Voluntary Extradition Of Sam Bankman-Fried | The Inflation Reduction Act (IRA) Is A Path To Net Zero

For several weeks, the world has been watching events related to the scandal around FTX. Today there was information about the development of the situation. Moreover, the American law may have more advantages than it might seem.

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In this article:

• Just take the chances – story of Lenny Pyrrhus
• IMF in Africa
• Extradition
• IRA

Just take the chances

Nearly 20 years ago, most of Lenny Pyrrhus' immediate family fled Haiti after his uncle, the popular musician known as Ti Pierre, was killed during a political protest against the repressive military-led government in 1991.

Pyrrhus felt "drawn into a new world" when he arrived in the United States as a child.

Pyrrhus says he was lucky to be enrolled in a school that did not hold back immigrant students by placing them in remedial classes.

For Pyrrhus, this meant taking advantage of educational opportunities in the United States, where his mathematical talent led to a successful career. Today, he earns $130,000 as an infrastructure developer for JPMorgan Chase in Philadelphia.

This seemingly simple story shows that a sudden change turned out to be a chance for a young man.

The hero of this story himself can become an inspiration for many people to act, especially when the conditions are not favorable or this story simply teaches how to see opportunities.

This 26-year-old fled violence in Haiti as a child — now he makes $130,000 working for JPMorgan. Here’s how he spends his money. https://t.co/CFaaO5zWTT (via @CNBCMakeIt) pic.twitter.com/gozJdBIDue

— CNBC (@CNBC) December 20, 2022

Read next: The FCC Seeks More Than $200 Million From Four Cellphone Carriers| FXMAG.COM

IMF in Africa

The IMF's structural reform program in Kenya is progressing, albeit with some delays. In the areas of governance and transparency, the authorities have completed and published audits of COVID-19 vaccine spending and started publishing information on the beneficial owners of successful bidders in new contracts. However, progress on addressing the financial vulnerabilities of state-owned enterprises and the planned overhaul of the fuel pricing mechanism has been delayed during the political transition.

The IMF Executive Board completed the fourth review of the EFF/ECF arrangements with Kenya, granting the country access to SDR 336.54 million

As the data shows, the Kenyan economy remains resilient to difficult global conditions and is projected to grow by 5.3% in 2022. Inflation surpassed the Central Bank of Kenya (CBK) target range in June and is expected to peak in early 2023.

The IMF Executive Board today approved the disbursement of $447.39 million (includes $215.81 million in additional low-cost financing) to Kenya under the current arrangement with the IMF to support the country’s reform program. https://t.co/HVi8q7sy2p pic.twitter.com/1OKWJnYy4P

— IMF Africa (@IMFAfrica) December 19, 2022

Extradition

Bankman-Fried was given the chance to speak to his U.S. counsel over the phone and then remanded back to the Caribbean nation's Fox Hill prison.

He has decided to agree to be extradited to the United States to face fraud charges.

Watch: Sam Bankman-Fried has decided to agree to be extradited to the United States to face fraud charges, a person familiar with the matter said, just hours after the FTX founder's lawyer told a Bahamas judge he was not ready to consent https://t.co/GSUFofn5OV pic.twitter.com/s2gyr94tTf

— Reuters Business (@ReutersBiz) December 20, 2022

IRA For saving climate

According to estimates by the US Congressional Budget Office, over 10 years energy and climate spending will amount to more than $390 billion, of which approximately $270 billion in the form of additional tax incentives for companies and individuals to seek and invest in cleaner and more efficient energy sources.

Globally, we need $1.8 trillion in higher annual spending this decade to be on track to net zero by 2050.

The Inflation Reduction Act (IRA), which aims to put the United States on an accelerated path to net zero

The IRA also encourages concrete action. In August, First Solar, a U.S. solar technology company, announced $1 billion in additional U.S. investments to expand production capacity. It is expected that there will be more of these types of investments after an IRA is passed.

While the IRA does a lot to attract and accelerate investment in decarbonizing the economy, it is not enough to drive the energy transition.

 

The U.S. Inflation Reduction Act is “shifting the worldview on the art of the possible” when it comes to investing in the country’s climate transition, according to our senior leaders. https://t.co/h0FX3sItN8

— Goldman Sachs (@GoldmanSachs) December 19, 2022