General
Australian bank tells customers to withdraw funds immediately before it closes this week
An Australian digital bank has collapsed and advised 6,000 customers to withdraw their money before it stops doing business this week.
“Customers need to transfer the balances held in all Volt accounts to a nominated bank account with another financial institution before the 5th of July 2022, Tuesday,” Volt Bank’s website said.
The neobank’s eight board members, including former HSBC Australia Chief Graham Bradley, voted to close the virtual doors because it had failed to raise enough funds to support its plans to write mortgages. Volt will leave its 140 North Sydney headquarters employees without a job.
Neobanks or challenger banks are financial technology (fintech) firms that offer apps, software and other technologies to streamline mobile and online banking. In January 2019, Volt became the first local stand-alone digital bank to secure a full banking license from the Australian Prudential Regulation Authority.
“All interest has been accrued to your account up to the 29th of June 2022 when the interest rate was changed to zero. This interest will be paid to your Volt account on the 29th of June 2022 except for the Save and Spend accounts which will be paid on the 1st of July 2022,” the bank said in a statement.
Vol Bank founder and CEO Steve Weston told Banking Day that he feels gutted for the team and customers who have supported the business.
“We’ve built something as a team that Australia really needs to bring banking competition to the market. We’ve got technology and capability that simply doesn’t exist in Australia today,” he said.
He added that the company was able to crunch the mortgage approval process to a matter of hours and minutes. He pointed out that to commercialize that platform, “it is needed to have a lot more capital that they weren’t able to get.”
Volt tried to raise $200 million in investor funding through a “Series F” round launched in February. But due to the current stalling of worldwide economies, investors began backing out due to uncertain financial markets.
The bank reportedly has more than $100 million in deposits. To ease the transition of money to a different bank account quickly, it increased the daily transfer limits to $250,000.
Financial safety regulator Australian Prudential Regulation Authority assured the public that it will closely monitor the process so that funds are returned to the bank’s customers in an orderly and timely manner.
Melbourne-based fintech Maslow founder Kane Jackson is concerned about the fallout for fintechs, given the quality of the bank’s management and staff.
“It costs a bank a lot to implement a strategic pivot and deviating from your original strategy means losing that first action strength. In the current environment, investors seem to be saying there’s no room to test an alternative strategy,” Jackson said. (Related: The next Great Depression begins: Bank run in China being ignored by Western media could be precursor to massive economic collapse.)
Australian firms collapsing post-pandemic
The neobank currently joined a long list of companies that slumped due to the current global crises. The Australian government used to provide stimulus packages and low-interest rates, but these are no longer available.
Another challenger firm, Xinja, closed down in December 2020, citing the pandemic as the reason why it is not able to attract new investors.
A start-up called Send, which delivers groceries in under 10 minutes across Melbourne and Sydney, went into liquidation at the end of June, leaving 300 jobs at risk. An administrator’s report found the company had spent a glaring $11 million in just eight months.
Australian construction companies have also stopped operation this year, including Gold Coast-based Condev and Probuild.
Last week, Fin Tech Boomer reported that Melbourne-based Snowdon Developments is on the brink of collapse. Sources revealed that the employees have not been adequately paid since October and half of them resigned already. Creditors, who have been chasing the company for $2.5 million, are demanding the Supreme Court of Victoria to force the company to go into liquidation “on the grounds of insolvency.”
Visit Collapse.news for more news related to the collapse of businesses worldwide.
Watch the below video that talks about the banking collapse.
(Article by Belle Carter republished from Citizens.news)
General
Experts Declare Experimental Cancer Vaccine Based On mRNA Technology Is ‘Safe and Effective’
A new cancer vaccine based on Covid mRNA vaccine technology
which has yet to be clinically tested has already been declared “safe
and effective” by the British government.
Known as ‘LungVax’,
the new vaccine is being developed by the University of Oxford, the
Francis Crick Institute and University College London, and is expected
to be the first of a huge range of new cancer vaccinations available in
the near future.
Research scientists developing the ‘groundbreaking’ lung cancer
vaccine claim it will be effective in preventing up to 90 per cent of
cases by training the immune system to locate and attack early signs of
disease.
Lung cancer cells look different from normal cells due to having ‘red
flag’ proteins called neoantigens. The LungVax vaccine will carry a strand of DNA which trains the immune system to recognize these neoantigens on abnormal lung cells.
It will then instruct the immune system to destroy these cells and stop lung cancer.
Professor Tim Elliot, lead researcher at the University of Oxford, said: ‘Cancer
is a disease of our own bodies and it’s hard for the immune system to
distinguish between what’s normal and what’s cancer.
‘Getting the immune system to recognize and attack cancer is one of the biggest challenges in cancer research today.”
Elliot admitted the new vaccine is based on technology used to create the Covid vaccine.
‘This research could deliver an off-the-shelf vaccine based on
Oxford’s vaccine technology, which proved itself in the Covid pandemic.
Remarkably, given the disastrous health consequences for those
vaccinated with the experimental Covid vaccines, Eilliot praised the
mRNA roll out as a success.
‘If we can replicate the kind of success seen in trials during
the pandemic, we could save the lives of tens of thousands of people
every year in the UK alone.’
Researchers have been granted up to £1.7 million from Cancer Research UK and the CRIS Cancer Foundation.
The team will receive funding for the study over the next 2 years to
support lab research and initial manufacturing of 3,000 doses of the
vaccine at the Oxford Clinical BioManufacturing Facility.
If successful, the vaccine will move straight into a clinical trials,
involving those at biggest risk of disease, such as current and former
smokers who currently qualify for targeted lung health checks in some
parts of the UK.
Elon Musk’s X must be “shut down” by government because dangerous “conspiracy theories” are spreading on the social media platform, according to British TV host Jeremy Vine.
“If there any argument to say, and this will sound crazy, but
China does it, we’ve got to now take control of Twitter and shut it down
for the time being,” said Vine.
Vine made the comments earlier this week during a heated debate
regarding speculation surrounding the health and whereabouts of Kate
Middleton, the Princess of Wales.
Boomers have become obsessed with speculating that Middleton has died or is severely unwell and that the Royal Family is hiding it because she hasn’t been seen in months after an operation.
The manipulation of a series of photo of Middleton and her children also only served to fuel the rumors, as some sources close to the princess claimed she had been murdered by the royal family.
However, instead of dismissing the whole issue for what it is, a pointless distraction that will disappear once Middleton makes a public appearance around Easter, Vine called for draconian measures.
Modernity report:
Ah yes, the Communist dictatorship of China, which shuts down the Internet to clamp down on dissent and enhance its repression of undesirables.
That’s definitely who we should be mimicking, Jeremy.
Throughout the COVID pandemic, Vine’s show was a platform for some of the most vulgar, authoritarian drivel imaginable.
One show asked if children who are unvaccinated should be banned from schools or made to wear special badges.
Another asked, “Is it time to ban the unvaccinated from traveling?”
Vine has made a name for himself as being a dutiful amplifier of regime messaging, while his annoying side hobby of biking around London looking to film confrontations with motorists has also angered many.
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