Risks and rewards of tokenisation as crypto heavyweights push for it
'Tokenisation is going to open the door to a massive trading revolution,' said Vlad Tenev, the chief executive of the trading platform Robinhood at a recent James Bond-themed tokenisation launch event in the south of France.
AP
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The Age
16 hours ago
- The Age
Donald Trump to hike tariffs on India for buying Russian oil
'It is revealing that the very nations criticising India are themselves indulging in trade with Russia,' said a spokesman, citing US imports of uranium hexafluoride, palladium and fertilisers. 'Unlike our case, such trade is not even a vital national compulsion.' This week is shaping up as a critical juncture for Trump's stalled efforts to mediate a conflict he once boasted he could end in 24 hours. The president's revised ultimatum gives Putin until Friday to sign up to a ceasefire or face additional sanctions, along with Russian trading partners. A student of Gurukul School of Art in Mumbai puts the finishing touches to his take on the relationship between Donald Trump and Indian Prime Minister Narendra Modi. Credit: AP Trump said his special envoy Steve Witkoff might travel to Russia on Wednesday or Thursday ahead of the deadline, and that Moscow would face sanctions if a ceasefire wasn't brokered by then – though he noted the Russians were 'wily characters, and they're pretty good at avoiding sanctions'. Kremlin spokesman Dmitry Peskov said officials were always happy to meet with Trump's envoy, and that the Kremlin considered such talks important, substantive and useful. While Reuters reported last week that Indian oil refineries had hit pause on imports of Russian crude, by the weekend the Times and Bloomberg were reporting that no instructions to halt imports had been issued, and Russian tankers continued to arrive at India's state-owned refineries. India, a Quad partner of the US along with Australia and Japan, was hit with some of the highest US tariffs among major US trading partners, 25 per cent, when the revised levies were announced late last week. They do not take effect until August 7. While Trump has edged closer to imposing so-called secondary sanctions on Russia by targeting countries to which it sells oil, he has stopped short of embracing a Senate-led bill to impose 500 per cent tariffs on nations that buy Russian oil. The president has, however, threatened tariffs of 100 per cent, saying this would be sufficient. Republican senator Lindsey Graham, a key author of the Senate bill, welcomed Trump's latest threat. 'I appreciate your strong commitment to ending this bloodbath in Ukraine,' Graham said. 'Making those like India pay a price for their war profiteering is a good place to start.' In February, Indian Prime Minister Narendra Modi became one of the first foreign leaders to visit the White House after Trump's return to the presidency, but relations have strained somewhat since then. Loading 'People will be shocked to learn that India is basically tied with China in purchasing Russian oil,' White House deputy chief of staff for policy, Stephen Miller, told Fox News on Sunday. 'That's an astonishing fact.' Miller said India 'portrays itself as being one of our closest friends', but then listed numerous grievances, alleging India maintains unfair trade practices and cheats on immigration, as well as helping finance the Russian war effort in Ukraine. Get a note directly from our foreign correspondents on what's making headlines around the world. Sign up for our weekly What in the World newsletter.
9 News
17 hours ago
- 9 News
Tesla hands the world's richest man a $44 billion payday
Your web browser is no longer supported. To improve your experience update it here Tesla has given Elon Musk a stock grant of $US29 billion ($44.79 billion) as a reward for years of 'transformative and unprecedented" growth despite a recent foray into right-wing politics that has hurt its sales, profits and its stock price. In giving its billionaire chief executive 96 million in restricted shares, the electric car company noted that Musk had not been paid in years because a Delaware court rejected his 2018 compensation package. The award comes eight months after a judge revoked the 2018 pay package a second time. Tesla has appealed the ruling. Elon Musk will wield more control of Tesla after being handed 96 million more shares in the company. He is pictured speaking at a conservative conference earlier this year. (AP) Tesla on Monday (Tuesday AEST) called the grant a 'first step, good faith' way of retaining Musk and keeping him focused, citing his leadership of SpaceX, xAI and other companies. Musk said recently that he needed more shares and control to stop activist shareholders from ousting him. 'Rewarding Elon for what he has done and continues to do for Tesla is the right thing to do,' the company said in a regulatory filing, citing an increase of $US735 billion in Tesla's value on the stock market since 2018. Tesla shares have plunged 25 per cent this year largely due to blowback over Musk's affiliation with US President Donald Trump. But Tesla also faces intensifying competition from both the big Detroit car makers, and from China. In its most recent quarter, Tesla reported that quarterly profits plunged from $US1.39 billion to $US409 million. Revenue also fell and the company fell short of even the lowered expectations on Wall Street. Investors have grown increasingly worried about the trajectory of the company after Musk had spent so much time in Washington this year, becoming one of the most prominent officials in the Trump administration in its bid to slash the size of the US government. Tesla vehicles at the company's store in Warminster, Pennsylvania, last month. (Bloomberg) The electric vehicle maker said in the regulatory filing that Musk must first pay Tesla $US23.34 a share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package. In December, Delaware Chancellor Kathleen McCormick reaffirmed her earlier ruling that Tesla must revoke Musk's multibillion-dollar pay package. She found that Musk engineered the landmark pay package in sham negotiations with directors who were not independent. The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk's 2018 compensation package. That pay package carried a potential maximum value of about $US56 billion, but that sum has fluctuated over the years based on Tesla's stock price. Musk appealed the order in March. A month later Tesla said in a regulatory filing that it was creating a special committee to look at Musk's compensation as CEO. Musk has been one of the richest people in the world for several years. Wedbush analyst Dan Ives feels Musk's stock award may alleviate some Tesla shareholder concerns. 'We believe this grant will now keep Musk as CEO of Tesla at least until 2030 and removes an overhang on the stock,' Ives wrote in a client note. 'Musk remains Tesla's big asset and this comp issue has been a constant concern of shareholders once the Delaware soap opera began.' Under pressure from shareholders last month, Tesla scheduled an annual shareholders meeting for November to comply with Texas state law. A group of more than 20 Tesla shareholders, which have watched Tesla shares plummet, said in a letter to the company that it needed to at least provide public notice of the annual meeting. finance World TESLA elon musk CONTACT US Auto news: Honda here to stay in Australia, announces growth plans.
AU Financial Review
6 days ago
- AU Financial Review
Trump announces 25pc tariff on India, penalties for buying Russian oil
Washington DC | US President Donald Trump said Wednesday that he will impose a 25 per cent tariff on goods from India, plus an additional import tax because of India's purchasing of Russian oil. India 'is our friend,' Trump said on his Truth Social platform, but its tariffs 'are far too high' on US products. AP
