Latest news with #ElizabethHowcroft

The Age

16 hours ago

Politics
The Age

The ‘sandwich generation' and the age of caring

Pressing question It was once not much more than a figure of speech 'the president has his finger on the button'. Now I want to know exactly what pressing that button will mean. Elizabeth Howcroft, Hawthorn Human rights for all In response to your correspondent (Letters, 20/6), first, describing Israel's actions since 2006 as ″⁣restraint″⁣ ignores reality. Its withdrawal was followed by a blockade of Gaza, collectively punishing 2.3million people. This siege, intensified since 2023, restricts food, water, medicine, and movement, constituting unlawful collective punishment under international law. Decades of military operations have caused morally unacceptable civilian suffering. Second, labelling Israel the region's ″⁣only democratic state″⁣ whitewashes its systemic discrimination against Palestinians. Within Israel, Palestinian citizens face overwhelming inequality. In the occupied territories, millions live under military rule without basic rights. Leading human rights organisations, including Israeli ones, conclude this system meets the definition of apartheid. Finally, while criticising neighbouring states, your correspondent overlooks that Israel's prolonged occupation, settlement expansion (illegal under international law), and actions in Gaza represent a severe violation of Palestinian rights. Calling for accountability isn't scapegoating; it's demanding adherence to universal human rights. Paul Evans, Carrum Downs Talking obstacles Foreign Minister Penny Wong says Iran should return to the table to negotiate on nuclear disarmament. It did that in 2015 when, with the Obama government, it agreed to restrict uranium enrichment. In 2017, new president Donald Trump dumped the deal. Why should the Iranians believe anything would be different today? Now both Trump and Benjamin Netanyahu want to inflict more attacks on Iran. Wong couldn't be ignorant of this history, so the question is why is she calling for negotiations when she should be aware that neither the Israelis nor Trump would actually want to take part in them in a meaningful way? Noel Turnbull, Port Melbourne Tax reset, please Congratulations to Treasurer Jim Chalmers for acting on tax reform and national productivity (″⁣Gentle Jim levels path to reform″⁣, 21/6). With ″⁣gotcha″⁣ questions and negative reporting of any tax change, no wonder he avoided this at the election. Neither major party made it an issue. Even with balanced discussion and logical rationalisation of taxes, there will be lobbying by vested interests. The Ken Henry Tax Review of 2009 offered 138 recommendations. These included one that would raise much-needed revenue – the Resource Super Profits Tax. This was sunk by the mining industry. In fact, very few of those tax review recommendations were implemented. Australia clearly needs a tax reset, integrated with productivity and overall fairness considerations. Perhaps Ken Henry can assist. John Hughes, Mentone Not really a majority It is true, as your correspondent says (Letters, 20/6), that Donald Trump was comfortably elected, but we should be aware of what this means in America. Only a minority of eligible US voters (less than a third) actually cast a vote for him. Well over 30 per cent preferred Kamala Harris while the largest group, about 35 per cent, did not vote. To say that most Americans really wanted another Trump administration is stretching reality. Peter McCarthy, Mentone On limited time Benjamin Netanyahu claims regime change is his aim in Iran and Gaza. It seems like regime maintenance – his own, due to the biggest security failure in Israel, on his watch. Whenever the bombings cease, his political career is done. Patrick Alilovic, Pascoe Vale South Blackadder returns US President and Commander-in-Chief Donald Trump's 'very clever ruse to lull the Iranians into a sense of complacency' (' Trump buys himself time, and opens up new options as Israel goes all out ', 21/6), is the sort of 'cunning plan' you might expect from Private S. Baldrick in Blackadder. Lawrie Bradly, Surrey Hills Bombs over boots Remembering the Iraq invasion, the US will no doubt prefer bunker-busting bombs to boots on the ground. Greg Curtin, Nunawading Heart of the matter Life mimics art, again: Monash Health is having its Yes, Minister moment (″⁣Madness as $600m heart hospital cuts theatre, beds', 21/6). No point in building a state-of-the-art facility if it cannot meet the demand for care. Another example of what can happen when public health services are run by bureaucrats and bean-counters not medical professionals. Jenifer Nicholls, Windsor A selfish kiss Your correspondent (Letters, 20/6) implies that King Priam's display of humility was a peacemaking exercise. It was nothing of the sort. His kiss of Achilles' hand was for the entirely selfish motive of retrieving Patroclus' body. The handover of Helen, which might have ended the war, was a step the Trojans would not take.

How VCs are navigating Europes defence spending push

Mint

6 days ago

Business
Mint

How VCs are navigating Europes defence spending push

EU plans boost in defence spending by 2030 For venture capitalists challenges include ESG rules Still only three unicorns among European defence tech startups Dual-use technologies help investors navigate ESG concerns Eyes on possible easing of investment rules By Elizabeth Howcroft, Supantha Mukherjee and Michael Kahn PARIS/STOCKHOLM/PRAGUE, June 16 (Reuters) - As venture capital investors look to profit from Europe's defence spending boom, speculators hunting for the next unicorn need to navigate hurdles such as EU sustainability guidelines and difficulties for start-ups in a market dominated by large prime contractors. The European Union has earmarked up to 800 billion euros ($920 billion) for defence through 2030 with a bulk of that amount expected to go to prime contractors such as France's Airbus or Germany's Rheinmetall. But with large defence contractors focused on meeting record demand due to the war in Ukraine, investors and start-up founders are betting that defence technology startups can fill an innovation gap in Europe, developing technology and driving growth and possibly attracting the attention of those big players later on. "We think it's an important trend and we're investing behind it," said Sequoia investor Julien Bek. His firm invested $15.5 million in German autonomous drone company STARK in October 2024, according to PitchBook. Russia's 2022 invasion of Ukraine and U.S. President Donald Trump's prodding of NATO countries to raise defence spending to 5% of gross domestic product from a current 2% have spurred the EU to ramp up its military spending plans. It has also drawn venture capital funding into European defence tech, which hit $1 billion in 2024, up from a modest $373 million in 2022. That is up fivefold since 2020, yet Europe's defence tech sector has produced just three unicorns - startups with a valuation of $1 billion - and last year attracted just 1.7% of the venture capital money in Europe, according to startup data provider Dealroom. Among the biggest barriers to entry for venture capital targeting defence tech in Europe are strict EU ESG rules, which forbid investment in lethal, single-use technology, according to more than a dozen investors, companies and government officials interviewed by Reuters. Many funds receive individual state government or EU backing, which in most cases precludes them from investing in defence. Despite the EU's support for Ukraine, only Estonia and Finland have established government-backed funds allowing for investments into lethal, single-use technology. Borys Musielak, managing partner at Smok Ventures, a U.S. VC firm based in Warsaw, said rules there had prompted funds like his to invest in cybersecurity. "In Poland nearly every fund has some part of it government or European funding, which makes it difficult to invest in defence," he said. Jan-Hendrik Boelens, CEO of Munich-based Alpine Eagle, which develops counter-drone systems, the topic of ESG represents a hurdle that remains for investors and startups. "There are changes on the way, but I can't say that they've happened yet, at least not to the extent that they should," he said, referring to governments or investors changing policies to facilitate more defence investment. "If you are not a pure weapon of war, as it is called, then I think that is very fundable. If you cross this line into actually becoming a lethal weapon, that might still be very difficult to fund." Some VCs seek to avoid ESG restrictions by targeting so-called "dual-use" technologies that have civilian as well as military applications. Such technologies include computer vision where AI mimics human vision to interpret visual information, robots, cybersecurity software and autonomous drones. All three of Europe's defence tech unicorns – German battlefield software firm Helsing, German drone maker Quantum Systems and Portuguese drone company Tekever – market themselves as dual-use. Sten Tamkivi is a partner in Tallinn- and London-based investment platform Plural, which has invested in Helsing. "We and our limited partner base are aligned with the idea that defending the future of our democracies is a moral good, but some investor bases at other firms say lethal is not okay," Tamkivi told Reuters. London-based VC firm Balderton in 2025 led a 160 million euro funding round by Munich-based Quantum Systems. "Why this one? I think it's serendipity, right team, right company, right timing," said Rana Yared, a general partner at Balderton. "We passed on almost everything that we had looked at up until that point," she said. Founded in 2015, Quantum Systems' AI-operated reconnaissance drones provide real-time battlefield intelligence and are being used in Ukraine. "We have shown we can deliver due to three years at the battlefront, with more than 800 systems in Ukraine," Quantum Systems co-CEO Sven Kruck told Reuters. "The defence market is getting hotter," he said. "Every investor is now creating a defence fund." Last month the company raised 160 million euros to take its total funding to 310 million euros. It also reached unicorn status, as did Tekever. With its increased defence spending plans, the European Commission is also looking to rewrite the rules to allow more investors to participate and individual governments are doing the same. The Commission has said next week it will propose giving governments more flexibility on defence procurement, which is another challenge startups face. They also need to contend with figuring out how to connect to and sell to the big players and governments who represent the majority of the customer base, investors say. In Finland, the country's pension agency, the Finnish Industry Investment Ltd, has removed a clause that had prevented it from investing in defence. Prague-based Presto Ventures in partnership with Czech arms maker CSG launched a 150 million euro fund last year, which is able to invest in single-use technology. "With dual-use you don't have one market you are focusing on, but you have two, so you have to solve problems and needs of two markets," said Vojta Rocek, a partner at Presto Ventures. ($1 = 0.8687 euros) (Reporting by Elizabeth Howcroft in Paris, Supantha Mukherjee in Stockholm and Michael Kahn in Prague; editing by Jason Neely)

Exclusive-Crypto giants set for EU green light amid growing regulatory rift, sources say

Yahoo

13-06-2025

Business
Yahoo

Exclusive-Crypto giants set for EU green light amid growing regulatory rift, sources say

By Elizabeth Howcroft and John O'Donnell PARIS/FRANKFURT (Reuters) -Two of the world's largest cryptocurrency companies are poised to secure licences granting them access to operate across the European Union, as a rift grows among regulators over the speed and rigour of some countries' approvals, according to sources familiar with the matter. Under the EU's new Markets in Crypto-Assets (MiCA) regulation, which came into force earlier this year, member states can issue licences that allow crypto companies to operate throughout the 27-nation bloc, but some have raised concerns in closed-door meetings about the speed with which licences are being granted, two people familiar with those discussions said, asking not to be named because of the sensitivity of the matter. At stake is the oversight of the multi-trillion-dollar crypto industry, which regulators have long warned could facilitate fraud, market instability and illicit financial flows if it is not properly supervised. MiCA aims to bring crypto under the same regulatory umbrella as traditional finance, but some fear that uneven enforcement could undermine its goals. Gemini, a crypto trading platform founded by billionaire twins Tyler and Cameron Winklevoss, is on the verge of receiving a licence to operate from Malta, the smallest country in the European Union, two people said. This follows Malta's earlier approvals of OKX and granted within weeks of the new regime's introduction. The pace of Malta's approvals has drawn scrutiny from other national regulators, who meet under the umbrella of the European Securities and Markets Authority (ESMA). France's AMF has publicly warned that ESMA's lack of direct authority could lead to a "regulatory race to the bottom". Another senior regulatory official, who did not wish to be identified, said that they were concerned about accepting licences granted in countries where regulators had fewer staff, citing Malta as one example. ESMA has scrutinized Malta's licensing process, with a report due to be circulated in the near future, said one of those people. A spokesperson for the Malta Financial Services Authority said it had granted four crypto licences so far and was able to move fast due to its past experience, adding that "expedited processing" was due to its "in-depth understanding acquired over these years". It said its local money laundering standards were strict. ESMA declined to comment. OKX said its application was "rigorous" and that compliance was a priority. SELF INTEREST? The regulatory debate has intensified with expectations that Luxembourg will soon grant a licence to Coinbase, the first U.S. crypto-focused company to join the S&P 500, one of the people said. While the application has been in progress for several months, one person pointed to the relatively modest size of Coinbase's planned operation in Luxembourg. A Coinbase spokesperson did not comment on its application but said it employed 200 in Europe and that it invested in staff to ensure operations were safe. The spokesperson said Luxembourg was a "high-bar, well respected global financial centre" and that Coinbase would hire more than 20 people there by the end of the year. Luxembourg's financial watchdog declined to comment. One person familiar with Luxembourg's thinking dismissed any suggestion that the country was lax and said some critics were rather motivated by self interest in a race to attract crypto firms. Coinbase's anticipated approval is seen as a setback for Ireland, where relations with the crypto industry have cooled. In 2023, Central Bank Governor Gabriel Makhlouf compared crypto to a Ponzi scheme, warning that 'most of the time when you gamble, you're actually losing.' The global cryptocurrency market is currently valued at roughly $3.3 trillion but it has seen crises, such as the collapse and fraud of top U.S. exchange FTX in 2022. The European Union has long had to contend with divergence between its members. The dispute is unfolding as European politicians consider granting greater powers to regulator ESMA. While the European Union is united as a trading bloc and writes much regulation centrally in Brussels, countries vie with each other to attract international businesses. ESMA head Verena Ross has also pushed publicly for more powers to oversee crypto, although one person familiar with discussions among EU politicians said several countries were sceptical. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Societe Generale becomes first major bank to launch dollar-pegged stablecoin

Yahoo

10-06-2025

Business
Yahoo

Societe Generale becomes first major bank to launch dollar-pegged stablecoin

By Elizabeth Howcroft PARIS (Reuters) -France's Societe Generale ( said on Tuesday it plans to launch a publicly tradable, dollar-backed stablecoin through its digital asset subsidiary, making it the first major bank to enter the growing market of dollar-pegged cryptocurrencies. The new digital currency, named "USD CoinVertible", will be issued on both the Ethereum and Solana blockchains, with public trading expected to start in July, SocGen's crypto arm SG-FORGE said in a statement on Tuesday. BNY Mellon will serve as the custodian for the stablecoin's reserves, the bank said. Stablecoins are a type of cryptocurrency typically pegged to a traditional currency, usually the dollar, allowing people to move large sums of money using blockchain networks instead of traditional banking payment systems. The sector has seen rapid growth, driven by crypto company Tether, which has issued $155 billion of its dollar-pegged tokens. SG-FORGE launched a euro-based stablecoin in 2023, although it has not been widely adopted, with just 41.8 million euros ($47.62 million) in circulation, according to its website. SocGen said its stablecoins are classed as e-money tokens and will be regulated under MiCA, the European Union's landmark crypto regulation adopted in 2023. Tether does not have a licence to operate in the European Union under MiCA. Jean-Marc Stenger, CEO of SG-FORGE, said that there was demand for a regulated dollar-based stablecoin. "At the moment, there are no other banking-related players in that space ... that's definitely the feedback we have from the market, both corporates, financial institutions, but also crypto exchanges," he said. "There is a very, very strong need for well-regulated, robust offering in the crypto and stablecoin space". SG-FORGE said that its token can be used for crypto trading, cross-border payments, foreign exchange transactions and management of collateral and cash, and will be listed on various crypto exchanges, without giving further details. The subsidiary has "more than 15" crypto exchanges and brokers being onboarded as clients, Stenger added. In the U.S., Congress is poised to pass legislation to create a regulatory framework for stablecoins. Bank of America could launch a stablecoin, its CEO said earlier this year, and some other large banks are considering issuing a joint stablecoin. Tether is the world's largest stablecoin issuer. Its CEO said in a post on X that the company was the seventh biggest buyer of U.S. government debt in 2024, because it holds its dollar reserves in Treasuries. The second-largest issuer, Circle (CRCL), went public on the U.S. stock market on June 5 and saw its shares soar 48% on Friday. Regulators have long warned that stablecoins could impact market stability by creating connections between mainstream finance and more volatile crypto markets. ($1 = 0.8778 euros)

Societe Generale to launch dollar-pegged stablecoin

The Star