Nigeria Retains High Yields on One-Year Bills to Lure Investors
The Abuja-based Central Bank of Nigeria sold the so called OMO bills at yields of 23.7%, about 782 basis points higher than comparable-tenored notes issued on behalf of the government last month. The yields on the government-backed treasury bills have been declining since the beginning of the year.
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Yahoo
19 minutes ago
- Yahoo
'I'm 84 and my allotment means everything. Labour are about to take it away.'
Allotment owners are facing heartbreak after learning their plots are among those given the green light to be sold off by the government. For 84-year-old Dab Abbott, his allotment is more than just a place to grow vegetables, but a vital part of his daily life. "I go there everyday. It is better than watching TV day in and day out," he muses. "Without the allotment I don't know what to do." But soon that may be exactly what happens, after his allotment site was revealed as one of eight across the country that has been given the green light to be sold or repurposed by councils in what has been dubbed as Angela Rayner's 'war on allotments'. Ashfield Ashfield District Council said it had obtained government approval to repurpose allotment plots for parking - but does not plan to get rid of the whole site. John Bennett, executive director of place for Ashfield District Council said: 'Following discussions with allotment holders, we agreed to repurpose two unused plots at Kingsway Allotments in Kirkby to provide much-needed parking facilities for existing users. This change of use was approved by the Secretary of State. "This decision was made in direct response to feedback from allotment holders and aims to support and enhance their experience. The new parking facility has been completed, funded partly by the Council and partly by Lindum Construction as a social value contribution from their work on a nearby housing development. "The plots are not being sold off, and there are currently no plans to dispose of any further allotment sites.' What is the government doing with UK allotments? Under the Allotments Act 1925, land that is designated "statutory allotment" cannot be sold or repurposed without ministerial consent. Angela Rayner is understood to have approved the sale or repurpose of eight sites in England in order to raise money for councils budgets and provide space for the party's ambitious housing development plans. The list of sites she has approved for sale, revealed in a parliamentary answer, includes:- Land at Spaxton Allotments in Spaxton, Somerset. Lant at Wallingford Road Allotments, Wallingford Road, in Cholsey, Oxfordshire. Stapleton Garden Allotments, in Borehamwood, Hertfordshire. Ravenscroft Allotments, Browns Lane Storrington, in Horsham, West Sussex. Longlands Allotment, off Longlands, and Longlands (Oxcroft) Oxcroft Lane, in Old Bolsover, Derbyshire. Churchfield Allotment Site, in Wye, Kent. Allotment holders at Kingsway Allotments in Ashfield, Nottinghamshire were also left shocked to find out that theirs is one of the eight sites. A spokesperson for the Ministry for Housing Communities and Local Government (MHCLG) previously said councils should only sell off allotments "where it is clearly necessary and offers value for money". They added: "We know how important allotments are for communities, and that is why strict criteria is in place to protect them, as well as school playing fields." What has the reaction been? Rayner has come under fire for the decision, with some dubbing it a "war on allotments". Former Labour leader Jeremy Corbyn, who has used an allotment near Islington, North London, for 22 years, said the decision would 'fill many with deep dismay'. Writing in the Telegraph, he said: 'Is this government going to put the nail in the coffin of the joy of digging ground for potatoes on a cold, wet February Sunday afternoon?' Tony Tilley, 59, who has had a space at Kingsway allotments for six years, growing everything from potatoes to tomatoes, as well as sweetcorn, cabbages and carrots, said: "It is absolutely disgusting. This government - I cannot believe they didn't even tell us. "What can we do? We are going to fight it as best as we can. I am absolutely devastated." Keith Albon, 72, who has had his allotment at the site for 14 years, said: "I'm absolutely devastated that allotments are going. "It is my basic hobby, I spend an awful lot of time there. Very important for my health and wellbeing. If i wasn't doing that I would be watching tv rotting away - that's no good to me." How long do you have to wait for an allotment in the UK? With figures from the National Allotment Society suggesting that one in eight of the UK population have no access to a garden - rising to one in five in London - allotments remain a popular way for people to access green spaces. According to Oaktree Mobility, in 2023 the average wait time for an allotment was 37 months - with its research revealing that 111,566 people were on a council waiting list for the 121,759 allotments surveyed. In October that year, figures shared by Greenpeace suggested that the number of people waiting for an allotment had doubled in the previous 12 years - rising to 157,830 applications on waiting lists. Watch: Furious residents vow to fight back on Angela Rayner's 'war on allotments' Click below to see the latest East Midlands headlines
Forbes
23 minutes ago
- Forbes
Is Bitcoin A Security Or Commodity?
Bitcoin is one of the most widely recognized digital assets in the world, but its legal classification remains a topic of continued debate. In the United States, the Commodity Futures Trading Commission (CFTC) has classified bitcoin as a commodity since 2015. As digital assets become more integrated into traditional finance, questions persist about whether bitcoin fits best within commodity or securities laws. This article explains the legal definitions of securities and commodities, outlines how U.S. and global regulators approach bitcoin, and explores the implications for investors, exchanges and policymakers. It also presents key arguments on both sides of the classification debate and discusses why bitcoin's regulatory status matters for its long-term role in financial markets. Why Bitcoin's Classification Matters Widely traded and globally recognized, bitcoin occupies a unique space in financial markets. Under the Commodity Exchange Act, it has been treated as a commodity since 2015, placing it within the legal framework that governs commodities trading. Still, as digital assets evolve and regulatory frameworks shift, questions persist. This article explores Bitcoin's current classification, the difference between securities and commodities and why the distinction matters for regulators, investors and institutions. Understanding Security Vs. Commodity Clarifying the difference between a security and a commodity is fundamental to understanding how digital assets like bitcoin are regulated. A security is typically defined as a financial instrument representing an investment of money in a common enterprise, with the expectation of profit primarily from the efforts of others. A commodity refers to a basic good or asset that can be bought, sold or traded and is generally interchangeable with other goods of the same type. This section outlines the legal definitions and regulatory implications of each classification. A security is a legal and financial instrument that represents ownership, debt or the right to participate in the profits or governance of an entity. It includes a broad range of assets such as stocks, bonds, options, derivatives and investment contracts. An asset does not need to be publicly traded to be considered a security. What matters is whether it involves an investment of money in a common enterprise with the expectation of profit from the efforts of others, as outlined in the Howey Test, a case decided by the Supreme Court in 1946. If an asset meets this definition, it falls under federal and state securities laws and is subject to oversight by the U.S. Securities and Exchange Commission, including disclosure and anti-fraud requirements. Goods such as oil, gold, wheat and natural gas are considered commodities. These are standardized resources that are uniform in quality and interchangeable, making them essential to global trade and investment. In the United States, commodity trading is regulated by the Commodity Exchange Act, a federal law enacted in 1936 that established the legal foundation for the CFTC. Because commodity prices are driven by supply and demand, they are a key component in portfolio diversification, risk management and broader economic activity. U.S. Regulatory Perspectives On Bitcoin Bitcoin occupies a unique position in the U.S. regulatory landscape, with different agencies applying distinct classifications based on their legal mandates. While the CFTC views bitcoin as a commodity, the SEC does not consider it a security. The Internal Revenue Service treats it as property for tax purposes. The following section outlines how each agency approaches bitcoin and what their classifications mean for investors and market participants. The CFTC classifies bitcoin as a commodity under the Commodity Exchange Act, giving the agency authority when bitcoin is used in derivatives contracts or when fraud or manipulation occurs in interstate commerce. The CFTC emphasizes that while virtual currencies can function as a medium of exchange or store of value, they present risks such as cybersecurity vulnerabilities, fraud and market speculation, especially in the absence of broader regulatory oversight. The SEC has stated that bitcoin is not a security, aligning with the CFTC's view. In 2025, under Chairman Paul S. Atkins, the SEC launched 'Project Crypto' to modernize securities regulations and better accommodate digital asset innovation. While the SEC maintains that some crypto assets may meet the legal definition of a security under the Howey Test, it has committed to developing clear guidelines to help market participants understand which assets fall under securities laws. The goal is to promote responsible capital formation, ensure investor protection and support domestic innovation without applying outdated rules to modern technologies. The Internal Revenue Service approaches bitcoin from a tax perspective. For federal tax purposes, bitcoin is treated as property rather than currency. This classification means that buying, selling or exchanging Bitcoin may result in taxable capital gains or losses, depending on how the asset's value has changed. Individuals and businesses are required to report these actions in compliance with property tax rules. The IRS treatment of bitcoin highlights the importance of accurate recordkeeping and reporting for anyone engaging in digital asset transactions. Global Regulatory Viewpoints Around the world, governments are taking diverse approaches to regulating bitcoin and the broader digital asset sector. In 2023, the European Union moved forward with the Markets in Crypto-Assets regulation, or MiCA, which sets clear requirements for transparency, supervision and consumer protection. In Asia, regulatory attitudes vary, with some countries embracing innovation and others tightening oversight in response to market volatility and geopolitical tensions. Meanwhile, jurisdictions like Australia have clarified that crypto assets, not specifically bitcoin, are not legal tender but are treated as taxable property, with gains and staking rewards subject to capital gains and income tax. Why Bitcoin Could Be Considered A Commodity Several core characteristics support the view that bitcoin functions as a commodity within financial markets. First, it operates without a central issuer, meaning no single entity controls its production, distribution or monetary policy. Second, bitcoin is widely viewed and used as a store of value, much like gold, particularly in times of economic uncertainty. Third, it is traded on commodity markets and futures exchanges, where its price is determined by market supply and demand rather than the actions of a company or issuer. Together, these features align bitcoin with traditional commodities and help explain why U.S. regulators, including the CFTC, have classified it as such. Arguments For Bitcoin Being A Security While U.S. regulators have classified bitcoin as a commodity, some authorities have raised concerns about whether it could meet the definition of a security. As former SEC Chair Gary Gensler has stated, within the realm of crypto, 'everything but bitcoin' could be considered a security, implying that bitcoin's decentralized structure might place it outside the typical Howey Test framework. Meanwhile, legal analysts and investor protection advocates have speculated that bitcoin-holder behavior, namely purchasing with the 'expectation of profits,' could align with key prongs of the Howey Test. Implications of Bitcoin Being a Commodity Bitcoin's classification as a commodity places it under the oversight of the CFTC, not the SEC. As a result, it is not subject to securities laws requiring issuer disclosures or registration. This affects how exchanges operate and reduces regulatory burdens compared to securities platforms. For investors, the designation allows access to regulated futures markets but provides fewer built-in protections than securities frameworks. Implications Of Bitcoin Being A Security If Bitcoin were to be classified as a security, it would fall under the jurisdiction of the SEC and become subject to federal securities laws. This would potentially introduce additional compliance requirements, such as registration and disclosure obligations for users involved in trading or facilitating transactions. Exchanges might need to adjust their operations to meet regulatory standards. Such a shift could lead to changes in market access, trading practices and investor participation. It may also influence how financial products involving bitcoin are structured and offered, with potential effects on liquidity, innovation and overall market dynamics. Expert Opinions And Market Sentiment Industry opinions on bitcoin's classification and value vary widely, reflecting the broader debate around its role in the financial system. After the SEC approved spot bitcoin ETFs in January 2024, ARK Invest CEO Cathie Wood criticized former SEC Chair Gary Gensler's dismissive tone, calling it 'par for the course' of the skepticism that often accompanies disruptive technologies. Others emphasize bitcoin's technological significance. 'Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is not duplicable in the digital world has enormous value,' said Eric Schmidt, former CEO of Google. In contrast, JPMorgan Chase CEO Jamie Dimon has remained openly critical, stating, 'I personally think bitcoin is worthless.' These divergent views highlight the lack of consensus among financial leaders and underscore the importance of clear regulatory frameworks as bitcoin's role continues to develop. Bottom Line Bitcoin's legal identity plays a critical role in how it is regulated, traded and adopted within the financial system. It is currently treated as a commodity under U.S. law, supported by its decentralized design, use as a store of value and active trading on commodity markets. At the same time, its speculative appeal and investment-driven use continue to raise questions about whether some features align more closely with securities. Understanding the difference between securities and commodities helps clarify how the CFTC, SEC and IRS view bitcoin. As regulatory frameworks evolve, legal clarity will shape how bitcoin is taxed, accessed by investors and integrated into the broader economy. Ongoing policy developments will remain central to its future role in global markets. Frequently Asked Questions (FAQs) Is Bitcoin Legally A Commodity? Yes, the CFTC classified bitcoin as a commodity in 2015 under the Commodity Exchange Act. Has The SEC Ever Called Bitcoin A Security? No, the SEC has consistently stated that bitcoin is not a security. The SEC's position aligns with the CFTC's classification of bitcoin as a commodity. Does Bitcoin's Classification Change In Other Countries? Yes, bitcoin's classification varies by jurisdiction. Why Does The Classification Matter For Investors? Bitcoin's classification determines which regulations apply, affecting how it is traded, taxed and protected under the law. It also influences the level of oversight, investor protections, and access to financial products.
Bloomberg
24 minutes ago
- Bloomberg
Glencore Shakes Up Trading Team With Head of Coal to Exit
The head of Glencore Plc 's huge coal-trading operation is leaving in the biggest shake-up of the company's trading unit in years. The news comes after Glencore, an historic name in commodity trading that traces its history back to the industry's godfather Marc Rich, disappointed investors with weak results for the first half of the year and is facing internal and external pressure to revive its moribund share price.
