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Chart: Precious metals market data for Industrial and Commercial Bank of China accounts on Monday, August 24, 2026.Gold prices rose during Asian trading hours on August 24th. ING strategists stated in a report that gold prices have rebounded sharply from July lows, rising from around $4,000 per troy ounce in mid-July to approximately $4,600, returning to levels seen since May, supported by recovering investment demand and growing market anxiety about the US fiscal outlook. The strategists noted that the prospect of the US Treasury potentially expanding its bond-buying program has refocused market attention on US government borrowing and fiscal credibility. They added, "This has also reignited concerns about currency devaluation, further enhancing golds appeal as a store of value."On August 24th, Kyobo Securities analyst Choi Bo-young stated that Samsung Electronics 2026 shareholder return plan, estimated by the company to be between 90 trillion and 110 trillion won, may be lower than market expectations. Investors had previously anticipated that the South Korean tech giant would return up to 140 trillion won to shareholders this year. While Samsung stated that this would be the largest shareholder return in the companys history, the analyst believes the plan is unlikely to deliver any "surprises" to investors. Samsung has approved a 30 trillion won dividend for the third quarter and launched a new 15 trillion won share buyback program for employee compensation; details of other shareholder return plans will be announced later.On Monday, August 24, the Hang Seng Index opened down 229.34 points, or 0.88%, at 25,780.12; the Hang Seng Tech Index opened down 53.0 points, or 1.11%, at 4,713.16; the H-share Index opened down 84.99 points, or 0.98%, at 8,549.35; and the Red Chip Index opened down 4.37 points, or 0.1%, at 4,287.98.Hong Kong stocks opened lower, with the Hang Seng Index down 0.88% and the Hang Seng Tech Index down 1.11%; Alibaba (09988.HK) opened down 8.05% after announcing a proposed placement of HK$80 billion in new shares.

Celsius Network hires advisors to prepare for potential bankruptcy

Jimmy Khan

Jun 27, 2022 14:59

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According to persons familiar with the situation, the Wall Street Journal reported on Friday that Celsius Network LLC has recruited restructuring specialists from the advising firm Alvarez & Marsal to provide advice on a potential bankruptcy petition.


As the latest indication of the financial market collapse affecting the cryptosphere, the New Jersey-based bitcoin lending firm earlier this month temporarily halted withdrawals and transfers owing to "extreme" market circumstances.


The Wall Street firm Goldman Sachs was seeking to acquire $2 billion from investors, according to a second story from CoinDesk, in order to purchase troubled assets from Celsius.


According to the story, which cited two people familiar with the situation, the planned arrangement would enable investors to acquire the assets at potentially significant discounts if the bitcoin lender declares bankruptcy.


As of a month ago, Celsius has $11.8 billion in assets. Requests for comment from Reuters were not immediately answered by the corporation or Alvarez & Marsal.


The market for digital assets has experienced tremendous volatility in recent months as investors flee riskier investments out of concern that draconian interest rate increases to combat persistent inflation may cause the country to enter a recession.

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