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Sri Lankan international sovereign bonds fell by 1 cent, while Pakistani and Indonesian bonds came under pressure after Trump announced new tariffs.July 24th - S&P Globals preliminary German Composite PMI rose to 51.2 in July from 49.5 in June, exceeding analysts expectations of 49.8. Phil Smith, Associate Director of Economics at S&P Global Market Intelligence, stated, "The German economy had a strong start to the third quarter, with the Composite PMI returning to growth territory; previously, the index had been in contraction for three consecutive months due to the outbreak of conflict in the Middle East." However, Smith pointed out that the path to a sustainable recovery remains highly uncertain given the escalating hostilities in the region and the renewed push up global energy prices. Germanys preliminary Manufacturing PMI rose to 52.2 in July from 50.3 in the previous month, exceeding analysts expectations of 50.5. Smith stated, "Manufacturing output grew strongly in July, marking the most significant increase in nearly four and a half years." Meanwhile, the preliminary Services PMI recorded 49.6, an improvement from 48.6 in the previous month, reaching a four-month high.The Iranian military has launched another wave of drone attacks against US military facilities in Kuwait.Germanys preliminary composite PMI for July was 51.2, below the expected 49.8 and the previous reading of 49.5.Germanys preliminary manufacturing PMI for July was 52.2, below the expected 50.5 and the previous reading of 50.3.

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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