Gold hits 2-month high as recession concerns burnish safe-haven appeal

Agencies
June 3, 2019

Bengaluru, Jun 3: Gold prices rose on Monday to their highest in more than two months as heightened China-US trade tensions and Washington’s threat of tariffs on Mexico stoked worries of a global recession and drove investors to seek refuge in safe-haven bullion.

Spot gold was up 0.5 per cent at USD 1,312.37 per ounce at 0308 GMT, after touching its highest since March 27 at USD 1,312.60.

US gold futures rose 0.5 per cent to USD 1,317.50 an ounce.

“We are seeing a lot of traditional safe-haven hedging ... coming back to the fray,” said Stephen Innes, managing partner, SPI Asset Management.

“(Equity) markets seemed to be a little bit complacent. What caught them off-guard was Trump doubled down, signalling that (dealings between countries) on the trade war front is going to be quite aggressive.”

US stock futures, Asian share markets and oil prices slipped to multi-month lows on Monday amid the mounting trade worries.

Tensions between the United States and China escalated during the weekend as the two countries clashed over trade, technology and security.

“(Gold) markets are underpositioned and that’s why we are seeing investors aggressively chasing prices. There are bets getting placed on a more aggressive rate cut, another reason why we are seeing prices moving higher,” Innes said.

In a sign that Sino-US frictions are putting a big strain on the global economy, South Korea’s exports fell 9.4 per cent in May, worse than a median forecast for a 5.6 per cent decline, official data showed on Saturday.

The gloomy outlook has prompted traders to increase bets that the US Federal Reserve will cut interest rates sooner rather than later.

“Gold finally behaved like a safe haven last week, breaking out higher after the trade war escalation led to a code red for global growth,” Edward Moya, senior market analyst at OANDA, said in a note.

Gold prices surpassed the key USD 1,300 level for the first time since April on Friday after being stuck in a nearly USD 20 range for weeks.

Hedge funds and money managers increased their net long positions in COMEX gold in the week to May 28, data showed.

Indicating improved investor interest in gold, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.32 per cent to 743.21 tonnes on Friday from Thursday.

In other precious metals, silver edged up 0.6 per cent to USD 14.65 per ounce; platinum rose 1 per cent to USD 799.73 per ounce, after having fallen to its lowest level since Feb. 15 at USD 784.42, last week; and palladium rose 1.7 per cent to USD 1,347.10 per ounce.

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Agencies
January 25,2020

New Delhi, Jan 25: The Patiala House court on Saturday started hearing a plea filed by the Nirbhaya convicts that alleged that the Tihar Jail administration have "not presented the papers on time".

The Public Prosecutor informed the court that Tihar Jail authorities have already supplied the relevant documents. He further informed that these are mere delaying tactics adopted by the convicts.

Advocate A.P. Singh, lawyer for three of the four death row convicts in the Nirbhaya gang-rape case had moved an application before the court seeking directions to the Tihar Jail authorities to supply him the relevant documents in order to exercise the remaining legal remedies available with the death row convicts -- Vinay Pawan and Akshay.

The Public Prosecutor also told the court that he spoke to the jail authorities over the phone and a report in this regard will be filed shortly as the jail officials were on their way to the court.

The judge demanded from the convicts lawyer to show what he has filed.

The convicts lawyer, A.P. Singh, said that he received some documents, but has still not been supplied with the personal diary of one of the convict -- Vinay Kumar Sharma and also the medical documents.

Judge then asked the lawyer to wait for until the report arrives form the Tihar Jail.

On this, the convicts lawyer said he was not questioning the intention of the jail. "I know the jail has been changed. It isn't there fault, too," he said.

The Public Prosecutor refuted the allegation saying that the defence counsel was trying to defeat the speed of law.

"We have supplied all the documents to the counsel. We have supplied all the documents except the painting and some other documents. We have nothing apart from that," public prosecutor said.

Singh, in his plea filed before the Patiala House Court sought urgent orders of the court in order to file a mercy petition of Vinay Sharma and in relation to requests for documents for convicts Vinay Sharma, Pawan Kumar Gupta and Akshay Kumar Singh.

He further said that the convicts undertook several steps to obtain relevant information necessary for filing the mercy petitions. In regular interval, the convicts requested the concerned authority to supply documents pertaining to their medical records from 2012 to 2015 and 2019-2020, records of cellular confinement, records of the amount earned in prison through labour, records of educational and reformative activities like Tihar Olympics and Painting, etc.

The Supreme court had recently dismissed the curative petition for the other two convicts -- Vinay Kumar Sharma (26) and Mukesh Singh (32).

The court had recently issued death warrant against the convicts and fixed 6 a.m. on February 1 as the date and time of execution of the death penalty.

The 23-year-old victim in the case was brutally gang raped and tortured on December 16, 2012, which later led to her death. All the six accused were arrested and charged with sexual assault and murder. One of the accused was a minor and appeared before a juvenile justice court, while another accused committed suicide in Tihar Jail.

Four of the convicts were sentenced to death by a trial court in September 2013, and the verdict was confirmed by the Delhi High Court in March 2014 and subsequently upheld by the Supreme Court in May 2017, which also dismissed their review petitions.

A Juvenile involved in the crime was convicted by a juvenile justice board and released from a reformation home after serving a three-year term.

Hearing in a different case, Chief Justice of India S.A. Bobde on Thursday said a condemned person cannot fight the death penalty endlessly and it was important for the capital punishment to reach its finality.

The death penalty, he noted, cannot be questioned at every turn by the convict.

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Agencies
January 7,2020

Washington, Jan 7: Facebook will ban deepfake videos ahead of the US elections but the new policy will still allow heavily edited clips so long as they are parody or satire, the social media giant said Tuesday.

Deepfake videos are hyper-realistic doctored clips made using artificial intelligence or programs that have been designed to accurately fake real human movements.

In a blog published following a Washington Post report, Facebook said it would begin removing clips that were edited--beyond for clarity and quality--in ways that "aren't apparent to an average person" and could mislead people.

Clips would be removed if they were "the product of artificial intelligence or machine learning that merges, replaces or superimposes content onto a video, making it appear to be authentic," the statement from Facebook vice-president Monika Bickert said.

However, the statement added: "This policy does not extend to content that is parody or satire, or video that has been edited solely to omit or change the order of words."

US media noted the new guidelines would not cover videos such as the 2019 viral clip -- which was not a deepfake -- of House Speaker Nancy Pelosi that appeared to show her slurring her words.

Facebook also gave no indication on the number of people assigned to identify and take down the offending videos, but said videos failing to meet its usual guidelines would be removed, and those flagged clips would be reviewed by teams of third-party fact-checkers -- among them AFP.

The news agency has been paid by the social media giant to fact-check posts across 30 countries and 10 languages as part of a program starting in December 2016, and including more than 60 organisations.

Content labeled "false" is not always removed from newsfeeds but is downgraded so fewer people see it -- alongside a warning explaining why the post is misleading.

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Agencies
June 8,2020

Washington DC, Jun 8: Astronomers acting on a hunch have likely resolved a mystery about young, still-forming stars and regions rich in organic molecules closely surrounding some of them.

They used the National Science Foundation's Karl G Jansky Very Large Array (VLA) to reveal one such region that previously had eluded detection and that revelation answered a longstanding question.

The regions around the young protostars contain complex organic molecules which can further combine into prebiotic molecules that are the first steps on the road to life.

The regions, dubbed "hot corinos" by astronomers, are typically about the size of our solar system and are much warmer than their surroundings, though still quite cold by terrestrial standards.

The first hot corino was discovered in 2003 and only about a dozen have been found so far. Most of these are in binary systems, with two protostars forming simultaneously.

Astronomers have been puzzled by the fact that, in some of these binary systems, they found evidence for a hot corino around one of the protostars but not the other.

"Since the two stars are forming from the same molecular cloud and at the same time, it seemed strange that one would be surrounded by a dense region of complex organic molecules and the other wouldn't," said Cecilia Ceccarelli, of the Institute for Planetary Sciences and Astrophysics at the University of Grenoble (IPAG) in France.

The complex organic molecules were found by detecting specific radio frequencies, called spectral lines, emitted by the molecules. Those characteristic radio frequencies serve as "fingerprints" to identify the chemicals.

The astronomers noted that all the chemicals found in hot corinos had been found by detecting these "fingerprints" at radio frequencies corresponding to wavelengths of only a few millimetres.

"We know that dust blocks those wavelengths, so we decided to look for evidence of these chemicals at longer wavelengths that can easily pass through dust," said Claire Chandler of the National Radio Astronomy Observatory, and principal investigator on the project.

"It struck us that dust might be what was preventing us from detecting the molecules in one of the twin protostars," added Chandler.

The astronomers used the VLA to observe a pair of protostars called IRAS 4A, in a star-forming region about 1,000 light-years from Earth. They observed the pair at wavelengths of centimetres.

At those wavelengths, they sought radio emissions from methanol, CH3OH (wood alcohol, not for drinking). This was a pair in which one protostar clearly had a hot corino and the other did not, as seen using the much shorter wavelengths.

The result confirmed their hunch. "With the VLA, both protostars showed strong evidence of methanol surrounding them. This means that both protostars have hot corinos. The reason we did not see the one at shorter wavelengths was because of dust," said Marta de Simone, a graduate student at IPAG who led the data analysis for this object.

The astronomers cautioned that while both hot corinos now are known to contain methanol, there still may be some chemical differences between them. That, they said, can be settled by looking for other molecules at wavelengths not obscured by dust.

"This result tells us that using centimetre radio wavelengths is necessary to properly study hot corinos," Claudio Codella of Arcetri Astrophysical Observatory in Florence, Italy, said.

"In the future, planned new telescopes such as the next-generation VLA and SKA, will be very important to understanding these objects," added Codella.

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