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On June 15th, European Central Bank President Christine Lagarde stated that high energy prices are beginning to spread to other sectors of the economy. She said, "Weve started to see the indirect effects of inflation almost everywhere in recent weeks." The ECB raised interest rates last week for the first time since 2023, as the Middle East war exacerbated price pressures. Officials did not rule out a second rate hike immediately at the July meeting, with policymakers, including Bundesbank President Jean-Claude Nagel, saying that even if the war in Iran ends soon, prices could remain high. However, rising borrowing costs have raised concerns among some ECB watchers about the economic impact. "I hear criticism—often from France, and I understand that criticism—saying, We are taking measures that will stifle economic growth," Lagarde said. "But I must curb inflation if it is awakened, because once inflation gets out of control, it will be much more difficult and costly to bring it back under control. Prolonged inflation is unacceptable for consumers and businesses, and I would have failed in my mission."European Central Bank President Christine Lagarde: Common euro debt is a necessary condition for the success of a capital markets union.On June 15th, Futures reported that the domestic refined oil market showed a divergent trend in early June: retail prices saw a significant decline, but wholesale prices had limited room for further drop and gradually stabilized and began to rise, leading to a narrowing of the wholesale-retail price spread for gasoline and diesel from its year-to-date high. As of the close of trading on June 12th, the wholesale-retail price spread for gasoline from major domestic oil companies and Shandong local refineries narrowed by 19.09% and 16.85% respectively compared to the beginning of the month; the wholesale-retail price spread for diesel narrowed by 19.93% and 18.77% respectively. However, recent negative news has intensified, and demand has been insufficient, leaving room for further declines in wholesale gasoline and diesel prices. Before the retail price adjustment window opens, the wholesale-retail price spread for gasoline and diesel is expected to widen.Switzerlands producer/import price index fell 0.4% month-on-month in May, compared with 0.80% in the previous month.Switzerlands producer/import price index fell 1.8% year-on-year in May, compared with a previous reading of -2.00%.

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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