A French crypto trader, Thomas Clausi, is currently jailed in Morocco where he was convicted of the crime of purchasing a Ferrari using bitcoin. Clausi’s arrest and subsequent jailing came after a woman, who sold him a Ferrari for $440,000 in April 2021, filed a complaint against the crypto trader when the price of the
Mike Lynch, the billionaire founder of UK software group Autonomy, has been extradited to the US after losing his appeal in the High Court last month. Lynch faces a criminal trial in California over multiple allegations including conspiracy to commit wire fraud and securities fraud, charges the tech entrepreneur has strongly contested. A judge in
European stocks rose at the open on Friday as investors drew optimism from US economic data that pointed towards an end to the Federal Reserve’s campaign to curb inflation with interest rate increases. Europe’s region-wide Stoxx 600 rose 0.5 per cent in the first hour of trade, assisted by strong corporate earnings from Switzerland’s Richemont,
Elon Musk is in talks to hire Linda Yaccarino, NBCUniversal’s head of advertising, as Twitter’s new chief executive, according to two people familiar with the matter. The billionaire has been Twitter chief executive since his $44bn acquisition of the company in October but signalled his position would be temporary. Without naming a successor, Musk wrote
U.S. Treasury Secretary Janet Yellen has warned again about the consequences of the U.S. defaulting on its debt. During a press conference in Niigata, Japan, Yellen stated that this would be a self-inflicted crisis, and urged Congress to act quickly on the matter, stating that defaulting would be an unthinkable outcome on this issue. US
Michigan is home to the good ole “Motor City” of Detroit, the University of Michigan, and some fascinating colonial era forts at the tips of the Upper and Lower Peninsulas. Indeed, Michigan is a beautiful state with its fair share of very wealthy cities. In a recent study, we analyzed and identified the 50 richest
The EU is planning an undersea internet cable to improve connectivity to Georgia and reduce dependence on lines running through Russia, amid growing concerns about vulnerabilities to infrastructure transmitting global data. The €45mn cable will link EU member states to the Caucasus via international waters in the Black Sea, stretching a span of 1,100km. The
The EU’s chief diplomat has warned that China will “take geopolitical advantage” of a Russian defeat in Ukraine and that Brussels needs to respond to Beijing’s global ambitions. Josep Borrell, the bloc’s high representative for foreign policy, has urged member states to find a “coherent strategy” to deal with China that responds to both Beijing’s
Last Saturday a far-right extremist opened fire with an AR-15-style rifle on passers-by at a shopping mall in Allen, Texas. He killed eight, including two children, and wounded a further seven. This was the ninth “active shooter” mass killing of 2023 so far in the US, according to the definition used by the FBI. Stories
A project to build two large-scale facilities for cryptocurrency mining is underway in the United Arab Emirates (UAE). The high-tech data centers will rely on a full immersion solution to cool the power-hungry miners as the desert climate renders air-cooled mining infeasible, participants said. Advanced Crypto Mining Facilities in Abu Dhabi to Defy Cooling Challenges
The writer is president of France In a few days, more than 200 international chief executives will arrive in Versailles to take part in an event entitled “Choose France”. Many of them will unveil investments in strategic areas. Since the first of these events in 2018, thousands of jobs and hundreds of factories have been set
The Atrium is a black glass office tower glowering over the town centre of Uxbridge, 16 miles west of London. It symbolises a problem facing commercial property investors across the UK. The 1990s building, which counts multi-level marketing company Herbalife among its remaining tenants, is now roughly half empty. The Atrium is not alone: a
PwC is racing to contain the global fallout of an Australian leak scandal on its business after it emerged that the firm used confidential government tax plans to advise tech clients. Emails released by an Australian senate committee last week showed that PwC had used information received during its work with the government to win
Memecoin buyers are playing the crypto-equivalent of Powerball — with many “playing” in the hopes of scoring “life-changing money,” yet only a few will walk away with the jackpot, says Matrixport’s head of research. Memecoins have seen a huge resurgence over the last week. Crypto tokens such as Pepe (PEPE) and Milady (LADYS) have boasted
Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that the U.S. Treasury defaulting on its debt obligations “would have very significant, hard to predict, and likely lasting effects on investors, issuers, and markets alike.” Gensler stressed: “We’ve already seen an effect in the pricing and liquidity of short-dated Treasury bills and continue to
When Lee Xian Jie first stepped foot in the traditional farmhouse located in Ryujin-mura, a village in Japan’s Wakayama prefecture, it was “quite rundown” — with floors so rickety they shook beneath him with every step he took. After all, the main structure of the abandoned home was 300 years old, Lee said. But when
An unidentified issue on Ethereum’s Beacon Chain led to a halt in transactions for nearly half an hour on May 11. Around 8:15pm on Thursday May 11, a number of Ethereum core developers announced that the Beacon Chain was having issues with confirming transactions. New blocks were able to be proposed but an unknown issue
IRS wants $38 billion tax from Alameda According to recent flings posted by the claims agent of bankrupt cryptocurrency exchange FTX, the U.S. Internal Revenue Service (IRS), is claiming a total of $44 billion from the exchange’s bankruptcy and related firms, including $38 billion against its sister quantitative trading firm Alameda Research. In one single
A Goldman Sachs executive who also serves as the chair of a Treasury advisory committee has warned that a U.S. default poses “real risk to the U.S. dollar.” She stressed: “Anything that moves us away from being viewed as the world’s reserve currency, of being the safest most liquid asset in the world, is bad
Energy executives have said the EU’s targets for renewable hydrogen will not be achieved because of the bloc’s complex regulations. The targets, set by the European Commission last year, aim for 10mn tonnes of “green” hydrogen to be produced in the EU by 2030 and for another 10mn tonnes to be imported. But executives gathered
Former U.S. President Donald Trump has urged Republican lawmakers to let the U.S. default on its debt obligations if the Democrats do not agree on “massive” spending cuts. Trump, who is also running for president in 2024, stressed that letting the U.S. default is “better than what we’re doing right now because we’re spending money