India’s first global gold exchange to be launched today; How it will work – explained

Prime Minister Narendra Modi will launch India’s first global gold exchange on Friday. The India International Bullion Exchange (IIBX) will aim to create a regional bullion hub to allow jewellers to import yellow metal, Trend reports citing Zeebiz.

The exchange will be based in Gujarat International Finance Tec-City (GIFT) which will be launched today by the Prime Minister during his two-day visit.

The exchange will give an impetus to the financialization of gold in India, said a statement by the International Financial Services Centre (IFSC Authority.

The PM will also lay the foundation stone of the unified regulator International Financial Services Centres Authority’s headquarters. He will also launch NSE IFSC-SGX Connect.

Under this system, all orders on Nifty derivatives placed by members of Singapore Exchange Limited (SGX) will be routed to and matched on the NSE-IFSC order matching and trading platform, an official release said.

The Connect platform will deepen liquidity in derivative markets at GIFT-IFSC, it added.

The Prime Minister is also slated to launch several other projects in the poll-bound state. As per the schedule, he will inaugurate a Rs 305 crore milk powder plant of the Sabarkantha District Co-operative Milk Producers’ Union (Sabar Dairy) near Himmatnagar. The plant can produce 120 metric tonnes of milk powder per day.

From the stage, Modi will virtually inaugurate Sabar Dairy’s three- lakh-litre-per-day milk processing plant and also perform ground-breaking for a cheese plant which would come up at a cost of Rs 600 crore. Sabar Dairy is part of the Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), the owner of the Amul brand.

Source: TREND News Agency

Iranian currency rates for July 30

BAKU, Azerbaijan, July 30. The Central Bank of Iran (CBI) announced an official rate of foreign currencies on July 30, Trend reports referring to CBI.

According to the currency exchange rate of the Central Bank of Iran, 34 currencies have grown and 5 have decreased in price, compared to July 28.

According to CBI, $1 equals 42,000 Iranian rials and 1 euro equals 42,845 rials.

Currency Iranian rial on July 30 Iranian rial on July 28

1 US dollar USD 42,000 42,000

1 British pound GBP 51,177 50,528

1 Swiss franc CHF 44,140 43,521

1 Swedish krona SEK 4,123 4,061

1 Norwegian krone NOK 4,342 4,246

1 Danish krone DKK 5,755 5,705

1 Indian rupee INR 530 526

1 UAE dirham AED 11,437 11,437

1 Kuwaiti dinar KWD 136,811 136,629

100 Pakistani rupees PKR 17,486 17,788

100 Japanese yens JPY 31,519 30,589

1 Hong Kong dollar HKD 5,351 5,351

1 Omani rial OMR 109,235 109,231

1 Canadian dollar CAD 32,808 32,603

1 New Zealand dollar NZD 26,363 26,038

1 South African rand ZAR 2,527 2,497

1 Turkish lira TRY 2,344 2,347

1 Russian ruble RUB 669 706

1 Qatari riyal QAR 11,539 11,539

100 Iraq dinars IQD 2,875 2,883

1 Syrian pound SYP 17 17

1 Australian dollar AUD 29,330 29,069

1 Saudi riyal SAR 11,201 11,200

1 Bahraini dinar BHD 111,704 111,702

1 Singapore dollar SGD 30,405 30,253

100 Bangladeshi takas BDT 44,374 44,448

10 Sri Lankan rupees LKR 1,170 1,169

1 Myanmar kyat MMK 23 23

100 Nepalese rupees NPR 33,065 32,826

1 Libyan dinar LYD 8,660 8,606

1 Chinese yuan CNY 6,228 6,214

100 Thai baths THB 115,444 113,912

1 Malaysian ringgit MYR 9,438 9,420

1,000 South Korean wons KRW 32,152 31,968

1 Jordanian dinar JOD 59,239 59,238

1 euro EUR 42,845 42,471

100 Kazakh tenge KZT 8,803 8,792

1 Georgian lari GEL 15,219 15,164

1,000 Indonesian rupiahs IDR 2,827 2,806

1 Afghan afghani AFN 468 478

1 Belarus ruble BYN 16,668 12,432

1 Azerbaijani manat AZN 24,707 24,699

100 Philippine pesos PHP 74,066 75,556

1 Tajik somoni TJS 4,122 4,121

1 Turkmen manat TMT 12,025 12,007

In Iran, the official exchange rate is used for the import of some essential products.

SANA system is a system introduced by the Central Bank of Iran to the currency exchange offices, where the price of 1 euro is 292,020 rials, and the price of $1 is 286,260 rials.

NIMA is a system intended for the sale of a certain percentage of the foreign currency gained from export.

The price of 1 euro in this system is 270,526 rials, and the price of $1 is 265,190 rials.

On the black market, $1 is worth about 317,000-320,000 rials, while 1 euro is worth about 323,000-326,000 rials.

Source: TREND News Agency

More Americans Struggling to Find Affordable Housing

Danira Ford is a lifelong resident of New Orleans, Louisiana. Like tens of thousands of the city’s inhabitants, she has struggled to find an affordable place to live for her and her five children.

“Affordable housing would bring stability,” she said.

“My kids can’t play sports, be in band or get tutored on their homework because mommy needs to pick up extra shifts to cover rent,” Ford continued. “An affordable home would let them live more like normal children.”

A 2018 report by the United States Department of Housing and Urban Development (HUD) estimated that 80% of New Orleans households pay more for housing than they can afford. The Greater New Orleans Fair Housing Action Center recently estimated that 30,000 families in the city are languishing on a waitlist for an affordable housing voucher from the Housing Authority of New Orleans. By issuing a voucher, the city is agreeing to pay up to a certain amount of the voucher holder’s rent.

But the problem extends far beyond New Orleans. In a May 2022 news release on the Biden Administration’s housing supply action plan the White House said that while estimates vary, financial research company Moody’s Analytics estimates that the shortfall in the housing supply is more than 1.5 million homes nationwide.

In a 2021 white paper “Overcoming the Nation’s Daunting Housing Supply Shortage,” by Moody’s Analytics, co-authored by Jim Parrot, a nonresident fellow at Urban Institute, and Mark Zandi, chief economist at Moody’s, the U.S. has less housing available for rent or sale now than at any point in the last three decades.

As federal, state and local officials search for solutions, an ongoing affordable housing crisis is having real effects on residents.

Ford and her family, for example, have been waiting for an affordable housing voucher for more than a decade. Without it, she has cobbled together only enough money to live in the farther reaches of the metropolis, away from many of its amenities.

“It’s far from my work, it’s far from my kids’ schools, it’s far from grocery stores, it’s far from public transportation, it’s far from friends,” Ford said. “When it’s all you can afford, what choice do you have? But, also, what kind of life is it?”

Getting pushed out

Since the onset of the coronavirus pandemic, potential homebuyers and renters across the U.S. have seen real estate prices skyrocket and the supply of available units plummet. According to a Pew Research Center study last year, 85% of Americans said availability of affordable housing was a problem in their community. Forty-nine percent of respondents indicated it was a major problem, up from 39% just three years earlier.

According to HUD, housing becomes a problem when a household spends more than 30% of its income on home-related costs. This is known as “cost burdened,” a designation that applies to nearly 1 in 3 Americans.

Exacerbating the problem, Real Estate brokerage company Redfin found rent has risen sharply over the past two years, as much as 40% in some metro areas, while according to data this year from the U.S. Bureau of Labor Statistics, real wages — or the amount workers earn relative to inflation — has actually fallen by 1.2% since the end of 2019.

Workers can no longer afford to purchase or rent homes in the neighborhoods they once could.

“The result is that thousands of residents — mostly people of color — get pushed farther and farther outside of desirable neighborhoods,” said Maxwell Ciardullo, director of policy and communications at the Louisiana Fair Housing Action Center.

Evidence of the trend isn’t hard to find in New Orleans. Just east of the city’s famed French Quarter, the Bywater neighborhood was once considered a dangerous area, a perception that helped keep rents low. Over the past 20 years, however, helped in large part by its faring better than most during Hurricane Katrina, the Bywater has seen one of the area’s most rapid increases in home and rental prices.

“And that’s resulting in a demographic shift,” Ciardullo told VOA. “In the year 2000, the census tract that encompasses most of the Bywater had 74% Black residents. Just 20 years later, that was down to 37%.”

Multifaceted problem

A crisis of this magnitude stems from many causes.

The white paper blames the shortage of affordable housing primarily on the 2008 financial crisis. In the years that followed, a shortage of land, lending, labor and building materials drove up the cost of building new homes. This cut into contractors’ profit margins and reduced their incentive to build.

The coronavirus pandemic exacerbated the problem as more Americans sought larger homes where they could telework and live comfortably during lockdowns.

“In New Orleans, we were certainly experiencing these issues,” Ciardullo said, “but we also had some unique challenges, such as an aged housing stock and a lot of gentrification.”

“You used to be able to buy a home for really cheap,” said Alton Osborne, co-owner of the Bywater Bakery. In the 1990s, he bought a home in the neighborhood that he still owns today.

“They were blighted, but at least they were affordable,” Osborne said. “Nowadays, you have a lot of people who moved here from out of town and bought those homes, rehabilitated them, and now they’re worth a lot more. Is it a good thing? Is it a bad thing? It’s complicated, but what’s certain is a lot of people don’t have enough money to live in this neighborhood anymore.”

Short-term rentals

One of the most high-profile reasons for New Orleans’ lack of affordable housing is the prevalence of short-term rentals, through Airbnb and other services, popular with the throngs of tourists who visit the city.

“In the Bywater, you’ve got entire blocks now taken over by Airbnb,” Osborne said.

According to the Inside Airbnb website, which looks at the rental service’s impact on communities, the city has more than 5,500 short-term rental units on Airbnb alone — dwellings that could otherwise go to local tenants. Renting to tourists at high prices also tends to drive up the rents on other types of units.

It’s simple math, according to Bywater Neighborhood Association President John Guarnieri.

“A landlord can make a ton more money renting short term on something like Airbnb than they can by renting to locals with a long-term lease,” he said. “It’s not even close.”

New Orleans City Council has worked in recent years to combat the problem by passing laws regulating how much of each property can be used as a short-term rental, as well as limiting the number of guests allowed per unit. Additionally, fees from each booking are used to contribute to a citywide affordable housing fund.

“It’s a good and important step,” said Ciardullo, “but enforcement has been severely lacking so far.”

In addition to attempting to regulate short-term rentals, lawmakers across the U.S. have sought to address the affordable housing crisis with proposals as varied as raising the minimum wage, mandating rent control, subsidizing affordable housing and pursuing partnerships with developers.

In New Orleans, the City Council passed a zoning ordinance that allows the construction of larger buildings if a percentage of those units are made available at affordable prices.

Policies like these can take years to bring about tangible results, but several large projects in the Bywater are said to be close to breaking ground. But forcing change in a neighborhood can trigger resistance from existing residents.

“As neighbors, we’ve learned to fight back against so much development,” said Julie Jones, president of the Neighbors First for Bywater organization. “It’s just too much for one neighborhood to be expected to take. We like our Bywater as it feels now.”

Jones is far from alone. As each housing project is announced, more residents seem to worry about its effect.

For example, a plot of land awaiting development into a 90-unit mixed income residential building currently serves as a de facto park for the community. As the project’s groundbreaking nears, neighbors bemoan the eventual loss of this greenspace.

New Orleanian Danira Ford just shakes her head.

“I understand they enjoy that space,” she said, “but for families like mine, affordable housing like this would change our lives. We’re not talking about a park. We’re talking about a home and a new and better life.”

Source: Voice of America

Women’s Soccer Energizes England in a League of Their Own

Izzy Short, 13, struggles to pick her favorite England player as she anticipates the team’s appearance in Sunday’s final of the European soccer championships.

There’s forward Ellen White. Defender Lucy Bronze. Midfielder Georgia Stanway. Captain Leah Williamson. The whole team basically.

“I just look up to them really,” the high school player from Manchester said, excitement filling her voice. “They are all very positive … they all, like, appreciated one another and how they are such a good team and all of them just working together really. And they’re just so kind and so good as well.”

The march to Sunday’s final against Germany has energized people throughout England, with the team’s pinpoint passing and flashy goals attracting record crowds, burgeoning TV ratings and adoring coverage. The Lionesses, as the team is known, have been a welcome distraction from the political turmoil and cost-of-living crisis that dominate the headlines.

The final, set to be played before a sellout crowd of more than 87,000 at historic Wembley Stadium, is seen as a watershed moment for women’s sports in England. Although the game, known here as football, is a national passion, female players have often been scoffed at and were once banned from top-level facilities. Now the women’s team has a chance to do something the men haven’t done since 1966: Win a major international tournament.

Hope Powell played 66 times for England and coached the team from 1998 to 2013.

“I think we have to give thanks to the people that worked really hard before us, that went through all of that, being banned, fighting for the right to play,” Powell told the BBC. “I think we have to remember what came before is what got us to the point we are today.”

There were 68,871 people in the stands at Old Trafford, the home of Manchester United, when England beat Austria 1-0 in its opening game of this year’s European championship. That helped push total tournament attendance so far to 487,683 — more than double the record of 240,055, according to tournament organizer UEFA.

But it’s not just the victories that are attracting fans. It is how the team is winning.

With money from sponsorship deals and a new TV contract supporting full-time professional players, there is more flash and polish than many expected. While they don’t play like the men’s team, that’s not a bad thing.

There are fewer players flopping to the ground to draw fouls, less rolling around on the turf dramatically clutching purportedly injured knees or ankles and little shouting at the referees. Instead there is teamwork, artful passes and stunning goals like Stanway’s 20-meter (22-yard) screamer in the quarterfinal victory over Spain and the backheel from Alessia Russo in England’s 4-0 semifinal win against Sweden.

And here’s the thing: People like it.

Naomi Short, Izzy’s mom and the goalie for Longford Park Ladies Football Club, said fans are being treated to a “totally different vibe” at the stadium and on the field — one that’s more welcoming than the lager-fueled tribalism that has put some people off the men’s game.

“It’s not just girls watching it — it’s families, it’s men, women, children. Everybody’s watching it. It’s brought everybody together,” said Short, 44. “Whereas, you know, sometimes when you go to a men’s game, there is sometimes (a) slightly different atmosphere.”

There is also less distance between fans and the players, who know they have a responsibility to build a game their mothers and grandmothers were excluded from. The players stay after games and sign autographs. They take selfies. There is time for a chat. They know that little kids look up to them.

Coach Sarina Wiegman has made a point of noting that there’s more at stake than victory alone.

“We want to inspire the nation,” Wiegman said after the team’s semifinal victory. “I think that’s what we’re doing and we want to make a difference — and we hope that we will get everyone so enthusiastic and proud of us and that even more girls and boys start playing football.”

The groundswell of support for the team is also being fueled by the country’s dismal record in international competition and hopes that they can bring a European championship home to England, which prides itself as the place where modern football was invented.

England’s last major international championship, men’s or women’s, came at the 1966 World Cup — a lifetime ago for most fans. The men’s team disappointed fans again last year when they lost to Italy in the final of their European championship.

That leaves it to the women to end the drought.

Women’s football has a long and sometimes controversial history in England.

The women’s game flourished during and for a few years after World War I, when teams like Dick, Kerr Ladies Football Club filled the sporting gap created as top men’s players went off to the trenches to fight. Women’s teams, many organized at munitions plants, attracted large crowds and raised money for charity. One match in 1920 attracted 53,000 spectators.

But that popularity triggered a backlash from the men who ran the Football Association, the sport’s governing body in England. In 1921, the FA banned women’s teams from using its facilities, saying “the game of football is quite unsuitable for females and ought not to be encouraged.”

The ban remained in place for the next 50 years.

Women organized their own football association in 1969, and soon after the FA ended its ban on women. The FA took over responsibility for the women’s game in 1993, beginning the slow process of improving funding and facilities.

Things accelerated after the 2012 London Olympics, when authorities began to recognize there was a global audience for the women’s game, said Gail Newsham, author of “In a League of Their Own!” that tells the story of Dick, Kerr Ladies.

Last year, the FA signed a three-year deal for broadcast rights to the Women’s Super League, increasing funding and exposure for the game. Sky Sports will broadcast a minimum of 35 games a year on its pay TV channels, and the BBC will carry another 22 on its free-to-view network.

“It’s not that long ago that girls, you know, top players, were paying for their own travel to get to matches and then having to get up to go to work the next day. So all of this is helping,” Newsham said of the funding. “You can see the difference now in the professionalism of the girls playing football.”

The excitement about Sunday’s final has triggered a scramble for tickets.

Tickets that originally sold for 15-50 pounds ($18-$61) are now selling for 100-1,000 pounds ($122-$1,216) on resale sites.

The Short family has decided to watch the game at the local pub, making an afternoon of it, like fans around the country.

“I don’t think it will matter if it’s men or women,” Naomi Short said. “It’s England now. It’s coming home. You know, I’d like to think that’s what people are getting excited about.”

Source: Voice of America