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On August 14th, Shell lost a five-year legal battle with environmental activists over an oil exploration project in South Africa, a case that went all the way to the countrys Supreme Court. The Constitutional Court ruled on Friday that the oil giant cannot renew its exploration rights off South Africas rugged, wild Indian Ocean coast. This ruling comes as other offshore oil exploration in South Africa faces challenges, while neighboring Namibia is working to develop crude oil discoveries near its maritime border. The decision could further embolden activists who have won several lawsuits against oil exploration companies. The legal battle began in 2021 when activists objected to planned seismic surveys by Shell and its local partners in whale-infested areas.The U.S. Energy Information Administration (EIA) projects that U.S. oil production will average 13.83 million barrels per day in August, compared with 13.82 million barrels per day in July; and will average 13.77 million barrels per day in September.On August 14th, Futures News reported that, according to foreign media, Ukrainian Agriculture Minister Taras Vysotskyi stated on Friday that Ukraine could resume grain exports through Black Sea ports within a month if all parties implement the agreement to suspend attacks on civilian cargo ships. According to Ukrainian sources on the 13th, Ukraine had proposed to Russia a cessation of mutual attacks on civilian targets in the Black Sea. Recently, attacks by Russia and Ukraine against commercial shipping and port facilities in the Black Sea have escalated. Several Russian ports in the Black Sea and Sea of Azov have ceased operations, affecting key grain export hubs in southern Ukraine as well, leading to a significant decline in grain exports from both countries and pushing up global grain prices.August 14th - According to the China Development Bank, in the first seven months of this year, the bank issued over 10 billion yuan in loans to the elderly care industry, representing a year-on-year increase of over 50%, supporting the implementation of a number of inclusive and accessible "small but beautiful" projects.According to Hong Kong Stock Exchange filings, Xiaomi Group (01810.HK) repurchased 1.9 million Class B shares on August 14, at a cost of HK$49.8 million.

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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