Connect with us

Published

on

The discovery of Legionella on board the Bibby Stockholm is the latest embarrassing setback in a plan beset with controversy and delay from the very start.

Thankfully, no one on board has developed any symptoms of Legionnaires’ disease, a potentially serious form of pneumonia spread by infected water droplets.

The Home Office insist the 39 people currently on board are being disembarked as a mere “precautionary measure” while further tests are undertaken.

But the timeline of this apparently routine water-testing process – and who in government knew what when – is far from clear.

Sky News understands the initial tests were carried out on Tuesday 25 July. The results came back nearly a fortnight later – on Monday 7 August, the very day the first 15 asylum seekers moved in at the start of this week.

But the Home Office say it was only yesterday – Thursday 10 August – that they were advised by the UK Health Security Agency to remove those on board, and then only the six individuals who boarded the barge yesterday. As a “further temporary precaution”, the decision was taken to remove all 39 individuals on board, which is happening today.

Please use Chrome browser for a more accessible video player

‘Not right to expect four star hotels’

A Home Office source insists the “final tests” only came back to them yesterday, but that they have been working closely with the UKHSA and following its advice. The reasons for the delay in responding to the initial test results however are as yet unclear.

More on Bibby Stockholm

Shadow immigration minister Stephen Kinnock has described the Bibby Stockholm as a “floating symbol of the government’s incompetence” and a “complete and utter shambles”.

Read more:
Number of people crossing Channel now exceeds 100,000
Headline grabbing announcements unlikely to distract from boats failure

Certainly the delivery of the plan to house 500 people on barge accommodation has been riven with problems from the beginning.

Local people have always objected to the location. Dorset MP Chris Loder has repeatedly raised concerns over overcrowding, with the Bibby Stockholm set to house double the number of people it was initially designed to accommodate.

The Mayor of Portland, Carralyn Parkes, who was previously a Labour parliamentary candidate, is bringing legal action over claims the Home Office didn’t get the necessary planning permission for the barge.

Please use Chrome browser for a more accessible video player

Barge reminds migrant of Islamic State

The initial arrival of migrants on board was delayed by health and safety checks – with the Fire Brigades Union describing the vessel as a “potential death trap”.

Then out of the 50 finally set to board this Monday, only 15 initially did so, with 20 being removed from the list amid legal challenges.

While a handful more have clearly been arriving throughout the week, it’s clearly going to take time for the vessel to reach the full 500 target – clearly delayed even longer now all those already on board have been evacuated.

The Home Office insists the use of barges to house asylum seekers is a “tried and tested approach” which offers “better value for the British taxpayers” than the £6m daily cost of housing some 50,000 asylum seekers stuck on the backlog in hotels.

The use of more basic accommodation – from barges to disused military barracks – is a key plank of the government’s attempt to deter migrants from crossing the Channel in small boats in the first place. The ultimate deterrent – deporting people to Rwanda – is currently on hold, pending a final decision from the Supreme Court.

This week was meant to be the government’s “small boats week” – showcasing a series of announcements to highlight its tough policies on immigration.

But the latest fiasco on board the Bibby Stockholm is yet another indication of how far the prime minister has to go to deliver on his promise to stop the small boats.

Continue Reading

Politics

New Hampshire approves first-of-its-kind $100M Bitcoin-backed municipal bond

Published

on

By

New Hampshire approves first-of-its-kind 0M Bitcoin-backed municipal bond

New Hampshire has approved the issuance of a $100 million municipal bond backed by Bitcoin, in what appears to be the first structure of its kind at the US state level.

Minutes from a Nov. 17 meeting of the New Hampshire Business Finance Authority (BFA), the state’s business financing agency, show the board planned “to consider approving a resolution authorizing up to $100,000,000 bonds for a project to acquire and hold digital currency.”

Minutes from the following day record that directors voted to “approve the preliminary official intent, with no reservation, to issue a taxable conduit revenue bond for WaveRose Depositor, LLC of up to $100,000,000.”

According to a Wednesday Crypto in America report, the bond is backed by Bitcoin (BTC) and would let companies borrow against overcollateralized BTC held by a private custodian. The state or taxpayers do not back the bond; instead, BFA approves and oversees a private deal, while Bitcoin — reportedly held in custody by BitGo — covers investors.

According to the report, asset manager Wave Digital Assets and bond specialist Rosemawr Management designed the bond to utilize Bitcoin as collateral under the same rules that govern municipal and corporate bonds. Wave co-founder Les Borsai said the goal is to “bridge traditional fixed income with digital assets” for institutional investors.

New Hampshire, United States
The New Hampshire State House in Concord. Source: Wikimedia

Related: New Hampshire, North Dakota introduce bills for Strategic Bitcoin Reserve

“We believe this structure shows how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital asset reserves,” he added.

The borrower is expected to post approximately 160% of the bond’s value in Bitcoin as collateral, and if the price of BTC drops below roughly 130%, a liquidation would ensure that bondholders stay whole. According to BFA Executive Director James Key-Wallace, fees from the transaction will fund the local innovation and entrepreneurship program, the Bitcoin Economic Development Fund.

New Hampshire dives headfirst into crypto

The news follows New Hampshire becoming the first US state to allow its government to invest in cryptocurrencies in May after Governor Kelly Ayotte signed a bill allowing the municipality to “invest in cryptocurrency and precious metals.”

Related: US won’t start Bitcoin reserve until other countries do: Mike Alfred

New Hampshire is also working on a bill to deregulate local cryptocurrency mining operations. In late October, a committee voted 4–2 to send the measure for further review in an interim study after it had been deadlocked in the State Senate twice.

The local administration is viewed as particularly welcoming to the cryptocurrency industry. In early February, Brendan Cochrane, an Anti-Money Laundering specialist at YK Law in New York City, argued that it could become an alternative for crypto companies relocating to the Bahamas.

The latest moves build on a longer history of crypto engagement. Back in 2015, New Hampshire was already working on a bill that would have allowed the state government to accept tax and fee payments in Bitcoin.

The bill ultimately failed in 2016, but it shows how early the local administration began to show interest in this asset class. Additionally, as early as 2016, some advocates were already arguing that New Hampshire was among the world’s most Bitcoin-friendly communities.