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On July 22, Mitsubishi Electric and Sony announced a joint venture to provide factory automation services by combining their respective technological strengths in artificial intelligence and image sensors. The joint venture, named Advanced Vision Solutions, will begin operations in October, with Mitsubishi Electric holding a 60% stake and Sony holding 40%. Just a week earlier, Nvidia (NVDA.O) CEO Jensen Huang urged Japan to fully commit to the upcoming wave of physical AI.Nikita Bier, Product Manager at X: As the product manager at X, I have conducted a thorough review of all applicable laws and concluded that I do not have the authority to shut down LinkedIn.Beyer: Initiated coverage research on Coreweave (CRWV.O), giving it an Outperform rating; target price of $100.Beyer: Initiating coverage research on IBM (IBM.N) with a neutral rating and a target price of $230.On July 22, Japans imports surged 25.4% year-on-year in June, reaching a record 11.3 trillion yen (approximately US$69.25 billion), driven by a weaker yen and soaring oil prices. This increase exceeded market expectations of 21% and was the fastest pace since November 2022, resulting in a trade deficit of 406.9 billion yen (approximately US$2.49 billion) in June, far exceeding the previously predicted 120 billion yen. While crude oil imports declined by 13.7% year-on-year, the import value surged by 59.3%, with yen-denominated unit prices also reaching a record high, highlighting that current inflationary pressures are largely driven by exchange rate factors rather than demand growth. This means that the yens appreciation has a more significant effect on alleviating import cost pressures than potential short-term changes in oil demand. On the export side, the resilience of demand from data centers related to artificial intelligence provides the Bank of Japan with real economic growth support that can be used to offset inflationary risks. This combination of factors suggests that the Bank of Japan is more likely to adopt a cautious, gradual interest rate hike path rather than a sudden and sharp tightening of policy. The market currently expects the Bank of Japan to keep interest rates unchanged next week, but will maintain its tightening policy stance.

California’s DFPI Investigating Multiple Crypto Lending Companies

Jul 14, 2022 14:28

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The California Department of Financial Protection and Innovation (DFPI), which regulates the activities of state-licensed financial institutions such as banks and premium finance businesses, has announced that it is investigating whether businesses that suspended customer withdrawals and transfers broke any laws.


More specifically, the government is looking at a number of cryptocurrency businesses with U.S. headquarters after some reputable lenders permanently stopped allowing transfers and withdrawals between user accounts.

Accounts for crypto assets that pay interest

In particular, the Department of Financial Protection and Innovation is concentrating on "multiple companies" that provide customers with interest-bearing crypto asset accounts, also known as crypto-interest accounts, as well as service providers who "may not have adequately disclosed risks customers face when they deposit crypto-assets onto [lenders'] platforms."


To ascertain if they are breaking any laws that fall within the purview of the Department is the main goal of the inquiry.


The DFPI previously emphasized that providers of crypto-interest accounts are not subject to the same regulations and safeguards as banks and credit unions, which is particularly concerning in light of some platforms' restrictions on customers' ability to withdraw money from and transfer funds among their accounts.


Because of this, the agency has advised customers to proceed with "great care" before answering any inquiries about investments or financial services.


Also pointing to two cease and desist orders it recently sent to BlockFi and Voyager Digital to suspend their sales in California, DFPI has shown how certain crypto-interest account providers have been promoting unregistered securities.

securing customer property

Following Voyager Digital, the second well-known cryptocurrency business to file for Chapter 11 bankruptcy in recent weeks, DFPI made its statement. The Toronto-based company calculates that it has between $1 and $10 billion in assets, over 100,000 creditors, and liabilities of the same amount.


According to Voyager Digital, the action is a part of a "Plan of Reorganization" that intends to provide customers access to their accounts once again. Customers will have the option of receiving cryptocurrency, money recovered from Three Arrows Capital, common shares in the newly reorganized business, and Voyager tokens.


Due to worries about liquidity, Celsius (CEL) has stopped withdrawals and transfers since June 12. There are rumors that the management of the firm has been discussing Chapter 11 bankruptcy with attorneys.


As it faces with the potential of bankruptcy, the business is presently seeking restructuring guidance from the advising firm Alvarez & Marsal.


Additionally, the turbulent market circumstances last week caused the Singapore-based cryptocurrency platform Vauld to stop operations. The business instantly halted all trading, deposits, and withdrawals, and said that, up until further notice, it would only accept client deposits for its collateralized loans product.


Currently, numerous platforms have had client money frozen for many weeks while the future of their depositors' assets is still unknown.


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