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On May 21, HSBC Global Investment Research analysts stated in a report that despite supply disruptions caused by the Middle East conflict, the oil market appears to be rebalancing, with prices relatively subdued. They attributed this to a significant reduction in crude oil purchases in some regions, a surge in US exports, and an unusually rapid depletion of inventories and strategic reserves. They added that these factors have eased short-term supply concerns. They further noted that crude oil imports may decline further, potentially releasing supply and limiting prices. However, they also pointed out that US inventories are declining rapidly and may reach the bottom of their five-year range by the end of June or July.Rocket Labs stock price fell 6.3% in pre-market trading after the company filed for a common stock offering of up to $3 billion.Abu Dhabi National Oil Company (ADNOC): The company has deployed the industry’s first heavy-duty robot to improve safety, reliability and performance.The Eurozones composite PMI preliminary reading for May came in at 47.5, a 31-month low. The Eurozones services PMI preliminary reading for May came in at 46.4, a 63-month low. The Eurozones manufacturing output index for May came in at 51, a 4-month low. The Eurozones manufacturing PMI preliminary reading for May came in at 51.4, a 3-month low.Futures News, May 21: Enterprise Singapore (ESG) reported that Singapores light distillate fuel inventories fell by 51,000 barrels to a two-week low of 14.878 million barrels in the week ending May 20.

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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