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Fitch: (Regarding oil and European gas price assumptions) We expect non-OPEC supply growth to be approximately 3 million barrels per day.Fitch: (Regarding oil and European gas price assumptions) We expect market oversupply to depress prices.May 9th - According to the Wall Street Journal, sources familiar with the matter revealed that Apple (AAPL.O) and Intel (INTC.O) have reached a preliminary agreement for Intel to manufacture some chips for Apple devices. The sources indicated that intensive negotiations between the two companies had been ongoing for over a year, culminating in a formal agreement in recent months. It is currently unclear which Apple products Intel will manufacture chips for. Apple ships over 200 million iPhones annually, as well as millions of iPads and Macs. Intels main businesses are chip design and manufacturing (both for its own and external clients). Before Chen Liwu took over as CEO last spring, both businesses had been sluggish for a long time. Last summer, the Trump administration converted nearly $9 billion in federal funding into Intel stock, giving it a 10% stake, which facilitated Apples involvement in the negotiations. Reports indicate that U.S. Commerce Secretary Lutnick met multiple times over the past year with Apple CEO Tim Cook, Tesla CEO Elon Musk, and Nvidia CEO Jensen Huang, attempting to persuade them to cooperate with Intel. With Apple joining the fray, Intel now has partnerships with all three companies.Fitch: If the Strait of Hormuz is closed for less than five months, average annual oil prices may fall.Fitch: Raised its short-term forecasts for crude oil and European natural gas prices.

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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