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Aquileo | cake
Cake day: 9. Juli 2023

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  • It began with a constitutional crisis and an attempted coup.

    To divert attention in the aftermath of last year’s political upheaval, new President Lee Jae Myung encouraged citizens to invest in the local stock market in a series of fiery nationalistic speeches about South Korea’s global standing.

    It was time, he said, for the “Korea Discount” to be erased and replaced,perhaps, by a “Korea Premium” and for the nation to rely less on property speculation.

    “The Republic of Korea as a market remains undervalued,” he said.

    “I will create an objective environment to make Korea the world’s best investment destination.”

    As part of the program, rules around using debt to invest were loosened and debt-infused investment products — known as single stock leveraged Exchange Traded Funds — spurred South Koreans to plunge everything, and more, into the market.

    The timing was both impeccable and tragic.

    Chip makers were in hot demand as the big American tech firms, having spent trillions of dollars in the race for AI dominance, began the next phase of the boom: rolling out AI to the world.

    An obscure American chip maker, Nvidia, had already shot to prominence when it was discovered that its gaming chips were ideal for developing AI platforms, and it suddenly took the mantle of the world’s most valuable corporation.

    But when Silicon Valley’s tech giants — Amazon, Microsoft, Meta, Alphabet, Oracle, Apple and Tesla — began a rush to build data centres, they created an extreme shortage of ordinary memory chips, the kind used in mobile phones and laptops.

    A mere handful of companies dominate this area. One is Samsung Electronics, and another is SK Hynix.

    Both are South Korean giants and, three years ago, made up about a quarter of the Korean stock market.

    By last month, as their earnings soared on an acute global chip shortage and their stock prices multiplied, they comprised 60 per cent of the Kospi’s total value.

    As late as April, regulators, in an ill-fated move, approved further new trading methods to allow investors greater use of debt when investing in individual stocks.

    On Wednesday, South Korea’s Finance Minister Koo Yun-cheol was forced to apologise after several politicians accused the government of turning the stock exchange into a casino.

    Americans: Oohhh yeah. That.

















  • https://www.atlasiceland.com/guides/ellidaey-the-loneliest-house-in-the-world

    For over 300 years, Elliðaey supported a small community of hardy souls who made their living from the sea and the island’s extraordinary seabird colonies. At its peak in the 18th century, around five families called this windswept outpost home, living in traditional turf houses and surviving on puffin eggs, fish, and the occasional sheep.

    The islanders developed remarkable skills in navigating the treacherous waters surrounding their home, using small boats to reach Heimaey for supplies and trade. They harvested puffin eggs during the brief summer season, a practice requiring dangerous cliff-face navigation that was passed down through generations.

    By 1930, the last permanent residents had abandoned Elliðaey, drawn away by opportunities on the mainland and the increasing difficulty of sustaining life in such an isolated location. The island fell silent, its remaining structures gradually succumbing to the relentless Atlantic weather.

    The current structure—a simple white hunting lodge—was built in the 1950s by the Elliðaey Hunting Association, a group of enthusiasts who recognised the island’s potential as a base for puffin hunting. Constructed from imported materials ferried across the choppy waters from Heimaey, the lodge provides basic accommodation for visiting hunters and researchers.

    PUFFIN HUNTING?!? You . . . bastards!

    Elliðaey’s true treasure lies not in human habitation but in its role as a seabird sanctuary. Between May and August, approximately 6,000 pairs of Atlantic puffins nest in burrows across the island’s grassy slopes. These charismatic birds, with their distinctive orange beaks and comical expressions, transform the island into one of Iceland’s premier wildlife spectacles.

    The puffin colony represents roughly 2% of Iceland’s total puffin population, making Elliðaey disproportionately important for conservation. Other seabird species include guillemots, razorbills, and various gull species, all taking advantage of the rich fishing grounds surrounding the island.

    . . . Reaching Elliðaey requires considerable planning and expense. No scheduled transport serves the island, making private boat charter from Heimaey the only viable option. Charter costs typically range from 150,000-200,000 ISK (€1,000-1,400) for a day trip, depending on weather conditions and group size.

    The journey from Heimaey’s harbour takes approximately 45 minutes in favourable conditions, though Atlantic swells can extend this considerably. Landing requires calm seas and experienced boat handling, as no proper harbour exists—visitors must scramble ashore onto rocky ledges.

    Weather represents the primary limiting factor for visits. The island experiences winds exceeding 100 km/h during winter storms, making approach impossible. Even summer visits face frequent cancellations due to fog, high winds, or dangerous swells. Success rates for planned visits hover around 60% during the optimal June-August window.