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The French Ministry of Finance has set a target of a budget deficit of 5.0% of GDP in 2027 and 5.4% in 2026.On September 19th, local time, Michael Mara was elected as the new leader of the Scottish Labour Party, succeeding Anas Saval who resigned. Mara received 4,266 votes, while his opponent, Joe Fagan, received 2,485. Mara stated that becoming the leader of the Scottish Labour Party was an "honor of my life" and pledged to work towards a fairer and more equitable Scotland. The Scottish Labour Party is facing a challenging situation. In the Scottish Parliament election in May, the party suffered a defeat, falling significantly behind the winning Scottish National Party.On September 19th, the German business daily Handelsblatt reported on Saturday that Volkswagens massive turnaround plan is expected to further cut more than 4,000 jobs at Porsche. Documents show that Volkswagens supervisory board recently approved an agreement aimed at advancing the companys largest restructuring plan to date. The documents state that the Porsche brand will cut "approximately 4,100 employees" to offset a shortfall of approximately €700 million in indirect costs. These layoffs will be "added on top of existing agreements." In July, Porsche management and labor representatives agreed to add 5,000 more jobs to the previously agreed-upon 4,000. Volkswagen lowered its full-year profit margin target on Friday, now expecting a maximum of only 1%, down from a previous range of 4.0% to 5.5%. This adjustment is primarily due to asset impairment at Porsche. Porsche CEO Michael Leiters is currently under pressure to develop a recovery strategy to address the sharp decline in market sales and the high costs associated with the automakers reversal of its electric vehicle strategy.The French draft budget projects that the debt-to-GDP ratio will reach 121.7% in 2027.The French draft budget projects that public spending will account for 56.9% of GDP in 2027 and 57.1% of GDP in 2026.

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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