Crypto exchange Gemini trying to recover $900 million from crypto lender Genesis, Financial Times reports

Crypto exchange Gemini trying to recover $900 million from crypto lender Genesis, Financial Times reports

Dec 3 (Reuters) – Crypto broker Genesis and its parent company Digital Currency Group (DCG) owe customers of the Winklevoss twins’ crypto exchange Gemini $900 million, the Financial Times reported on Saturday. Crypto exchange Gemini is trying to recover the funds after Genesis was wrongfooted by last month’s failure of Sam Bankman-Fried’s FTX crypto group, … Read more

U.S. appeals court rejects Biden’s bid to revive student debt plan

U.S. appeals court rejects Biden’s bid to revive student debt plan

Nov 30 (Reuters) – A federal appeals court on Wednesday declined to put on hold a Texas judge’s ruling that said President Joe Biden’s plan to cancel hundreds of billions of dollars in student loan debt was unlawful. The New Orleans-based 5th U.S. Circuit Court of Appeals rejected the Biden administration’s request to pause a … Read more

HSBC eyes bumper dividend from $10 bln sale of Canada unit to RBC

HSBC eyes bumper dividend from $10 bln sale of Canada unit to RBC

Deal comes amid pressure from Chinese shareholder Analysts hail ‘sensible’ transaction Bank could return deal proceeds to shareholders LONDON/TORONTO/NEW YORK, Nov 29 (Reuters) – HSBC (HSBA.L) has agreed to sell its business in Canada to Royal Bank of Canada (RY.TO) for C$13.5 billion ($10 billion) in cash, paving the way for a potential bumper payout … Read more

Crypto exchange Bitfront shuts down

Crypto exchange Bitfront shuts down

Nov 28 (Reuters) – Bitfront, a U.S. crypto exchange backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry. “However, despite our efforts … we have regretfully determined that … Read more

Crypto lender Genesis says no immediate plans to file for bankruptcy

Crypto lender Genesis says no immediate plans to file for bankruptcy

Nov 21 (Reuters) – Cryptocurrency lender Genesis said on Monday it has no immediate plans to file for bankruptcy, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions. “We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any … Read more

Buffett’s Berkshire discloses $4.1 bln TSMC stake

Buffett’s Berkshire discloses $4.1 bln TSMC stake

Nov 14 (Reuters) – Berkshire Hathaway Inc (BRKa.N) said it bought more than $4.1 billion of stock in Taiwan Semiconductor Manufacturing (2330.TW), , a rare significant foray into the technology sector by billionaire Warren Buffett’s conglomerate. The news sent shares in TSMC up more than 6% in Taiwan on Tuesday, as it boosted investor sentiment … Read more

Berkshire Hathaway posts quarterly loss as stock holdings fall

Berkshire Hathaway posts quarterly loss as stock holdings fall

Nov 5 (Reuters) – Berkshire Hathaway Inc (BRKa.N) on Saturday posted a third-quarter loss, as the conglomerate run by billionaire Warren Buffett said it lost money on its stock investments and from insurance underwriting. The net loss of $2.69 billion, or $1,832 per Class A share, compared with a profit of $10.34 billion, or $6,882 … Read more

Inflation worries hurt U.S. consumer confidence; house prices decelerating

Inflation worries hurt U.S. consumer confidence; house prices decelerating

Consumer confidence index falls 5.3 points to 102.5 Labor market differential drops to 32.5 from 38.1 House price gains slow further in August WASHINGTON, Oct 25 (Reuters) – U.S. consumer confidence ebbed in October after two straight monthly increases amid rising concerns about inflation and a possible recession next year, but households remained keen to … Read more

U.S. appeals court temporarily blocks Biden’s student loan forgiveness plan

U.S. appeals court temporarily blocks Biden’s student loan forgiveness plan

WASHINGTON, Oct 21 (Reuters) – A U.S. appeals court on Friday temporarily blocked President Joe Biden’s plan to cancel billions of dollars in college student debt, one day after a judge dismissed a Republican-led lawsuit by six states challenging the loan-forgiveness program. The 8th U.S. Circuit Court of Appeals granted an emergency stay barring the … Read more

Credit Suisse pays $495 mln to settle legacy U.S. case

Credit Suisse pays $495 mln to settle legacy U.S. case

Settlement ends bank’s largest outstanding RMBS case Credit Suisse says settlement is fully covered by provisions Bank still has five cases to resolve Expects to resolve outstanding cases in next six months ZURICH, Oct 17 (Reuters) – Credit Suisse (CSGN.S) has agreed to pay $495 million to settle a case related to mortgage-linked investments in … Read more