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On May 31, White House National Economic Council Director Hassett stated on Sunday that the way the media reports economic news often leads to an overemphasis on the most serious problems at a particular moment. "One thing Ive noticed in the White House is that whenever a consumer price index looks a little disappointing, we just talk about that one thing," Hassett said during an appearance on ABCs "This Week." He was referring to gasoline prices and their impact on inflation. Hassett stated that everyone should look at the big picture, not just energy prices or a particular area of the economy that is temporarily experiencing difficulties. "What you should do is take these fluctuations in stride and focus on changes in real wages," he said. "If you look closely, youll see that increased employment, a rising stock market, and strong corporate profits are translating into higher wages."On May 31st, STMicroelectronics, a major manufacturer of MCUs and power semiconductors, issued a "Price Adjustment Notice" to its customers on May 28th, announcing a price increase for some products effective June 28, 2026. This is STMicroelectronics second price increase this year, following its initial announcement on March 24th. The fact that STMicroelectronics has announced another price adjustment just two months later highlights the continued pressure on its cost side.US President Trump: We will also continue to advance our strategic cooperation with the governments of Syria and Iraq, and our relationship with them will continue to deepen!U.S. President Trump: I am pleased to announce that U.S. Ambassador to Turkey Tom Barrack has performed an outstanding job and will be appointed as Special Presidential Envoy for Syria and Iraq.According to Iranian state media, the Iranian Islamic Revolutionary Guard Corps struck a stronghold of a separatist group in northern Iraq.

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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