Latest news with #EconomicDevelopmentCommittee
Arabian Post
4 hours ago
- Business
- Arabian Post
Brazil Embarks on Sovereign Bitcoin Reserve Path
Brazil is charting a potential first for any G20 economy by moving through its legislature a proposal to allocate up to 5 per cent of its approximately $370 billion foreign‑exchange reserves into Bitcoin. Bill PL 4501/2023, currently advanced by the Economic Development Committee, would establish a Sovereign Strategic Bitcoin Reserve—dubbed 'RESBit'—under the joint oversight of the Central Bank and the Ministry of Finance, with stringent storage protocols and biannual audits. The bill's sponsor, Federal Deputy Eros Biondini, argues the measure would reinforce Brazil's financial sovereignty and diversify its reserve holdings beyond traditional assets. Parliamentarian Luis Gastão, acting as rapporteur, emphasises a cautious, phased implementation aimed at managing volatility exposure while boosting institutional resilience. This contrasts with El Salvador's executive decree model; the Brazilian plan proceeds through parliamentary channels, potentially setting a more enduring legal precedent. Storage and transparency are at the core of the proposal: BTC holdings would be secured via cold wallets, underpinned by mandated audits every six months, and reported directly to Congress. Advocates hope this methodical governance framework will ease institutional apprehensions while allowing crypto assets to form part of state‑backed fiscal strategy. ADVERTISEMENT Market reaction has been swift. Analysts highlight the timing, noting that Bitcoin trades near $107,500, with a market capitalisation exceeding $2.1 trillion and a 30 percent rise over 90 days. Within Latin America, Brazil would stand alongside El Salvador as a pioneer, but its parliamentary route marks a significant departure, offering a scalable model potentially attractive to larger economies. Experts say integration of Bitcoin into sovereign reserves could unlock strategic advantages. Proponents highlight potential hedging against inflation and dollar dependency, while warning of crypto's inherent risk. Central Bank and finance ministry coordination could foster system-level stability, aligning with policy objectives such as the issuance of a central bank digital currency. A global ripple effect may follow. Brazil's initiative has garnered attention across financial and crypto communities; social‑media commentators suggest it may herald the second phase of sovereign Bitcoin adoption, one grounded in legislative legitimacy rather than executive fiat. Opposition voices within the finance sector remain vigilant. Critics question Bitcoin's volatility and liquidity as state assets, urging robust risk frameworks before proceeding. Analysts stress the need for comprehensive impact assessments, including stress‑testing against currency and gold reserves.
Yahoo
3 days ago
- Business
- Yahoo
Record-breaking food festival attracting huge interest for this summer's event
Demand for businesses across Lancashire, and beyond, wanting to take part in this summer's Clitheroe Food Festival is double last year's figure, councillors are being told. Food and drinks businesses from the Ribble Valley, Preston, Blackpool, Lancaster, Rossendale, Pendle, Hyndburn, Leyland and Lytham are among those signed-up for stalls at the August event. Currently, 31 Ribble Valley firms are registered. But others are coming from further including Cumbria, West Yorkshire, Greater Manchester and Merseyside. The year's main food festival is on Saturday, August 9. And a programme of smaller events at different locations, called Ribble Valley Taste Fest, will be held in the five days before, starting on Monday, August 4. Ribble Valley Council organises and subsidises the festival, with the main Clitheroe town centre event being free to access for the public. It is seen as a key event to promote the area. Last year's main festival attracted record crowds and cost Ribble Valley Council less than was originally expected. The borough's Economic Development Committee is due for an update on this year's plans at its meeting this week. More: King Charles makes stop in Clitheroe during Lancashire visit More: Thousands descend on town centre for annual food festival A new report for councillors states: 'The council's website application portal for businesses to apply for stalls opened in January. A total of 144 applications were received and all stalls have now been allocated. Officers are maintaining a reserve list to fill any stalls if a business drops out. To put this into context for the growing popularity of the food festival, at this stage last year, 75 stalls had been allocated.' Live music is planned for two stages on King Street and Castle Street, organised by Duncan Sykora and Ivana Douglas of Ribble Valley Arts They have organised music at previous food festivals. Regarding income for the council, two headline sponsors have been secured for this year's food festival. They are Compleat Food Group and Fort Vale Engineering. Other sponsorship opportunities are still available and being promoted. Regarding the week-long Ribble Valley Taste Fest, the report adds: 'The aim of the Taste Fest is to highlight the amazing range of food experiences available across the wider Ribble Valley. Not only will this spread the economic benefits of promoting local food but provide visitors with reasons to stay longer in the days leading up to the main festival. The programme is currently being formulated.' Last year's Taste Fest included food and drink tasting sessions, walks connected to rural pubs, and events in locations including Holmes Mill in Clitheroe, which is home to various food, drink and hospitality businesses including the Bowland Brewery.
Yahoo
4 days ago
- Business
- Yahoo
Missouri House Committee passes Chiefs, Royals stadium plan
JEFFERSON CITY, Mo. — The stadium package for the Kansas City Chiefs and Royals cleared another hurdle at the Missouri State Capitol Tuesday. The House Committee on Economic Development endorsed the package following more than three hours of discussion. Potential Royals move to Kansas sparks mixed reaction in Overland Park What was talked about had to do with Senate Bill 3. It's the same package that body approved early Thursday morning. It funds any stadium plans for the Chiefs and Royals with tax revenues that the stadiums generate. Republican State House Rep. Sherri Gallick from Cass County, heads the Economic Development Committee. On more than one occasion during the committee meeting, she expressed her support for the bill. She discussed how much the Chiefs and Royals do for charities on the west side of the state. 'Those things may not exist, or they may exist on the Kansas side,' Gallic said of 15 and the Mahomies. 'I would like them to continue to exist on the Missouri side.' Gallick was alluding to the fact that the Kansas Legislature passed a Sales Tax and Revenue (STAR) Bond package one year ago, aimed at trying to lure either the Chiefs and or the Royals to the west side of the state line. The Show-Me Institute's Senior Fellow Patrick Tuohey is against the bill and was the only one who testified against the State Senate Committee on Fiscal Oversight passing it. Tuohey came back to the capital city Tuesday. 'The package of STAR Bonds offered by Kansas is not at all competitive, and there's plenty of reporting on this,' Tuohey said to the Economic Development Committee. 'Kansas refuses to put public taxpayer money to back up the bonds if they don't generate enough tax revenue, and that means that investors are not going to be invested in buying this.' One person who came to the capitol to support the stadium package was Kansas City Sports Commission and Visit KC President and CEO Kathy Nelson. Nelson did not testify in Topeka in June of 2024 when Kansas lawmakers passed the STAR Bond package. 'In 2024, sports driven media coverage equated to more than 300 million total impressions, highlighting Kansas City as a travel destination,' Nelson said to the committee. 'Due to our sports teams, last year Kansas City, Missouri was highlighted as a top global travel destination by publications such as the New York Times, Wall Street Journal, Travel and Leisure, Lonely Planet and TIME Magazine. Nothing else puts us on a global map like these teams.' After the hearing, Nelson was asked whether she thinks the teams will stay in the region now that Kansas and potentially the Missouri legislature, will have tried to keep the teams through pieces of legislation. New Heartland Coca-Cola facility opens in Olathe 'I hope so,' Nelson said in response. 'I know both owners personally. I believe their hearts are here in the Kansas City region, and I think they want the opportunity to stay here. They don't want an opportunity to leave.' The full Missouri House of Representatives will likely take up the stadium package Wednesday. The session starts at 10 a.m. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-04-2025
- Business
- Yahoo
DM Collins running for Center Point mayor
CENTER POINT, Ala. (Trussville Tribune) — DM Collins announced her candidacy for mayor of Center Point during a campaign kickoff event Friday evening at the Center Point Community Center Pocket Park. Collins was elected to the Center Point City Council in 2020, becoming the first Black woman elected to the body. She currently serves as council president and chair of the Economic Development Committee. 'I'm running for mayor because Center Point deserves bold leadership that puts people first,' Collins said. 'I believe in the power of community—and I'm ready to take our city to the next level.' Alabama lawmakers advance local 'Laken Riley' bill that deputizes police to enforce immigration law In her announcement, she stated that her campaign would focus on public safety, economic development, youth engagement, and a plan to establish a dedicated Center Point Police Department. She also made a commitment to improve quality of life through 'the development of parks and vibrant community spaces.' Collins also holds a Master of Science in Health Services Administration and has over a decade of professional experience in healthcare, currently working in biotechnology regulatory affairs. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
29-03-2025
- Business
- Yahoo
Colona mayor removes council members from committee
Colona Mayor Don Ropp removed council member Sarah Lack and Amanda Stablein from the Economic Development Committee on Friday night during a special City Council meeting. The women met with a mayoral candidate and a property owner in a public setting to discuss bringing business to the city. The mayor says that gathering created a quorum of the Economic Development Committee and that they failed to take accurate notes at the meeting. 'To call this intentional, willful violation of OMA (Open Meetings Act) is not only a blatant lie and assumption, but it's accusatory and defamation of our integrity and character, which I will not stand for. I will not be bullied,' First Ward Ald. Stablein said during the City Council meeting. The two council members and the mayor are up for re-election on Tuesday. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
