BIS warns of $80 trillion of hidden FX swap debt

BIS warns of  trillion of hidden FX swap debt

LONDON, Dec 5 (Reuters) – The Bank for International Settlements (BIS) has warned that pension funds and other ‘non-bank’ financial firms now have more than $80 trillion of hidden, off-balance sheet dollar debt in the form of FX swaps. Dubbed the central bank to the world’s central banks, the BIS raised the concerns in its … Read more

Jury in Trump Organization’s criminal tax fraud trial to begin deliberations

Jury in Trump Organization’s criminal tax fraud trial to begin deliberations

NEW YORK, Dec 5 (Reuters) – Jurors in the Trump Organization’s tax fraud trial are set to start deliberating on Monday, following four weeks of testimony and arguments about executive pay practices at Donald Trump’s real estate company that prosecutors say amounted to a years-long criminal scheme. The former U.S. president’s company was charged in … Read more

Bankman-Fried says he will testify before U.S. House committee

Bankman-Fried says he will testify before U.S. House committee

Dec 4 (Reuters) – FTX founder Sam Bankman-Fried tweeted on Sunday that he would testify before the House Financial Services Committee after he finished “learning and reviewing” the events that led to the spectacular collapse of his cryptocurrency exchange. The U.S. House Financial Services Committee plans to hold a hearing in December to investigate the … Read more

Tesla cuts Dec Model Y output at Shanghai plant by more than 20% versus Nov – sources

Tesla cuts Dec Model Y output at Shanghai plant by more than 20% versus Nov – sources

SHANGHAI, Dec 5 (Reuters) – Tesla (TSLA.O) plans to cut December output of the Model Y at its Shanghai plant by more than 20% from the previous month, two people with knowledge of electric vehicle (EV) giant’s production plan said on Monday. Tesla did not immediately respond to a request for comment on the planned … Read more

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

Crypto exchange Gemini trying to recover 0 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

Blackstone’s $69 bln REIT curbs redemptions in blow to property empire

Blackstone’s  bln REIT curbs redemptions in blow to property empire

NEW YORK, Dec 1 (Reuters) – Blackstone Inc (BX.N) limited withdrawals from its $69 billion unlisted real estate income trust (REIT) on Thursday after a surge in redemption requests, an unprecedented blow to a franchise that helped it turn into an asset management behemoth. The curbs came because redemptions hit pre-set limits, rather than Blackstone … Read more

Florida pulls $2 bln from BlackRock in largest anti-ESG divestment

Florida pulls  bln from BlackRock in largest anti-ESG divestment

Dec 1 (Reuters) – Florida’s chief financial officer said on Thursday his department would pull $2 billion worth of its assets managed by BlackRock Inc (BLK.N), the biggest such divestment by a state opposed to the asset manager’s environmental, social and corporate governance (ESG) policies. The move will hardly dent BlackRock’s $8 trillion in assets … Read more

Sam Bankman-Fried says he ‘didn’t ever try to commit fraud’

Sam Bankman-Fried says he ‘didn’t ever try to commit fraud’

NEW YORK, Nov 30 (Reuters) – Sam Bankman-Fried, the founder and former CEO of now-bankrupt crypto exchange FTX, attempted to distance himself from suggestions of fraud in his first public appearance since his company’s collapse stunned investors and left creditors facing losses totaling billions of dollars. Speaking via video link at the New York Times’ … Read more

China mourns former leader Jiang Zemin with bouquets, black front pages

China mourns former leader Jiang Zemin with bouquets, black front pages

BEIJING/SHANGHAI, Dec 1 (Reuters) – Chinese newspapers turned their front pages black on Thursday and flags were put at half mast in mourning for the death of former president Jiang Zemin, while well-wishers laid piles of bouquets outside his childhood home. Jiang died in his home city of Shanghai just after noon on Wednesday of … 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