Markets

Cryptocurrency lender Genesis Global Capital may file for bankruptcy protection as soon as this week, Bloomberg reported Wednesday. Genesis was still talking to creditors and its plans may change, the report said.  The parent company of Genesis, Digital Currency Group, has also been dealing with a liquidity crunch. Loading Something is loading. Thanks for signing… Continue reading Crypto lender Genesis is reportedly preparing to file for bankruptcy as soon as this week

The stock-market rally at the start of 2023 faces risks from still-elevated inflation, UBS Global Wealth Management said.  Central bankers are monitoring core prices, which rose in the euro area and the US in December.   Key stock gauges in the US, Europe, and China have risen, including a 10% jump in the Euro Stoxx 50. … Continue reading The global rally in stocks that’s kicked off 2023 may prove to be ‘head fake’ as it’s too soon to assume inflation is receding, says UBS

Larry Summers is growing more optimistic about the US economy as inflation starts to ease.The former Treasury secretary told Bloomberg that the economy could ultimately avoid a recession despite the Fed’s fast rate hikes. Summers had previously said that a recession was imminent because job losses would be necessary to tame inflation. Loading Something is loading.… Continue reading Larry Summers is warming up to the idea that the Federal Reserve can stick a soft landing after previously warning a hard recession is imminent

Roblox shares finished at their strongest price in more than two months on Tuesday.  The 12% rally was sparked by the December bookings report from the online games platform.  Bookings, the company’s way of keeping tabs on its Robux currency, rose by up to 20% last month.  Loading Something is loading. Thanks for signing up!… Continue reading Roblox jumps to 2-month high as the games platform posts rise in monthly bookings

Brian Evans Wall Street has been hit by a brutal market sell-off this year. Spencer Platt/Getty Images US stocks closed mixed on Tuesday as investors digested the latest earnings data.  Goldman Sachs missed fourth-quarter estimates, while Morgan Stanley exceeded expectations.  The New York Fed’s Empire State Manufacturing Index declined nearly 22 points to -32.9, the… Continue reading US stocks close mixed as Dow dives nearly 400 points on weak Goldman Sachs earnings

Coinbase jumped more than 10% to $53 a share on Tuesday. The extended rally in crypto markets are helping boost shares of the US crypto exchange.  Coinbase cut 20% of its workforce last week, citing “increasingly challenging economic conditions.” Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed… Continue reading Coinbase soars 10% as crypto markets rally and bitcoin notches highest price since September

New York’s Belfer family lost money investing in FTX, according to the Financial Times.  Two companies linked to the family had a combined stake in FTX Group that was valued at $34.5 million last year. The oil dynasty also fell victim to Bernie Madoff’s Ponzi scheme and lost billions in the collapse of Enron.  Loading… Continue reading A New York oil dynasty falls victim to Sam Bankman-Fried’s FTX – after suffering big losses from Bernie Madoff and Enron

Jean Chalopin is co-creator of Inspector Gadget and the chairman of Bahamas-based Deltec Bank. Chalopin secured a secret $50 million loan for Deltec from an FTX-related entity in 2021, according to Forbes. It is one of many lucrative deals between Sam Bankman-Fried’s FTX and Chalopin’s firms. Loading Something is loading. Thanks for signing up! Access… Continue reading The co-creator of ‘Inspector Gadget’ reportedly had a close relationship with Sam Bankman-Fried’s FTX, which included a secret $50 million loan