SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?


To: maceng2 who wrote (175396)7/25/2021 11:30:12 PM
From: TobagoJack  Respond to of 217789
 
just back from swimming

I do so everyday at neighbourhood beach requiring a climb down the hill, and whenever the seniors available I take them to a senior-friendly beach that is contiguous w/ plentiful parking and very few beach-goers about 10 min drive away so they do not have to climb

summer meandering and fall coming



Boris is correct, of co course, w/r to weight and such, but let us hope the officialdom do not see fit to use tax to encourage fitness

governments all around the planet seem to be getting more interventionist and intrusive

bloomberg.com

U.K. Urges People to Get Healthier After Lockdown Weight Gains

Joe Mayes
26 July 2021, 07:01 GMT+8
The U.K. government is encouraging people to eat healthier and become more active after waistlines expanded for many during extended coronavirus lockdowns.

Some 41% of U.K. adults say they’ve gained weight since the initial March 2020 lockdown, according to a nationwide survey of 5,000 people conducted by pollster Opinium between July 2 and July 8. In response, the National Health Service is offering various apps and weight loss plans.

“The past sixteen months have caused many to change their habits,” Alison Tedstone, chief nutritionist of Public Health England, said in an emailed statement. “It is not a surprise to see so many people reporting weight gain.”

Prime Minister Boris Johnson’s government is attempting to address a backlog of operations and other procedures in the NHS, and has increasingly highlighted the public health consequences of lockdown restrictions. The main contributors to weight gain were snacking and comfort eating, according to the survey.

The average gain reported was about 4 kilograms, or over half a stone. The NHS will run TV ads and offer healthy recipe ideas as part of the effort to help people slim down.

“The pandemic has been hugely challenging for everyone,” said Jo Churchill, public health minister. “We want to make it easier for people to adopt a healthier lifestyle that works for them.”

The U.K. has tried different solutions to rising obesity levels. In May, the government proposed to a limit on junk food commercials on television, and called on many food chains to post calorie counts.

Earlier this month, Johnson said was “not attracted” to the idea of putting higher taxes on unhealthy food as a way to change the country’s eating habits.

The government-commissioned National Food Strategy urged the country to impose a sugar and salt “reformulation tax,” and use some of the proceeds to expand free school meals and support better diets in deprived communities.

Johnson was hospitalized with Covid-19 in 2020 and blamed his weight for the severity of his condition. “I had a very common underlying condition,” he told a virtual Conservative Party conference in October. “I was too fat.”

In March, Johnson said he’d dropped weight after giving up chocolate and “late-night cheese,” and by exercising more.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE



To: maceng2 who wrote (175396)7/25/2021 11:34:25 PM
From: TobagoJack  Respond to of 217789
 
much merit read. seems great fun

ft.com

Inside the ‘ghost’ distilleries that have risen from the dead

Single malt is fashionable again — and commanding sky-high prices. After decades of lying dormant, stills are firing up across Scotland

July 23 2021
© Robert Birtles |
A long view of the Brora distilleryCompared with some of Scotland’s more picture-postcard whisky towns, the Highland village of Brora is unassuming. There’s a golf course, ice-cream parlour and a couple of modest hotels. Most who travel here are on their way to somewhere else — the hills, the beach or Dunrobin Castle down the road.

Yet this village on the north-east coast of Scotland has a mythical reputation among whisky aficionados. The malts from its Victorian distillery, which closed in 1983 after a slump in the whisky market that shuttered a quarter of Scottish distilleries, are some of the world’s most coveted, loved for their fruity, waxy character and mercurial smoke. At a Sotheby’s auction in 2019, a bottle of 40-year-old malt from Brora’s dwindling stocks was sold for a record £54,450.

Brora is one of an elite band of “ghost” or “silent” distilleries that command some of the highest prices on today’s secondary market. Others include the Islay distillery Port Ellen — another victim of the 1980s crash — and the Lowland distillery Rosebank, which closed in 1993.

For almost 40 years, Brora’s black iron gates were locked. Its two copper pot stills stood silent and cold. But this summer, they have been fired up, marking the first phase in a £35m restoration that will see Brora and its Diageo stablemate Port Ellen restored to life. Elsewhere, Ian Macleod Distillers is reviving Rosebank, and a tribute to Karuizawa, a ghost distillery of major renown in Japan, is being built.



The Brora distillery in the Highlands, which reopened for business this summer. It had been shuttered since 1983 — one of about 30 Scottish distilleries to close following a slump in the whisky market © Robert BirtlesThe resurrection of these distilleries signals the industry’s confidence in the future of single malts, a sector that has long accounted for just 10 per cent (by volume) of the blends-driven whisky market but which now shows the most dynamic growth.

For the many whisky fans who tuned in from around the world to watch the first cask of Brora filled on May 19, the return is steeped in nostalgia; the second coming of a distillery whose rise, fall and rise again reads like a history of Scotch whisky in miniature.

What must they have been thinking the last time they flicked the light switch or locked the doors? Joanne McKerchar, Diageo archivist

Brora was founded in 1819 by the Marquis of Stafford (he of the notorious Highland Clearances), originally under the name Clynelish. In its early days, it achieved a degree of fame as a single malt in its own right. But as the blended whisky market boomed in the 20th century, it found a calling as a supplier of single malts for blending. As the century progressed, production continued to increase and by the early 1980s, Brora’s warehouses were full to the brim.

The crash was precipitated by many factors, including economic wobbles in key markets and younger drinkers defecting to newly fashionable vodka. It caught the industry on the hop and led to the closure of more than 30 distilleries. The result was the infamous Whisky Loch, a surfeit of whisky that languished in casks across Scotland for the best part of the next 20 years.

Around 2000, a new kind of customer started to emerge, one who felt jaded by big brands and more partial to obscure, mature and limited-edition single malts. It led to a reappraisal of old stocks from these decommissioned distilleries — stocks that had been ageing for far longer than ever intended. At first, prices for these venerable whiskies were relatively modest. You could pick up a 30-year-old Brora or Port Ellen for less than £100. But by the early 2010s, they had started to spiral. The cult of the ghost distillery was born.



Master distiller Stewart Bowman, 39, is the son of the last exciseman to work at Brora before it closed. ‘Everyone had a relative that worked [there] at one stage?.?.?.?we were all delighted to see it back’ © Robert BirtlesEveryone knew that these stocks would run out one day. So, in 2017 there was jubilation in the whisky world when Diageo announced its plan to bring Brora and Port Ellen back.

“When we first opened the doors at Brora [in 2017], we walked into a time capsule,” says Diageo’s head archivist, Joanne McKerchar. “As a historian and an archivist for malts, I had never seen anything like that before. It was unbelievable just how untouched it was. As if the guys had just finished their shift and walked out?.?.?.?What must they have been thinking the last time they flicked that light switch or they locked the doors, not knowing whether they were ever going to see this place open again? You’re not just looking at stills or a physical building, it’s all of the emotion that would have gone with that last day. It was quite overwhelming.”

Compared with some ghost distilleries, Brora was in pretty good nick. Crucially, the original pair of copper pot stills, integral to shaping the character of a distillery’s spirit, remained in situ. But piecing together the finer points of production was a forensic operation. With no original “new make” to go on (the unaged spirit that is the essence of a house style), they had to reverse-engineer aged samples with the help of expert noses. In a bid to understand the workings of the original Brora, McKerchar combed old distillery records, analysed architectural plans and interviewed former employees. “They were instrumental in helping us understand what the culture was like,” she says.

One of those employees was Kevin Innes, now 61. “When Brora closed, we all found new jobs all right,” he says, casting a critical eye over the reconditioned stills. “But it was sad for the community because it was very family-oriented back then. Some families had been at the distillery for five generations.”



A bottle of 39-year-old Brora single malt. As the shuttered distillery’s stocks dwindled, prices soared: in 2019, a bottle of 40-year-old single malt was sold for a record £54,450 at Sotheby’s © Robert Birtles

Not all of Brora’s past has been preserved. The practice of “dramming” — when workers would be fortified with tots of whisky throughout the day — has fallen by the wayside. “If you just did a regular job you’d get a ‘white dram’, which was a Clynelish [from the neighbouring distillery, which inherited the name],” recalls Innes. “But if you did one of the really dirty jobs, you’d be rewarded with a brown [aged] dram — and that was always a Brora.”

Innes remains proud of the malt he helped create, but he is bemused by the prices it commands today. “It just seems unreal, when you think we made it for pennies.”

From outside, the distillery looks much like it did 100 years ago. Above the limestone still house, the pagoda soars against a backdrop of grassy hills. Down the far side of the cobbled yard, six low-slung dunnage warehouses blackened with Baudoinia compniacensis, the whisky-loving fungus that besmirches many a great distillery, hunker down over thousands of sleeping casks.

Standing among those casks, breathing in the dizzying smell of whisky, damp wood and earth, you might imagine that nothing much has changed. But behind the scenes, Brora #2 has all the mod cons: a luxurious tasting room, automated control systems and a biomass boiler that will render the distillery carbon neutral.



A spirit safe in the Brora distillery. With no original spirit available, recapturing the whisky’s signature flavour was quite a task: distillers had to reverse-engineer aged samples with the help of expert noses © Robert Birtles

Brora’s newly appointed master distiller is Stewart Bowman, the 39-year-old son of the last exciseman to work at the distillery before it closed. “I used to play under the old worm tub condensers as a child,” he says, adding hastily that such behaviour would not, of course, be condoned under Diageo health and safety rules today. “We still have the ledger where my father wrote the last entry, in 1983: ‘Commencement of Brora Distillery silent season (undetermined period).’”

Tall, with a knotted ginger beard and a taste for heavy metal, Bowman doesn’t look like the soppy type. Yet, as we pore over old distillery plans in the tasting room, he admits that he welled up a bit when he filled the first cask.

“It was always a great point of pride to have the distillery in the village. Everyone had a relative that worked at Brora at one stage or another, so we were all delighted to see it back,” he says. “When my dad came down, he was overcome with emotion.”

In its past, Brora was called upon to create a number of different styles for blending, so its flavour profile is famously protean. In the late 1970s, it was highly peated, but by the early 1980s it had become more refined. Yet, the signature flavour is a scented wax note — often likened to church candles or beeswax — which is almost unique. To recapture that, says Bowman, has been their hardest task.



A view of Loch Brora. Turning on the taps again does not seem to have diminished demand: the latest figures from Rare Whisky 101 index show Brora values up 34 per cent in the year to date © Robert Birtles

It will be 10, maybe 12, years before the first new-gen Brora is released. But the vagaries of whisky maturation mean it may be decades before they really know if they’re on the right track. “We know an awful lot of the science and technology of making whisky, but there are still elements we don’t understand,” says Bowman. “You can get the recipe right but it’s not just a case of ABC. There’s also a kind of magic to it. Which is why keeping everything as true as possible in the resurrection of this distillery has been so important.”

Diageo won’t disclose how much of the original Brora stocks remains, but it’s precious little. And the fact that even the youngest whisky still in cask is 38 years old means that stock will soon be past its prime. So, in the meantime, there will be releases, though very few, and at increasingly high prices.

To mark the relaunch of the distillery, Brora released a triptych of vintages from the 1970s and 1980s for £30,000. The distillery tour isn’t cheap either: priced at £300, rising to £600 for a deluxe version, it has prompted some to accuse Diageo of turning its back on grassroots fans.



Brora has revived the original copper pot stills integral to shaping its whisky’s character. But it will be at least 10 years before the new-gen spirit is released, and decades before the distillery knows if it’s on the right track © Robert Birtles

“I worry that the real whisky lovers, the people who made Brora and Port Ellen what they are today, who really understand those whiskies, will end up being omitted from the plan,” says Sukhinder Singh, boss of specialist malt retailer The Whisky Exchange (where, incidentally, you can buy a bottle of 1972 Brora for £10,000). “I really think they need to rethink that.”

Diageo now has its eye on the relaunch of Port Ellen, which is due to be reopened on its original site on the Hebridean island of Islay in spring 2023. Much of the old distillery was demolished after its closure in 1983, so this incarnation will be a hybrid of past and present. The whitewashed warehouses will remain but the still house will be built from scratch. It will contain one pair of stills designed to recreate, exactly, the rich, peaty style of whisky that Port Ellen was famous for. And it will have another state-of-the-art pair dedicated to making more experimental expressions.

Islay whiskies have never been short on glamour. Those from the Lowlands, by contrast, have sometimes struggled to find the limelight. Which means that the resurrection of Rosebank, in Falkirk, promises to be an important moment not just for owner Ian Macleod Distillers, but Lowland whiskies as a whole.

You can get the recipe right, but it’s not just a case of ABC. There’s also a kind of magic to it - Stewart Bowman, Master Distiller

Triple- rather than double-distilled, in line with local tradition, Rosebank is a malt that royally lays waste to the idea that Lowland whiskies lack gravitas. Elegant yet powerful, it is unique for retaining a meadowy freshness and suppleness, even at a great age. The challenge for the canalside distillery will be to reproduce that, while also providing a shot in the arm for the local economy. Ian Macleod has promised to create 25 full-time jobs and attract 50,000 visitors to the town a year.

And the revivalist spirit is also aflame in Japan. This month, the newly formed Karuizawa Distillers will break ground on the Komoro Distillery, a $15m tribute to Karuizawa, a lionised ghost distillery that operated in the area until 2001, after which it was demolished.

In the past 10 years, Karuizawa’s old stocks have been sold at auction for some of the highest prices ever. But when I correspond with co-founder Koji Shimaoka, a former managing director at Citibank Japan, it is clear this project is about more than simply cashing in on the distillery’s reputation.

“I have seen the iconic Karuizawa Distillery rise and fall,” he says. “And as a whisky lover and a local resident in Karuizawa, I feel obliged to protect its legacy and create a new legend in this beautiful area at the foothills of Mount Asama.”

Part of the ghost distilleries’ allure has always been that their stocks are finite. But turning on the taps again does not seem to have diminished demand so far. Quite the opposite. The latest figures from Rare Whisky 101 index, which tracks the performance of the top 1,000 bottles at auction, show Brora values up 34 per cent year to date and Port Ellen not far behind.

If the tale of the ghost distilleries teaches us anything, it’s that whisky is a long game. How will this one play out? Come back to me in 20 years.

Alice Lascelles is an FT contributing editor and writes the drinks column for FT How To Spend It. Follow Alice on Twitter @Alice Lascelles

Follow @FTMag on Twitter to find out about our latest stories first.



To: maceng2 who wrote (175396)7/26/2021 6:47:41 PM
From: TobagoJack  Read Replies (2) | Respond to of 217789
 
I suppose a good crisis can bum-rush crypto folks towards gold bugs and silver worms

A working premise it is not yet

bloomberg.com

Tether Executives Said to Face Criminal Probe Into Bank Fraud
Tom Schoenberg
26 July 2021, 21:00 GMT+8
Follow @crypto Twitter for the latest news.

A U.S. probe into Tether is homing in on whether executives behind the digital token committed bank fraud, a potential criminal case that would have broad implications for the cryptocurrency market.

Tether’s pivotal role in the crypto ecosystem is now well known because the token is widely used to trade Bitcoin. But the Justice Department investigation is focused on conduct that occurred years ago, when Tether was in its more nascent stages. Specifically, federal prosecutors are scrutinizing whether Tether concealed from banks that transactions were linked to crypto, said three people with direct knowledge of the matter who asked not to be named because the probe is confidential.

Criminal charges would mark one of the most significant developments in the U.S. government’s crackdown on virtual currencies. That’s because Tether is by far the most popular stablecoin -- tokens designed to be immune to wild price swings, making them ideal for buying and selling more volatile coins. The token’s importance to the market is clear: Tethers in circulation are worth about $62 billion and they underpin more than half of all Bitcoin trades.

“Tether routinely has open dialogue with law enforcement agencies, including the DOJ, as part of our commitment to cooperation and transparency,” the company said in a statement. Its corporate structure consists of a tangled web of entities based in the British Virgin Islands and Hong Kong.

The Justice Department declined to comment.

Read More: Why Yellen and Powell Cast a Wary Eye on Stablecoins

Federal prosecutors have been circling Tether since at least 2018. In recent months, they sent letters to individuals alerting them that they’re targets of the investigation, one of the people said. The notices signal that a decision on whether to bring a case could be made soon, with senior Justice Department officials ultimately determining whether charges are warranted.

The probe is reaching a tipping point as stablecoins attract intense scrutiny from regulators. The U.S. Treasury Departmentand Federal Reserve are among agencies concerned that the tokens could threaten financial stability, and are obscuring transactions tied to money laundering and other misconduct because they allow criminals to make payments without going through the regulated banking system. Treasury Secretary Janet Yellen said last week that watchdogs must “act quickly” in considering new rules for stablecoins.

Tether's DominanceThe token is by far the most popular stablecoin

Source: CoinMarketCap

A hallmark of Tether is that its creators have said each token is backed by one U.S. dollar, either through actual money or holdings that include commercial paper, corporate bonds and precious metals. That has triggered concerns that if lots of traders sold stable coins all at once, there could be a run on assets backstopping the tokens. Fitch Ratings has warned that such a scenario could destabilize short-term credit markets.

Read More: Crypto Lode of $100 Billion Stirs U.S. Worry Over Hidden Danger

What's moving marketsStart your day with the 5 Things newsletter.

Sign up to this newsletter

Tether was first issued in 2014 as a solution to a problem plaguing the crypto market: banks didn’t want to open accounts for virtual-currency exchanges because they feared touching funds tied to drug trafficking, cyberattacks and terrorism. By accepting Tether, exchanges could give traders a way to park their balances without being exposed to Bitcoin’s price gyrations. And funds could be transferred instantaneously from exchange to exchange.

But Tether’s corporate side still needed banks to hold its money and process customer transactions. One early relationship that soured was with Wells Fargo & Co. In 2017, the Tether Ltd. affiliate and Bitfinex -- a crypto exchange with common owners and executives -- sued Wells Fargo for blocking wire transfers that had been sought through Taiwanese banks.

In the lawsuit, Tether Ltd. and Bitfinex said Wells Fargo knew, or should have known, that the transactions were being used to obtain U.S. dollars so clients could purchase digital tokens. The companies dropped the case shortly after filing it.

Wells Fargo declined to comment.

In the course of its years-long investigation, the Justice Department has examined whether traders used Tether tokens to illegally drive up Bitcoin during an epic rally for cryptocurrencies in 2017. While it’s unclear whether Tether the company was a target of that earlier review, the current focus on bank fraud suggests prosecutors may have moved on from pursuing a case tied to market manipulation.

Tether has already drawn the ire of regulators. In February, Bitfinex and several Tether affiliates agreed to pay $18.5 million to settle claims from New York Attorney General Letitia James that the firms hid losses and lied that each token was supported by one U.S. dollar. The companies had no access to banking in 2017, making it impossible that they had reserves backing the tokens, James said. The firms settled without admitting or denying the allegations.

— With assistance by Benjamin Bain

Sent from my iPhone