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Text of the US-Iran Memorandum of Understanding: Following the signing of the memorandum of understanding, the United States will soon grant waivers for Iranian oil exports.On June 18th, the Bank of England held its fourth consecutive meeting, keeping interest rates unchanged at 3.75%, believing that a rate hike was premature given the unclear strength of rising inflationary pressures. The Monetary Policy Committee voted 7-2 to maintain the rate, in line with market expectations. Monetary Policy Committee member Green and Chief Economist Peale advocated a 25 basis point hike. Most other members largely maintained Governor Baileys stance of "actively maintaining the status quo." Bailey argued that this stance itself constituted an effective tightening compared to market expectations of a rate cut before the conflict. Both Peale and Green stated that a rate hike now would help curb household expectations of future inflation. According to the banks quarterly survey, household inflation expectations have risen to their highest level since at least 2009. The preliminary ceasefire agreement reached between the US and Iran is expected to reopen the Strait of Hormuz and lower oil prices. Given the UKs heavy reliance on imported natural gas, maintaining the agreement would be beneficial to the UK. However, Governor Bailey stated, "Regardless of what the future holds, the higher energy prices of the past four months already indicate that some inflationary pressures are building." The Bank of England expects inflation to rise above 3.25% in the fourth quarter, up from 2.8% in May, but down from the 3.6% to 3.7% forecast in April under two of the three main scenarios. The outlook for economic growth is also slightly more optimistic, with potential growth projected at 0.2% per quarter, up from 0.1% in the previous forecast.Text of the US-Iran Memorandum of Understanding: Iran will maintain the status quo of its nuclear program.The yield on UK two-year government bonds rose 7 basis points to 4.22%.Traders maintained their bets on Bank of England interest rates, expecting a 35 basis point increase this year.

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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