bullish on GameStop stock, and they’re not really seeing any information that goes against that opinion. Because they follow people like themselves, they’re going to hear information, spins on news about GameStop that are going to be more positive on average. We study all sorts of stocks, not just GameStop, and we find in our paper that this sort of echo chamber associates pretty strongly with trading volume in the market, and we also find that this is costly for retail investors. Following the recommendations of people in your echo chamber is often a really good way to lose money.The brokerage firm Robinhood has received a lot of criticism for restricting GameStop trading? Why are people are so upset with them?I think people had the impression that Robinhood was protecting the institutions that were on the opposite side of this. However, as a brokerage, they have certain requirements they have to meet. It’s the nature of what they do that they can’t let all their investors pile into this one position because it exposes them to risks that regulators wouldn’t allow, without Robinhood posting significant sums of money as collateral.How, if at all, might this affect the big traders moving forward?This situation is driven home just how risky doing a short sale can be. These funds may be a little more cautious about taking a short position moving forward, especially with stock that is already heavily shorted.What would you tell normal investors about how they should approach the current, volatile market?If you’re a normal investor, you shouldn’t be dealing in daily trades. Day trading, or riding these bubbles, is gambling on other people’s emotions.My recommendation for the normal, everyday investor is to stay diversified. Diversification keeps you from being exposed to the weird risks that can happen because of investors’ random ideas. You don’t want to subject yourself to those risks, especially if it’s your retirement savingsCategories:Business & EntrepreneurshipNews Headlines Tony Cookson Share Share via TwitterShare via FacebookShare via LinkedInShare via E-mail Credit: CC Photo via Wikimedia CommonsA step-by-step guide to short sellingIrene the Investor thinks that the value of Company X’s stock is going to plummet.She borrows 100 shares of Company X’s stock from her broker, then sells them at their current value, or $50 per share.After a certain period of time, Irene has to return her shares to her broker. But now, she can buy the stock back at its current value, or $20 per share.She makes $30 per share in profit from Company X’s bad fortunes.So what’s the risk?If, instead of falling, Company X’s stock climbs to $100 per share, Irene is on the hook for that $50 per share difference. Her broker won’t let her keep that stock indefinitely, especially if she doesn’t have the funds to cover her losses. Eventually, she’ll run out of time and will have to give her borrowed shares back at a massive loss—what investors call a “short squeeze.”Tony Cookson, an associate professor in the Leeds School of Business, likes to reference a famous quote by the economist John Maynard Keynes: “The markets can remain irrational longer than you can remain solvent.”The quote seems particularly relevant to the story of GameStop, a video game retailer that many analysts thought was destined to share the fate of Blockbuster.Then in January, a group of everyday investors, many recruited through the online platform Reddit, seemed to have pulled off the ultimate “short squeeze”—temporarily catapulting the value of GameStop’s stock and causing major headaches for Wall Street hedge funds.Cookson studies the behavior of investors. In 2020, for example, he and his colleagues reported that many day traders base their decisions on the feedback they get from internet “echo chambers”—losing money as a result. The saga of GameStop, he said, shows just how much the online world has fundamentally changed how the stock market works. He sat down with CU Boulder Today to talk GameStop and why it may not be the David and Goliath story that many internet memes suggest.From an investor behavior standpoint, what makes the GameStop situation so unusual?One of the things that I teach in my investments classes is that if you’re an individual investor, once the information about a stock reaches you, don’t bother making bets on individual stocks. Even if you have read a news story about the company, you don’t have any information that the market doesn’t already have, and information is what typically moves prices.In this case, the institutions, the sophisticated investors, had information that GameStop was priced too high, so some of them took short positions in the stock. Yet in the face of that, retail investors seem to have piled in, driving up the price, and made it so expensive that those sophisticated investors had to close out at huge losses.This story has really struck a chord with people in a way that many news stories about the stock market don’t. Why?The message we’ve seen in the media is that this is a case of the little guys versus Wall Street, which captures the imagination of people beyond finance. I don’t think it is that simple. How so?
Tags AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 20 FEB 2015 Richard is the editor of Mobile World Live’s money channel and a contributor to the daily news service. He is an experienced technology and business journalist who previously worked as a freelancer for many publications over the last decade including… Read more Home Europe needs to matter more than just at MWC, urges DT board member Related Operators back Qualcomm role in open RAN path Mobile World Congress is the focal point of the industry, but then most of the major trendsetters head back to the US or Asia, argues a Deutsche Telekom board member calling for Europe to compete better in the digital economy.Claudia Nemat (pictured), a member of Deutsche Telekom’s management board responsible for Europe and Technology, writes in a blog that Europe can feel like the focal point of the industry during congress – “at least for a week”.The continent needs companies that can compete globally “Otherwise, our only place in this global competition will be as a location for others to sell their services,” she writes.European companies must back local initiatives and standards, particularly for the issues that will be central to this year’s congress. She identifies three issues: 5G, embedded SIMs and fixed-mobile integration.On 5G, Nemat says it is vital for Europe to be “deeply involved”. She points out that NGMN has ambitious plans and China’s Huawei is talking about the first 5G networks in cities starting in 2018. The vendor presented a test device at the start of this year. “Yes it’s still the size of a fridge, but don’t let that fool you.”Huawei is pushing hard for a global 5G standard, predicting it for 2016 or 2017. Others are more sanguine, forecasting its arrival in 2020 or later. “But whether or not the industry meets these deadlines spot-on, we as Deutsche Telekom and Europeans are involved,” she concludes. Here is an area where the continent is at the forefront; NGMN will present its 5G whitepaper in Barcelona.The second issue is eSIM, or embedded SIM cards, which are built directly into phones. She argues this approach will increasingly become the standard in the future. Device manufacturers such as Apple want to embed SIMs right in devices. Technical data from users’ operators is then delivered over the air to devices.Deutsche Telekom sees this area as an opportunity and backs an open eSIM standard. Nemat argues such SIMs will take off because more and more devices will be connected to the internet in the future via wearables and M2M. The easiest approach is to have one contract with a single service environment that users can activate on all their devices.“All this will only be possible if we as an industry work together on interoperable solutions and don’t get lost producing competing island solutions,” she writes.The final issue is fixed-mobile integration. The industry needs to invest not only in access technology, but also in new architectures for the backbone networks, the network’s central nervous system. And Europe must breakdown national borders. Deutsche Telekom is building a single, pan-European infrastructure.“The trendsetters from the United States and Asia have the financial means and the market power. If we can break down borders in Europe, we can give them a run for their money,” she concludes. Deutsche Telekom, SoftBank tipped for T-Mobile trade Author Previous ArticleSprint launches $1.5B senior notes offering to boost networkNext ArticleThe global MVNO footprint: a changing environment Deutsche Telekom eyes 5G, fibre lead Richard Handford Deutsche Telekom