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Singer Moonbin, Member Of K-Pop Band ASTRO, Dead At 25

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A beloved artist has died in the music industry.

Moonbin, a member of the K-Pop group ASTRO, died on April 19, according to a statement shared on Twitter by his agency Fantagio. He was 25.

“On April 19, ASTRO member Moonbin suddenly left us to become a star in the sky,” the agency’s message, translated into English, started. “While we cannot compare our grief to the bereaved families’ grief at the loss of a beloved son and brother, the ASTRO members, fellow Fantagio artists, company executives, and employees deeply mourn the deceased in great sadness and shock.”

“It is even more heartbreaking to deliver this news so suddenly to the fans who have supported Moonbin and sent him their love,” they wrote in their statement. “We are heartbroken because we understand the deceased’s feelings; who always loved and thought of his fans more than anyone else.”

moonbin

He Suddenly left us to become a star in the sky.

The organization requested that fans refrain from speculating about reports of Moonbin’s death so that his family may grieve.

“According to the wishes of the bereaved families, the funeral will be held as quietly as possible with family members and company colleagues,” Fantagio added. “Once again, we express our heartfelt condolences to the deceased’s family.”

Moonbin and fellow ASTRO member Yoon San-ha were scheduled to perform as part of their sub-unit Moonbin & Sanha in May. On the other hand, the Fan Con Tour has been canceled by LUMINA Entertainment.

“After much deliberation and consideration,” the statement said, “we have decided to cancel this event due to unforeseen circumstances beyond our control that we were unable to avoid.”

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SOURCE – (Enews)

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It’s A Bittersweet Easter For Chocolate Lovers And African Cocoa Farmers But Big Brands See Profits

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Accra, Ghana – This year, shoppers may receive an unpleasant surprise in their Easter baskets. Chocolate eggs and bunnies are more expensive than ever as changing climate patterns deplete global cocoa supplies and farmers’ profits in West Africa.

Cacao plants in Ghana, Ivory Coast, Nigeria, and Cameroon provide almost three-quarters of the world’s cocoa used to make chocolate. However, dusty seasonal winds from the Sahara have been harsh in recent months, obscuring the sunlight required for bean pod growth. The season before, severe rainfall spread a rotting illness.

easter

It’s A Bittersweet Easter For Chocolate Lovers And African Cocoa Farmers But Big Brands See Profits

With shipments from the world’s largest producer, the Ivory Coast, falling by a third in recent months, the worldwide price of cocoa has climbed substantially. Cocoa futures have already doubled this year, trading at a record high of more than $10,000 a metric ton in New York on Tuesday, following a 60% increase the previous year. Farmers who harvest cocoa beans believe the raises need to be increased to offset reduced yields and increasing production costs.

However, the strong Easter demand for chocolate represents a potential treat for large confectionery producers. Major multinational manufacturers in Europe and the United States have more than passed on the increased cocoa prices to customers. The Hershey Company’s net profit margins climbed to 16.7% in 2023, up from 15.8% in 2022. Mondelez International, which owns the Toblerone and Cadbury trademarks, reported an increase to 13.8% in 2023 from 8.6% the previous year.

Wells Fargo stated in research this month that “it is likely that consumers will see a price spike on chocolate candy this Easter.”

Mondelez said it boosted chocolate prices by up to 15% last year and will consider further price increases to help reach revenue growth targets for 2024. “Pricing is clearly a key component of this plan,” CFO Luca Zaramella stated in January. “Its contribution will be a little bit less than we have seen in 2023, but it is higher than an average year.”

Hershey’s hiked pricing on its products last year and has not ruled out further rises. During a conference call with investors last month, Hershey Chairman, President, and CEO Michele Buck stated, “Given where cocoa prices are, we will be using every tool in our toolbox, including pricing, to manage the business.”

Consumers are keeping track in the United Kingdom?, a consumer research and services firm discovered that chocolate Easter eggs and bunnies from popular brands such as Lindt and Toblerone cost roughly 50% more this year. It also mentioned that certain candy eggs were smaller.

Cocoa trades on a regulated global market. Farmers sell to local dealers or processing firms, selling cocoa products to international chocolate makers. Prices are established up to one year in advance. Many farmers blame climate change for their bad harvests. Cacao plants only grow near the equator and are highly sensitive to weather fluctuations.

“The harmattan was severe at the time the pods were supposed to develop,” Fiifi Boafo, a spokesperson for the Ghana Cocoa Board, said. The cool trade winds carry enough dust to block the sunlight so the trees can flower and produce beans.

Months of rain have also been blamed for black pod disease, a fungal illness that thrives in cool, rainy, and overcast weather and causes pods to rot and harden.

“We have a wonderful deal today, but that isn’t it. Eloi Gnakomene, a cacao farmer on the Ivory Coast, claimed last month that cacao had not yet yielded any fruit. “People say that we’ve had a bit, but those living over that way, they’ve had nothing.”

Opanin Kofi Tutu, a cocoa farmer in Suhum, eastern Ghana, says the production gap and rising fertilizer expenses make it tough to live. “The exchange rate to the dollar is killing us,” he told reporters.

Tutu does not relate chocolate to any of the Easter festivities. “I’m looking forward to my wife’s kotomir and plantain, not chocolates,” he remarked, referring to a local sauce made from cocoyam leaves.

To boost output, officials are pushing education on farming methods that may reduce the consequences of climate change, such as the use of irrigation systems. The President of Ghana has also committed to intervening to help farmers receive a better deal.

easter

It’s A Bittersweet Easter For Chocolate Lovers And African Cocoa Farmers But Big Brands See Profits

“With the current trend of the world cocoa price, cocoa farmers can be assured that I will do right by them in the next cocoa season,” President Nana Addo Dankwa Akufo-Addo stated last month.

The National Retail Federation, an American trade association, predicts that spending this Easter will remain high by historical standards despite increased candy prices. According to its most recent study, shoppers anticipated spending $3.1 billion on chocolate eggs, bunnies, and other sweets this Easter, a decrease from $3.3 billion the previous year.

According to the Chocosuisse industry group, domestic chocolate consumption in Switzerland, the world’s highest per capita, fell by 1% last year to 10.9kg per person. It connected the drop to an increase in retail chocolate pricing.

Lindt & Sprüngli, the country’s iconic chocolate company, reported increasing profitability, with margins jumping to 15.6% from 15% the year before.

“Lindt & Sprüngli Group’s business model once again proved to be very successful in the financial year 2023,” it said in a statement this month, noting that price rises accounted for most of the growth.

However, several smaller chocolate manufacturers need help to keep up with the rise in cocoa prices as sales fall.

easter

It’s A Bittersweet Easter For Chocolate Lovers And African Cocoa Farmers But Big Brands See Profits

Sandrine Chocolates, a London shop that sells handmade Belgian chocolates, is battling to stay open after decades in business. Niaz Mardan, the owner, stated that the United Kingdom’s cost-of-living issue and failing economy have made people more concerned about food than luxury chocolate, especially because cheaper alternatives are accessible at large grocery stores.

She has gotten rid of her two staff and relies on Easter and Christmas revenues to keep afloat. “Many, many times, I thought to close the shop, but because I love the shop, I don’t want to close it,” Mardan, the 57-year-old owner, said. “But there is no profit at all.”

SOURCE – (AP)

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Fallen Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison

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NEW YORK — Sam Bankman-Fried, a cryptocurrency entrepreneur, was sentenced to 25 years in jail on Thursday for orchestrating a major fraud on hundreds of thousands of consumers that culminated in the collapse of FTX, previously one of the world’s most popular platforms for exchanging digital currency.

U.S. District Judge Lewis A. Kaplan delivered a blistering critique of Bankman-Fried and his offenses before imposing a sentence that was half of what prosecutors wanted and less than a fourth of the 105 years recommended by the court’s Probation officers.

bankman-fried

Fallen Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison

“There is absolutely no doubt that Mr. Bankman-Fried’s name right now is pretty much mud around the world,” Kaplan said of the 32-year-old man who once appeared to be on top of the cryptocurrency world before his businesses collapsed in November 2022, leaving customers, investors, and lenders out of over $11 billion, which the judge ordered him to forfeit.

He was convicted of fraud and conspiracy in November, following a period of success that featured a Super Bowl advertisement and celebrity endorsements from quarterback Tom Brady, basketball player Stephen Curry, and comedian Larry David.

Kaplan issued the punishment in the same Manhattan courtroom where Bankman-Fried testified four months earlier that his objective was to transform the burgeoning bitcoin business with innovative and altruistic ideas, not to steal. The judge ruled that Bankman-Fried had frequently committed perjury by telling lies on the witness stand.

According to Kaplan, the sentence implied that “there is a risk that this man will be in a position to do something very bad in the future.” And it is not a little danger at all.” He said it was “to disable him to the extent that can appropriately be done for a significant period.”

Kaplan also advised the Federal Bureau of Prisons to transfer Bankman-Fried to a medium-security prison near San Francisco because his reputation, association with huge money, autism, and social awkwardness would make him especially susceptible in a high-security facility.

Assistant U.S. Attorney Nicolas Roos had recommended a 40- to 50-year prison sentence, saying it was the only way to assure “the defendant doesn’t do it again.”

“The defendant victimized tens of thousands of persons and businesses across numerous continents over several years. He stole money from clients who trusted him, lied to investors, forged paperwork for lenders, illegally donated millions of dollars to our political system, and paid foreign officials. “Each of these crimes deserves a lengthy sentence,” prosecutors stated in a court filing.

Prosecutors claimed Bankman-Fried misappropriated billions of dollars to fuel his quest for influence and dominance in the new industry and illegally used funds from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, bribes to Chinese officials, and private planes.

Kaplan agreed with prosecutors on Thursday that Bankman-Fried should not be granted leniency only because certain investors and customers may receive compensation for their losses. He described the reasoning as “logically flawed” and “speculative.” He stated that customers lost approximately $8 billion, investors lost $1.7 billion, and lenders were shorted $1.3 billion.

Given the opportunity to speak, Bankman-Fried stood and apologized in a meandering remark: “A lot of people feel terribly let down. And they were quite disappointed. And I apologize for that. I apologize for what happened at every stage.”

He continued, “My productive life is probably finished. It’s been over for a while, since before my arrest.

sam bankman-fried

Fallen Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison

Bankman-Fried, dressed in his khaki prison uniform and chained at the ankles, appeared to become emotional as he spoke for approximately 20 minutes. He expressed regret for “a lot of mistakes” while shifting part of the blame to others. His customary unkempt and bushy hair had returned after the trimmed look he showed at trial.

The court then condemned his words, claiming he displayed “never a word of remorse for the commission of terrible crimes.”

Defense attorney Marc Mukasey stated that his client was misunderstood.

“Sam was not a ruthless financial serial killer who set out every morning to hurt people,” Mukasey stated in a press release. “Sam Bankman-Fried makes decisions without malice in his heart. He makes decisions using math in his thoughts.”

Bankman-Fried’s attorneys, friends, and family had pleaded for leniency, claiming he was unlikely to re-offend again. They also asserted that FTX’s investors had largely recovered their investment capital, but FTX, its creditors, and bankruptcy lawyers all refuted this.

“Mr. Bankman-Fried continues to live a life of delusion,” wrote John Ray, FTX’s CEO, who has been cleaning up the bankrupt company. “The ‘business’ he left on November 11, 2022 was neither solvent nor safe.”

Mukasey attacked a probation office suggestion of 105 years in jail two weeks earlier, calling such a sentence “grotesque” and “barbaric.”

He encouraged the judge to sentence Bankman-Fried to five to six and a half years in jail, which Mukasey claimed was a reasonable interpretation of federal sentencing guidelines.

Bankman-Fried was worth billions of dollars on paper as the co-founder and CEO of FTX, once the world’s second-largest cryptocurrency exchange.

bankman-fried

Fallen Crypto Mogul Sam Bankman-Fried Sentenced To 25 Years In Prison

FTX enabled investors to purchase dozens of virtual currencies, ranging from Bitcoin to more obscure ones like Shiba Inu Coin. Bankman-Fried, flush with billions of dollars in investor funds, purchased the naming rights to a Miami arena and ran a Super Bowl advertisement to promote his business.

However, the decline of cryptocurrency values in 2022 took a toll on FTX, eventually leading to its demise. FTX’s hedge fund affiliate, Alameda Research, has purchased billions of dollars in various cryptocurrency bets that lost significant value in 2022. Bankman-Fried attempted to fill the gaps in Alameda’s balance sheet with FTX client monies.

Three additional members of Bankman-Fried’s close circle pled guilty to related charges and testified throughout his trial.

The most well-known of the three was Caroline Ellison, Bankman-Fried’s former lover. Ellison described Bankman-Fried as a calculated individual who was aware that directing the use of customer monies was likely a criminal act. Gary Wang and Nishad Singh, two additional former Bankman-Fried buddies, testified that they believed they were encouraged to conduct fraud by him.

SOURCE – (AP)

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The Presidents Of France And Brazil Meet And Announce A $1.1 Billion Investment Plan For The Amazon

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brazil

SAO PAULO — The Brazilian and French presidents announced plans on Tuesday to invest 1 billion euros ($1.1 billion) in the Amazon, including rainforest areas in neighboring French Guiana.

According to a joint statement by the two governments, the funds will be distributed over the following four years to conserve the rainforest. It will collaborate with state-owned Brazilian banks and France’s investment agencies. Brazil and France both stated that private resources would be welcomed.

brazil

The Presidents Of France And Brazil Meet And Announce A $1.1 Billion Investment Plan For The Amazon

French President Emmanuel Macron and his Brazilian counterpart Luiz Inácio Lula da Silva are meeting this week to rekindle bilateral relations after years of tensions with former President Jair Bolsonaro, deepen cooperation to protect the rainforest, and boost trade.

Macron began his three-day tour of the country in the Amazon city of Belem, where he met with longtime ally Lula. The French president then boarded a boat to Combu Island to meet with Indigenous leaders.

Macron and Lula witnessed a Greenpeace demonstration with placards reading “No Oil in the Amazon.” Brazil’s government has considered authorizing oil exploration in a location near Belem, located in Para state.

Lula stated during his speech that Macron’s visit is part of a worldwide effort to strengthen rainforest safeguards.

“We want to convince those who have already deforested that they must make significant contributions to countries that still have forests in order to keep them standing,” Lula stated in a speech beside the French president.

Before the trip, Macron’s administration stated that a potential European trade pact with the South American body Mercosur would not be on the table. The French president opposed such an agreement as long as South American growers did not adhere to the same environmental and health requirements as Europeans after farmer concerns were highlighted during protests in France and Europe.

brazil

The Presidents Of France And Brazil Meet And Announce A $1.1 Billion Investment Plan For The Amazon

The French president awarded Indigenous leader Raoni Metuktire the prestigious Legion of Honor medal for her work to preserve the rainforest.

“You were in Europe, and I promised to come here to your forest and be with your people in this forest that is coveted,” Macron told the Indigenous leader, according to French radio RFI. “President Lula and I have a common cause for one of our friends in this land that belongs to you.”

According to Macron’s office, Lula and Macron will strive to “set a common course” to combat climate change and poverty as Brazil prepares to host the G20 conference in Rio de Janeiro in November and UN climate negotiations in Belem the following year.

brazil

The Presidents Of France And Brazil Meet And Announce A $1.1 Billion Investment Plan For The Amazon

On Wednesday, Macron and Lula will debut a diesel-powered submarine built in Brazil using French technology at the Itaguai shipyard near Rio de Janeiro. The French president will then travel to São Paulo to meet with Brazilian investors. On Thursday, the French president will travel to Brasilia for another meeting with Lula.

SOURCE – (AP)

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