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On March 25th, the Beijing Municipal Commission of Planning and Natural Resources released its second round of proposed residential land supply list for 2026, involving four plots with a total area of approximately 22 hectares and a building area of approximately 380,000 square meters. These plots are planned for supply in the near future. All plots offered in this round are located in areas with strong market demand and well-developed infrastructure and public services. In terms of regional distribution, one plot is located in the central urban area (Fengtai District), two plots are located in the sub-center and multiple plain areas (Tongzhou District), and one plot is located in the ecological conservation area (Huairou District).On March 25, Assistant Minister of Commerce Yuan Xiaoming and Secretary for Economy and Finance of the Macao Special Administrative Region Government Tai Kin Ip co-chaired the eighth meeting of the Mainland-Macao Economic and Trade Cooperation Committee. Yuan Xiaoming stated that 2026 marks the start of the 15th Five-Year Plan. Macao is currently drafting its 3rd Five-Year Plan. Holding this meeting of the Mainland-Macao Economic and Trade Cooperation Committee at this time is of great significance for supporting Macaos proactive alignment with the 15th Five-Year Plan and deepening bilateral economic and trade relations. The Ministry of Commerce will further promote the expansion and implementation of CEPA, support Macaos participation in the Belt and Road Initiative, assist Macao in building a platform between China and Portuguese-speaking countries, and promote the moderate diversification of Macaos economy.French Finance Minister: The situation in the French energy market is not as dire as in some other European countries.On March 25th, Gu Jinxu, Deputy Director of the Beijing Municipal Bureau of Economy and Information Technology, stated at the "2026 Investment Beijing Conference" that the bureau will issue and implement a development plan for high-tech and cutting-edge industries, aiming to make Beijing a globally influential emerging industry hub. Regarding comprehensive industrial support, Gu Jinxu stated that the bureau will improve industrial investment, encouraging various funds and investment institutions to invest early, in small-scale, long-term, and in core technologies. The bureau will also coordinate and utilize eight government investment funds totaling hundreds of billions of yuan to guide and drive social capital investment in high-tech and cutting-edge industries. Furthermore, the bureau will support financial institutions in innovating financial products, deepening industry-finance cooperation, and implementing an investment institution partnership program.On March 25th, Scotiabank stated that while Canadas economic growth has slowed in the short term, this is likely temporary, and therefore the Bank of Canada will not react. The bank also anticipates that even if changes in the balance of inflation risks do require caution, the central bank will not respond to the direct impact of rising oil prices on inflation. Therefore, Scotiabanks analysis suggests that the Bank of Canada will begin a gradual exit from monetary stimulus and shift to a more neutral stance by the end of the year. This implies that the bank will maintain interest rates unchanged in the short term until the renegotiation of the USMCA is finalized.

Celsius crypto lender, now bankrupt, sues ex-money manager over alleged theft

Jimmy Khan

Aug 24, 2022 15:25

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Before the cryptocurrency lender went bankrupt last month, Celsius Network LLC, according to a lawsuit filed on Tuesday by the company against a former investment manager, lost or stole assets worth tens of millions of dollars.


After Stone misrepresented himself as a pioneer in the industry, Celsius filed a case in Manhattan bankruptcy court accusing Stone and his business KeyFi Inc of "gross carelessness" and "extraordinarily poor" crypto investment.


Stone was "unable" to use cryptocurrencies profitably, according to Celsius, leading to losses of "several tens of millions of dollars."


He allegedly used stolen money to purchase hundreds of non-fungible tokens ("NFTs"), which he kept out of sight, and then hid his activities by using Tornado Cash, a cryptocurrency "mixer" that the U.S. Treasury Department banned on August 8 due to concerns that it could be used to launder the proceeds of cybercrime.


Six weeks after KeyFi sued Celsius in a Manhattan-based New York state court, the current case was filed on Tuesday.


It alleged that Celsius operated a Ponzi scheme, improperly handled client deposits, neglected to hedge investments, and defrauded Stone of possible compensation worth hundreds of millions of dollars.


According to court documents, Stone worked with Celsius for roughly seven months, concluding in March 2021.


Stone's attorney Kyle Roche said via email that Celsius CEO Alex Mashinsky had approved KeyFi's remuneration, which included NFTs.


The most recent filing by Celsius, according to Roche, "is an effort to rewrite history and make KeyFi and Mr. Stone the scapegoat for their organizational failure."


Each party feels the other is owed money, and both lawsuits aim to recover it as well as compensatory and punitive damages.


After halting withdrawals and transfers for its 1.7 million clients because to "extreme" market circumstances on July 13, Celsius, located in Hoboken, New Jersey, filed for Chapter 11 protection from creditors.


The cases are KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, No. 652367/2022; and Celsius Network Ltd. et al. v. Stone et al., U.S. Bankruptcy Court, Southern District of New York, No. 22-ap-01139.

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