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The China Earthquake Networks Center officially reported that a 5.1-magnitude earthquake occurred in Longchang City, Neijiang City, Sichuan Province at 13:13 on August 28, with a focal depth of 13 kilometers.August 28 (Reuters) - South Koreas exports are likely to continue their strong growth in August, marking the 15th consecutive month of year-on-year increases, driven by surging global demand for artificial intelligence chips. The median forecast from 10 economists indicates that South Korean exports are expected to rise 62.6% year-on-year in August, essentially continuing the momentum of Julys 63% surge. Analysts say that Samsung Electronics and SK Hynix, the two memory chip giants, continue to be the main pillars of export growth. Park Sang-hyun, an economist at iM Investment & Securities, said, "Exports of information technology products, especially semiconductors, are expected to maintain a high growth rate. Looking ahead, although the strong performance of global manufacturing will continue to support this upward trend led by semiconductors, the year-on-year growth rate of exports is expected to gradually slow down due to the base effect."ECB Governing Council member Kazak: Inflation cannot be allowed to take root.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.9 occurred at 13:13 on August 28 near Longchang City, Neijiang City, Sichuan Province (29.25 degrees north latitude, 105.21 degrees east longitude). The final result is subject to the official rapid report.The European-Mediterranean Seismological Centre reported a 5.2-magnitude earthquake on the Southeast Indian Ridge at a depth of 10.0 kilometers.

Crypto lender Voyager Digital gets approval to return $270 million to customers

Alice Wang

Aug 05, 2022 15:16

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Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the U.S. Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the US Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


According to the Journal, Judge Michael Wiles, who is in charge of Voyager's bankruptcy, said the firm had "sufficient grounds" to back up its claim that clients should be given access to the custodial account kept at Metropolitan Commercial Bank.


The business did not immediately respond to requests for comment.


Voyager, one of several businesses that struggled after the widespread turbulence on the cryptocurrency market, filed for Chapter 11 last month.


Voyager reported that it had between $1 billion and $10 billion in assets and liabilities, as well as over 100,000 creditors, in its bankruptcy case.


The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) issued an injunction to the firm last week directing it to stop making "false and misleading" promises about the government's protection of its clients' cash.


The firm only had a bank account at Metropolitan Commercial Bank, according to the authorities, and none of the investors using its platform were covered by the FDIC.


During the COVID-19 epidemic, cryptocurrency lenders like Voyager saw a surge in business, luring depositors with high interest rates and convenient access to loans that conventional banks seldom ever gave. Lenders have suffered from the recent decline in cryptocurrency markets, which was brought on by the failure of two significant tokens in May.

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