The DOJ’s letter was filed in response to the defendant’s request for clarification and reconsideration of charges related to the misappropriation of funds in FTX. Lawyers for SBF argued that their client was “not guilty because FTX was not regulated in the United States, and he followed the rules concerning FTX US.”Continue Reading on Coin Telegraph More
(Reuters) – Exchange-traded funds tracking automakers saw net outflows last month on worries over the United Auto Workers’ (UAW) strike against the “Detroit Three” and higher interest rates.Production at General Motors (NYSE:GM), Ford (NYSE:F) and Chrysler parent Stellantis (NYSE:STLA) have taken a beating as the UAW strike headed into the 20th day. The $41.2 million First Trust Nasdaq Transportation ETF – that counts GM among its top holdings – saw net outflows of $11.6 million last month, compared with outflows of $3 million in August, according to Lipper data. “Investors are being cautious about holding automaker stocks right now given the uncertain outcome and length of the strike,” said Bryan Armour, director of passive strategies research for North America at Morningstar. “The redemption of ~20% of the (First Trust) ETF’s net assets in mid-September could have been related to the UAW strike, although it’s tough to say with certainty.”JPMorgan has estimated a hit to operating profit of $191 million for GM and $145 million for Ford in the third quarter from the strike.The bigger $719.63 million Global X Autonomous & Electric Vehicles, where the three affected carmakers make up just 5% of the portfolio, saw net outflows of $12.3 million in September, improving from outflows of $59.3 in the prior month.The First Trust fund fell 4.4% last month, while the Global X fund was down 5.7%. EV-focused funds remain quite depressed, although that’s been the case for some time, said Todd Sohn, ETF and technical strategist at Strategas Securities. “Rate pressure is definitely an agitation, and the recent strike just adds to heap.”Funds tracking Tesla (NASDAQ:TSLA) also failed to draw inflows last month despite hopes that the strikes would help the EV maker expand its market share. The $1.02 billion Direxion Daily TSLA Bull 1.5X Shares ETF saw its first month of outflows in four. More
The joint announcement of the CBDC pilot by the BOK, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) was published on Oct. 4. According to the announcement, the project will assess the viability of a future monetary system grounded on “wholesale CBDCs.“Continue Reading on Coin Telegraph More
The IMF is actively coordinating with Egyptian authorities to finalize this review under the Extended Fund Facility for macroeconomic stabilization. Regular IMF health checks involve local meetings and report presentations to its executive board. As the IMF’s second-largest borrower after Argentina, Egypt faces substantial financing needs that are not being met by foreign direct investments, portfolio inflows, and asset sales, as per Morgan Stanley’s analysis. The country’s economic situation is further complicated by currency devaluations and political decisions by President Abdel-Fattah El-Sisi. With an upcoming presidential election and concerns about Egypt’s 105 million population, the economic complexity increases. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
A report by Allied Market Research revealed that the blockchain finance market players are heavily exploring collaborations and acquisitions as a top strategy. COVID-19 pandemic-induced disruptions in traditional finance, coupled with the promise to reduce operational costs, set the stage for mainstreaming the digital ecosystem. Continue Reading on Coin Telegraph More
HELSINKI (Reuters) – Finland is looking at ways to take control of Helsinki’s biggest sports and events arena which has been shut since last year because of sanctions against its billionaire Russian owners. Authorities in the capital city estimate that up to 400 million euros ($420 million) of income per year is being lost for hotels, restaurants and other businesses while the arena stands idle. Billionaire Gennady Timchenko, who has interests in Russian energy companies, and Roman Rotenberg, scion of the powerful Rotenberg family, control the venue that was previously the prime stage for Finland’s favourite sport ice hockey.A spokesperson for Timchenko declined to comment, while Rotenberg did not immediately respond to a request for comment.Finland, which joined the NATO military alliance in April in response to neighbouring Russia’s invasion of Ukraine, is a firm supporter of European Union sanctions but hopes an exception can be made to allow it to take control of the arena.It is also considering options to expropriate the venue if the Russian tycoons refuse to sell their stakes voluntarily, Finland’s foreign and justice ministries said. All Timchenko’s holdings in the EU have been frozen, while Roman Rotenberg is the target of U.S. sanctions issued against his father Boris and uncle Arkadiy and their families for their close ties with Russian President Vladimir Putin.Helsinki mayor Juhana Vartiainen said the city hoped the Russian owners would voluntarily sell out.”We are aware that active negotiations to sell the hall are ongoing and we hope that the transaction would proceed as quickly as possible, in order to get the hall back to the use of Helsinkians,” Vartiainen told Reuters by email.Several bidders have expressed an interest in buying the arena, but under the current situation any sale price would be frozen by Finland’s bailiff authority until the sanctions are one day lifted, Finland’s foreign ministry said.The EU’s current sanction rules do not include expropriation of frozen assets, which could complicate that option, it added. ($1 = 0.9514 euros) More
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