AFP

Keep talking: Disgraced crypto king's high-risk strategy

Omnipresent on talk shows and conference panels, disgraced cryptocurrency tycoon Sam Bankman-Fried is defying the advice of the legal profession and staying in the public eye despite facing the real threat of prosecution and even jail time.

As the architect and former CEO of a bankrupt enterprise that cannot account for billions of dollars in missing customer funds, Bankman-Fried faces scrutiny from regulators, prosecutors and politicians.

Bankman-Fried’s media blitz will head to Washington on Tuesday where the 30-year-old has agreed to testify before the House Financial Services Committee at a hearing about the crypto exchange’s overnight collapse.

The testimony in the US capital will mark a throwback to the heady period before FTX’s sudden implosion last month, when the mop-haired computer whiz was feted in Washington as a respectable face for cryptocurrency who doled out tens of millions of dollars in political donations.

“By speaking out, Mr. Bankman-Fried is putting himself in greater jeopardy and acting contrary to what competent counsel would advise a client,” said Jacob Frenkel, a former Justice Department prosecutor at Dickinson Wright.

As much as anyone, Bankman-Fried had embodied the apparent arrival of cryptocurrency as a major market in finance and no longer a frowned on get-rich-quick scheme shunned by the establishment. 

The Massachusetts Institute of Technology graduate, the son of two Stanford Law School professors, fit the tech wunderkind profile as he posed for magazine spreads and pushed Super Bowl television spots and other splashy marketing campaigns to draw in investors.

But after reaching a valuation of $32 billion, FTX’s implosion was swift following a November 2 report on the cryptocurrency news site CoinDesk on ties between FTX and Alameda, a trading company also controlled by Bankman-Fried.

The report exposed that Alameda’s balance sheet was heavily built on the FTT currency — a token created by FTX and with no independent value. 

The price of FTT plunged in early November, roiling both Alameda and FTX, where Alameda had large trading positions. 

Reeling from customer withdrawals and short some $8 billion, FTX and some 100 related entities filed for bankruptcy protection on November 11, inviting scrutiny from regulators, prosecutors and furious clients who had believed the hype about cryptocurrency. 

Among the revelations, FTX propped up Alameda with billions of dollars in customer funds that are now likely lost forever. Such a use of investor money would constitute fraud if it flouted the terms of agreement between customers and FTX, legal analysts said.

Questions also linger over whether Bankman-Fried engaged in market manipulation, or illegally provided inside information to Alameda.

– ‘Attention can be addictive’ –

Usually people in Bankman-Fried’s shoes follow counsel’s orders to keep a low profile, said defense attorneys interviewed by AFP.

Public comments increase the risk of false or problematic statements, or of torpedoing a potential defense strategy, said Aitan Goelman, a former director of enforcement at the Commodity Futures Trading Commission. 

The “limelight and public attention can be addictive,” Goelman said and Bankman-Fried “finds it impossible to sit there and keep his mouth shut, which is the smart thing to do.” 

Through a spokesman, Mark Cohen, a defense attorney representing Bankman-Fried, declined to comment when asked by AFP.

Since his downfall, Bankman-Fried has generally adopted a contrite tone in interviews, which he usually carries out by video link from FTX’s Bahamas headquarters.

“I didn’t ever try to commit fraud on anyone,” Bankman-Fried told a New York Times conference on November 30. “Clearly I made a lot of mistakes or things I would be able to give anything to be able to do over again.”

Bankman-Fried acknowledged poor corporate controls and that the interrelationship with Alameda was problematic. He said he was caught off guard by the size of Alameda’s position on FTX.

But some were unpersuaded, including CNBC anchor Rebecca Quick who concluded that “that guy’s a crook and a liar.”

Frenkel, who worked in a senior enforcement role at the Securities and Exchange Commission, predicted the charm offensive would fall flat.

“This is a desperate attempt to persuade the American public and potential jurors that he did not intend to defraud,” said Frenkel.

“It’s a matter of when we will see a criminal indictment, not if,” he said.

– No ‘foregone conclusion’ –

Goelman agreed that Bankman-Fried’s media blitz would not help his cause with prosecutors, but said an indictment is not a “foregone conclusion.”

Goelman noted that the withering assessment of new FTX Chief Executive John Ray of the company’s lack of controls could be consistent with a company that was mismanaged but not necessarily run with fraudulent intent.

But Bankman-Fried faces “potential serious criminal exposure,” Goelman said.

“These investigations take a lot of time,” he said. “The idea that Sam Bankman-Fried should be in leg irons already is inconsistent with our system of justice.” 

US sounds alarm over 'harmful' Iran-Russia military partnership

The United States on Friday expressed alarm over a “full-scale defense partnership” between Russia and Iran, describing it as “harmful” to Ukraine, Iran’s neighbors and the world.

Iran stands accused by Western powers of supplying drones to Russia for its war against Ukraine, as Moscow batters the country’s energy infrastructure in search of an advantage in the bloody conflict.

Washington has previously condemned Iran-Russia security cooperation, but on Friday described an extensive relationship involving equipment such as drones, helicopters and fighter jets.

“Russia is seeking to collaborate with Iran in areas like weapons development, training,” White House national security spokesman John Kirby told reporters.

Moscow “is offering Iran an unprecedented level of military and technical support — that is transforming their relationship into a fully fledged defense partnership,” he said.

“We have also seen reports that Moscow and Tehran are considering the establishment of a joint production line for lethal drones in Russia. We urge Iran to reverse course (and) not to take these steps.”

Kirby said that the United States would sanction three Russian-based entities active in “the acquisition and use of Iranian drones.”

Last month, Tehran admitted it had sent drones to Russia, but insisted they were supplied before the invasion of Ukraine.

Kirby said the United States is also concerned that Russia “intends to provide Iran with advanced military components,” including helicopters and air defense systems.

– ‘Sordid deals’ –

Iranian pilots have reportedly been learning to fly advanced Sukhoi Su-35 warplanes in Russia, and Tehran may receive the aircraft within the next year, which would “significantly strengthen Iran’s air force relative to its regional neighbors,” Kirby said.

The United States also believes that Iran is considering the sale of “hundreds of ballistic missiles” to Russia, he said.

Britain’s Foreign Secretary James Cleverly took aim Friday at the “sordid deals” between Moscow and Tehran, saying in a statement that Iran had sent drones to Russia in exchange for “military and technical support” from Moscow.

This “will increase the risk it poses to our partners in the Middle East and to international security,” Cleverly said, vowing that “the UK will continue to expose this desperate alliance and hold both countries to account.”

Kirby on Friday announced a new $275 million aid package to help boost Ukraine’s air defenses, against Russian drones in particular.

He said the aid “will soon be on its way to provide Ukraine with new capabilities to boost its air defenses and counter the threats that Ukraine is facing from drones.”

The Pentagon released details on the package, saying it includes counter-drone equipment, as well as ammunition for Himars precision rocket systems, 80,000 155mm artillery rounds, some 150 generators, and other equipment.

The United States has previously said that generators were being provided to Kyiv to help Ukraine with its electricity needs amid repeated Russian strikes on energy infrastructure.

The latest package — which is made up of equipment taken from existing US stocks — brings Washington’s military assistance to Ukraine since Russia’s February 24 invasion to more than $19.3 billion.

Experts urge caution over biotech that can wipe out insect pests

Dozens of scientists, experts and campaigners called for a ban on the release of genetically-edited organisms into the wild, in a statement Friday warning of potentially severe risks to the world’s pollinators.

The appeal was launched at crunch biodiversity talks in Montreal, where delegates from almost all the world’s countries were meeting to negotiate a strategy to halt human environmental destruction, which threatens the natural life support systems of the planet.

A host of new genome-editing tools that modify the genetic material of living beings have emerged in recent years, and are being researched and developed largely to target insects and plants in agriculture.  

Supporters argue that they could help human health, agriculture and even species conservation.

But their use in the wild carries “understudied risks which could accelerate the decline of pollinator populations and put entire food webs at risk,” according to the letter drafted by the French non-governmental organisation Pollinis. 

The signatories — including researchers specialising in insects, pollinators and agroecology — called for countries party to the UN biodiversity talks to oppose the deployment of genetic biotechnologies in nature. 

They said current scientific research was unable to provide “reliable and robust” risk assessments for potential harms to other species including pollinators and the plants, animals and whole ecosystems that rely on them.    

“Pollinating insects are already facing an alarming decline due to external stressors, adding hazardous and unassessed genetic biotechnologies to this fatal mix will aggravate the stress on pollinators and may precipitate their extinction,” the statement said.

The UN talks in Montreal are tasked with laying out an ambitious plan for how people can live “in harmony with nature” in the coming decades, as scientists warn a million species are threatened with extinction. 

One of the targets up for negotiation looks specifically at the potential risks of genetic biotechnology and the decision on this point could lead either to greater regulation or help facilitate their use.

– Engineered eradication –

Unlike genetically modified organisms (GMOs), which introduce an external gene into a plant or animal, new gene editing techniques directly modify the genome of a living being, without adding external elements.

One example is so-called gene drive technology, which uses tools such as CRISPR-Cas9 — DNA snipping “scissors” that can insert, delete or otherwise edit genes.    

This can push an engineered trait so it is passed down to a higher proportion of offspring than would have occurred naturally, across many generations.

A flagship project, funded by the Bill and Melinda Gates Foundation, has developed the technology to try to eradicate malaria. 

In 2018 researchers were able to wipe out an entire population of malaria-carrying mosquitos in the lab using a gene editing tool to programme their extinction.

The Pollinis letter said companies have filed patent applications describing the use of gene drive technology to target “hundreds” of agricultural pests.     

Another type of biotechnology uses “genetic silencing” to inhibit certain genetic expressions in animals or plants. 

This would make it possible to combat crop pests such as the Colorado potato beetle, which decimates potato crops, or fruit flies.

Some of these biotechnologies have already been approved for use in different parts of the world, the Pollinis statement said, calling for the issue to be “urgently addressed at the international level”.

– Into the wild? –

Advocates of these biotechnologies want permission to take these experiments out of the laboratory and conduct field trials. 

In Europe, Monsanto’s insect-resistant MON810 corn is the only GMO authorised for cultivation. 

But biotech products benefit from a much more flexible framework in the United States, Canada, Argentina, Brazil, Japan and India, among others.

Christophe Robaglia, professor of biology at the University of Aix-Marseille and a GMO expert with the European Food Safety Authority said the EU’s regulations on these biotechnologies were largely “obsolete”. 

When it comes to use on plants, he said the use of some of these so-called new breeding techniques could “improve” them, making them resistant to viruses or herbicides or make them more drought tolerant.  

In September 2021, a meeting of the International Union for Conservation of Nature (IUCN) passed a motion which noted the particular importance of the “precautionary principle” with synthetic biology. 

The Pollinis statement is most concerned about the use of these techniques on insects that are not limited to a single area. 

It raised particular concern about “gene transfer” between species. 

This is the risk that modifications made to pests could potentially contaminate the genome of non-target species, potentially destabilising a cascade of other species. 

Sea cows, abalone, pillar coral now threatened with extinction

Dugongs — large herbivorous marine mammals commonly known as “sea cows” — are now threatened with extinction, according to an official list updated Friday.

These gentle cousins of the manatee graze on seagrass in shallow coastal waters, and are an important source of ecotourism in their tropical habitats. 

Despite their moniker, they are more closely related to elephants than to cows. 

Dugong populations in East Africa and New Caledonia have now entered the IUCN (International Union for Conservation of Nature) Red List as “critically endangered” and “endangered,” respectively.

Globally, the species remains classified as “vulnerable.”

Their primary threats are unintentional capture in fishing gear in East Africa and poaching in New Caledonia, as well as boat injuries in both locations.

In East Africa, fossil fuel exploration and production, pollution and unauthorized development are also degrading their seagrass food source. In New Caledonia seagrass is being damaged by agricultural run-off and pollution from nickel mining, among other sources.

Habitat degradation is compounded by climate change throughout the dugongs’ range in the Indian and western Pacific Oceans.

The updated list comes as delegates from across the world meet in Montreal for a UN biodiversity conference to finalize a new framework for “a peace pact with nature,” with key goals to preserve Earth’s forests, oceans and species.

IUCN deputy director Stewart Maginnis told AFP: “The ability to slow and limit extinction rate, to buy us more time has been focused very much on a large terrestrial species.”

“But the fact is that we are 30 years behind on effective marine conservation — now hopefully we can catch that up.”

Climate change is driving ocean acidification as well as deoxygenation, while flows of agricultural and industrial pollution from the land are causing significant impacts on ocean species, effects that cascade throughout food webs.

Maginnis stressed that the Red List is not a hopeless catalog of doom — it serves as a scientifically rigorous tool that helps focus conservation action.

It includes more than 150,000 species, with over 42,000 threatened with extinction. Over 1,550 marine animals and plants assessed are at risk of extinction, with climate change impacting at least 41 percent of those threatened.

– Poaching, pollution, climate change –

In other updates to the IUCN list, 44 percent of all abalone shellfish are now threatened with extinction, while pillar coral has moved to “critically endangered.”

Abalone species are considered gastronomic delicacies, leading to unsustainable extraction and poaching by international organized crime networks, for example in South Africa.

They are also deeply susceptible to climate change, with a marine heatwave killing 99 percent of Roe’s abalones off Western Australia in 2011.

Agricultural and pollution run-off also cause harmful algal blooms, which have eliminated the Omani abalone, a commercial species found in the Arabian Peninsula, across half of its former range.

Twenty of the world’s 54 abalone species are now threatened with extinction.

“Abalones reflect humanity’s disastrous guardianship of our oceans in microcosm: overfishing, pollution, disease, habitat loss, algal blooms, warming and acidification, to name but a few threats,” said Howard Peters of the University of York who led the assessment.

“They really are the canary in the coal mine.”

Pillar coral, which are found throughout the Caribbean, moved from “vulnerable” to “critically endangered” after its population shrunk by over 80 percent across most of its range since 1990. 

Bleaching caused by sea surface temperature rise — as well as antibiotics, fertilizers and sewage running into the oceans — have left them deeply susceptible to Stony coral tissue loss disease, which has ravaged their numbers over the past four years.

Overfishing around coral reefs has piled on more pressure by depleting the number of grazing fish, allowing algae to dominate.

“The pillar coral is just one of the 26 corals now listed as Critically Endangered in the Atlantic Ocean, where almost half of all corals are now at elevated risk of extinction due to climate change and other impacts,” said Beth Polidoro of Arizona State University.

China's Xi promotes Mideast security, energy ties at Saudi summits

Chinese President Xi Jinping on Friday touted close security and energy ties with Gulf nations during summits in Saudi Arabia that have highlighted tensions with Washington.

On the third and final day of his visit, Xi attended a gathering of the six-member Gulf Cooperation Council and a broader China-Arab leaders’ meeting.

It was only Xi’s third journey outside China since the coronavirus pandemic began.

Friday’s talks followed bilateral sit-downs on Thursday with Saudi royals that yielded a joint statement stressing “the importance of stability” in oil markets — a point of friction with the United States, which has urged the Saudis to raise production.

“China will continue to firmly support the GCC countries in maintaining their own security… and build a collective security framework for the Gulf,” Xi said on Friday at the start of the China-GCC summit.

“China will continue to import large quantities of crude oil from GCC countries on an ongoing basis,” he said, also vowing to expand other areas of energy cooperation including liquefied natural gas imports.

Additionally, Xi said China would make full use of a Shanghai-based platform “to carry out RMB [yuan] settlement of oil and gas trade” — a move that, if Gulf countries participate, could weaken the global dominance of the US dollar.

Asked at a press conference, as the summits came to close Friday evening, if Riyadh would agree to such a scheme, Saudi Foreign Minister Prince Faisal bin Farhan said he had “nothing to add”.

Oil from Saudi Arabia alone accounted for 17 percent of China’s imports last year, and last month Qatar announced a 27-year natural gas deal with China.

– Rejecting ‘polarity’ – 

Xi’s visit comes amid persistent rancour between Saudi Arabia and the US, its long-time partner and security guarantor, over oil production, human rights issues and regional security. 

It follows US President Joe Biden’s trip to Jeddah in July, before midterm elections, when he failed to persuade the Saudis to pump more oil to reduce prices.

Xi’s arrival in the kingdom on Wednesday earned a rebuke from the White House, which warned of “the influence that China is trying to grow around the world”. 

Washington called Beijing’s objectives “not conducive to preserving the international rules-based order”.

Saudi officials have repeatedly stressed that they value deep ties with Washington but will not hesitate to explore relationships elsewhere.

“We are very much focused on cooperation with all parties and I think competition is a good thing,” Prince Faisal said on Friday, adding that Riyadh will also continue to have strong relations with the US “across the board”. 

“We will continue to work with all of our partners and we don’t see it as a zero-sum game by any means,” he added.

“We don’t believe in polarity.”

– Trade talks –

Crown Prince Mohammed bin Salman, Saudi Arabia’s 37-year-old de facto ruler, addressed both summits on Friday, promising “continuing Arab-Chinese cooperation to serve our common goals and aspirations of our peoples”.

The Gulf countries, strategic partners of Washington, are bolstering ties with China as part of an eastward turn that involves diversifying their fossil fuel-reliant economies. 

At the same time China, hit hard by its Covid lockdowns, is trying to revive its economy and widen its sphere of influence, notably through its Belt and Road Initiative which provides funding for infrastructure projects around the world. 

One area of focus for the China-GCC summit was a free trade agreement under discussion for nearly two decades. 

Drawing those negotiations to a close would be “a matter of prestige for Beijing”, said Robert Mogielnicki of the Arab Gulf States Institute in Washington.

“It’s not as simple for the GCC states, which seem to be more invested in advancing bilateral ties and are engaged in varying degrees of regional economic competition with their neighbouring member states.”  

No breakthrough was announced on Friday.

rcb/jsa

China's Xi promotes Mideast security, energy ties at Saudi summits

Chinese President Xi Jinping on Friday touted close security and energy ties with Gulf nations during summits in Saudi Arabia that have highlighted tensions with Washington.

On the third and final day of his visit, Xi attended a gathering of the six-member Gulf Cooperation Council and a broader China-Arab leaders’ meeting.

It was only Xi’s third journey outside China since the coronavirus pandemic began.

Friday’s talks followed bilateral sit-downs on Thursday with Saudi royals that yielded a joint statement stressing “the importance of stability” in oil markets — a point of friction with the United States, which has urged the Saudis to raise production.

“China will continue to firmly support the GCC countries in maintaining their own security… and build a collective security framework for the Gulf,” Xi said on Friday at the start of the China-GCC summit.

“China will continue to import large quantities of crude oil from GCC countries on an ongoing basis,” he said, also vowing to expand other areas of energy cooperation including liquefied natural gas imports.

Additionally, Xi said China would make full use of a Shanghai-based platform “to carry out RMB [yuan] settlement of oil and gas trade” — a move that, if Gulf countries participate, could weaken the global dominance of the US dollar.

Asked at a press conference, as the summits came to close Friday evening, if Riyadh would agree to such a scheme, Saudi Foreign Minister Prince Faisal bin Farhan said he had “nothing to add”.

Oil from Saudi Arabia alone accounted for 17 percent of China’s imports last year, and last month Qatar announced a 27-year natural gas deal with China.

– Rejecting ‘polarity’ – 

Xi’s visit comes amid persistent rancour between Saudi Arabia and the US, its long-time partner and security guarantor, over oil production, human rights issues and regional security. 

It follows US President Joe Biden’s trip to Jeddah in July, before midterm elections, when he failed to persuade the Saudis to pump more oil to reduce prices.

Xi’s arrival in the kingdom on Wednesday earned a rebuke from the White House, which warned of “the influence that China is trying to grow around the world”. 

Washington called Beijing’s objectives “not conducive to preserving the international rules-based order”.

Saudi officials have repeatedly stressed that they value deep ties with Washington but will not hesitate to explore relationships elsewhere.

“We are very much focused on cooperation with all parties and I think competition is a good thing,” Prince Faisal said on Friday, adding that Riyadh will also continue to have strong relations with the US “across the board”. 

“We will continue to work with all of our partners and we don’t see it as a zero-sum game by any means,” he added.

“We don’t believe in polarity.”

– Trade talks –

Crown Prince Mohammed bin Salman, Saudi Arabia’s 37-year-old de facto ruler, addressed both summits on Friday, promising “continuing Arab-Chinese cooperation to serve our common goals and aspirations of our peoples”.

The Gulf countries, strategic partners of Washington, are bolstering ties with China as part of an eastward turn that involves diversifying their fossil fuel-reliant economies. 

At the same time China, hit hard by its Covid lockdowns, is trying to revive its economy and widen its sphere of influence, notably through its Belt and Road Initiative which provides funding for infrastructure projects around the world. 

One area of focus for the China-GCC summit was a free trade agreement under discussion for nearly two decades. 

Drawing those negotiations to a close would be “a matter of prestige for Beijing”, said Robert Mogielnicki of the Arab Gulf States Institute in Washington.

“It’s not as simple for the GCC states, which seem to be more invested in advancing bilateral ties and are engaged in varying degrees of regional economic competition with their neighbouring member states.”  

No breakthrough was announced on Friday.

rcb/jsa

US basketball star Griner back home after Russia prisoner swap

American basketball star Brittney Griner was taken to a US Army base in Texas for a medical checkup on Friday after being released from a Russian prison in exchange for a notorious arms dealer known as the “Merchant of Death.”

Griner, who was arrested in Russia in February on drug charges, arrived overnight in San Antonio from Abu Dhabi, where the prisoner swap took place, and did not make any public statements.

Robert Whetstone, a spokesman for the Brooke Army Medical Center at Joint Base San Antonio-Fort Sam Houston, said the 32-year-old Griner, who is from Texas, was taken to the facility “as is standard protocol.”

“The US government is focused on ensuring that Brittney Griner and her family’s well-being are prioritized and that all assistance available be offered in an appropriate manner,” Whetstone said.

White House national security spokesman John Kirby told NBC that Griner was in “very good spirits when she got off the plane and appeared to be obviously in good health.”

Kirby said she would be given “all the access she needs to health care workers just to make sure that she is OK.”

Griner was exchanged in Abu Dhabi on Thursday for Viktor Bout, a 55-year-old Russian national who was serving a 25-year sentence in a US prison.

In footage released by Russian state media, Griner, shorn of her distinctive dreadlocks, and a relaxed and animated Bout crossed paths on the airport tarmac and headed towards the planes that would take them home.

Griner, a two-time Olympic gold medalist, WNBA champion and LGBTQ trailblazer, was arrested at a Moscow airport against a backdrop of soaring tensions over Ukraine.

– Putin says ‘compromises’ found –

Griner was accused of possessing vape cartridges with a small quantity of cannabis oil and sentenced in August to nine years in prison.

Bout, who was accused of arming rebels in some of the world’s bloodiest conflicts, was detained in a US sting operation in Thailand in 2008, sent to the United States and sentenced in 2012 to 25 years behind bars.

Bout told Kremlin-run media on Friday that Western countries were seeking to “destroy” Russia.

“The West believes that they did not finish us off in 1990, when the Soviet Union began to disintegrate,” Bout told state-run channel RT. “They think that they can just destroy us again and divide Russia.”

While Griner’s family and friends celebrated her release, another American held in Russia, former US Marine Paul Whelan, detained since 2018 and accused of spying, expressed disappointment he was not part of the swap.

The Griner family expressed solidarity with Whelan, saying in a statement: “We pray for Paul and for the swift and safe return of all wrongfully-detained Americans.” 

Russia President Vladimir Putin said Friday that other prisoner swaps with Washington were possible.

“This is the result of negotiations and the search for compromises,” Putin said. “In this case, compromises were found and we aren’t refusing to continue this work in the future.”

– ‘Joy and relief’ –

President Joe Biden announced Griner’s release on Thursday flanked by her wife, Cherelle Griner, and thanked the UAE for helping “facilitate” it.

WNBA commissioner Cathy Engelbert said there was a “collective wave of joy and relief” in the women’s professional league where Griner has been a star for a decade with the Phoenix Mercury.

At the time of her arrest, Griner had been playing for a professional team in Russia, as a number of WNBA players do in the off-season.

She pleaded guilty to the charges against her, but said she did not intend to break the law or use the banned substance in Russia.

Griner testified that she had permission from a US doctor to use medicinal cannabis to relieve pain from her many injuries.

The use of medical marijuana is not allowed in Russia.

The 2005 film “Lord of War” starring Nicolas Cage was based in part on Bout’s arms trafficking exploits, and he has been the subject of several books and TV shows.

Speaking to MSNBC, Kirby acknowledged concerns Bout could return to criminal activity.

“We’re going to make sure now that he’s a free man that we’re looking after our national security interests and we’re as vigilant as we can be,” he said.

Canada to hasten permitting for critical minerals mines

Canada will look to quickly ramp up production of critical minerals that are vital to its transition away from climate-harming fossil fuels, according to a new strategy unveiled Friday.

The 58-page document notes that Canada is home to vast untapped deposits of lithium, graphite, nickel, cobalt, copper and rare earth elements.

But under a current framework, it adds, it can take from five to 25 years to get new mines approved and operational.

With global demand set to soar and China controlling much of existing supplies, Natural Resources Minister Jonathan Wilkinson said it is paramount for Canada and its allies “to establish and maintain resilient critical minerals value chains.”

The new strategy, he added, “sets out a course for Canada to become a global supplier of choice for critical minerals and the clean digital technologies they enable.”

Critical minerals are used, for example, in electric vehicle batteries, solar panels, wind turbines and semiconductors.

They are “the building blocks for the green and digital economy. There is no energy transition without critical minerals,” says the strategy document.

New mine proposals typically undergo a patchwork of rigorous environmental review and permitting process. Wilkinson vowed to streamline that process, including eliminating duplicate reviews at both the federal and provincial levels.

“We recognize that, although responsible regulations are vital, complex regulatory and permitting processes can hinder the economic competitiveness of the sector and increase investment risk for proponents,” says the document.

The new strategy is not backed by any new funding, but in its 2022 budget, the federal government earmarked Can$3.8 billion (US$2.8 billion) over eight years for the sector — including a 30 percent tax credit to spur exploration.

Ottawa also acknowledges in the document the need for new infrastructure such as roads and ports in order to access and exploit the deposits.

To counter China’s supremacy in critical minerals, Canada, the United States and its allies have committed to boosting extraction, processing and recycling of critical minerals.

In late October, Canada also tightened its investment rules to make it more difficult for foreign state-owned companies to buy into its critical minerals sector, following a backlash over Chinese investments in Canada.

Such deals, the government said at the time, would only be approved on “an exceptional basis.”

It has also recently ordered three Chinese resources companies to divest their stakes in Canadian critical minerals firms.

Canada to hasten permitting for critical minerals mines

Canada will look to quickly ramp up production of critical minerals that are vital to its transition away from climate-harming fossil fuels, according to a new strategy unveiled Friday.

The 58-page document notes that Canada is home to vast untapped deposits of lithium, graphite, nickel, cobalt, copper and rare earth elements.

But under a current framework, it adds, it can take from five to 25 years to get new mines approved and operational.

With global demand set to soar and China controlling much of existing supplies, Natural Resources Minister Jonathan Wilkinson said it is paramount for Canada and its allies “to establish and maintain resilient critical minerals value chains.”

The new strategy, he added, “sets out a course for Canada to become a global supplier of choice for critical minerals and the clean digital technologies they enable.”

Critical minerals are used, for example, in electric vehicle batteries, solar panels, wind turbines and semiconductors.

They are “the building blocks for the green and digital economy. There is no energy transition without critical minerals,” says the strategy document.

New mine proposals typically undergo a patchwork of rigorous environmental review and permitting process. Wilkinson vowed to streamline that process, including eliminating duplicate reviews at both the federal and provincial levels.

“We recognize that, although responsible regulations are vital, complex regulatory and permitting processes can hinder the economic competitiveness of the sector and increase investment risk for proponents,” says the document.

The new strategy is not backed by any new funding, but in its 2022 budget, the federal government earmarked Can$3.8 billion (US$2.8 billion) over eight years for the sector — including a 30 percent tax credit to spur exploration.

Ottawa also acknowledges in the document the need for new infrastructure such as roads and ports in order to access and exploit the deposits.

To counter China’s supremacy in critical minerals, Canada, the United States and its allies have committed to boosting extraction, processing and recycling of critical minerals.

In late October, Canada also tightened its investment rules to make it more difficult for foreign state-owned companies to buy into its critical minerals sector, following a backlash over Chinese investments in Canada.

Such deals, the government said at the time, would only be approved on “an exceptional basis.”

It has also recently ordered three Chinese resources companies to divest their stakes in Canadian critical minerals firms.

'Little America:' the TV series that questions the American dream

Apple TV + series “Little America” returned to screens for a second season Friday with the aim of challenging the American dream, creator Sian Heder told AFP.

From the Song family and their hat store in Detroit to Jibril, a Somali cook in Minneapolis, the dream’s ideal — that you can succeed in the United States through hard work and perseverance — is still alive. 

But the emotional toll of uprooting oneself, financial difficulties, family pressure to succeed and sometimes the disappointment of failing to connect to New York City appear throughout the eight sub-40-minute episodes, which are inspired by true stories.

They include Zahir, an Afghan pianist who comes to the Big Apple to escape the Taliban and ends up enrolling in the conservatory of music but is far from his mother back home.

“One of the themes we were really interested in exploring this year was, what happens when the American Dream doesn’t work out the way that you expect it to,” said Heder.

For Heder — the director of 2021 movie “CODA,” which won three Oscars this year including best picture — the “whole idea of America of like, pull him up by your bootstraps, and capitalism, and it’s up to you to make it work out, you know, is a huge strain.”

“It’s an incredible amount of pressure on an individual.

“This is the land of opportunity, but in a way. There’s not a lot of safety nets in this country to catch you if you don’t succeed,” she added.

The first season was released in early 2020, when ex-president Donald Trump still occupied the White House.

“There was almost a reactivity to all the negativity where we felt that we needed to be very optimistic and positive about this country and take it back, in a way.”

“I think this season there’s probably more freedom to explore the nuances and complications of whatever the American dream means,” said the 45-year-old Heder.

The series is adapted from Epic Magazine’s portraits of immigrants.

Some of the episodes are humorous and light-hearted, such as the one where a Sri Lankan immigrant in Texas participates in a car-kissing contest. The contestant who keeps his or her lips pressed to the car the longest wins the car. 

“What we are looking for in our subjects are very average people in a way,” said Heder.

The cultural mosaic of America is reflected in the actors’ dialogue, which often occurs in their original language, and in the dishes they eat around the dinner table.

Each episode ends with an epilogue where we discover the real character who inspired the story.

“I think through our commitment to try to honor their real experience, you actually get a much more true portrait of what it’s like to be here,” said Heder, who was born in Massachusetts.

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