The 2010s were a fruitful decade for culture warriors on the right. There was a particularly rich seam in 2016, with the Brexit referendum and the election of Donald Trump. Three years later, Scott Morrison and Boris Johnson exploited the culture wars on their way to win victories in Australia and the UK. Much has
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When Amar Bhidé joined the board of Baillie Gifford’s flagship Scottish Mortgage Investment Trust three years ago, an insider complimented the academic as a “world-class brain and a world-class bastard” who would take to task the £13.4bn company’s investment managers. Bhidé, a professor of business at Tufts University in Massachusetts, departed in acrimony this week,
Central bankers have been at pains to stress that they can maintain a neat dividing line between actions taken to quell inflation, and those to fix turmoil in the banking system. So much so that the US Federal Reserve on Wednesday raised interest rates by a quarter point, despite the recent collapse of three midsized
Where were the regulators? It’s a fair question after the failure of several ostensibly supervised banks and policymakers are already asking it as they set out, once again, to make the financial system less crisis-prone. Even so, there is an equally pressing question to answer: where were the directors? The collapse of Silicon Valley Bank,
Executive pay at Silicon Valley Bank soared after the bank embarked on a strategy to boost profitability by buying riskier assets exposed to rising interest rates, according to a Financial Times analysis of securities filings and people familiar with the matter. The jump in pay for chief executive Greg Becker and chief financial officer Daniel
China has released a top chip investor after an eight-month detention as the country battles to bolster its semiconductor industry in the face of Washington’s containment efforts. Chen Datong, head of Yuanhe Puhua (Suzhou) Investment Management, also known as Hua Capital, was released this month as Beijing seeks help from chip experts to navigate tough
While rent control appears to help housing providers in the short run, in the long run it affects their investment and development plans, according to new research by the National Apartment Association (NAA). Potential actions include reducing investments, shifting plans to other markets and canceling plans altogether. Furthermore, a full two-thirds of housing providers would
Do Kwon, the South Korean crypto entrepreneur behind the $40bn implosion of terraUSD and luna digital tokens last year, has been charged in the US with fraud, hours after he was arrested in Montenegro. In a 12-page indictment revealed on Thursday, US prosecutors accused Kwon of defrauding crypto customers by “deceiving those individuals about aspects
Terraform Labs CEO Do Kwon has been charged with fraud by United States prosecutors in New York, just hours after he was reportedly arrested in Montenegro. The 31-year-old entrepreneur was charged with eight separate counts, including securities fraud, commodities fraud and wire fraud, according to a March 24 report from Bloomberg. What appears to be the
Our weekly roundup of news from East Asia curates the industry’s most important developments. Chinese crypto billionaire sued by SEC On Mar. 22, the U.S. Securities and Exchange Commission, or SEC, announced charges against Chinese blockchain personality and billionaire Sun Yuchen — better known as Justin Sun — and three of his wholly-owned companies Tron Foundation
Bitcoin’s (BTC) 17.5% rally between March 16 and March 22 surprised options traders betting on price levels below $26,000. The movement resulted from investors seeking protection against persistent inflation and the ongoing banking crisis. Bitcoin bulls have been paying close attention to the negative effects of near-zero interest rates between April 2020 and April 2022,
2023 is shaping up to be a painful year for the U.S. Securities and Exchange Commission (SEC) as it finds itself entangled in battles with the ever-evolving and innovative cryptocurrency industry. From Ripple to Coinbase and Tron, the SEC faces fierce opposition with potentially huge consequences. The following opinion editorial was written by Joseph Collement,
German automaker Volkswagen is set to receive $1.3 billion in state aid under an economic development deal signed by South Carolina Gov. Henry McMaster on Monday, backing the construction of a new electric-vehicle production plant 20 miles north of the capital, Columbia. The $2 billion planned factory will produce electric vehicles under the Scout nameplate,
Municipals were slightly firmer in spots, while U.S. Treasuries extended their rally once more and equities ended up. The two-year muni-UST ratio was at 65%, the three-year at 66%, the five-year at 68%, the 10-year at 69% and the 30-year at 93%, according to Refinitiv MMD’s 3 p.m. ET read. ICE Data Services had the
The official Arbitrum airdrop page crashed right after the claiming process began around 9 a.m. EST. Some users still managed to claim it through alternative methods like Arbiscan. In the first two hours, the market witnessed a massive sell-off of the token as its price declined from over $10.29 to lows of $1. At ByBit,
EUR/USD raced to a six-week high on Thursday, as markets continued to react to the U.S. Federal Reserve’s 25-basis-point rate hike. The greenback was lower across the board, falling versus several G7 currencies, including the British pound. EUR/USD On Thursday, the world’s most traded currency pair rose for a sixth straight session, as markets continued
Flint, Michigan’s fiscal condition remains stable but fragile with some positive signs on the horizon as its citizens move closer to receiving compensation for the 2014 water contamination crisis, with a $600 million state-backed settlement clearing its final legal hurdle. Following federal court approval in 2021 and an appellate affirmation last week, Genesee County Circuit
If any Bank of England policymakers were wavering ahead of Thursday’s decision to raise interest rates for the 11th time in succession, the shock of February’s inflation data will have stiffened their resolve. The acceleration in consumer price inflation to 10.4 per cent, just as price pressures were expected to ease, made it all the
On Thursday, the Arbitrum airdrop claiming process went live and ARB markets dropped more than 85% lower than pre-IOU market prices recorded the day before. Arbitrum airdropped just over a billion ARB tokens, or 11.6% of the total supply. At noon ET, more than 474 million tokens had been claimed. Wild Volatility for ARB Token:
The judge in the Puerto Rico Electric Power Authority bankruptcy ruled bondholders had no lien on the authority’s revenues, which could result in bondholders recovering as little as 0.21% of their principal. The Puerto Rico Oversight Board has introduced a plan of adjustment where that would be the payout if the judge ruled the bondholders
TikTok’s chief executive told US lawmakers that the viral video app would be kept “free from any manipulation by any government”, as he tried to head off a potential ban in the US. Shou Zi Chew faced bruising questioning in Congress on Thursday over the social media app’s links to its Chinese parent company ByteDance.