Why Are Farmers Protesting in India?

Thousands of protesters, many driving tractors, took to the streets of New Delhi on Tuesday. Who are they, and what do they want?


Indian farmers taking part in a tractor rally in New Delhi on Tuesday against the central government’s new agricultural laws.

Credit...Money Sharma/Agence France-Presse — Getty Images



By Mujib Mashal, Emily Schmall and Russell Goldman
Jan. 27, 2021 NEW YORK TIMES


At least one protester was killed and 300 police officers were injured after tens of thousands of farmers, many driving tractors, took to the streets of New Delhi on Tuesday to call for the repeal of contentious new agriculture laws.

After months of sustained but peaceful demonstrations on the city’s outskirts, the farmers upstaged the city’s national Republic Day holiday, clashing with the police, destroying barricades and storming the Red Fort, a 400-year-old landmark. In addition to the police officers, many protesters were injured as well.

On Wednesday, the day after the chaos, the farmers returned to their camps on the city’s edge, pledging to continue their movement but canceling plans for a march on foot to India’s Parliament that had been set for Monday.


Protesting farmers have camped outside New Delhi since November.

Credit...Saumya Khandelwal for The New York Times

Who are the protesters?

Many of the protesting farmers are members of the Sikh religious minority and come from the states of Punjab and Haryana. Farmers in other parts of the country have held rallies in solidarity.

Since November, thousands of farmers have encamped outside New Delhi, the capital, keeping vigil in sprawling tent cities and threatening to enter if the farm laws were not repealed.

The protest has laid bare the dire reality of inequality across much of the country.

More than 60 percent of India’s 1.3 billion people still depend primarily on agriculture for their livelihood, though the sector accounts for only about 15 percent of the country’s economic output. Their reliance has only increased after the coronavirus pandemic badly struck the urban economy and sent millions of laborers back to their villages. For years, debts and bankruptcies have been driving farmers to high rates of suicide.



The grain market in the Indian city of Khanna, the largest in Asia, last year.

Credit...Karan Deep Singh/The New York Times

What do they want?

The protesters are challenging Prime Minister Narendra Modi over his efforts to reshape farming in India.

The demonstrators are demanding that Mr. Modi repeal recent farming laws that would minimize the government’s role in agriculture and open more space for private investors. The government says the new laws would unshackle farmers and private investment, bringing growth. But farmers are skeptical, fearing that the removal of state protections that they already consider insufficient would leave them at the mercy of greedy corporations.

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Government support for farmers, which included guaranteed minimum prices for certain essential crops, helped India move past the hunger crisis of the 1960s. But with India liberalizing its economy in recent decades, Mr. Modi — who wants the country’s economy to nearly double by 2024 — sees such a large role for the government as no longer sustainable.

Farmers, however, contend that they are struggling even with the existing protections. They say that market-friendly laws will eventually eliminate regulatory support and leave them bereft, with the weakened economy offering little chance of a different livelihood.

Farmers trying to dismantle barricades during the Republic Day protest on Tuesday

.Credit...Anushree Fadnavis/Reuters

How did the violence erupt?

Thousands of protesting farmers poured into New Delhi on Tuesday in what had been expected to be a peaceful protest during holiday celebrations and a military parade overseen by the prime minister.

Some farmers broke with the main march and used tractors to dismantle police barricades. Many farmers carried long swords, tridents, sharp daggers and battle axes — functional if largely ceremonial weapons. Most protesters did not seem to be wearing masks despite the Covid-19 outbreak in India.

Police commanders deployed officers carrying assault rifles. They stood in the middle of main roads, tear gas swirling around them with their rifles aimed at the crowds. In some areas, video footage showed, the police beat protesters with their batons to push them back.


The farmers claim the violence was stoked by the government and outside elements in an effort to derail their months of peaceful protest.

The farmers waved flags and taunted officers. They also breached the Red Fort, the iconic palace that once served as the residence of the Mughal rulers of India, and hoisted atop the ramparts a flag that is often flown on Sikh temples.

Local television channels showed farmers placing the body of a protester in the middle of a road. They claimed the man had been shot, but the police said he had died when his tractor overturned.

The Indian government temporarily suspended internet services across the areas that have been hubs of protest for months, an official at the Home Affairs Ministry confirmed.



A farmer inside a tractor trolley amid the march into the capital on Tuesday.

Credit...Altaf Qadri/Associated Press

BEHIND PAYWALL
Indian Farmers’ Protest

As Angry Farmers Take to New Delhi’s Streets, Protests Turn Violent
Jan. 25, 2021

In the Cold and Rain, India’s Farmers Press Their Stand Against Modi
Jan. 9, 2021

Indian Farmers’ Protests Spread, in Challenge to Modi
Dec. 4, 2020

Angry Farmers Choke India’s Capital in Giant Demonstrations
Nov. 30, 2020

Mujib Mashal is The New York Times correspondent for South Asia. Born in Kabul, he wrote for magazines such as The Atlantic, Harper’s, Time and others before joining The Times. @MujMash

Emily Schmall is a South Asia correspondent based in New Delhi. @emilyschmall

Russell Goldman is a senior editor on the International Desk of The New York Times, focusing on digital storytelling and breaking news and based in Hong Kong. He is a winner of the Society of Publishers in Asia Awards for Excellence. @goldmanrussell

A version of this article appears in print on Jan. 28, 2021, Section A, Page 13 of the New York edition with the headline: Laying Bare The History Of Inequality Across India.

Transparency International: 

Wide corruption gap between low and high performing countries in Europe
Friday, 29 January 2021


Corruption Index 2020, credit: Transparency International

Transparency International published this week its annual Corruption Perception Index (CPI) covering 180 countries. A majority of countries are showing little to no improvement in 2020 in tackling corruption.

Last year, just before the outbreak of the coronavirus crisis, the organisation underlined that corruption is more pervasive in countries where big money can flow freely into electoral campaigns and where governments listen only to the voices of wealthy or well-connected individuals. This time, Transparency International (TI) focuses on the impact of corruption on the fight against COVID-19.

Persistent corruption is undermining health care systems and contributing to democratic backsliding amid the COVID-19 pandemic. Countries that perform well on the index invest more in health care, are better able to provide universal health coverage and are less likely to violate democratic norms and institutions or the rule of law.

”The pandemic has tested the limits of Europe’s emergency response, and in many cases, countries have fallen short of full transparency and accountability,” a spokesperson of TI’s EU office told The Brussels Times. Based in Berlin, TI aims at fighting corruption globally and has branches all around the world.

“In Hungary for example, which is one of the lowest scoring countries in the EU, the government has been repeatedly called out for attempting ‘power grabs’ during the crisis. These ‘emergency measures’ were also a big concern for civil society in Hungary.”

Among the Visegrád countries, Hungary’s anti-corruption performance has deteriorated the most since 2012. You are still expected to pay under the table for medical care but this form of petty corruption might disappear with newly announced salary increases for physicians, one of the few positive notes.

The index ranks the countries by their perceived levels of public sector corruption, according to experts and business people. It uses a scale of zero to 100, where zero is highly corrupt and 100 is very clean. A score under 50 indicates a serious problem.

Denmark and New Zealand top the index, with 88 points. War-torn countries and countries suffering prolonged political-economic crises, such as Afghanistan, Iraq, Libya, Syria, Somalia, Sudan, South Sudan, Yemen and Venezuela come last, with points ranging from 12 to 21.

Nearly half of countries have been stagnant on the index for almost a decade, indicating stalled government efforts to tackle the root causes of corruption. More than two-thirds score below 50.

Are the countries with a CPI below 50 corrupt or just countries with more corruption than those above 50? “The CPI does not categorise countries as ‘corrupt’ or ‘clean’ but rather puts them on a scale,” a spokesperson of the TI office in Berlin replied.

With an average score of 64 (a decrease by two points compared to 2019), the European Union (EU) is among the highest performing regions on the CPI, but is under enormous strain due to COVID-19 and rule of law crises. Denmark (88) is hitting the top spot, followed by Finland (85), and Sweden (85). Conversely, the lowest performers from the region are Romania (44), Hungary (44) and Bulgaria (44).

The best performing country among the member states that joined the EU in 2004 is Estonia with a score of 75 points, well before older member states such as Greece (50), Italy (53), Portugal (61) and Spain (62).

Countries at the top and the bottom

Countries with the highest scores in the ranking are not immune to corruption. Some of them have been rocked by money laundering scandals and other private sector corruption in trade with third countries.

“There are major gaps in the oversight of the financial industry in top-scoring countries,” according to TI. “Scandals from recent years have shown that banks in Denmark, Norway and Sweden have become easy targets of corrupt actors from around the world.”

The money-laundering scandal involved the Estonia branch of Danske Bank, the biggest lender in Denmark. New evidence that came to light last year has also revealed glaring gaps in oversight over Nordic banks, including in Sweden.

The shortcomings in supervision of the financial sector is a problem many top-performing countries face. In Germany, following the Wirecard scandal, for example, the authorities could not decide who should have been responsible for supervising the fintech company. “No country is safe from corruption, and we must keep up the fight against it to avoid backsliding.”

As regards the candidate countries, Turkey and the Western Balkans, the situation is even worse. Besides Montenegro (45) and Turkey (40), all of them have scores below 40. Worrying are the low scores in Albania (36) and North Macedonia (35) that soon are expected to start accession negotiations with the EU.

Has the fight against corruption been neglected during the pandemic?

”With an average score of 36, Eastern Europe and Central Asia is the second-lowest performing region on the CPI and vulnerable to corruption compounded by COVID-19,” the EU office of TI replied.” With a score of 38, Serbi earned its lowest score since 2012. The country’s biggest corruption challenges include serious rule-of-law issues, continued democratic erosion and efforts to silence critical voices.”

One interesting thing to note is that some countries in this region score better than EU member states. Georgia (56), Armenia (49) and Belarus (47), all have higher scores than Hungary, Bulgaria and Romania (44).

It is true that the validity of the ranking for a certain year and country can be put into question. However, the lack of improvement over time, despite EU support, does give rise to a useful debate on underlying casual factors and actual corruption cases.

The perception index cannot easily be dismissed as subjective. The index is based on several assessments made by banks and rating institutes. Perception matters. If a government or public administration is perceived as corrupt, citizens will have less trust in them and foreign investors may stay away.

M. Apelblat
The Brussels Times

Rich countries monopolise coronavirus vaccines, South African president warns

Tuesday, 26 January 2021


Credit: Belga

Rich countries are monopolising the coronavirus vaccines, South African President Cyril Ramaphosa warned on Tuesday at the Davos World Economic Forum.

“We are saying: release the excess vaccines that you’ve ordered and hoarded,” he said in a video message to the summit, which is taking place in a virtual format this year.

Poor countries are being sidelined by those who can afford up to four times what their people need, he added.

The call echoes repeated warnings from the World Health Organisation (WHO) against so-called “vaccine nationalism.”

WHO director Tedros Adhanom Ghebreyesus had called on rich countries not to “cut the queue” and to make their surplus doses available to poor countries through the Covax mechanism for equitable access to vaccines.

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This WHO mechanism should make it possible to vaccinate 10% of the population of the African continent during the course of the year.

Other vaccines are also to be supplied through the African Union (AU), which has pledged to provide 270 million doses to countries on the continent. But according to Ramaphosa, who himself launched the initiative when he was chairman of the AU, the initiative has so far had only “marginal success.”

Officially the most affected country on the continent, South Africa will pay 2.5 times more than European Union countries for its first vaccines, acquired through direct negotiations between the government and AstraZeneca.

The EU recently explained that it had supported the development of this vaccine financially from the outset, even before there was any guarantee that it would be effective.

Relatively spared by the first wave of the pandemic, most African countries are now undergoing a second, more aggressive wave.

The emergence of new variants of the virus, including the one discovered in South Africa and reputed to be more contagious, has also accelerated the rush for vaccines.

It is estimated that Africa will need 1.5 billion vaccines to immunise 60% of its 1.3 billion people, at a cost of between €5.8 and €8.2 billion.

The Brussels Times

FUNNY JARED SAID THAT TOO

AstraZeneca denies taking vaccines from EU to sell elsewhere
Wednesday, 27 January 2021

Credit: Belga

British pharmaceutical company AstraZeneca, which has been challenged in Europe over delays in deliveries of its Covid-19 vaccine, is “certainly not taking vaccines from Europeans to sell them elsewhere at a profit,” according to its CEO Pascal Soriot.

“That would make no sense,” Soriot said in an interview with Le Figaro published Tuesday, adding that the laboratory in partnership with Oxford University, has pledged not to make a profit on the sale of vaccines during the pandemic.

Brussels raised its voice on Monday against AstraZeneca, judging “unacceptable” the delays in the delivery of its Covid-19 vaccine, and now demands “transparency” on the export outside the EU of the doses produced there.

Soriot says there were also start-up problems in the UK supply chain, but “the UK contract was signed three months before the European contract. So, with the UK, we had another three months to solve the problems we encountered”.

While the EU regulatory approval for the vaccine is expected on Friday, the UK laboratory announced last week that deliveries would be lower than expected in the first quarter due to a reduced yield at a European manufacturing site.

This alarmed EU countries, already on edge after difficulties in delivering Pfizer-BioNTech vaccine, and increased pressure on the European Commission, which negotiated pre-order contracts on behalf of the EU-27.

The contracts cover up to 400 million doses of AstraZeneca/Oxford vaccine, which has the advantage of being cheaper to produce than its rivals, as well as easier to store and transport.

“I think people in Europe are extremely stressed and tired from this year-long pandemic. Governments are under pressure,” Soriot said in the interview, adding that Europe, “which represents 5% of the world’s population, will get 17% of our production in February.

The Brussels Times

Russia offers Sputnik vaccine to make up for EU shortages

Friday, 29 January 2021
Credit: Belga

Russia has offered the European Union doses of its Sputnik V Covid-19 vaccine, against a backdrop of shortages of other coronavirus vaccines.

In the second quarter of 2021, Russia could deliver 100 million doses of Sputnik V to the EU, the public investment fund that co-finances and sells the vaccine said on Friday.

The doses could be used to vaccinate 50 million people, as two doses are needed for immunity.

In Russia, some 1.5 million people have already received the two doses, reports the Belga news agency.

However, Russia’s Covid-19 vaccine could only be used in the EU if it is approved by the European Medicines Agency (EMA), which is currently analysing it.

According to its manufacturer, the Sputnik V vaccine has been approved in 15 countries around the world, including Hungary, which became the first EU member to approve it last week.

In August, Russia was the first country in the world to register a vaccine using Sputnik V. No results of independent studies on the vaccine have been published.

The Brussels Times

Moderna vaccine fully neutralizes new SARS-CoV-2 variants, study shows

Download PDF Copy

By Sally Robertson, B.Sc. Jan 26 2021

Researchers in the United States have conducted a study showing that Moderna’s mRNA-1273 vaccine neutralizes all circulating variants of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) tested to date.

The novel SARS-CoV-2 virus is the agent responsible for the coronavirus disease 2019 (COVID-19) pandemic that has now caused more than 2.14 million deaths worldwide.

Clinical trial findings have previously shown that Moderna’s mRNA-1273 elicits potent neutralizing activity against SARS-CoV-2 and is highly effective at preventing symptomatic COVID-19 and severe disease.

However, concerns have arisen that the recently emerged SARS-CoV-2 variants in the United Kingdom (B.1.1.7 lineage) and the South African (B.1.351 lineage) could avoid targeting by neutralizing antibodies elicited by natural infection or vaccination.

Now, a study conducted by researchers from Moderna Inc. in Cambridge, Massachusetts, and the National Institute of Allergy and Infectious Diseases in Bethesda, Maryland, has demonstrated the efficacy of mRNA-1273 against all known circulating strains of the virus.

Nevertheless, active viral surveillance and testing of vaccines against emerging variants must continue so that strain-matched vaccines can be developed if warranted, says Darin Edwards and colleagues.

A pre-print version of the research paper is available on the bioRxiv server, while the article undergoes peer review.

Study: mRNA-1273 vaccine induces neutralizing antibodies against spike mutants from global SARS-CoV-2 variants. Image Credit: Kateryna Kon / Shutterstock

The vaccine received Emergency Use Authorization in December 2020

Moderna’s mRNA-1273 vaccine received Emergency Use Authorization from the US Food and Drug Administration on the 18th December last year (2020) after a phase 3 trial demonstrated efficacy of around 94%.

However, the increased transmission rates and higher viral loads associated with the recently emerged B.1.1.7 (UK) and B.1.351 (South Africa) variants have raised concerns that these strains may potentially circumvent immunity conferred by natural infection or vaccination.

The genome of the B.1.1.7 variant contains seventeen mutations. Eight of these mutations are located on a protein called spike – the main structure the virus uses to bind to and infect host cells.

Ability of mRNA-1273 immune sera from NHPs and humans to neutralize SARSCoV-2 pseudoviruses representing early variants. (A) Rhesus macaques (NHPs) were immunized with 30 µg mRNA-1273 on a prime-boost schedule, and sera were collected 4 weeks post-boost. (B) Phase 1 trial participants were immunized with 100 µg mRNA-1273 on a prime-boost schedule, and sera were collected 1 week post-boost. Neutralization was measured by a recombinant VSV-based SARS-CoV-2 pseudovirus neutralization assay incorporating full-length spike protein of the Wuhan isolate (D614) or the indicated spike variants (D614G, A222V-D614G, S477N-D614G, N439K-D614G, mink cluster 5 variant). Min to max box plots, with the box from 25-75% and the median value denoted by the line. The horizontal dotted lines indicate the lower limit of quantification (LLOQ=40). G=D614G.

A 2021 study has already shown that one of these mutations – the 69-70 deletion – is associated with reduced sensitivity to neutralization by convalescent serum from previously infected individuals.

The spike protein of the B.1.351 variant contains even more mutations than B.1.1.7. Three of these are located on the spike’s receptor-binding domain (RBD), the region that binds to host cells as the initial stage of infection.

“As the RBD is the predominant target for neutralizing antibodies, these mutations could impact the effectiveness of monoclonal antibodies already approved and in advanced development as well as of polyclonal antibody elicited by infection or vaccination in neutralizing the virus,” says Edwards and the team.

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Data from another 2021 study suggested that a key mutation in the B.1.351 variant –E484K – also confers resistance to SARS-CoV-2 neutralizing antibodies.
What did the researchers do?

The researchers assessed the neutralization capacity of sera from eight Phase 1 clinical trial participants and from non-human primates (NHPs) that had received the mRNA-1273 vaccine.

Neutralization was measured against the original SARS-CoV-2 isolate from Wuhan, China; the D614G variant that then became dominant; the B.1.1.7 and B.1.351 variants, and other variants that have previously emerged (20E, 20A.EU2, D614G-N439K, and mink cluster 5 variant).

What did they find?

All samples from both the clinical trial participants and NHPs fully neutralized all of the SARS-CoV-2 strains tested.

No significant impact on neutralization capacity against the B.1.1.7 variant was observed whether antibody titers were measured against the full set of mutations or the 69-70 deletion only.


“Although these mutations have been reported to lessen neutralization from convalescent sera, sera from the Phase 1 participants and NHPs immunized with mRNA-1273 were able to neutralize the B.1.1.7 variant to the same level as the D614G virus,” writes the team.

Of all the variants tested, the only one that reduced levels of neutralizing antibodies was B.1.351. Sera from the clinical trial participants showed a 2.7-fold reduction in neutralization when the three mutations (K417N, E484K, N501Y) found in the spike RBD were included.

Importantly, when the full set of B.1.351 mutations were included, a 6.4-fold reduction in neutralization was observed.
All samples still neutralized the B.1.351 variant

However, neutralizing titers remained above the levels previously found to confer protection in NHPs and all samples from both the clinical trial participants and NHPs fully neutralized the B.1.351 variant. Viral escape was not detected in any of the samples tested.


“These data demonstrate reduced but still significant neutralization against the full B.1.351 variant following mRNA-1273 vaccination,” writes the team.

The researchers say the emergence of strain variants and the ability of the virus to partially overcome natural or vaccine-induced immunity does serve as a call to action and that active viral surveillance and testing of protection against new viral variants must continue.


“The mRNA platform allows rapid design of vaccine antigens that incorporate key mutations,” says Edwards and colleagues.

“Strain-matched vaccines can be developed in response to these variants, either to understand how we might evolve the vaccine-induced immune response through boosting, or to assess the cross-protection provided by a primary series,” concludes the team.
*Important Notice

bioRxiv publishes preliminary scientific reports that are not peer-reviewed and, therefore, should not be regarded as conclusive, guide clinical practice/health-related behavior, or treated as established information.
Journal reference:

Edwards D, et al. mRNA-1273 vaccine induces neutralizing antibodies against spike mutants from global SARS-2 variants. bioRxiv, 2021. doi: https://doi.org/10.1101/2021.01.25.427948, https://www.biorxiv.org/content/10.1101/2021.01.25.427948v1

Written by

Sally Robertson

Sally has a Bachelor's Degree in Biomedical Sciences (B.Sc.). She is a specialist in reviewing and summarising the latest findings across all areas of medicine covered in major, high-impact, world-leading international medical journals, international press conferences and bulletins from governmental agencies and regulatory bodies. At News-Medical, Sally generates daily news features, life science articles and interview coverage.

IRELAND

Tánaiste (PM) meets with Facebook moderators over working conditions concerns

Leo Varadkar, © PA Wire/PA Images

29/01/2021 BY JAMES WARD, PA

Tánaiste Leo Varadkar has met with Facebook content moderators, who have outlined serious concerns about their working conditions.

Moderators have been pushing for months to be given the same right to work from home as other Facebook employees during the Covid-19 pandemic.

There are also concerns over the level of mental health supports available to workers, who are frequently exposed to distressing content.

They are employed through Covalen, an outsourcing firm with a major Facebook moderation contract in Ireland.

Leo Varadkar met with two moderators, Ibrahim Halawa and Paria Moshfeghi, in Dublin on Friday.

The PA News Agency understands that Mr Varadkar will write to Facebook next week to highlight the concerns raised.

Mr Halawa said he and Ms Moshfeghi were “risking our jobs” by speaking out about their concerns.

The main fear among employees is that they are forced to attend the office, where there has been positive cases of Covid-19, and return to vulnerable family members.

Mr Halawa said: “I had complained to the company and I have told them that my mom is a recovering cancer patient, and there’s only me and my sister, taking shifts on her care.

A lot of employees are really worried about their safety, about their mental health and it's not fair Ibrahim Halawa

“It’s unfair that I would have to come during these difficult times and move around the building and whatnot, then come back home.

“The response that was given really annoyed me. It was ‘try to stay away from them’. Well, how am I meant to stay away from my loved ones?

“It is not fair to work in a place in this modern time in Ireland and be in such fear to speak up just for simple improvements” he said.

“A lot of employees are really worried about their safety, about their mental health and it’s not fair.”

Ms Moshfeghi said: “I found it scary to speak up because Covalen and Facebook try to intimidate us.

“Really, it is my safety concern around Covid that led me to speak to Mr Varadkar today.

“Today I said that Mr Varadkar must use his power to make our employer protect us from Covid, in the same way Facebook staff are protected.”

Following the meeting, Mr Varadkar tweeted: “Met with internet content moderators today. They do really important work to protect all of us. Will be following up on some of issues they mentioned.”

Leo Varadkar is expected to write to Facebook next week, following a meeting with the company’s moderators (Niall Carson/PA)

Darragh Mackin of Phoenix Law, a solicitors’ firm representing the moderators, said they had written numerous letters to both Facebook and Covalen in the lead-up to Friday’s meeting.

He said: “Facebook, to no surprise, denied responsibility for the moderators as employees. Covalen, the employer, didn’t respond at all.

“Unfortunately, what we see is clearly a policy of hear no evil, see no evil, and certainly speak no evil.

“This shows a lack of respect for their own workers. Content moderators can today take great comfort from the Tanaiste’s statement and the fact that we stood up and asserted these people’s rights to talk about conditions, about safety about dignity, and about pay.

“Like any other playground playground bully, they went away. Today is the beginning of the end of the fear of these workers to speak out today.”

They can't tell their families that they moderate content on Facebook, they're subject to hours of toxic material without proper or meaningful mental health supportCori Crider, Foxglove Legal

The moderators have been working with Foxglove Legal, a team of lawyers, technology experts, and communications specialists seeking rights for tech workers.

Co-founder Cori Crider said: “Content moderators are a workforce of thousands all over the world and there are over 1,000 content moderators in Ireland

.
IRELAND
Facebook group urging businesses to reopen labelle...

“Facebook as a platform simply couldn’t exist without this workforce and they’re not directly employed by Facebook, but often outsourced, underpaid and made to sign very restrictive non-disclosure agreements.

“They can’t tell their families that they moderate content on Facebook, they’re subject to hours of toxic material without proper or meaningful mental health support.”

The PA News Agency has contacted Facebook for comment.

 

Robin Hood society attracts surge in followers after trading platform confusion

BUSINESS

The group says is pleased the 'legend of Robin Hood is spreading far and wide'. Photo: PA

29/01/2021 

BY JOSH PAYNE, PA

A society promoting the legend of Robin Hood has attracted a surge in social media followers after people confused it with a US stock trading platform.

The England-based World Wide Robin Hood Society now has almost 40,000 followers after some Twitter users mistook the account for the Robinhood app, which curbed the buying of shares in Gamestop.

Some Americans have expressed outrage after the platform restricted trading – preventing people from buying the firm’s stock with the objective of increasing its value.

But the World Wide Robin Hood Society said it is “lovely” to have new followers and it is pleased the “legend of Robin Hood is spreading far and wide”.

Taking to Twitter, the society said: “Lovely to have all these new followers.

“Can we just check that you know that you’re following The World Wide Robin Hood Society in Nottingham and not the Robinhood App.

“If so… a big welcome from Sherwood.

Despite being pleased with the wider publicity, the society did encourage those with “grievances” to contact the Robinhood app directly.

They later tweeted: “Here at the World Wide Robin Hood Society, we rob the rich to give to the poor.

“Much as we’d like to help with your grievances, @robinhoodapp doesn’t reply to us either, so please can you message them directly! Thank you.”

GameStop effect spreads beyond Wall Street as calls for investigation build

Stock shares of videogame retailer GameStop have increased 700% in the past two weeks due to amateur investors. Photo: Michael M. Santiago/Getty Images

28/01/2021 | BY SAGARIKA JAISINGHANI AND SHRIYA RAMAKRISHNAN
BREAKINGNEWS.IE

The battle between small-time traders and hedge funds that has shaken US and European stock markets moved into Asia on Thursday, with surges in several Australian companies joining a list of social-media hyped moves that have cost financial institutions billions of dollars.

Heavily shorted Australian shares, including Webjet and Tassal Group, climbed more than 5 per cent even as Sydney's benchmark ASX 200 index fell 2 per cent.

In New York, GameStop, the video game chain at the heart of the slugfest between Wall Street and Main Street, added another 37 per cent in early trading after a two-week, 1,700 per cent surge that has hammered fund investors who were betting the stock would fall.

Driven by an army of individual traders who work through online brokerage apps like Robinhood.com and discuss stocks on anonymous social media messaging boards, the dramatic jump in the stock price of companies including GameStop, BlackBerry Ltd and AMC Corp drew more calls for regulatory scrutiny from commentators.

“The frenzy raises all sorts of questions with respect to possible market manipulation,” said Michael Hewson, chief market analyst at retail broker CMC Markets UK.

“It is already illegal for institutions to coordinate in the manner currently being seen in moving prices on these stocks, raising questions about the legality of what is currently taking place right now on these forums.”

Reddit discussion threads were again humming with chatter about the stocks on Thursday as membership of the trader-focused group WallStreetBets raced past 4 million.

In one discussion, thousands of participants responded “We love this stock” to a post that called for more buying of GameStop and cast retail traders as Iron Man against a hedge fund Thanos in a nod to the superhero movie “Avengers: Endgame”.

BlackBerry and Nokia, however, slipped more than 5 per cent in premarket trading after recording hefty gains this week and derivatives positioning pointed to a greater rise in the number of orders betting GameStop would fall.

“The idea that this is about hedge fund short-sellers transferring funds to a mass of ordinary retail buyers is a compelling story,” said Paul Donovan, chief economist of UBS Global Wealth Management.

“But it is also a story that is unlikely to hold true beyond the brief period of the frenzy.”

'Dumb money'  

GameStop shares spike after Reddit-driven rally an...

The war began last week when famed short seller Andrew Left of Citron Capital bet against GameStop and was met with a barrage of retail traders betting the other way. He said on Wednesday he had abandoned the bet.

Regarded by market professionals as “dumb money”, the pack of traders, some of them former bankers working for themselves, have become an increasingly powerful force worth 20 per cent of equity orders last year, data from Swiss bank UBS showed.

This week's turmoil caught the attention of the White House, with US president Joe Biden's economic team – including treasury secretary Janet Yellen on her first full day on the job on Wednesday – “monitoring the situation.”

Reddit said on Wednesday that it had not been contacted by authorities over the surges.

Nile cruiser follows the trail of Agatha Christie

Built for the Egyptian royal family in 1885 and transformed into a cruise liner in 1921, the SS Sudan hosted the novelist with her second husband, archaeologist Max Mallowan, in 1933.

Wednesday 27/01/2021 AW ARAB WEEKLY KSA
The steam ship “PS Sudan” cruising along the Nile river by Egypt’s southern city of Aswan. (AFP)

ASWAN - More than a century after it first cruised the glittering waters of the Nile, the Steam Ship Sudan draws tourists following the trail of legendary crime novelist Agatha Christie.

The SS Sudan, which towers over the traditional wooden sailing boats in Egypt’s southern city of Aswan, inspired the British author sometimes dubbed the “Queen of Crime” to pen one of her most famous works in 1937, “Death on the Nile.”

The whodunnit tells the story of Christie’s famous Belgian detective Hercule Poirot, investigating murder among the well-heeled travellers as they cruise the Nile.

“Agatha Christie’s trip aboard the steamer, the atmosphere and its route… inspired her to begin writing the first chapters,” said Amir Attia, the cruise ship’s director.

A view of the deck of the Nile steam ship “PS Sudan” off of Egypt’s southern city of Aswan, some 920 kilometres south of the capital. (AFP)

Built for the Egyptian royal family in 1885 and transformed into a cruise liner in 1921, the SS Sudan hosted the novelist with her second husband, archaeologist Max Mallowan, in 1933.

– Two-year waiting list –

Among the ship’s 23 rooms and suites, Attia says the writer’s room is still “the most popular.”

Passengers are whisked away on Christie’s original itinerary, stopping at the same ancient archaeological sites, albeit with a difference — the liner now runs on diesel and solar power instead of coal.

A staff of 67 keeps the vessel shipshape, and a luxury eight-day trip also including stays in two historic hotels sets travellers back around $4,000, but there is a long waiting list to stay in the Christie cabin.

“There are booking requests for up to two years in advance,” he said.

While Egypt’s key tourism industry has been hit hard by COVID-19 restrictions — with revenues slashed by more than a fifth from 2019-2020 — the ship’s staff are insistent the pandemic will not sink the historic vessel.

“My product is unique,” Attia said. “Egypt as a tourist destination will never die down.”

The SS Sudan has faced crises before.

It was left to rot for decades after World War II, but was rescued and refitted in 1991, before being abandoned and then repaired a second time in 2000.

Last year the boat was initially stuck in port — but it started operating as soon as rules allowed.

“The SS Sudan was the first cruise ship to re-open for business in October,” Attia said.

“We immediately got so many reservations… that we had to knock a few back because we’re overbooked.”

– Hollywood treatment –

Staff hope that Christie’s story can work its magic again to draw new visitors.

A big-budget film version — directed by and starring Kenneth Branagh, along with Hollywood stars Annette Bening, Russell Brand and Gal Gadot — is due for release in late 2021, a followup to the 2017 Christie adaption, “Murder on the Orient Express.”

An employee of the Old Cataract Hotel stands through the door of the suite where British crime fiction writer Dame Agatha Christie is believed to have stayed while writing her 1937 novel “Death on the Nile”, in Egypt’s southern city of Aswan. (AFP)

The last stop on the cruise is the Old Cataract Hotel, which over the years has hosted guests ranging from Britain’s Winston Churchill to Egyptian Nobel Prize for Literature winner Naguib Mahfouz, said Selim Shawer, the hotel manager.

The hotel too has a small exhibition dedicated to Christie, including the rocking chair and desk where she wrote.

“It is an attraction in itself for fans of Hercule Poirot,” said Shawer.

“Even people who are not staying in our hotel come to take photos with the chair.”