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On April 16th, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated that domestic demand contributed 84.7% to GDP growth in the first quarter, an increase of nearly 30 percentage points year-on-year. Imports of consumer goods grew by 5.4% in the first quarter, indicating a gradual recovery in domestic market demand and creating conditions for sustained economic growth. In particular, the potential of service consumption is being gradually released, and relevant departments have introduced policies to continuously support and encourage the accelerated development of related industries.On April 16, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that, based on years of experience, regardless of changes in the external environment, even during the pandemic when the market worried about the sustainability of my countrys foreign trade, my countrys imports and exports have remained strong. This is attributed to enterprises efforts to improve their internal capabilities, enhance the technological content of their products, and increase their overall competitiveness. Overall, my countrys imports and exports still have the potential to maintain relatively good growth.On April 16, Mao Shengyong, deputy director of the National Bureau of Statistics, said at a press conference held by the State Council Information Office that the output of medium and high-end equipment such as generator sets and railway locomotives grew rapidly in the first quarter, increasing by 15.1% and 63.8% respectively.Hong Kong-listed AI application stocks rose, with DeepTech (01384.HK) up over 21%, MyFT (02556.HK) up over 13%, Pony.ai-W (02026.HK) up over 10%, and Kingdee International (00268.HK) and Baidu (09888.HK) up 6.8%.On April 16th, Mao Shengyong, Deputy Director of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the first quarter often serves as a bellwether for the years economic growth. The economy achieved a good start in the first quarter, demonstrating the characteristics of my countrys stable economic foundation, numerous advantages, strong resilience, and great potential. However, it should also be noted that the international environment may become more complex and volatile in the next stage, with increased uncertainties and unpredictable factors, and the domestic economy will also face some difficulties and challenges. Nevertheless, overall, opportunities outweigh challenges, and solutions outweigh difficulties. We have strong institutional advantages, and over the years we have accumulated long-term industrial, market, and talent advantages, making us fully capable of achieving stable economic operation and high-quality development throughout the year.

Lawsuit accuses troubled crypto lender Celsius Network of fraud

Skylar Shaw

Jul 08, 2022 14:54

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On Thursday, a former investment manager at Celsius Network filed a lawsuit against the cryptocurrency lender, alleging that it had frozen client funds and had rigged the price of its own cryptocurrency token using user contributions.


According to the lawsuit, Celsius engaged in "gross mishandling of client deposits" in order to enrich itself and deceived plaintiff KeyFi Inc, controlled by former manager Jason Stone, into delivering services worth millions of dollars while refusing to pay for them.


The complaint was filed in Manhattan's New York state court and demands both specific compensation and punitive damages; Celsius has not yet responded.


Stone's charges come after Celsius decided on June 12 to halt transfers and withdrawals for its 1.7 million clients due to "extreme" market circumstances.


Later, the Hoboken, New Jersey-based business recruited consultants to discuss a potential debt restructure that would include declaring bankruptcy.


While the cryptocurrency hedge fund went into liquidation late last month, the crypto lender Voyager Digital Ltd filed for bankruptcy protection this week.


Celsius guaranteed retail consumers disproportionate returns, up to 19% yearly.


However, Stone said that Celsius had trouble paying investors because it neglected to hedge its bets, leading to "severe" losses when the value of several currencies changed.


He also claimed that Celsius had a $100 million to $200 million hole in its records that it "could not completely explain or rectify" because certain deposits were recorded on a U.S. dollar basis even though clients were paid in bitcoin or other digital currencies.


The case filed on Thursday claims that Stone produced $838 million in profit for Celsius and KeyFi before expenses and overhead from August 2020 to March 2021 while mostly operating without a formal agreement, with KeyFi being entitled to 20% of net profit.


When it became apparent that the hedging difficulties "may be financially ruinous" for Celsius and harm KeyFi's image, Stone claims he ended the connection in March 2021. However, Stone claims that Celsius has refused to accept his resignation.


KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, is the name of the case.

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