World News

Biden directs $345 million in weapons for Taiwan on July 28, 2023 at 10:19 pm

Published

1 year ago

July 28, 2023

President Biden on Friday announced $345 million in military assistance for Taiwan, using an authority from Congress that draws weapons directly from U.S. stockpiles.

The announcement was first published as a memorandum to the Secretary of State, directing the drawdown of “defense articles and services of the Department of Defense, and military education and training, to provide assistance to Taiwan.”

The package is said to include intelligence and surveillance capabilities, man-portable air defense systems (MANPADS), firearms and missiles, according to a congressional staffer familiar with the package.

Biden authorized the weapons transfer to Taiwan using a Presidential Drawdown Authority (PDA) that Congress approved last year.

National Security Council Spokesperson John Kirby told reporters to “stay tuned” when asked Friday when the White House was going to make the announcement.

“Obviously we take our responsibilities to Taiwan and to improving their self defense capabilities very, very seriously,” he said. “Nothing’s changed about that. And we’ll continue to look for ways to do that.”

The U.S. is working to outfit Taiwan with enough military capabilities to deter the People’s Republic of China (PRC) from carrying out an invasion or blockade against the island. U.S. officials have warned that Beijing is readying its military to have the capability to move against the island by 2027.

The PRC views the democratically-goerend island of Taiwan as an inalienable part of mainland China and Chinese President Xi Jinping has said he intends to see Taipei reunified with Beijing.

Taiwan, while holding back from declaring its status as independent, is supported by the U.S. to have the defensive means and diplomatic clout to resist a forced takeover by Beijing, either through military conflict or economic coercion.

Congress approved $1 billion in weapons transfers for Taiwan in the 2023 budget, and have urged the administration to fill a backlog of weapons sales to the country and raising alarm that resupplying the island in the event of a military conflict would be next to impossible.

“I am glad to see the Biden administration send this much-needed weapons package to Taiwan as Communist China eyes further aggression. However, this should have occurred much earlier and could have been more robust,” said Rep. Michael McCaul (R-Texas), chairman of the House Foreign Affairs Committee and who visited Taiwan in May.

“This administration’s repeated fear of escalation in providing critical weapon systems — in the midst of a great power competition — has only served to embolden Chairman Xi and his unholy alliance,” he continued. “The U.S. must remain committed to providing necessary defense articles to enable Taiwan in maintaining deterrence and self-defense capability.”

President Biden on Friday announced $345 million in military assistance for Taiwan, using an authority from Congress that draws weapons directly from U.S. stockpiles. The announcement was first published as a memorandum to the Secretary of State, directing the drawdown of “defense articles and services of the Department of Defense, and military education and training,…

Film Industry

Jay-Z Denies Allegations Amid Lawsuit

Published

2 days ago

December 9, 2024

Bolanle Media Staff

Jay-Z, the renowned rapper and music mogul, faces serious allegations in a recently amended civil lawsuit. According to ABC News and NBC News, the suit accuses him and Sean “Diddy” Combs of raping a 13-year-old girl at an MTV Video Music Awards after-party in 2000.

The lawsuit, initially filed in October 2024, was updated on Sunday to include Jay-Z as a defendant alongside Combs. The plaintiff, identified only as “Jane Doe,” claims she was assaulted after being driven to the party following the awards show.

Jay-Z, whose real name is Shawn Carter, vehemently denies the allegations. He released a statement on X calling the lawsuit a “blackmail attempt” and questioning why it was filed as a civil case rather than a criminal one. The rapper expressed concern about the impact on his family, stating he and his wife Beyoncé would need to discuss the situation with their children.

Combs, who is currently in federal custody on separate charges, has also denied the accusations through his attorneys. The lawsuit alleges that an unidentified female celebrity was present during the incident but did not intervene.

The case has garnered significant media attention, with both artists’ reputations at stake. As the legal process unfolds, the music industry and public await further developments in this high-profile case.

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Business

David Sacks: The New White House AI and Crypto Czar

Published

5 days ago

December 6, 2024

Bolanle Media Staff

According to CNBC and NBC News, David Sacks, a prominent venture capitalist and former PayPal executive, has been appointed as the White House AI and Crypto Czar by President-elect Donald Trump. This newly created position underscores the incoming administration’s focus on artificial intelligence and cryptocurrency as critical areas for American competitiveness.

Role and Responsibilities

Sacks will be tasked with several key responsibilities in his new role:

Guiding policy for the administration in AI and cryptocurrency
Establishing a legal and regulatory framework for the cryptocurrency industry
Safeguarding free speech online, and steering away from Big Tech bias and censorship
Leading the Presidential Council of Advisors for Science and Technology

Trump emphasized that Sacks will focus on making America the clear global leader in both AI and cryptocurrency.

Background and Qualifications

David Sacks brings a wealth of experience to his new position:

Former Chief Operating Officer of PayPal
Founder of Yammer, which was sold to Microsoft for $1.2 billion in 2012
Co-founder of Craft Ventures, a venture capital firm
Investor in major tech companies including SpaceX, Palantir, Uber, and Airbnb

Sacks is also known for his close associations with tech entrepreneurs like Elon Musk and Peter Thiel, being part of the “PayPal Mafia“.

Political Involvement

Sacks has been a vocal supporter of Trump during his campaign:

Hosted a fundraiser for Trump at his San Francisco estate, with tickets priced at $50,000 each and a more exclusive $300,000 tier
Delivered a speech at the Republican National Convention in Milwaukee in July 2024
Wrote a detailed essay on X explaining his reasons for supporting Trump

Implications for AI and Crypto Industries

The appointment of Sacks signals a potential shift towards more crypto-friendly policies and regulatory clarity for the digital asset industry. This move, along with Trump’s nomination of crypto advocate Paul Atkins to head the Securities and Exchange Commission, marks a departure from the stricter oversight approach seen under the previous administration.

As the White House AI and Crypto Czar, Sacks is expected to play a crucial role in shaping the future of these rapidly evolving technologies in the United States, potentially influencing their development and adoption on a global scale.

Business

Bitcoin Surpasses $100,000 Milestone: A New Era for Cryptocurrency

Published

6 days ago

December 5, 2024

Bolanle Media Staff

In a historic moment for the cryptocurrency world, Bitcoin has officially surpassed the $100,000 mark, reaching a new all-time high and solidifying its position as a major player in the global financial landscape. This milestone comes amid a surge of investor enthusiasm and significant market developments.

The Breakthrough

Bitcoin breached the $100,000 threshold in the early hours of December 5, 2024, climbing to approximately $103,000 before experiencing a slight pullback, according to BBC News. This remarkable achievement represents a culmination of Bitcoin’s impressive performance throughout 2024, with the cryptocurrency’s value on an upward trajectory for most of the year.

Factors Driving the Surge

Several key factors have contributed to Bitcoin’s meteoric rise:

Political Influence: The recent U.S. presidential election, with Donald Trump’s victory, has played a significant role in boosting Bitcoin’s price. Trump’s pro-cryptocurrency stance and his promise to make the U.S. a “crypto capital” have fueled investor optimism, according to BBC News and AP News.
Regulatory Developments: According to AP News, the imminent appointment of Paul Atkins, a former SEC commissioner known for his crypto-friendly views, as the next chair of the Securities and Exchange Commission has been seen as a positive sign for the cryptocurrency industry.
Institutional Adoption: According to BBC News, the approval of spot Bitcoin exchange-traded funds (ETFs) by the SEC has allowed major investment firms like Blackrock, Fidelity, and Grayscale to offer Bitcoin-linked products, attracting billions in investments.
Market Dynamics: The recent Bitcoin halving event, which reduced the rate of new Bitcoin creation, has contributed to increased scarcity and demand.

Expert Opinions and Predictions

Analysts and industry experts have weighed in on Bitcoin’s future prospects:

Dan Coatsworth, an investment analyst at AJ Bell, described the $100,000 milestone as a “magic moment” for Bitcoin.
Ryan Lee of Bitget Research suggested that Bitcoin’s momentum could propel it well above $100,000 by the end of the year, citing historical patterns and post-halving cycle trends.
Bitfinex analysts expect Bitcoin to continue accumulating and ranging, with potential for further growth in the coming months.

Cautions and Considerations

While the mood is largely optimistic, experts also urge caution:

Carol Alexander, a finance professor at Sussex University, warned that while Bitcoin’s price may continue to rise, many younger investors speculating on meme coins are facing losses.
According to BBC News and AP News, the cryptocurrency’s notorious volatility remains a concern, with some analysts reminding investors that Bitcoin does not function like conventional currencies and lacks traditional investor protections.

Looking Ahead

As Bitcoin enters this new phase, the cryptocurrency community is abuzz with speculation about its future trajectory. While some predict further gains, others caution against overexuberance. The coming months will likely be crucial in determining whether Bitcoin can sustain its position above $100,000 and potentially reach even greater heights.

With increased institutional involvement, evolving regulatory landscapes, and growing mainstream acceptance, Bitcoin’s journey past the $100,000 mark may well be just the beginning of a new chapter in the cryptocurrency’s history.