Author: News Room
© Reuters. FTX logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration By Dietrich Knauth (Reuters) -Bankrupt crypto exchange FTX has recovered over $7.3 billion in cash and liquid crypto assets, an increase of more than $800 million since January, the company’s attorney said on Wednesday at a U.S. bankruptcy court hearing in Delaware. FTX attorney Andy Dietderich said the company is starting to think about its future after months of effort devoted to collecting resources and figuring out what went wrong under the leadership of indicted ex-founder Sam Bankman-Fried. Bankman-Fried has pleaded not guilty. “The situation…
Federal Reserve officials, meeting days after the collapse of Silicon Valley Bank, agreed that the stress in the banking sector would slow U.S. economic growth, but were uncertain about how much, according to minutes of the meeting released Wednesday. The twelve voting members on the Fed’s interest-rate committee “agree that recent developments were likely to result in tighter credit conditions for households and businesses and to weigh on economic activity, hiring and inflation, but that the extend of these effects were… Read the full article here
The U.S. economy is still dealing with high inflation, but the housing sector is showing signs of cooling off. The Consumer Price Index rose 0.1% in March from the previous month, according to the latest report from the federal government. It was the smallest uptick in 3 months, and was lower than usual due to an easing in energy costs. The… Read the full article here
Consumer-goods giant Procter & Gamble Co. PG on Tuesday said its board had declared an increase in its quarterly dividend of $0.9407 per share — or 3% — on its common stock and on preferred stock in the company. The increased dividend is payable starting May 15 to shareholders as of April 21. Shares were unchanged after hours, after finishing 0.2% lower during regular trading. … Read the full article here
U.S. stocks opened higher Wednesday as investors digest fresh data showing headline inflation eased in March. The Dow Jones Industrial Average DJIA was up 0.4% soon after the bell, while the S&P 500 SPX gained 0.5% and the technology-heavy Nasdaq Composite COMP rose 0.7%, according to FactSet data, at last check. Inflation, as measured by the consumer-price index, rose 0.1% in March for a year-over-year rate of 5%, according to a report from the Bureau of Labor Statistics on Wednesday. That’s down from 6% in the 12 months through February. Core CPI, which excludes energy and food prices, increased 0.4%…
Former President Donald Trump is suing Michael Cohen for $500 million in damages for allegedly breaching his contract as Trump’s former personal attorney. The lawsuit, filed in a Florida federal court on Wednesday, accuses Cohen of spreading false information about Trump and breaching his contractual obligations to the former president in Cohen’s public statements, published books, podcast series and other media appearances. Cohen, Trump’s onetime “fixer,” has recently reentered the national spotlight after Trump pleaded not guilty last week to 34 charges of falsifying business records following an investigation into hush money payments made to adult film star Stormy Daniels.…
Donald Trump has sued Michael Cohen, his ex-lawyer and a crucial witness in the “hush money” case brought against the former president by Manhattan prosecutors, seeking at least $500mn for alleged breaches of contract and confidentiality agreements.The lawsuit was filed in the Southern District of Florida just a few weeks after Cohen repeatedly testified before a grand jury in New York about the $130,000 he paid to buy the silence of porn actress Stormy Daniels in the days before the 2016 election. Daniels, who also testified before the Manhattan grand jury, had claimed she had an affair with Trump, which…
About a year ago, I concluded I would run for the cashier in the case of shares of Albertsons Companies, Inc. (NYSE:ACI). The grocery chain had prolonged the pandemic boom of 2020 into 2021, allowing it to revamp stores and deleverage the balance sheet. With comparables getting more difficult and inflationary pressures building, I was very cautious, with shares trading in the mid-thirties about a year ago. A Recap The pandemic provided private equity firm Cerberus, the owners of Albertsons since the late 2010s, with a perfect window of opportunity to go public in the summer of 2020. The pandemic…
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The little-known FTX co-founder Gary Wang is reportedly cooperating with prosecutors after pleading guilty to fraud in December.The cooperation between Wang and prosecutors has been centered around his role at FTX, including his role in the operation and subsequent collapse of the major crypto exchange, Insider reported on Tuesday.Further details about how Wang is cooperating with prosecutors are scarce, but it is possible that he has entered some type of deal in exchange for a lower sentence.In the report, Wang was called “a critical player during the rise and fall” of FTX, but also a person who is naïve and…
