The Calgary Police Service remains committed to anti-racism work, but the decision on whether to add the proposed $8 million from their budget to the newly-formed community safety investment framework is still yet to be decided.
“It’s still early days in terms of the framework,” CPS Chief Mark Neufeld said.
“Going forward, we’re really interested in seeing what opportunities there may be that are brought forward by community partners and also looking at costing models for some of the internal opportunities where the programs we’ve referred to that are actually existing.”
Calgary Police Commission Chair Bonita Croft said the commission will also be involved in deciding on where that $8 million will go, based on a proposal coming to the January 2021 commission meeting.
“There is not a specific plan yet,” Croft said. “It’s all quite fresh coming out of the decisions of council last week.”
Tuesday’s commission meeting was the first time Neufeld publicly commented on city council’s decision to leave the proposed $8 million in the police budget and instead add $8 million of its own in seed funding for the framework.
The CPS chief said the seed funding “enhances capacity for innovation” in alternative call response models and is a “real win” for both police and citizens.
Neufeld repeated the commitment to reallocating funds for alternative call response models, relieving officers from calls involving mental health issues and persons in crisis.
“CPS proposed initially to reallocate funds to do this work, and we remain,” he said.
Ahead of the commission meeting, Mayor Naheed Nenshi said he would be “shocked” if the police decided against contributing to the framework.
“I would be surprised if we didn’t see a significant financial contribution from them, given that in their own budget they’ve already allocated eight million dollars to this work,” the mayor said.
CPS deputy chief Katie McLellan shared a report of the internal anti-racism work the police have completed since their original commitment to council in September.
CPS has formed an anti-racism action committee, met with community organizations like the Calgary Alliance for the Common Good, and have met with internal and external advisory boards. Police are also working to improve “crisis triage,” a process involving sharing info with other agencies to identify “high-system users” and opportunities for better coordination and intervention points between agencies.
Calgary police are also in the process of selecting an external expert to produce a longer-term anti-racism roadmap for the police service.
The commission also heard an update five months into the CPS’ equity, diversity and inclusion (EDI) work.
“The focus is on gender and intersectionality and is grounded in an evidence-informed approach to social norms and cultural dynamics,” deputy Raj Gill told the commission.
Calgary police plan to have a consultant on board this month to begin integrating the EDI tool, with training on it to start in the early months of 2021.
Calgary looking at what changes, if any, are needed for city police
More work to be done
Taylor McNallie, co-founder of Inclusive Canada and member of Defund2Fund, told the commission that none of the dozen community organizations she’s involved with have been consulted by the police or commission with regards to the new anti-racism board members yet to be named, saying “transparency is definitely not there.”
Chief Neufeld told reporters that coordinating with bodies like the city, CPS and the commission requires careful coordination in order to complement efforts, recognizing there’s still work to be done in community engagement.
“I think we have to center the work that we plan to do and some of our initiatives on the lived experiences of members from our community,” the police chief said. “And those obviously are experiences that we don’t have.”
Neufeld added that police agencies tend to bias towards speed and efficiency.
“I think this work is much different,” Neufeld said Tuesday. “I think this work requires us to slow down and make sure we’re engaging with those communities to get those inputs.”
© 2020 Global News, a division of Corus Entertainment Inc.
Bitcoin hits three-month low
Bitcoin dropped to a three-month low on Monday as investors sold cryptocurrencies in the wake of Tesla boss Elon Musk’s hinting over the weekend that the carmaker is considering or may have already sold some of its bitcoin holdings.
Musk has boosted crypto markets with his enthusiasm for the asset class, but has lately roiled trade by appearing to cool on bitcoin in favour of its one-time parody, dogecoin. The gyrations are beginning to spook even steeled traders.
“This has gone from clear FOMO (fear of missing out) to fear of not getting out, and you’re seeing a lot of people dumping,” said Chris Weston of brokerage Pepperstone in Melbourne, adding that he was looking at the 200-day moving average just below $40,000 as the next key test for bitcoin.
“Why would I want to buy bitcoin right now — even if I’m bullish — until the liquidation is over and you see some consolidation in price?”
Bitcoin fell more than 9% on Monday to as low as $42,185, its lowest since Feb. 8, while ether, linked to the ethereum blockhain, fell even more to as low as $3,123.94. Dogecoin fell nearly 7% to $0.48, and all three are well under recent records.
On Wednesday, Musk said Tesla would stop taking bitcoin as payment, owing to environmental concerns about energy use to process transactions. Defending that decision on Sunday, he suggested Tesla may have sold its own holdings.
In response to an unverified Twitter account called @CryptoWhale, which said https://bit.ly/2QsUQkw: “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…,” Musk wrote: “Indeed”.
It is not clear whether he was confirming sales or whether he referred only to the fact that he had faced criticism.
Musk said Tesla would not sell its bitcoin, but the cryptocurrency has dropped by almost a quarter since Musk’s reversal on Tesla taking it as payment.
On Tuesday, Reuters reported Tesla is seeking to enter the multi-billion dollar U.S. renewable credit market, hoping to profit from the Biden administration’s march toward new zero-emission goals.
Dogecoin is also yet to fully recover from Musk describing it as a “hustle,” although he did boost the price last week by saying he was working to improve its efficiency.
For an asset class that has surged this year, with dogecoin up about a hundredfold, ether up more than fourfold and bitcoin gaining 45%, some are beginning to call time on the wild ride.
“Our weekend trading has kicked up, and we’re looking at some serious liquidations through the exchanges,” said Pepperstone’s Weston.
“I am closing the short-bitcoin/long-ethereum trade and moving to the sidelines,” he added. “I feel the dust really needs to settle here.”
(Reporting by Tom Westbrook in Singapore. Additional reporting by Radhika Anilkumar in Bengaluru and Vidya Ranganathan in Singapore. Editing by Gerry Doyle)
U.S. stocks rebound following rout, bond yields dip
U.S. shares rebounded on Thursday after falling for three consecutive days and benchmark Treasury yields dipped, as investors snapped up technology stocks and shrugged off worries about rising prices, for now.
After posting their biggest slump in at least 11 weeks on Wednesday, U.S. shares bounced back as cash-flush investors looked past concerns that accelerating inflation may prompt quicker interest rate hikes, and deployed their funds once more.
So intent were investors on leaving inflation worries aside that financial markets barely responded to Thursday’s data, which showed U.S. producer prices posting their biggest annual gain since 2010 in April.
“It’s rebound Thursday,” said John Augustine, chief investment officer at Huntington Private Bank, which manages $20 billion. “Given the money on the sidelines, investors are going to be coming back in.”
Still, Augustine said investors should re-deploy their funds in a measured way because “inflation concerns are not going away”.
By midday, the Dow Jones Industrial Average had added 1.4%, while the S&P 500 and the Nasdaq Composite narrowed earlier gains to be up 1.3% and 0.9%, respectively.
The MSCI world equity index, which includes 50 countries, also bounced slightly, gaining 0.2%.
U.S. stocks had tumbled earlier this week after data showed U.S. consumer prices unexpectedly jumped by the most in almost 12 years in April.
Some investors now worry that quickening price pressures could lead the Federal Reserve to tighten monetary policy sooner than expected, and reduce its supply of cheap money that has been propelling financial markets higher.
For now, however, inflation woes took a backseat.
Benchmark 10-year Treasury yields, which had spiked 7 basis points overnight in the biggest daily rise in two months, edged down by more than 3 basis points to 1.6625% as investors took a breather.
Benchmark two-year Treasury yields also pulled back to 0.1589%.
Against a basket of major currencies, the dollar was steady at 90.727, holding gains eked out on Wednesday when expectations of rate hikes burnished the currency’s appeal.
A firm dollar capped gains in the euro, which edged up 0.1% to $1.20875. [USD/]
The pull-back in Treasury yields helped gold to recoup some of Wednesday’s losses, when the jump in bond yields dampened the allure of non-yielding bullion. Spot gold climbed 0.7% off a one-week low to $1,825.61 per ounce.
A recent rally in oil prices also paused on Thursday as investors turned their attention to the coronavirus crisis in India, and as a key U.S. fuel pipeline resumed operations.
Brent crude slumped 3.5% to $66.93 a barrel, while U.S. West Texas Intermediate crude lost 3.8% to $63.53 a barrel.
Among cryptocurrencies, bitcoin, which tumbled 13% overnight when Elon Musk said Tesla would stop accepting it as payment because of its high energy use, fell below $50,000 again on Thursday following reports that the U.S. Justice Department is investigating crypto exchange Binance.
By midday, bitcoin had dropped 2.2% to $48.314.
(Reporting by Koh Gui Qing; additional reporting by Tom Wilson and Marc Jones in London; Wayne Cole in Sydney; Editing Nick Macfie, Dan Grebler and Cynthia Osterman)
Dogecoin dropped after Elon Musk calls it a ‘hustle’ on ‘SNL’ show
By Alden Bentley and Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) -The value of dogecoin dropped sharply in early U.S. hours on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.
Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.
The billionaire Tesla Inc chief executive hosted the show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).
Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency into a speculator’s dream.
Asked ‘what is dogecoin’, Musk replied, “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”
When a show cast member Michael Che countered, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle.” And laughed.
Musk is the rare business mogul to have been asked to host the venerable comedy TV show. The timing puts Musk back in the spotlight just as Tesla’s stock is losing steam following last year’s monster rally.
The unconventional CEO has posted numerous comments about cryptocurrencies on Twitter and criticized regular old cash for having negative real interest rates.
“Only a fool wouldn’t look elsewhere,” he said in February.
His cryptic tweets “Doge” and “Dogecoin is the people’s crypto” that month kicked off a rally in dogecoin – created as a parody on the more mainstream bitcoin and ethereum.
On Thursday, Musk tweeted: “Cryptocurrency is promising, but please invest with caution!” with a video clip attached in which he said, “it should be considered speculation at this point. And so, you know, don’t don’t go too far in the crypto speculation …”
But he also said, in the video, that cryptocurrency has a “good chance” of becoming what he called “the future currency of the Earth.”
On crypto data tracker CoinGecko.com, dogecoin has jumped more than 800% over the last month and is now the fourth-largest digital currency, with a market capitalization of $73 billion. It hit a record high Thursday above $0.73.
It has overtaken more widely used cryptocurrencies such as litecoin and tether.
Tesla said in February it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for its electric cars, a large stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000.
Tesla shares closed 1.3% higher at $672.37 on Friday.
(Reporting by Gertrude Chavez-Dreyfuss and Alden Bentley in New York, and Noel Randewich and Hyunjoo Jin in San Francisco Additional reporting by Joe White and Vidya RanganathanEditing by Matthew Lewis & Simon Cameron-Moore)
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