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Saudi Arabias GDP fell 4.8% year-on-year in the second quarter of 2026. Non-oil activity fell 24.7% year-on-year in the second quarter.Shell (SHEL.N): It expects its combined natural gas production in the third quarter to be approximately 570,000 to 630,000 barrels of oil equivalent per day.The World Gold Council reported that Indian gold demand fell 6% year-on-year in the June quarter, primarily due to weak jewelry purchases. Indian gold demand is expected to recover in the second half of 2026, provided prices remain stable. Indias increased tariffs on gold imports have fueled smuggling and squeezed legitimate market participants.On July 30th, Seema Shah, Chief Global Strategist at Principal Asset Management, stated in a report that the Federal Reserves decision to maintain interest rates, given the dissenting votes of three committee members, appeared more like an internal debate than a consensus decision, confirming market expectations of a delicate balance before the meeting. The statement offered little new information, but these dissenting opinions conveyed a clear message: the Fed is not yet confident that the battle against inflation has been won. While a rate cut is currently unlikely, investors cannot rule out the possibility of another rate hike before the end of the year. Principal Asset Managements basic assumption remains that the Fed will remain on hold until the end of 2026 as underlying inflationary pressures ease, "but confidence in this view is low."On July 30th, Christian Hoffmann, head of fixed income at Chambord Investment Management, stated that the Federal Reserves decision to keep interest rates unchanged was "not a foregone conclusion," calling it a "disturbing pause." Despite some constructive inflation data, oil prices surged again amid increased geopolitical uncertainty. We are increasingly convinced that this is no longer a Fed that reveals its every move well in advance, nor one that frequently shares its thoughts on various occasions.

Celsius Network Close to Zeroing Outstanding Debt With $59 Million Aave Payment

Jimmy Khan

Jul 13, 2022 15:46

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Celsius (CEL-USD) doesn't want to commit the bankruptcy trap, as several of its contemporaries have recently done. It has been perilously close to falling over a cliff because of its substantial market obligations. But as of right now, the Celsius network is one step closer to paying off these loans. After making a sizable contribution to the Aave (AAVE-USD) network, it is almost financially independent of the platform. Additionally, it's enabling Celsius to reclaim a substantial stockpile of staked Ethereum (ETH-USD) tokens.


One of the most well-known crypto fund managers and DeFi platforms available is Celsius. Through its trading, lending, and staking platforms, the platform at its height was in charge of managing $20 billion in assets. But it has been falling sharply since the most recent crypto meltdown.


Since the bitcoin market crashed, Celsius has become heavily indebted to other DeFi service providers. The business owes Aave and sister DeFi platform Compound a combined $258 million (COMP-USD). The ecosystem of MakerDAO (MKR-USD) owes another $223 million.


With these obligations close at reach, bankruptcy was a very real prospect for Celsius. Both Three Arrows Capital and Voyager Digital, fellow asset managers, announced their own bankruptcy filings in late June of last year.


This forced the business to use some less-than-ideal asset protection strategies, according to investors. This includes a withdrawal stop that was implemented in order to maintain the liquidity of the network. Although efficient, it infuriated the 500,000 customers who were unable to remove their assets off the blockchain during the market meltdown.

Celsius Network is still able to stay out of bankruptcy.

The Celsius network was able to cobble together the cash necessary last week to settle its $223 million debt to Maker. It got the $450 million it had pledged as collateral in return. The business immediately used the money to deposit a $950 million collateral with Aave and Compound. This week, the business has been actively attempting to get rid of those debts.


This week, Celsius is making progress on its debt to Aave and Compound in addition to bringing on a new legal team to help it escape bankruptcy at all costs. The business paid off $20 million of its debt to Aave yesterday. It is now paying down an additional $81 million. Following the start of this payment, Celsius' total debt to Aave was only $8.5 million. A further $410 million in collateralized staked ETH tokens were also made available.


Between Aave and Compound, Celsius only owes a total of $59 million more in debt. But a setback is unfortunately on the horizon for the business. KeyFi, a DeFi startup, is suing Celsius for allegedly refusing to uphold an agreement between the two.


KeyFi has been using the money from Celsius to make risky, leveraged bets. KeyFi claims Celsius failed to adhere to the agreed-upon proportion of earnings that it was understood the two would share with KeyFi. The business is now suing Celsius in court. It is making strong assertions that Celsius is a Ponzi scheme, which will provide the business with additional challenges in the future.

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