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European chip stocks remained weak, with BESEMI down 6%, and ASMI, Infineon, and ASML falling between 2.4% and 3.4%.The Hungarian central bank kept its benchmark interest rate at 6.25%, in line with market expectations.April 28th - As countries seek more funding for defense and advanced technology, the European Union is exploring the possibility of postponing repayments of billions of euros in debt incurred during the pandemic. According to sources, the European Commission, the EUs executive body, is preparing an analysis report on this possibility. Several countries, including France, have urged the EU to postpone repayments originally scheduled to begin in 2028, arguing that budget austerity and urgent spending needs should take priority. This move reflects a shift in the EUs attitude towards debt. Repayment of pandemic-era debt has become a core issue in the EUs negotiations on the 2028-2034 budget. EU leaders, at a summit in Cyprus last Friday, demanded that the European Commission conduct a repayment analysis. French President Macron stated in Athens on Saturday: "It makes no sense to repay COVID-19 debt now, given the demand for European securities and bonds; it will negatively impact the budget. We incurred debt during the pandemic. Now we are being told: we need to pay off the debt as soon as possible. This is foolish."On April 28, it was learned from Iranian sources that a liquefied natural gas (LNG) carrier had passed through the Strait of Hormuz. This marks the first time an LNG carrier has transited the Strait since the start of the conflict between the US, Israel, and Iran. The ships background is currently unclear, and its country of origin and final destination have not yet been released.On April 28th, sources revealed that Saudi Aramcos main export facility in Al-Juama, damaged at the end of February, disrupted liquefied petroleum gas (LPG) supplies, leading the company to extend the suspension of LPG shipments into May. Aramcos LPG exports had been suspended since a supporting structure at the facility collapsed before the outbreak of the Middle East conflict in February, causing prices to rise and buyers scrambling for alternative supplies. Subsequently, the conflict virtually closed the Strait of Hormuz, a major export route, causing energy shortages in Asia. Some sources indicated that Aramco has informed some buyers that it has failed to carry out necessary repairs at the Al-Juama facility. This means that even if the Strait of Hormuz reopens, no shipments will be delivered next month. The company stated on February 26th that "planned shipments from Al-Juama in the coming weeks will be cancelled," but did not provide further details.

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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