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June 22 – Asian crude oil imports are expected to recover to pre-Iranian conflict levels, but refined product supplies remain constrained, and this supply tightness will be reflected in prices. According to data compiled by shipping intelligence firm Kpler, Asia is projected to import approximately 22.18 million barrels per day (bpd) of crude oil in June, compared to 20.35 million bpd in May. June imports are still below the average of 26.76 million bpd in the three months prior to the US-Israel attacks on Iran on February 28. However, this figure is significantly higher than the eight-year low of 18.77 million bpd in April, the month when the effects of Irans effective closure of the Strait of Hormuz during the conflict were most severe. Furthermore, the pre-conflict situation where approximately 20% of global crude oil and refined product shipments transited the Strait of Hormuz is likely to resume, which would allow more oil to arrive in Asia in July.The Russian Ministry of Defense stated that in the past 24 hours, Russian armed forces attacked oil refining facilities in Ukraine, as well as fuel, energy, and transportation infrastructure.Bank of America: It expects the Federal Reserve to raise interest rates by 25 basis points each in September, October and December 2026, compared with its previous forecast that interest rates would remain unchanged this year.On June 22, Berenberg Bank analyst Holger Schmiding stated in a report that the European Central Banks deposit rate is expected to reach 3% by mid-2029 (currently at 2.25%). The institution had previously predicted this level would be reached in 2028. With the interim US-Iran agreement lowering energy costs, overall inflation in the Eurozone could fall below 2% by early 2027. This means the ECB may postpone interest rate hikes until the end of 2028. Schmiding stated that by then, Europes aging population is expected to begin causing labor supply to shrink faster than demand, thereby pushing up wages and forcing the central bank to raise interest rates.A German government spokesperson stated: "We believe that British Prime Minister Starmer will still attend the E5 meeting in Berlin; Starmer has always been a reliable and close partner."

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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