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On May 13, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, spoke by phone with Pakistani Deputy Prime Minister and Foreign Minister Dar. Dar briefed Wang on the recent progress of Pakistans mediation efforts in talks between Iran and the United States, thanked China for its support of Pakistans efforts to promote the talks, and expressed his hope to strengthen coordination and cooperation with China to jointly play a positive role in maintaining regional peace and stability. Wang reiterated Chinas principled position, appreciated Pakistans efforts in facilitating the US-Iran negotiations and extending the temporary ceasefire, and hoped that Pakistan would maintain its confidence, intensify its mediation efforts, and contribute to a proper resolution of the Strait of Hormuz opening issue and the early restoration of regional peace, which is also the common aspiration of the international community. China will continue to support Pakistans mediation efforts and make its own efforts in this regard.The U.S. Department of Agriculture projects that global exports of major vegetable oils—palm oil, sunflower oil, soybean oil, and rapeseed oil—will grow by 4%, with sunflower oil expected to show the strongest growth momentum in 2026/27. Palm oil remains the most traded vegetable oil globally, accounting for approximately 50% of global trade, although its share has declined from 60% a decade ago. Palm oil exports are expected to decline slightly as increased exports from Indonesia are offset by decreased exports from Malaysia. In contrast, exports of other vegetable oils are projected to expand, particularly sunflower oil from Ukraine, Russia, and Turkey, and rapeseed oil from Canada.The U.S. Department of Agriculture projects global corn consumption will grow by less than 1% to a record 1.315 billion tons, exceeding production by 19.4 million tons—a gap that emerged after a small surplus last year. The largest increases in corn consumption are expected in China, Brazil, Vietnam, India, and Mexico. Global corn imports are projected to grow by 1%, primarily driven by increased imports from countries including Vietnam, the EU, Mexico, Egypt, and Turkey. This will be partially offset by decreased imports from Kenya, Saudi Arabia, Algeria, and Zimbabwe.Market news: The European Union is negotiating to join a US-led coalition to secure technology supply chains.The U.S. Senate confirmed that Warsh, the nominee for Federal Reserve Chairman, will serve on the Federal Reserve Board of Governors.

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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