Stock markets go nowhere as bitcoin smashes record

A Bitcoin logo is displayed at the Bitcoin Center New York City in New York’s financial district in New York on July 28, 2015. (REUTERS/Brendan McDermid/File Photo)
Updated 07 December 2017
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Stock markets go nowhere as bitcoin smashes record

LONDON: The world’s stock markets struggled for direction Thursday as investors paused for breath, while bitcoin spiked to a dizzying record above $15,000 on frenzied speculative buying, dealers said.
Paris stocks crept 0.2 higher and Frankfurt gained 0.4 percent, but London turned 0.4 percent lower.
Wall Street rose modestly, with the Dow adding 0.3 percent and the tech-heavy Nasdaq Composite climbing 0.7 percent. Analysts said investor sentiment was still hamstrung by coming political battles surrounding a US tax reform plan.
Much focus, meanwhile, was on bitcoin which set a fresh record as investors’ jaws dropped at the cryptocurrency’s meteoric rise.
Bitcoin, which is not traded on traditional currency market, powered to a fresh high of $15,969.99, before falling back according to Bloomberg data.
The controversial virtual unit has soared more than 50 percent in just one week, but analysts warn that the snowballing rally could melt in the run-up to Christmas.
“While the European stocks indices try and shake off yesterday’s politically-driven bearish trading, bitcoin — seemingly unencumbered by anything in the real world — has continued its astonishing march,” Spreadex trader Connor Campbell told AFP.
“The rolling wave of speculation has given bitcoin a huge amount of momentum, a snowball effect that may be melted when the cryptocurrency’s futures are launched in a few weeks.”
“Bitcoin is continuing to travel at break-neck speed,” CMC Markets analyst David Madden told AFP.
“The alternative investment is proving to be very popular at a time when traditional assets like gold are under pressure,” he added, noting the precious metal had touched a four-month low.
Bitcoin received a major boost in October when exchange giant CME Group announced it would launch a futures marketplace for bitcoin, which has not been listed on a major bourse before.
“Bitcoin... has registered yet another milestone in its never-ending rally,” added IG analyst Chris Beauchamp.
“There seems no end to the supply of willing buyers, with the endless progression of higher prices simply fueling the mania.”
Tokyo stocks rallied on Thursday after three days of losses, but regional Asian markets were dogged by political concerns, the latest being US President Donald Trump’s controversial decision to recognize Jerusalem as Israel’s capital.
After a blockbuster year for most global markets — helped by bets on Trump’s promise to cut taxes and ramp up spending — geopolitical worries and dealers winding down for the year’s end have put them on course for a painful December.
Trump’s Jerusalem decision drew swift global condemnation and fanned fears about the overall prospects for stability in the Middle East.
That followed news this week that one of the president’s former close advisers had admitted lying to investigators in a probe into Russian meddling in the US election, bringing it closer to the White House.
Elsewhere, Britain’s struggles to hammer out a deal with the EU on the Irish border question have left Brexit talks in limbo, meaning the second phase of the negotiations — on trade — cannot yet go ahead.
_ _ _

London — FTSE 100: DOWN 0.4 percent at 7,320.75 points (close)
Frankfurt — DAX 30: UP 0.4 percent at 13,045.15, (close)
Paris — CAC 40: UP 0.2 at 5,383.86 (close)
EURO STOXX 50: UP 0.2 percent at 3,567.50
New York — DOW: UP 0.3 percent at 24,201.53
Tokyo — Nikkei 225: UP 1.5 percent at 22,498.03 (close)
Hong Kong — Hang Seng: UP 0.3 percent at 28,303.19 (close)
Shanghai — Composite: DOWN 0.7 percent at 3,272.05 (close)
Euro/dollar: UP at $1.1799 from $1.1795 at 2200 GMT
Pound/dollar: UP at $1.3421 from $1.3393
Dollar/yen: UP at 112.65 yen from 112.27 yen
Oil — Brent North Sea: UP 75 cents at $61.97 per barrel
Oil — West Texas Intermediate: UP 41 cents at $56.37


Can a hungry Mali turn rice technology into ‘white gold’?

Updated 20 October 2018
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Can a hungry Mali turn rice technology into ‘white gold’?

  • Malians are cautiously turning to a controversial farming technique to adapt to the effects of climate change
  • Dubbed the System of Rice Intensification (SRI), the new method was pioneered in Madagascar in 1983

BAGUINEDA: When rice farmers started producing yields nine times larger than normal in the Malian desert near the famed town of Timbuktu a decade ago, a passerby could have mistaken the crop for another desert mirage.
Rather, it was the result of an engineering feat that has left experts in this impoverished nation in awe — but one that has yet to spread widely through Mali’s farming community.
“We must redouble efforts to get political leaders on board,” said Djiguiba Kouyaté, a coordinator in Mali for German development agency GIZ.
With hunger a constant menace, Malians are cautiously turning to a controversial farming technique to adapt to the effects of climate change.

 

Dubbed the System of Rice Intensification (SRI), the new method was pioneered in Madagascar in 1983. It involves planting fewer seeds of traditional rice varieties and taking care of them following a strict regime.
Seedlings are transplanted at a very young age and spaced widely. Soil is enriched with organic matter, and must be kept moist, though the system uses less water than traditional rice farming.
Up to 20 million farmers now use SRI in 61 countries, including in nearby Sierra Leone, Senegal and Ivory Coast, said Norman Uphoff, of the SRI International Network and Resources Center at Cornell University in the US.
But, despite its success, the technique has been embraced with varying degrees of enthusiasm. Uphoff said that is because it competes with the improved hybrid and inbred rice varieties that agricultural corporations sell.
For Faliry Boly, who heads a rice-growing association, the prospect of rice becoming a “white gold” for Mali should spur on authorities and farmers to adopt rice intensification.
The method could increase yields while also offering a more environmentally-friendly alternative, including by replacing chemical fertilizers with organic ones, he said.
He also pointed out that rice intensification naturally lends itself to Mali’s largely arid climate.

FACTOID

Up to 20 million farmers now use rice intensification in 61 countries, including in nearby Sierra Leone, Senegal and Ivory Coast.