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Isuzu will postpone the launch of its fuel cell truck, which it is developing in cooperation with Honda, until after 2027.Zhipu (02513.HK) rose more than 7% at one point during the session, breaking through the HK$1,000 mark and reaching a high of HK$1,005, a record high. The gains have now fallen back to 4.5%.Japanese Chief Cabinet Secretary Minoru Kihara: The Bank of Japan is expected to implement appropriate monetary policy to achieve its inflation target sustainably and stably.April 13th - ANZ Bank now expects the Reserve Bank of New Zealand (RBNZ) to raise interest rates by 25 basis points in three consecutive increases in July, September, and October, bringing the official cash rate to 3%. With inflation inevitably rising, maintaining the official rate at a stimulative level is expected to make the RBNZ uneasy. ANZ Chief Economist Sharon Zolner stated that such a rate hike would be very powerful, therefore ANZ no longer predicts the official rate will need to be raised to 3.5%. She added that the rate will remain unchanged at 3% after reaching 3%.On April 13th, four members of Barclays Fixed Income, FX, and Commodities research division stated in a research report that Asian central banks are likely to maintain their current monetary policies in the short term amid the Middle East conflict. They indicated that the Monetary Authority of Singapore (MAS) is likely to keep its policy unchanged this Tuesday, noting that the MAS seems more concerned about the risk of extreme negative growth than inflation. Meanwhile, Barclays believes that unless the US dollar depreciates significantly against the Indonesian rupiah ahead of the Indonesian central banks meeting this month, the Indonesian central bank will not be able to quickly resume its rate-cutting cycle. Furthermore, the central banks of Thailand and the Philippines, which will also be meeting this month, are expected to hold their rates steady.

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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