Users who approved WETH, PERI, OMT, WBNB, MATIC and AVAX on the Multichain platform are now at risk, experts warn. To avoid loss, the Multichain team advises users to cancel all of the approvals given to the specified tokens so that they can protect their crypto assets.Continue Reading on Coin Telegraph More
NEW YORK (Reuters) – Jay Goffman, a former bankruptcy lawyer and current vice chairman at Rothschild & Co, is joining CEO advisory firm Teneo to help lead its financial advisory business, he said.The firm was expected to announce the move on Tuesday.Goffman, 63, is the latest high-profile restructuring adviser to shift toward consulting and crisis management after practicing law or banking on Wall Street. Jon Henes, a former Kirkland & Ellis LLP restructuring partner, started strategic consulting firm C Street Advisory Group last year.In addition to legal counsel and bankers who arrange financing, companies facing financial turmoil also rely on crisis managers to help navigate relations with employees, suppliers, government officials and media coverage.Goffman headed or co-led the restructuring practice at law firm Skadden, Arps, Slate, Meagher & Flom LLP for roughly a dozen years before moving to Rothschild as a banker helping distressed companies obtain fresh financing and rework their balance sheets.After a spate of bankruptcies following the COVID-19 pandemic, corporate restructurings have slowed amid low interest rates and recovering financial markets. Federal Reserve policymakers, though, have signaled a looming rate hike in part to battle inflation, which Goffman contends could contribute to another wave of restructurings for companies that have not addressed unsustainable debts.”It’s hard to put an exact date on it, but it’s coming,” Goffman said, adding he worries the next cycle of distress could be “longer and deeper.”Teneo, meanwhile, acquired Deloitte’s UK restructuring business last year and in 2020 acquired Goldin Associates, a financial advisory firm focused on distressed companies. Teneo is currently advising OxyContin maker Purdue Pharma LP on its bankruptcy case.Goffman helped pioneer so-called prepackaged bankruptcies, in which companies and creditors present an agreed-upon restructuring to a judge right after filing for Chapter 11 in an effort to limit the amount of time spent navigating court proceedings.One company Goffman advised, school bus manufacturer Blue Bird (NASDAQ:BLBD), used the strategy to receive bankruptcy-court approval of its reorganization in less than two days.He also worked on the bankruptcies of solar-energy company SunEdison Inc in 2016 and Metro-Goldwyn-Mayer, the famed movie studio with the roaring lion logo that filed for Chapter 11 in 2010. When the parent of American Airlines (NASDAQ:AAL) filed for bankruptcy in 2011, he advised creditors and helped engineer a merger with rival US Airways. More
WASHINGTON (Reuters) – The White House is preparing an alternative to its $1.75 trillion spending bill that will keep climate change measures but pare down or cut items like the child tax credit and paid family leave, hoping to appeal to U.S. Senator Joe Manchin and other Democrats as soon as this week, said two people working on the plan.President Joe Biden’s administration is expected to pivot from a long-shot attempt to pass voting rights legislation through the Senate https://www.reuters.com/world/us/us-voting-rights-bill-passes-house-senate-prospects-remain-unclear-2022-01-13 on Tuesday, then renew talks in earnest with lawmakers on a slimmed-down version of the Build Back Better https://www.reuters.com/business/cop/whats-bidens-175-trillion-build-back-better-package-2021-11-05 bill, the sources said. White House climate czar Gina McCarthy and U.S. Treasury officials will head to Capitol Hill to meet with lawmakers and staff on the bill, the sources said, as part of the effort to preserve some of Biden’s economic and environmental agenda. Manchin, a moderate Democrat, abruptly halted talks https://www.reuters.com/world/us/senator-manchin-says-he-is-no-bidens-domestic-investment-bill-fox-interview-2021-12-19 on the spending package before Christmas, citing his concerns over inflation, deficit spending and what he called an attempt to “reshape our society.”Biden, Manchin and Senator Kyrsten Sinema of Arizona, another Democrat who has expressed reservations about the spending bill, met Thursday at the White House to talk about voting rights. The president hadn’t spoken to Manchin since the West Virginia senator’s surprise announcement last month. “There needs to be a reset” to negotiations, said one person working on the plan. “There’s not a lot of mystery anymore about what Manchin would accept. We need to calibrate as much as possible to what he can accept, and then there needs to be a personal ask (by Biden) for his vote.”With all 50 Republicans in the 100-seat Senate opposed to the spending bill, the White House has to win over Manchin and any other Democratic holdouts. If it succeeds, Democratic Vice President Kamala Harris could cast a tie-breaking vote. CHILD TAX CREDITSThe revamped measure would likely run over $1 trillion, these people said, and could jettison billions of dollars of funding for social safety net programs like paid family leave, universal pre-kindergarten and home health care. It is unclear which programs would be slimmed down or scrapped entirely. The White House and Democrats are weighing imposing stricter income caps on the child tax credit and other social safety net measures. Capping who gets child tax credits could target the money to lower-income earners but stretch funding out for a decade, in line with Manchin’s demands. The monthly payments, which began in July of 2021, lifted some 3.6 million children out of poverty in October, according to Columbia University research.Manchin indicated earlier this month that he supported $555 billion in climate spending, including production tax credits for solar and wind industries, which are seen as vital to ensure the United States reaches its 2030 emissions reduction goals, the sources said.Manchin’s approval of this funding is seen as the “fulcrum” to move the bill forward, on top of which progressive-friendly social spending, including expansion of the 2010 Affordable Care Act, can be added. More
LONDON (Reuters) -Britain is to crack down on “misleading” advertisements for cryptoassets, which often target retail consumers with poor knowledge of the risks, the finance ministry said on Monday.Rising prices of of cryptocurrencies such as bitcoin and ether have been accompanied by a surge in advertising for such assets, particularly in London, prompting repeated warnings from Bank of England https://www.reuters.com/world/uk/boes-bailey-tells-banks-be-careful-with-crypto-2021-12-13 that investors they could lose all their money.The finance ministry said that about 2.3 million people in Britain now own a crypto asset, but research suggests that understanding of the sector is declining, suggesting that some users may not fully understand what they are buying, the ministry said.”Cryptoassets can provide exciting new opportunities, offering people new ways to transact and invest – but it’s important that consumers are not being sold products with misleading claims,” Britain’s finance minister Rishi Sunak said in a statement.The finance ministry set out findings https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1047232/Cryptoasset_Financial_Promotions_Response.pdf from a public consultation on promotions for cryptocurrencies.Advertising of cryptoassets will be brought within the scope of existing financial promotions legislation, the ministry said.This means that promotion of qualifying cryptoassets will be subject to rules set by the Financial Conduct Authority (FCA), holding them to the same standards as financial promotions for stocks and insurance products, the ministry said.Only a business regulated by the FCA or Bank of England would be allowed to issue their own promotions for cryptoassets, forcing unregulated firms to pay a regulated company to approve their advertisements.This longstanding system of approving financial promotions is itself due to be tightened by the FCA.Industry body CryptoUK said it welcomed any clarity and guidance on promotions and will seek dialogue on how the measures are implemented.’GLORIFIED PYRAMID SCHEMES'”What would have a far bigger impact is cracking down on social media accounts where people claim to have made their millions from buying bitcoin, most of which are ultimately scams or glorified pyramid schemes,” said Laura Suter, head of personal finance at investment platform AJ Bell.The ministry said that non-fungible tokens (NFTs) and the distributed ledger technology, or blockchain, that underpins cryptocurreinces would not be included in the new rules on promotions.Secondary legislation to implement the changes will be brought forward once parliamentary time allows.Britain’s advertising watchdog warned soccer club Arsenal https://www.reuters.com/article/fintech-crypto-arsenal-idCNL8N2T728C in December over advertisements for its “fan tokens”, a type of cryptocurrency embraced by soccer clubs this year as coronavirus pummelled revenue. The Advertising Standards Agency (ASA) said cryptoassets are a “red-alert priority” amid increased online advertising and promotion.Other European regulators have moved to tighten curbs on such advertising. Mass cryptoasset campaigns in Spain https://www.reuters.com/article/spain-crypto-supervisor/update-1-spain-moves-to-rein-in-crypto-asset-advertising-idUSL1N2TX0RD will require authorisation from the CNMV stock market supervisor, the government said on Monday. More
TOKAU aims to build MetaCity, its first metaverse project, as a decentralized place where residents can take ownership. MetaCity has 150,000 Lands which will be open for sale in January. A Land is a digital piece of real-estate in TOKAU’s metaverse. The Company said that although the MetaCity page will be ready for selling the Land, many functions can only be available on January 26, 2022. One Land will be saved for TOKAU NFT holders and they will share permanent ownership of the Land.The blockchain company is in collaboration with many celebrities, including Hip Hop stars Snoop Dogg, Russell Simmons, NBA super star Allen Iverson, and actor Ian Somerhalder and previously issued celebrity NFTs, including Masterminds of Hip Hop NFT. The celebrities have accumulated over 200 million fans who could possibly be MetaCity’s potential residents. The celebrities in collaboration with TOKAU might be joining MetaCity.MetaCity is a virtual world GameFi where the users can interact with celebrities and can get rewarded with TOKAU tokens. In MetaCity, users can stake TOKAU tokens to get Ore NFT, the main carrier of value in MetaCity. Ore NFT can be applied into different scenarios in MetaCity. TOKAU NFT holders and TOKAU token holders will enjoy the privilege of entering MetaCity, where regular Airdropping Events will take place.”We believe that in the metaverse, rich content NFT will be an important component. By rich content, I mean here are creative content, consumable content, dissemination of content, the production of content, commentary on the content, rental content, stake content, etc. NFT will be the main real asset in the future virtual world. TOKAU has a wealth of celebrity resources and content creator resources. The upcoming MetaCity project will surely become a part of the future metaverse. We are looking forward to that future!”
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Cryptocurrency exchange Nexo has introduced its leverage product called Nexo Booster. Beginning January 17, customers can start accessing the new service on Nexo’s mobile trading app. According to the information obtained by CoinQuora, Nexo Booster will offer some features similar to margin trading, although it is expected to be simpler and more sophisticated. The new offering has a limit of up to $250,000 per single boost transaction.Nexo Booster offers a variety of advantages for its users. It has a profit projection feature that allows traders to monitor the effect of the market’s future moves in real time. Traders can also enjoy a 0.5% cashback on the full amount of the transaction. What is more, users who avail of the new service can borrow up to three times more than their initial balance.Nexo provided the leverage service to help its over 3 million users – especially the long-term retail traders – have better exposure to the crypto market. The exchange also assured its users that the newest offering has a loan-to-value (LTV) ratio of up to 70%.As for the reason behind its decision to allow leverage of 3x, the exchange told CoinQuora that it aims to limit the risks for its users. Aside from the aforementioned service, Nexo is known for its flagship Crypto Credit Lines. Specifically, the exchange allows users to borrow crypto starting at an annual percentage rate of 0%.Leverage is a type of trading in which traders can place a trade position more than his or her available balance alone. This is possible through borrowed funds.Continue reading on CoinQuora More
Barely two weeks into January, OpenSea’s monthly Ethereum trading volume has surpassed the $3.5 billion mark. The latest figure is more than the platform’s previous all-time high of $3.42 billion in August 2021 and its $3.24 billion volume in December. With approximately two more weeks to the end of the month, OpenSea may close January with a sales volume of over $5 billion.So far, the NFT platform’s daily trading volume has topped $169 million in January. On January 9, it recorded its largest single-day volume of $261 million.Earlier this month, OpenSea raised $300 million in a Series C funding round led by venture capital firms Coatue and Paradigm. The latest financing saw the company’s valuation climb to $13.3 billion, up from $1.5 billion just six months ago.Growing CompetitionOpenSea is currently the largest NFT marketplace. However, despite its success and first-mover advantage, the competition in the space is heating up. Many new entrants are hot on the heels of the company, LooksRare being one of such Rivals.As reported by BTC PEERS, LooksRare launched earlier this month with a “vampire attack” on OpenSea. The new NFT marketplace poached big spenders on OpenSea by offering them free LOOKS tokens. Although LooksRare already surpassed OpenSea in terms of trading volumes, reports suggest that the platform is brimming with wash trading to manipulate its token-based reward system. This brings to question the long-term sustainability of its model.Continue reading on BTC Peers More
Inflation is expected to remain at 2021’s level of 1.8% this year, compared with 0.8% in 2020, the agency said in a report. Household purchasing power will grow by just 0.7% in 2022, compared with an average growth rate of 1.1% between 2010 and 2019, the agency said, adding household debt would be equivalent to 34% of GDP this year. The Moroccan government has announced it will increase spending on subsidies for soft wheat, sugar and cooking gas to 17 billion dirhams ($1.8 billion) in 2022, following a surge in prices in the international market.Spending on subsidies would represent 1.6% of GDP this year, the agency said.Thanks to an improvement in domestic and foreign demand and an exceptional crop year, Morocco’s economy grew by 7.2% last year after a contraction of 6.3 in 2020, it said.This year, Morocco’s economic growth would slow to 2.9% assuming an average crop harvest, the agency said.The fiscal deficit would narrow to 6.1% this year compared to 6.5% in 2021, partly thanks to higher tax revenue, it said. More
