Author: Steven Sahiounie

Dec 3 (Reuters) – Crypto broker Genesis and its parent company Digital Currency Group (DCG) owe customers of the Winklevoss twins’ crypto exchange Gemini $900 million, the Financial Times reported on Saturday.Crypto exchange Gemini is trying to recover the funds after Genesis was wrongfooted by last month’s failure of Sam Bankman-Fried’s FTX crypto group, the newspaper said, citing people familiar with the matter.Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis’ crypto lending arm, Digital Currency Chief Executive Barry Silbert told shareholders last monthGemini, which runs a crypto lending product in partnership with…

Sam Bankman-Fried, the disgraced former CEO of FTX — the bankrupt cryptocurrency exchange that was worth $32 billion a few weeks ago — has a real knack for self-promotional PR. For years, he cast himself in the likeness of a young boy genius turned business titan, capable of miraculously growing his crypto empire as other players got wiped out. Everyone from Silicon Valley’s top venture capitalists to A-list celebrities bought the act.But during Bankman-Fried’s press junket of the last few weeks, the onetime wunderkind has spun a new narrative – one in which he was simply an inexperienced and novice businessman who was out…

U.Today has prepared a summary of the top four stories over the past day. Ripple will lose against SEC, crypto executive claims According to a recent tweet by Gene Hoffman, chief operating officer at blockchain company Chia Network, the SEC will defeat Ripple fintech giant in the long-running lawsuit. Hoffman believes that the only outcome all XRP supporters can expect is that a federal judge will rule that Ripple’s sales of XRP made XRP a security. Federal judges, says Hoffman, realize that most people purchased XRP in the hope that “the number would go up.” Therefore, it is unlikely that…

A regional center for Chinese factories is expected to be developed in the kingdom, the Saudi energy minister saysEnergy cooperation between China and Saudi Arabia is set to be strengthened as the two nations plan to secure supply chains in the sector, according to Saudi Energy Minister Prince Abdulaziz bin Salman.His statement came during a visit to Saudi Arabia by Chinese President Xi Jinping ahead of a Chinese-Arab summit that kicks off in Riyadh on December 9. The Chinese delegation is expected to sign over 20 tentative agreements worth 110 billion riyal ($29 billion) with Saudi Arabia covering energy, security…

The economy may suffer a significant downturn in a 2023 with soaring inflation, according to Capital EconomicsThe world’s third-largest economy, Japan, is likely to enter a recession in 2023, Capital Economics told CNBC on Tuesday. The warning comes as inflation in the country hit the highest in over four decades in October, driven by a weak yen and imported cost pressures.According to Marcel Thieliant, senior Japan economist at the consultancy, the recession will “mostly be driven by a drop in exports and also by becoming more cautious, which is typically what you see when exports start to fall.” Japan recently reported a…

At least 22 oil tankers have been stopped from crossing the Bosphorus Strait due to price-cap-related insurance issuesWestern officials are pinning responsibility on Türkiye over disruption of oil shipments from the Black Sea, after Ankara stopped 22 tankers carrying crude from crossing its territorial waters, citing fears about insurance, the Financial Times reported on Thursday.The vessels were detained days after the EU, the G7 countries and Australia imposed a $60-per-barrel price cap on Russian seaborne crude exports. The measure bans Western enterprises from providing brokerage, shipping, insurance, and other services for such oil shipments unless the cargo is bought at or…

Some nations are reportedly urging for exemptions on food exports from the countryLeading EU member states have been calling on Brussels to amend sanctions on Moscow to make a clearer exemption for supplies of Russian grain and fertilizer, the Financial Times reported on Wednesday.According to an EU position paper seen by the FT, Germany, France and the Netherlands are among the countries urging the European Commission to change the sanctions limits. They argue the current rules are delaying vital shipments to poor countries.The position paper, whose authors reportedly also includes Spain, Belgium, and Portugal, points out that “the current legal situation…

The Russian energy major says it lost $1.6 billion after Berlin took control of its refineriesRussia’s biggest oil company Rosneft has reported a slump in revenue during the first nine months of the year, attributing it to the loss of its Germany-based refineries.According to the company’s statement, net income in January to September totaled 591 billion rubles ($9.4 billion) and was 15% down from the record $11 billion reported by the oil firm in the same period of last year.Rosneft also said it saw “additional loss of 56 billion rubles ($890 million),” explaining that “the transfer of assets also resulted in a reduction…

For Kay Cicardo, traveling during the holiday season has not been the same for her or her 16 year old son, since her husband died on January 14th, 2021, after becoming severely ill.Her son and his dad use to go on trips together–their last trip was Keystone Colorado.”We have travel anxiety because, of the last failed trips that were just to messed up and so, my husband died a year and a half ago and so it was him and my little boy on a trip to Keystone Colorado at the top of the mountain and he got very ill…

New data from travel technology company IBS Software reveals that despite more than two thirds (68%) of passengers being inconvenienced by disrupted journeys since COVID travel restrictions were lifted and 66% expecting more of the same during upcoming trips, most (83%) still plan on flying for a break in the next six months.The research, which polled 2000 recent travellers in the UK and US*, warns that holiday providers have one more chance to get it right; if holidaymakers experience disruptions again during their upcoming trips, over half (55%) will avoid booking with the airline in the future. When asked who…