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On June 24, the Bank of Korea reiterated its hawkish stance, stating that rising housing prices, expanding household debt, and increased leveraged investment could exacerbate financial imbalances, necessitating further interest rate hikes at an appropriate time. The Bank of Koreas semi-annual Financial Stability Report, released Wednesday, noted that despite increased domestic and international uncertainties, the South Korean financial system remained generally stable thanks to strong economic growth, resilient financial institutions, and sound external payments. However, the report warned that the risk of financial imbalances could further increase as housing prices in Seoul and surrounding areas accelerate and investors become increasingly reliant on leveraged asset purchases. Furthermore, while banks and other financial institutions maintain capital and liquidity buffers, credit risks for vulnerable borrowers and businesses continue to rise. The report stated, "The Bank of Korea will maintain the benchmark interest rate at 2.5% from the second half of 2025, but considering inflationary pressures, economic conditions, and financial stability risks, it believes it is necessary to raise the policy rate at an appropriate time."Futures News, June 24th - According to foreign media reports, data released by the Petroleum Institute of Japan (PAJ) on Wednesday showed that as of the week ending June 20th, Japans commercial crude oil inventories were 9,757,338 kiloliters, an increase of 33,755 kiloliters from the previous weeks 9,723,583 kiloliters. Refinery operational capacity utilization was 80.3%, compared to 81.9% the previous week. Refinery design capacity utilization was 70.5%, unchanged from the previous week. Due to changes in Japans petroleum product supply structure, the Petroleum Institute of Japan has suspended the release of weekly inventory details for gasoline, jet fuel, kerosene, and diesel.The China Earthquake Networks Center officially reported that a magnitude 3.6 earthquake occurred at 10:53 a.m. on June 24 in Dongchuan District, Kunming City, Yunnan Province (26.00 degrees north latitude, 103.13 degrees east longitude), with a focal depth of 10 kilometers.Goldman Sachs maintains its Q4 2026 gasoline profit forecasts for the U.S. and Europe at $23 and $13 per barrel, respectively.Goldman Sachs: Diesel margins in the U.S. and Europe are expected to fall to $46 and $31 per barrel, respectively, by the fourth quarter of 2026.

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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