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According to a report by Kyodo News on September 21st, an expert meeting convened by the Japanese Ministry of Defense to fundamentally strengthen its defense capabilities concluded a report on the 19th and submitted it to Defense Minister Gen Nakatani. The report proposes relaxing current regulations that restrict the export of only five categories of defense equipment for non-combat purposes and flexibly revising the Defense Force Development Plan. Furthermore, the report calls for discussions on utilizing "next-generation propulsion systems" beyond past precedents, considering nuclear energy, to enable submarines to remain submerged for extended periods of time.GAC International reported on September 21st that on September 19th, GAC International and its Cambodian partner, TH Group, officially signed a cooperation agreement for a KD plant. Located in Kampong Chhnang Province in central Cambodia, the Cambodian KD plant is being built to GACs strict standards with a total investment of approximately US$19 million. The plant plans to have four assembly lines with an annual production capacity of 15,000 units. Construction is expected to be completed in December 2025, with mass production officially commencing in January 2026.On September 21st, Hong Kong SAR Financial Secretary Paul Chan Mo-po stated today (21st) that the Northern Metropolitan Area is a key vehicle for Hong Kongs industrial restructuring, enabling the coordinated development of the "finance + innovation and technology + trade" multi-engine. The Development and Operation Model Design Group, led by Chan, will hold its first meeting this month. He emphasized that the core of the Northern Metropolitan Area development work is "targeted and flexible." This means clearly tying the development of the Northern Metropolitan Area to the implementation of industrial development, with this as the goal of all work. The group will actively explore innovative, flexible, and feasible solutions across various aspects, including legal frameworks, administrative procedures, and financing options, to accelerate the promotion of the Northern Metropolitan Area and the influx of industry, thereby accelerating the realization of the Northern Metropolitan Areas development goals.According to Singapores Lianhe Zaobao on September 21st, the White House announced on September 20th that a new rule for H-1B visas, effective September 21st, will impose a $100,000 fee on each application, but will not apply to re-entry by existing visa holders. The report, citing Reuters, reported that White House spokeswoman Carolyn Levitt posted on social media platform X on the 20th: "This is not an annual fee, but a one-time fee that applies only to applications." Levitt also stated that H-1B visa holders currently abroad will not be charged the $100,000 fee upon re-entry. The White House claims the fee is intended to level the playing field for American workers, who are being displaced by low-wage foreign labor. The White House stated that the $100,000 fee could be waived in individual H-1B visa applications if it is in the national interest.On September 21st, US President Trump again called on European countries to "stop buying" Russian oil, claiming this would further pressure Putin to end the Russia-Ukraine conflict. In a dinner speech at Mount Vernon, Virginia, Trump stated, "European countries are still buying oil from Russia—that shouldnt be happening, right?" This marked his latest day of accusing European allies of energy procurement. Following a meeting with British Prime Minister Starmer on Thursday, Trump expressed his willingness to increase economic pressure on Moscow, but only if those he supports do not also buy Russian oil. Trump, on the spot, pressured US Ambassador to NATO Whitaker, "They have to stop buying Russian oil. Ambassador Whitaker wont allow this to continue for much longer." Faced with the stalemate in the Russia-Ukraine conflict, Trump reiterated his disappointment with Putin, emphasizing that "with just a little more tightening of oil price controls, the war will be over."

LUNA Revival，Terra Founder Do Kwon Fails to Stimulate UST

Jimmy Khan

May 12, 2022 09:47

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Terraform Labs CEO and Terra blockchain pioneer Do Kwon broke his silence on Wednesday, after a night of volatility in the UST and LUNA markets.


Markets had been expecting him to present an alleged "recovery plan" as promised in a tweet on Tuesday for over 20 hours.


Kwon speaks to the Terra residents.


"I realize the past 72 hours have been tremendously difficult for all of you," he added in a fresh Twitter thread on Wednesday, before promising the Terra community that "I am committed to work with every one of you to weather this crisis, and we will build our way out of this." Together.”


"Before $UST can start to repeg, the only road ahead will be to absorb the stablecoin supply that wants to go," he stated.


As a consequence, he said that Terraform Labs (TFL) "endorses the community proposal 1164," which would enable the Terra blockchain to absorb the UST supply more swiftly.


"Obviously, this comes at a great cost to UST and LUNA holders," he continued, "but we will continue to investigate alternative strategies to bring in additional external money to the ecosystem and minimize UST supply overhang."


Other community recommendations, he added, will be examined as well.


Kwon went on to say that once UST is rebuilt, the collateralization method would be tweaked, and he ended his post by trying to calm down the Terra community.


"With hundreds of dedicated teams producing category-defining apps inside the Terra ecosystem, it is one of the most vibrant in the crypto business," he added. "We will emerge out of this together as long as these builders, including TFL, keep building."

The UST and LUNA Markets Were Unimpressed.

The price of Terra's flagship algorithmic stablecoin UST has not recovered as a result of Kwon's "recovery plan." As the start of the US trading day approaches, it continues to trade at low levels in the $0.30 range.


Meanwhile, the influx of UST supply, which is then turned into LUNA supply thanks to Terra's mint-burn process, continues to weigh hard on the token. It just dropped below $2.0 for the first time since February 2021.


LUNA/USD has lost almost 97 percent of its value since the beginning of the week, when it was trading at $65 per token, and is down over 98 percent from its all-time high near $120 at the beginning of the month.


The selling pressure on LUNA is unlikely to diminish as long as there remains a backlog of UST to be converted into LUNA (where it will almost certainly be sold soon after conversion).


With UST trading so much below its peg, many UST holders will have no choice but to use Terra's mint-burn mechanism to convert their UST into the same USD amount of LUNA and then sell it immediately.

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