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On May 18th, Fu Linghui, spokesperson, chief economist, and director of the Department of Comprehensive Statistics of the National Economic Bureau, stated at a press conference held by the State Council Information Office that the booming cultural tourism and sports events have become new highlights in the development of service consumption, with related service retail sales maintaining rapid growth. Data shows that from January to April, retail sales of tourism consulting and rental services, transportation services, and cultural and sports leisure services all maintained double-digit growth, significantly faster than the overall growth rate of service retail sales.On May 18, Fu Linghui, spokesperson, chief economist, and director of the Department of National Economic Comprehensive Statistics of the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that although the impact of the Middle East geopolitical conflict continues to escalate, international energy market volatility has increased, and the stability of global industrial and supply chains has been impacted, my country has maintained overall stable industrial production, continued its transformation and upgrading, and unleashed the vitality of innovative development, demonstrating strong resilience, thanks to its complete industrial system, strong supporting capabilities, and the support of domestic energy green transformation.On May 18th, Fu Linghui, spokesperson, chief economist, and director of the Department of Comprehensive Statistics of the National Economy at the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the national urban surveyed unemployment rate in April was 5.2%, a decrease of 0.2 percentage points from the previous month. Looking at the main employment group (aged 30 to 59), the surveyed unemployment rate also decreased compared to the previous month. These data reflect that employment has remained generally stable.On May 18th, ahead of the 618 shopping festival, Apples official flagship store lowered the price of all iPhone 17 Pro series phones by 1000 yuan, resulting in a surge in sales. Data from Tmall shows that in just three days after the sale began, searches for "iPhone" on Taobao and Tmall increased sevenfold compared to usual, with the iPhone 17 Pro series topping the sales charts in the 6000-10000 yuan price range. Affected by the continued rise in mobile phone storage prices, the memory price surge is expected to continue until at least the end of next year. The 618 promotion, with multiple platform subsidies and national subsidies, presents the best window for purchasing new phones. Following Apple, Huawei and Xiaomi also announced significant price adjustments, with the Huawei Mate X6 discounted by 3000 yuan and the Xiaomi 15 Ultra reduced by 1500 yuan.Hong Kong-listed chip stocks showed mixed performance, with GigaDevice (03986.HK) rising over 9%, Montage Technology (06809.HK) rising over 3%, and Hua Hong Semiconductor (01347.HK) and others following suit. Innoscience (02577.HK) fell over 5%, and Tianshu Zhixin (09903.HK) fell nearly 2%.

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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