Tag Archives: spell

Baldur’s Gate 3 player “invented an exploit” to somehow beat Honour Mode by only casting the RPG’s worst spell 2469 times – Gamesradar

  1. Baldur’s Gate 3 player “invented an exploit” to somehow beat Honour Mode by only casting the RPG’s worst spell 2469 times Gamesradar
  2. “And I took that personally”: Baldur’s Gate 3 speedrunner has her time beaten by an obscene margin and then takes back the world record one day later Yahoo Entertainment
  3. Baldur’s Gate 3 player beats final boss in Honor Mode by throwing their armor Dexerto
  4. Baldur’s Gate 3’s uber-hard honour mode has now been beaten in under 20 minutes, and I feel bad at video games VG247
  5. Baldur’s Gate 3 Player Beats Honour Mode Only Using True Strike And Reactions TheGamer

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Is the dollar being dethroned? India just bought 1M barrels of oil from the UAE using rupees instead of USD for the first time — why this could spell doom for the greenback – Yahoo Finance

  1. Is the dollar being dethroned? India just bought 1M barrels of oil from the UAE using rupees instead of USD for the first time — why this could spell doom for the greenback Yahoo Finance
  2. Explained: India pays for UAE Oil in Rupees, How India’s Move Alters the US Dollar Landscape Times Of India
  3. How significant is India’s first ever use of rupees for UAE oil payment? Al-Monitor
  4. India makes first crude oil payment to UAE in Indian rupees Reuters
  5. Historic first: India and UAE settle crude oil transaction using national currencies WION
  6. View Full Coverage on Google News

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Is the dollar being dethroned? India just bought 1M barrels of oil from the UAE using rupees instead of USD for the first time — why this could spell doom for the greenback – Yahoo Finance

  1. Is the dollar being dethroned? India just bought 1M barrels of oil from the UAE using rupees instead of USD for the first time — why this could spell doom for the greenback Yahoo Finance
  2. Explained: India pays for UAE Oil in Rupees, How India’s Move Alters the US Dollar Landscape Times Of India
  3. How significant is India’s first ever use of rupees for UAE oil payment? Al-Monitor
  4. BREAKING: RippleNet Users UAE and India Ditch Dollar for Oil Trading — When Will XRP Transactions Explode and Send Price to $10? Report Crypto News Flash
  5. India makes first crude oil payment to UAE in Indian rupees Reuters
  6. View Full Coverage on Google News

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“$20m Wasn’t Enough For Her” Should Harry And Meghan’s Spotify Dumping Spell End For Celeb Podcasts? – TalkTV

  1. “$20m Wasn’t Enough For Her” Should Harry And Meghan’s Spotify Dumping Spell End For Celeb Podcasts? TalkTV
  2. Prince Harry Reportedly Wanted to Interview Donald Trump and Vladimir Putin for a Podcast About Childhood Trauma MarieClaire.com
  3. What Kind of Celebrities Do Harry and Meghan Want to Be? Pajiba Entertainment News
  4. ‘F–king Grifters’: Spotify Exec Slams Prince Harry And Meghan Markle After Parting Ways — Here’s How Much The Royal Couple Could Have Made From Their Podcast Deal Yahoo Finance
  5. Meghan, Harry hit with new blow over ‘Archetypes’ trademark after Spotify deal ends msnNOW
  6. View Full Coverage on Google News

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Saudi Arabia just said they are now ‘open’ to the idea of trading in currencies besides the US dollar — does this spell doom for the greenback? 3 reasons not to worry

Saudi Arabia just said they are now ‘open’ to the idea of trading in currencies besides the US dollar — does this spell doom for the greenback? 3 reasons not to worry

The 2023 World Economic Forum has been going on for just a few days and we’re already getting a glimpse of the future the global elites envision for us all.

Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, stunned reporters in Davos when he expressed that the oil-rich nation was open to trading in currencies beside the U.S. dollar for the first time in 48 years.

“There are no issues with discussing how we settle our trade arrangements, whether it’s in the U.S. dollar, the euro, or the Saudi riyal,” Al-Jadaan said.

His comments are the latest signal that powerful nations across the world are plotting a “de-dollarization” of the global economy.

Here’s why replacing the dollar is gaining popularity and why dethroning the greenback is easier said than done.

Don’t miss

Rebellion against the dollar

The dollar’s dominance of global trade and capital flows dates back at least 80 years. Over the last eight decades, the U.S. has been the world’s largest economy, most influential political entity and most powerful military force.

However, economists from other countries are increasingly worried that the country has “weaponized” this position of power in recent years, according to the CBC. The U.S. implements sanctions to punish countries in conflict, threatens to devalue its own currency to win trade wars and leverages it to support its own economy at the expense of the rest of the world.

Unsurprisingly, these moves have inspired a backlash from China, Russia and other prominent countries.

At the 14th BRICS Summit last year, Russian President Vladimir Putin announced measures to create a new “international currency standard.” Meanwhile, China has been urging oil producers and major exporters to accept yuan for payments.

This rebellion against the U.S. dollar could erode some of its influence, but there are reasons to believe the greenback’s dominance will be sustained.

Replacing the dollar would be hard

The U.S. dollar’s dominance is underappreciated. As of late-2022, the greenback accounts for 59.79% of total foreign reserves. In comparison, the Euro accounts for 19.66%, while the Chinese renminbi accounts for just 2.76% of global reserves.

China could expand its market share by twenty-fold and still lag the U.S. dollar by a wide margin.

Put simply, replacing the U.S. dollar in foreign reserves is easier said than done.

READ MORE: 4 simple ways to protect your money against white-hot inflation (without being a stock market genius)

Other countries have a lot of catching up

Reserve currency status is closely correlated with the size of the issuing country’s economy. In other words, the largest economy usually has the reserve currency status.

During the 19th century, the British pound was the world’s reserve currency because the British Empire’s colonies needed it for trade and commerce. For the past century, the U.S. dollar has dominated because the American economy is the largest by far.

China’s growth has slowed down in recent years and some believe it will never overtake the U.S. Meanwhile, Russia was the 11th largest economy before it invaded Ukraine, despite being economically smaller in size than California or Texas alone.

And India is growing rapidly, but it would need to grow 628% to match the U.S.’s GDP today. That could take 25 years.

America’s economic lead is simply insurmountable.

The U.S. will still be OK

The final reason Americans shouldn’t be worried about the dollar losing influence is that the worst-case scenario isn’t so bad. Some analysts believe that the future could be more multilateral.

The U.S. may lose influence in some segments of the global economy but not lose dominance everywhere. For instance, the Chinese yuan could become more important for trade and cross-border payments, but the dollar could remain the preferred reserve currency for central banks of developed nations.

That’s far from an economic nightmare for Americans.

What to read next

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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Thousands of records shattered in historic winter warm spell in Europe

Comment

As 2022 turned to 2023, an exceptionally strong wintertime heat dome pounced on much of Europe, producing unprecedented warmth for January. As temperatures soared 18 to 36 degrees Fahrenheit (10 to 20 Celsius) above normal from France to western Russia, thousands of records were broken between Saturday and Monday — many by large margins.

The extreme warm spell followed a record-warm year in many parts of Europe and provided yet another example of how human-caused climate change is increasing the frequency and intensity of such extraordinary weather events.

On New Year’s Day, at least seven countries saw their warmest January weather on record as temperatures surged to springtime levels: Latvia hit 52 degrees (11.1 Celsius); Denmark 54.7 degrees (12.6 Celsius); Lithuania 58.3 degrees (14.6 Celsius); Belarus 61.5 degrees (16.4 Celsius); the Netherlands 62.4 degrees (16.9 Celsius); Poland 66.2 degrees (19.0 Celsius); and the Czech Republic 67.3 degrees (19.6 Celsius).

Those who track worldwide weather records described the warm spell as historic and could hardly believe its scope and magnitude.

Maximiliano Herrera, a climatologist who tracks global weather extremes, called the event “totally insane” and “absolute madness” in text messages to the Capital Weather Gang. He wrote that some of the high nighttime temperatures observed were uncommon in midsummer.

It’s “the most extreme event ever seen in European climatology,” Herrera wrote. “Nothing stands close to this.”

Guillaume Séchet, a broadcast meteorologist in France, agreed, tweeting that Sunday was one of the most incredible days in Europe’s climate history.

“The intensity and extent of warmth in Europe right now is hard to comprehend,” tweeted Scott Duncan, a meteorologist based in London.

Here are some of the most impressive records that were set in Europe on New Year’s Day:

  • In Poland, it was so warm that the January national high-temperature record was broken before sunrise. The town of Glucholazy was 65.7 degrees at 4 a.m., which is warmer than its average low temperature in midsummer. Temperatures rose further as the day progressed.
  • Bilbao, Spain, reached 77.2 degrees (25.1 Celsius), its hottest January day.
  • Trois-Ville, France, reached 76.8 degrees (24.9 Celsius), a record for the month. It was among more than 100 records set across the country Sunday, including 75.2 degrees (24.0 Celsius) in Dax, and 65.5 degrees (18.6 Celsius) at stations with data dating to the 1800s in Besançon and Châteauroux.
  • Ohlsbach, Germany, reached 66.9 degrees (19.4 Celsius) for a monthly record and the highest temperature of the day in Germany. Other locations, including Berlin at 60.8 degrees (16 Celsius), also set January records. Berlin was among the places that set records both New Year’s Eve and New Year’s Day.
  • Warsaw’s high of 66.2 degrees (19 Celsius) demolished the its previous January record by 9.2 degrees (5.1 Celsius).

While the most extreme temperatures occurred on New Year’s Day, exceptionally mild weather began on New Year’s Eve.

Scores of calendar day and monthly records fell on Saturday, surpassing marks set just a year before in many instances.

The Czech Republic’s weather service tweeted that the country posted its warmest New Year’s Eve on record. Prague, with 247 years of measurements, set a new monthly maximum of 63.9 degrees (17.7 Celsius).

Here are some of the more significant temperature records set Saturday:

  • France saw impressive record values such as a high of 76.6 degrees (24.8 Celsius) in Verdun. The country as a whole saw its warmest New Year’s Eve.
  • Six of nine federal states in mountainous Austria saw their warmest Dec. 31 on record. Temperatures were as warm as 64.9 degrees (18.3 Celsius) in Aspach.
  • Luxembourg set a December record for the country with 64.0 degrees (17.8 Celsius) in Wormeldange. Belgium reached a December record high of 63.5 degrees (17.5 Celsius) at Diepenbeek.
  • Bad Neuenahr-Ahrweiler bested Germany’s highest December minimum as it only dipped to 59.5 degrees (15.3 Celsius).

Monday marked the third day of widespread high temperatures previously unheard of in midwinter. Many more monthly and daily records were set in the eastern half of Europe, particularly in Germany, Hungary, Romania and Russia.

By Tuesday, the places where temperatures will be the most above-average are likely to shift toward Ukraine. After that, the warmth should ease some.

This exceptional wintertime warmth comes on the heels of the warmest 2022 in many parts of Europe, including in the U.K., Germany and Switzerland.

Extreme heat visited Europe in waves throughout the year and was intensified by a historically severe summer drought. The combination helped push the United Kingdom to 104 degrees (40 Celsius) for the first time on record in July.

The science of heat domes and how drought and climate change make them worse

Although the warmth is slowly easing in Europe as Arctic air creeps in from the northeast, above-normal temperatures are forecast for much of the mainland region through at least Jan. 10. After that, the forecast is a little less clear, but a cooler pattern could emerge by mid-month.



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Musk breaks the spell he had woven around Tesla

For much of this year, as other growth stocks collapsed, Tesla appeared to defy gravity. The bulls complained that shares in Elon Musk’s electric carmaker were suffering because of his offer for Twitter. But as recently as three months ago, with the stock down only 25 per cent from its November 2021 high, it was still possible to believe that it would escape the worst of the carnage.

Not anymore. A gruesome December has sliced more than 40 per cent from Tesla’s shares, leaving them two-thirds lower than their level in late September. Before a partial rebound early on Thursday, Tesla’s stock market value had dropped to $355bn, a staggering fall of nearly $900bn from its 2021 peak.

It is easy to find reasons for this sell-off at a time when growth is out of fashion on Wall Street and the auto industry is facing an uncertain 2023. But Musk himself must take some of the blame. Whether out of hubris, carelessness or just boredom with his day job, his personal missteps have served as a catalyst for the decline.

One is the mismanagement of his own outsized public persona. Musk likes to claim that his presence on Twitter has been of immeasurable value to Tesla shareholders. On the way up, he had a point. It was a megaphone that helped cement him in the public consciousness as the world’s foremost maverick entrepreneur, even if it brought unpleasant public spats and a run-in with regulators.

But as he has stoked chaos and polarisation at Twitter in the two months since the takeover, his personal brand — and, by extension, that of Tesla — has been tarnished.

A second misstep was to take the company’s elevated stock for granted. Turning his attention to Twitter at a moment when the auto industry seems on the brink of a downturn, and as serious competition in electric vehicles finally starts to mount, looks like seriously bad judgment, even if it turns out only to be temporary.

Musk also seems to have believed that he could treat his Tesla stock holdings like a piggy bank. He started selling two days after the stock peaked and has gone on to dispose of just under $40bn worth of his shares, continuing the sales even after he said he would stop (a comment he repeated last week). With his current stake in Tesla now worth $51.7bn, the disposals look significant.

Actions like these help to explain how the stock market spell that Musk managed to spin around himself and Tesla has been broken. And where emotion has retreated, rational analysis has stepped in to provide ample justification for a savage re-rating.

For many, it has been possible to believe that Tesla was on the brink of capturing the lion’s share of a giant new electric vehicle market that was about to open up. But as Musk warned on Twitter last week, higher interest rates and an uncertain economy point to a rough period ahead. With customer waiting lists falling sharply in Tesla’s two biggest markets, the US and China, the durability of demand has replaced supply for the first time as the uppermost concern for the company’s investors.

Tesla had already warned in October that inventory levels were likely to rise further this quarter as production outstrips deliveries, and that profit margins would be under pressure again. This month it started offering incentives of $7.500 for anyone taking delivery of a Model 3 or Model Y before the end of the year.

All this comes as Tesla gets closer to the crossroads that all growth stocks reach eventually. Sustaining the rapid expansion that Musk has promised is starting to look challenging without taking action that will eat into the profits Wall Street have now come to expect.

Over the past two years, the 30 per cent gross margin on Tesla’s automotive operations (at least, until higher costs crept in this spring) was roughly double the likes of Ford and General Motors, and comfortably above Toyota’s 19 per cent. Seeking to sustain margins could eat further into the growth stock valuation that still supports the company, even after the slide.

None of this detracts from the incredible success Tesla can point to as it ends another year of growth that other carmakers could only dream of. But a stock market value that is double Toyota and a share price at 30 times this year’s expected earnings still leaves room for further disappointment.

richard.waters@ft.com

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Delta broke down Australia and China’s defenses. Does it spell the end of the zero Covid strategy?

To some, it’s hard to understand why Asia-Pacific is being hit so hard. Many Asia-Pacific countries turned themselves into hermit nations, closing off borders to almost all foreigners, imposing strict quarantines for arrivals, and introducing aggressive testing and tracing policies to catch any cases that slipped through their defenses. They lived with these tough border rules so cases could be brought down to zero — and keep people safe.

And it worked — until the highly contagious Delta variant took hold.

Now the fresh outbreaks are throwing the zero Covid strategy favored by China and Australia into question, and prompting a larger debate about just how sustainable the approach is.

In Australia’s Covid hotspot New South Wales — the state that’s home to Sydney — authorities have said reaching a 50% vaccination rate could be enough to start easing the state’s strict lockdown, a shift from the country’s previous attempts to bring cases down to zero.

In China, where a handful of cases can prompt mass testing, a growing number of public health experts are now favoring a mitigation, rather than zero-tolerance, approach, according to Huang Yanzhong, senior fellow for global health at the Council on Foreign Relations.

The shift away from the zero Covid approach is one that other fortress territories like New Zealand and Hong Kong will likely have to make eventually, experts say — they can’t stay shut off from the world forever. Hong Kong has confirmed about 12,000 cases since the start of the pandemic, while New Zealand has confirmed just over 2,880 cases — and neither currently have any confirmed local cases, according to their respective authorities.

“The zero Covid strategy obviously has been successful in some parts of the world over the last 18 months. I don’t think anyone wants it to be the future,” said Karen A. Grépin, an associate professor at the University of Hong Kong’s School of Public Health. “The choice now is: when do you want to start letting people die? It won’t be a perfect transition, there will be parts of the population that will get this and will die.”

Did China and Australia take the right approach?

While Covid-19 was rampant in Europe and the US, countries like China and Australia took an elimination approach — they wanted zero local Covid-19 cases.
There was some cost involved. Tourism-dependent countries like New Zealand and the Pacific islands, for instance, saw their travel industries take a huge hit. Thousands of Australians couldn’t come back due to limited flights and quarantine spaces — and Australians couldn’t go overseas without an exit visa.
But there was also a huge benefit. China and Australia never saw the same catastrophic outbreaks that hit the US and the UK. And up until a few weeks ago, life was largely back to normal, with people gathering for music festivals and sports events.

“The Asia-Pacific countries, by and large, have had an incredibly successful year and a half responding to Covid,” Grépin said. “It would be very difficult to say that the strategies adopted in this region were not good ones.”

Dale Fisher, a professor in infectious diseases at Singapore’s National University Hospital, said Australia and China’s strategies were focused on tight border closures — and quickly tracking any cases that leaked through with mass testing. But those approaches have been sorely challenged by Delta, which is estimated to be as transmissible as chickenpox, and is between 60% and 200% more contagious than the original strain first identified in Wuhan.

“I believe that (China and Australia) overrated the integrity of their borders,” Fisher said. “It just may not have been such a big problem with the Wuhan version. But then you get something much more transmissible, and then any breach is exposed.”

Once Delta arrived in Australia, it exposed a major flaw in the country’s strategy — a slow vaccine rollout. When other countries frantically rolled out vaccines earlier this year, Australia’s leader seemed to be in no rush.

“We … have a front-row seat on the roll out of the vaccine in many other countries where they have had to (roll them out) because of their urgent crisis situation,” Australia’s Prime Minister Scott Morrison said in March. “And the learnings from that have been taken into account.”
As of Sunday, just 17% of Australia’s population of 25 million people have been fully vaccinated — well below the UK’s 58% or 50% in the US — meaning there is little immunity in the community to stop Delta’s spread.

“(That) was a huge mistake,” said Alexandra Martiniuk, a professor at the University of Sydney school of public health. “So we are stuck in this position (in Australia) where there’s very few people vaccinated and a very dangerous variant.”

Can a zero Covid approach work?

Chinese authorities have clamped down on domestic transport and rolled out mass testing after more than 300 cases were detected in more than two dozen cities across the country. They’re familiar strategies in China — and they will probably work again, said Ben Cowling, a professor of infectious disease epidemiology at Hong Kong University.

“For this outbreak, I think they’ll be down to zero fairly soon, but it does illustrate the risks of Covid still in a zero Covid strategy,” Cowling said. “This won’t be the last outbreak — there will be more outbreaks in the months to come.”

For months, the zero Covid strategy has worked well. While other countries have battled overburdened health care systems and high numbers of deaths, China and Australia have reported just 4,848 and 939 deaths respectively. That’s allowed them to resume life as normal within their borders, and meant their economies have taken less of a hit.

Longer term, though, many experts think a zero Covid strategy isn’t sustainable. Eventually, all countries will want to open up to the world again — and when they do, they may need to accept that some people would likely get ill, a hard shift in Asia-Pacific countries used to keeping the virus out altogether.

“Unless you’re prepared to cut yourself off from society forever, you’re going to have Covid in your country. So it’s a question of when you let it in, and when you live with it,” Fisher said.

That shift could be tough politically.

In China, for instance, officials and state media have praised the country’s strategy and its success as a sign of Chinese superiority, said Huang, from the Council on Foreign Relations. The government would need to justify its decision if it moves from a zero Covid to a mitigation approach, he said.

“This containment-based approach is still popular among the Chinese populous, in a way that’s a reflection (of) how this has been so internalized among the Chinese people. They accepted it as the only effective approach in coping with the pandemic,” he said. “So we’re not talking not just about the shift of the incentive structure of the government officials, but also to change the mindset of the people, to prepare them for a new strategy.”

But ditching the zero Covid strategy isn’t something Australia and China should necessarily be thinking about right now, said Grépin.

When more than 80% of people are vaccinated, countries can loosen borders, Fisher said.

China relies on homegrown vaccines, including Sinovac, which had about 50% efficacy against symptomatic Covid-19, and 100% effectiveness against severe disease, according to trial data submitted to the WHO, and Sinopharm, which has an estimated efficacy for both symptomatic and hospitalized disease of 79%, according to the WHO. That’s lower than both Pfizer/BioNTech and Moderna’s vaccines, which are more than 90% effective against symptomatic Covid-19.

In China, they may need to add additional shots to increase immunity, Grépin said.

Opening borders too early could mean “the death that they fought so hard to avoid will happen,” she added.

It’s not over

The collective experience of China and Australia also highlights the risk that other countries with tough border restrictions might not be able to keep out Delta — or another variant — forever.

Fisher said Delta outbreaks would likely happen in other countries that had so far not experienced it, such as New Zealand.

Like Australia, New Zealand and Hong Kong have comparatively low vaccination rates with 16% and 39% respectively fully vaccinated, as of Sunday. If Delta gets in, they are also vulnerable to outbreaks.

“There should be the same urgency to vaccinate when you don’t have Covid because it’s just a matter of time, and we know the social and economic impact when you have to lock down and mass test as a response,” Fisher said.

He recommended maintaining some restrictions — like wearing masks indoors — even when a country had sealed off borders, and no local cases were reported.

“Every country should pretend there’s cases in their borders, and at least have mask wearing indoors, limit gatherings,” he said. “Sure that bothers people, but I can tell you, when you get a case, suddenly life’s a lot easier.”

Countries needed to keep learning from other countries about how to handle the pandemic, Fisher added.

“If anyone thinks this is over, they’re wrong,” Fisher said, “Everyone’s got to face up to it and live with it someday — and it’s not over for any country yet.”

CNN’s Jadyn Shum, Kristie Lu Stout and Nectar Gan contributed to this report.

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Feud with boy band talent agency might spell the end of Sega’s Judgement video game series

Lost Judgement could be the last Judgement if Sega can’t work out a compromise with with Takuya Kimura’s agency.

The lead character of video game developer Sega’s Judgement had some big shoes to fill. Released in 2018, Judgement was the real-time action successor to the company’s Yakuza series, whose charismatic protagonist Kazuma Kiryu had carried the franchise through seven games at that point before going into retirement at the end of his narrative saga.

But Sega brought in some serious star power by recruiting none other than Takuya Kimura, former member of boy band SMAP and arguably the most popular man in Japanese show business, to play the role of Judgement’s main character, lawyer-turned-private investigator Takayuki Yagami. Takuya didn’t just provide his voice, either, as Yagami is a dead ringer for the 48-year-old singer/actor.

Judgement went on to be a hit, selling over one million copies worldwide, and Sega is currently putting the finishing touches on a sequel, titled Lost Judgement, that’s scheduled for release this fall. However, regardless of how well Lost Judgement is received by fans and critics, it might end up being the last game in the series.

▼ Trailer for Lost Judgement

Speaking to an unnamed entertainment industry insider, Japan’s Nikkan Taishu web magazine cites that a disagreement between Sega and Johnny’s, Japan’s most powerful male performer talent agency, to which Kimura is attached. Johnny’s has traditionally kept a very tight grip on visual representations of their performers, and it likely took no small amount of wrangling and financial compensation to clear Kimura to appear in Judegment, which was a PlayStation 4 exclusive at the time of its release.

However, Sega now wants Judegment to be a multi-platform release. In April of this year, an upgraded re-release came out for PlayStation 4 and 5, as well as Microsoft’s Xbox One, Xbox Series X/S, and Google Stadia For Lost Judgment, Sega wants the game to be available for PC through Steam as well, and according to the insider, it’s these non-console versions that are causing a rift between Sega and Johnny’s. Essentially, Johnny’s doesn’t want games starring a Kimura lookalike to be distributed for PCs, presumably because it would make his likeness within the game easy to copy and/or modify. Sega, on the other hand, feels that Steam/PC releases are critical to the financial viability of continuing the Judgement series, and that it doesn’t make economic sense to go on making the games if their potential marker size is limited to consoles.

Carrying on the Judgement series would thus require some sort of compromise to be made, but it appears that neither side is willing to compromise at the moment. Kimura himself is actually extremely unhappy with the prospect of the series coming to an end after just two installments, according to the insider, who says the star loves video games and has spent considerable time playing Judgement since its release.

▼ No word on whether or not he had to choke a dude out to relieve his stress over the situation.

This isn’t the first time Judgement has run into issues connected to its use of real-world celebrities. In March of 2019, three months after Judgement’s Japanese release, actor and musician Pierre Taki, who portrayed one of Yagami’s adversaries in the game, was arrested on cocaine charges. Subsequently the facial model for the character was modified to bear less resemblance to Taki, and his lines of spoken dialogue were rerecorded by a different actor.

Source: Nikkan Taishu via Jin
Images: YouTube/PlayStation Japan
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A tangled market web of Tesla-bitcoin-ARK Investment could spell trouble for investors, warns strategist

Tuesday is shaping up to be a tough one for technology stocks, after a selloff greeted investors to start the week.

The Nasdaq Composite
COMP,
-2.03%
— up 40% over the past 12 months — tumbled 2.5% on Monday over concerns rising bond yields could make those tech stocks look pricey. When so-called “risk-free” yields are climbing, it is that much tougher to justify equity valuations that seem lofty.

Leading techs lower in premarket is electric-car maker Tesla
TSLA,
-5.41%,
down 6% after a roughly 8% drop on Monday. Our call of the day comes from Saxo Bank’s head of equity strategy, Peter Garnry, who has been warning clients that Tesla is tangled up in a “risk cluster” that involves bitcoin and Cathie Wood’s ARK Investment Management firm.

Tesla announced a $1.5 billion bitcoin investment earlier this month. Along with Tesla weakness, bitcoin was down 10% early Tuesday, which some attributed to criticism from Treasury Secretary Janet Yellen (see below). That crypto drop will “obviously illustrate the earnings volatility that Elon Musk has delivered to Tesla,” said Garnry.

Read: Tesla bitcoin gambit already made $1 billion, more than 2020 profit from car sales, estimates analyst

Meanwhile, Tesla “is also the biggest position across all ARK Invest ETFs which added pressure to its biggest fund the ARK Disruptive Innovation Fund
ARKK,
-6.11%
losing 6% yesterday. This is exactly the risk cluster that we have been worrying about and wrote about two weeks ago,” said the strategist.

Read: Stocks aren’t in a bubble, but here’s what is, according to fund manager Cathie Wood

In the Saxo note that deep-dived into the hugely popular, actively managed fund’s holdings, Garnry highlighted ARK’s concentration in biotech names that he said could be risky if the market decides to reverse. And Tesla shares represents 6.7% of total assets under management across ARK’s five actively managed ETFs, according to the data Saxo crunched two weeks ago.

“What it means is, that a correction in equities for whatever reasons, could be higher interest rates or prolonged COVID-19 lockdowns, could set in motion selloffs across either biotechnology stocks or Tesla shares and cause performance to deteriorate which could start net outflow of AUM and then the feedback loop has started,” said Garnry, at the time.

For her part, Wood, the chief executive of ARK Invest and manager of the popular ARK Innovation exchange-traded fund, last week said she was surprised by how fast companies are adopting bitcoin, and that her “confidence in Tesla has grown.”

The markets

Stocks
DJIA,
-0.43%

SPX,
-0.78%

COMP,
-2.03%
are selling off, led by techs, with European stocks
SXXP,
-0.49%
sinking apart from some travel stocks. Asian markets had a mixed day
000300,
-0.32%.
Oil prices
CL00,
-0.19%
are rising, while the closely watched yield on the 10-year Treasury note
TMUBMUSD10Y,
1.360%
is trading at around 1.35%.

The chart

Treasury Secretary Yellen may have let some steam out of bitcoin
BTCUSD,
-13.19%
after repeating some concerns about the cryptocurrency in an interview with the New York Times’ Dealbook. Bitcoin was last down 13% to $48,886, taking a bunch of other cryptos down with it.

The buzz

All eyes on Federal Reserve Chair Jerome Powell, who is kicking off two-day testimony on Capitol Hill. With more than 10 million Americans still jobless, “Mr. Powell will go out of his way, I am sure, to put tapering to bed and rightly so, as I dread to think what a taper-tantrum of the 2020s will look like,” said Jeffrey Halley, senior market analyst, Asia Pacific, Oanda.

We’ll also get the latest home-price indexes from S&P CoreLogic Case-Shiller and the Federal Housing Finance Agency, along with an update on consumer confidence.

Shares of home-improvement retailer Home Depot
HD,
-4.49%
are dropping despite upbeat results.

Shares of special-purpose acquisition company Churchill Capital
CCIV,
-31.65%,
also known as a blank-check company, are sinking. After weeks of rumors, Churchill finally announced a deal to buy electric-vehicle company Lucid Motors.

Mourning 500,000-plus American lives lost to COVID-19, President Joe Biden observed a moment of silence late on Monday and urged the public to “mask up.”

Social-media group Facebook
FB,
+0.83%
says it will restore links to news articles in Australia, five days after proposed media law changes in the country.

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“I can mouth obscenities at people and they don’t have a clue.” Redditors on pandemic positives.

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