OKEx launches CME-like portfolio margin system for the crypto industry

VICTORIA, Seychelles, Nov. 01, 2021 (GLOBE NEWSWIRE) — OKEx has announced the launch of a new advanced trading mode for professional and institutional traders — portfolio margin — as part of its efforts to build the world’s most powerful trading platform for crypto traders. The new trading mode is available on the platform’s web and API versions for high-volume traders as of today, Nov. 1.

Portfolio margin on OKEx is designed for high-volume professional traders, including market makers and institutions, looking to substantially reduce their capital requirements. The mode offers traders — and especially market makers for cryptocurrency futures and options — significantly reduced margin calculation. Notably, OKEx sees this new feature as a way to address the current problem of fragmented liquidity across crypto options markets.

A risk management system similar to portfolio margin — standardized portfolio analysis of risk, or SPAN — was first pioneered for traditional finance participants by the world’s largest derivatives exchange, CME Group. With the release of the new portfolio margin mode on OKEx, the platform is leading the way in the cryptocurrency industry by introducing this powerful tool for capital efficiency enhancement and risk management.

OKEx’s version of this trading mode stands out from competitors by allowing for multiple-currency portfolio margining — meaning that a trader can open derivatives positions with significantly reduced margin requirements across multiple currencies at the same time.

With its new portfolio margin mode, alongside industry leading liquidity, OKEx is showing its commitment to providing the most advanced tools and best possible trading experience for its customers.

About OKEx

Founded in 2017, OKEx is one of the world’s leading cryptocurrency spot and derivatives exchanges. OKEx has innovatively adopted blockchain technology to reshape the financial ecosystem and offers some of the most diverse and sophisticated products, including our recently launched DeFi ecosystem and NFT Marketplace.

Trusted by more than 20 million users in over 180 regions across the globe, its mission is to empower every individual through the promotion and advancement of cryptocurrencies globally.

Andrea Leung
andrea.leung@okex.com

Bill Gates Vows to Donate $315 Million to Seed Programs for Small Farmers

Philanthropist Bill Gates says the Bill & Melinda Gates Foundation will donate $315 million to help small farmers around the world grow crops that will adapt to climate change.

In an interview with VOA from Glasgow where he is attending the U.N. Climate Change Conference, Gates said the money will go to a seed consortium which will help farmers thrive in changing environments.

The interview was edited for brevity and clarity.

Q: Help us visualize the scope of the problem when it comes to climate change. What are we facing and how much should we be concerned?

A: Well, climate change is one of the biggest challenges mankind has ever faced. Year by year, because of these carbon emissions, the climate will be getting hotter and that means, particularly anywhere near the equator, the ability to do outdoor farming or outdoor construction work will become impossible. And so that’ll really destabilize people who live in these tropical zones. And so we have to do two things: we have to stop those emissions, where there’s an ambitious goal to do that by 2050, and then in the meantime we need to help countries adapt to these changing weather conditions, for example, you know, giving them better seeds.

Q: How are we going to know that COP 26 is a success?

A: We’ve deeply engaged the private sector. We’ve identified the need for innovation and how we get every sector working together to drive that innovation. And we’re now paying significant effort to adaptation. And so those three things were not there in Paris. I’m not saying that the commitments here are good enough. We need to see over the next five years the same type of increased engagement on the different issues, you know, better policies, more private sector and more innovation, including the innovation that’s focused on the adaptation.

Q: What else are you referring to in terms of innovation?

A: A number of countries are announcing increased resources, including President Biden. We’re announcing $315 million over the next three years for the seed consortium which is called the CG System. That makes the seeds for all the different countries and the big priority for that money will be seeds that can be even more productive despite the challenge of climate change.

And so overall we expect that an additional billion dollars, including our money, will be committed to that effort. That has the potential to benefit literally hundreds of millions of these smallholder farmers. So probably won’t get the attention it deserves, but probably the biggest move for adaptation using innovation for that will be announced here.

Q: What are your thoughts on the impact of climate change in underdeveloped countries, especially in a region like Africa?

A: Well, as you say, it’s a great injustice. And in fact, my interest in climate change came from seeing that through our agricultural work in Africa the farmers were often having a more difficult time. And so they’re already facing these difficulties, which will get significantly worse between now and the end of the century. And so I studied the issue of climate change and the Gates Foundation took on this adaptation as a big priority. That wasn’t getting much attention. So I joined together with some others to create the ‘Commission on Adaptation’ and we had …a lot of great participation and did a report that highlighted some of these key investments.

Q: What do you think all of us can do to contribute to this global solution in fighting climate change?

A: Well, certainly there are products that have lower emissions…In rich countries, you know, we are starting to have food indications of which kinds of food cause what emissions. And we have more and more electric cars. You know we have the ability to heat your home with what’s called an electric heat pump versus using a hydrocarbon like natural gas to your house. You know I would say that for the individual, political engagement is also important because this is a problem where we have to make near-term investments (and) even some short-term sacrifice to get the long-term benefit of having drastic climate change impacts. And so, educating people that this is very worth doing, particularly getting young people engaged.

Source: Voice of America

China Makes No New Pledges but Calls on COP26 Countries to Act

Chinese President Xi Jinping called on other nations to “step up cooperation” and act on climate targets, but offered no new commitments in a statement to the U.N. Climate Change Conference in Glasgow, Scotland, known as COP26.

“Visions will come true only when we act on them. Parties need to honor their commitments, set realistic targets and visions, and do their best according to national conditions to deliver their climate action measures,” said Xi, who is not attending the talks in person. China is the world’s biggest carbon emitter.

China has been facing an energy shortage that sparked widespread power outages over two-thirds of the country in late September. This was one of China’s worst power shortages in a decade. The outages affected factories, leading to concerns about disruptions to global supply chains. China, meanwhile, said it has increased its production of coal — a fossil fuel — to ease the power crunch.

The Chinese leader’s long-anticipated statement shows that China cannot abandon fossil fuels during a power crunch without more infrastructure, analysts said.

Households may lack heating, while manufacturing could suffer due to the power shortage, said Jane Nakano, a senior fellow at the U.S.-based Center for Strategic and International Studies.

“I am a little disappointed that President Xi Jinping didn’t really go ahead and answer some of the key questions that many of us have had,” Nakano said. “I wonder if the power crunch that China is facing at the moment has really gotten in the Chinese leadership’s way of wanting to have perhaps a much broader commitment.”

Xi noted an earlier Chinese government plan to peak carbon dioxide emissions before 2030.

Last month, China announced a focus on green energy in a new version of its Belt and Road Initiative for infrastructure projects stretching from Asia to Europe.

Biggest global polluter

While most economies saw a CO2 emission drop of five to 10 percentage points in 2020 over recent years, China stood out as the only major economy to log an increase, the Paris-based International Energy Agency said. Its 2020 total reached 75 metric tons per kilowatt hour.

The research firm Rhodium Group reports more than 27% of total global emissions in 2019 came from China.

Lauri Myllyvirta, an analyst with the Center for Research on Energy and Clean Air in Helsinki, recently said China’s CO2 emissions grew an unusually fast 15 percent year-on-year in the first quarter of 2021. She linked the surge to a post-COVID-19 rebound from lockdowns of the past year and an economic recovery that has “been dominated by growth in construction, steel and cement.”

At previous U.N. events and in its economic blueprints, China has said it will transition to greener, cleaner fuels while controlling coal consumption. It’s aiming for carbon neutrality by 2060.

But China isn’t ready yet, said Scott Harold, Washington-based senior political scientist with RAND Corporation, another research group.

“They recognize a desire to shift their energy mix away from coal and toward renewables, but in fact their energy mix keeps shifting the other way because it’s really, really hard to do and they have not invested in or owned the technologies that would enable to them to make some of those changes,” Harold said.

Xi said in his 500-word statement to COP26 that all countries should throttle rising temperatures by building on old U.N. agreements.

Xi’s statement seeks to cast China as a country that has championed a major world ambition after the United States pulled out of the Paris climate accord in 2017, Harold said. Current U.S. President Joe Biden apologized Monday for his predecessor’s decision to withdraw.

The U.S. is the second biggest greenhouse gas emitter after China. During the talks Tuesday, Biden announced plans to reduce methane emissions.

The Chinese leader said multilateralism, including U.N. agreements, is “the right prescription” for addressing problems such as climate change, which is seen as an existential threat for much of the world.

Analysts say it’s not clear whether China will make more statements during COP26, which is due to last through November 12.

Source: Voice of America

Japan’s ambassador awarded Friendship Medal

The government of Laos has awarded a Friendship Medal to the outgoing Ambassador of Japan to the Lao PDR Takewaka Keizo in recognition of his contribution to promoting the socio-economic development in Laos and strengthening the cooperation and relations between Laos and Japan.

Minister of Foreign Affairs Saleumxay Kommasith on behalf of the government of the Lao PDR presented the medal to Ambassador Takewaka Keizo on Oct 28, when receiving his farewell visit.

Mr. Saleumxay Kommasith expressed his appreciation for the ambassador’s contribution to enhancing the relations between the two countries and expressed his sincere gratitude for Japan’s assistance in supporting prevention and control measures against COVID-19 in Laos through providing medical equipment and Covid-19 vaccines.

Source: Lao News Agency

Lao workers thrive on career development on Laos – China Railway

Since the commencement of the China-Laos Railway construction in December 2016, a number of Lao local talents, pursuing their professional development on the railway, have grown into railway engineering masters.

Khamphiw Tawa, formerly a 36-year-old farmer in the hilly Xiengngeun district of northern Laos’ Luang Prabang province, lived a hard life with four kids to bring up.

Five years ago, many locals still made a living by growing fields or hunting wood in this mountainous area, while the curious Khamphiw noticed many vehicles and Chinese engineers going into the mountains and heard that a long tunnel would be built there for a railway to reach the capital Vientiane.

As soon as the village committee encouraged villagers to apply for jobs with the Chinese company to build the tunnel, Khamphiw went directly to the construction site.

He still remembers his first day on the railway. “On April 13, 2017, I applied for the job,” Khamphiw was shown around a steel processing yard with lots of machines he hadn’t seen, and he felt it was an opportunity to improve himself and his family’s conditions as well.

Khamphiw successfully passed the skilled interview, received training and stayed with the PowerChina Sinohydro Bureau 3 Co., LTD (Sinohydro 3), engaged in welding operations for the railway’s tunnel construction.

“I’ve learned welding before, but it’s not the same here. The tools here are modern and I have learned a lot,” Khamphiw worked hard, and was soon promoted to head of the local welding team.

To his pride, he was also given the assignment to lead a recruitment campaign in his hometown. “I want my village mates to have good jobs and have the money to support their families,” Khamphiw said.

In 2019, Khamphiw was chosen as an “Outstanding Foreign Employee” of Sinohydro 3, and titled as a “Railway Craftsman” by the Laos-China Railway Co., Ltd. (LCRC), a joint venture based in Lao capital Vientiane to build and run the railway.

In the same year of 2019, another 34-year-old man, Somechai Xayyavong, was also named the “Railway Craftsman”.

Coming from the mountainous Xieng Khuang Province, Somechai once worked in a local company building a hydropower plant before joining the railway construction with Sinohydro 15 in 2017.

“I learned more knowledge and learned to use higher-end equipment after coming to work on the railway. The construction of the railway is more complex with more advanced technology employed,” Somechai told Xinhua.

The improvement of the technical skills has endowed him with a broader vision. “The construction of the railway in Laos has just begun, and in the future, the railway may run through the country, connecting every town,” Somechai said, adding that after accumulating more experience and technology, he will “perhaps set up my own mapping company, to cooperate with Chinese partners.”

Aafa Laoly, 20, from the remote Phongsaly Province bordering China in the north, joined China Railway Wuhan Electrification Engineering Group Co. Ltd. (WEEG) in May 2020, and was selected as the “Railway Craftsman” in the first year.

“After my graduation from high school at the age of 18, I went to work in Xishuangbanna, China. I saw China’s development achievements, and I appreciate the hardworking Chinese, hoping to use the skills learned from China to build my home country,” Aafa said.

Aafa told reporters that it is his Chinese mentor Jiang Shuanghong, who unreservedly taught him basic knowledge, installation skills and safety requirements when visiting every construction site, that gradually improved his technical ability, communication skills, organization skills and safety awareness.

“I don’t disappoint my Chinese mentor also,” Aafa told Xinhua, “during construction of the railway, when generating electricity, I am the first staff to carry the generator; when installing high-voltage cable, I am the first carrying the cable and walking in front of the team; when concluding every day’s job, I am always the last one going back after packing up the tools.”

The Laos – China railway will soon start operation as the construction work has almost been completed. At the end of October, there are over 100 Lao trainees interning at the China Railway No. 2 Engineering Group (CREC-2) Vientiane railing base, and they will be a new generation of skilled workers in Laos.

Phonephimone Monechandy is one of them, who has a Chinese name “Peng Mengyu”.

“In 2015, when I was studying at Guiyang Vocational and Technical College in Guizhou, China, I heard that the Laos-China Railway had held a groundbreaking ceremony, and then I decided to choose a major in railway operation and management,” She recalled.

The railway passes by Peng Mengyu’s hometown of Meuangxay. After returning home, Peng signed up for the first training session of LCRC, and became a trainee in the train driver class.

“I have great admiration for the Laos-China Railway construction staff, who have been working hard all year round in the last five years,” Peng Mengyu said, “I am carrying full of yearning for the Lao railway cause and its future, and of confidence that joining the railway cause will surely help realize my value in life.”

Xiao Qianwen, the LCRC general manager, told reporters in October, “In the five-year construction period, we were sincerely pleased to see much Lao staff grow up as our company’s Railway Craftsmen.” He believed that with the joint efforts of the staff from both countries, the Laos – China Railway will become a platform for inheriting and carrying forward the bilateral friendship and a stage for Laos to achieve national prosperity and the well-being of its people.

Source: Lao News Agency

2nd Annual Laos-focused “Indo-Pacific Business Forum” held

For the second consecutive year, the United States, in partnership with the Lao National Chamber of Commerce and Industry (LNCCI) and the Ministry of Industry and Commerce, convened on Oct 29 a Lao-specific forum in parallel with the Indo-Pacific Business Forum taking place in India.

The half-day virtual event was co-chaired by U.S. Ambassador to the Lao PDR Peter M. Haymond and President of LNCCI Oudet Souvannavong. Participants included government officials, industry executives, businesses, and firms, as well as representatives from the U.S. Embassy and development partners.

The Lao Forum focused on digitalization as a means for COVID economic recovery. The Forum is a unique opportunity for business leaders from the Lao PDR, Thailand, Cambodia, and the United States to exchange insights on digital trends and discuss how they can adapt and thrive to the new economic environment beyond COVID-19.

Ambassador Haymond highlighted the United States and the Lao PDR government’s joint efforts to support businesses during this challenging time. “As part of the U.S.-Lao Comprehensive Partnership, which celebrates its 5th anniversary this year, the United States is deeply committed to supporting the Lao PDR to not only address its current economic challenges, but also build back and prosper beyond COVID-19 in the years ahead,” said Ambassador Haymond.

“COVID has had an enormous impact on the Lao economy and Small and Medium Enterprises. It has accelerated efforts by businesses to digitize. Banks have launched digital services to enable flexible payment arrangements for their customers. Grocery stores, shops, and retailers have amended their business models to focus on online ordering and delivery services. Many schools and universities, especially in Vientiane, have shifted to online learning,” said Mr. Oudet.

The annual Indo-Pacific Business Forum, now in its fourth year, promotes trade, investment and economic cooperation between the United States and its partners throughout the Indo-Pacific region. This year’s regional event highlighted opportunities for U.S. companies and their Indo-Pacific partners to play a leading role in shaping the region’s economic development. This includes major U.S.-led Indo-Pacific Strategy initiatives related to economic recovery and resilience, climate action, and digital innovation.

The agenda included local and regional panel discussions with tech-companies such as LOCA, Food Panda and RDK Laos, LINE MAN Wongnai (Thai tech company), Boost (Cambodian microfinance digital technology startup), and SocialGiver (Thai tech company).

The panel discussion topics included: “Enhancing the digital capabilities of Lao SMEs to accelerate recovery from COVID-19 and lay the groundwork for long-term business growth” and “How Technology Leaders are Innovating in the Face of COVID-19”. The event also included a virtual link to the regional Forum’s panel of Fortune 500 tech companies on cloud and cybersecurity, as well as a keynote speech from Google’s Business Lead for Vietnam, Laos and Cambodia, who discussed Google’s initiatives related to COVID resiliency.

Source: Lao News Agency