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On July 20th, the Ministry of Commerce held a national teleconference on July 17th to advance the mid-year work of the consumer goods trade-in program. The meeting summarized the progress and achievements of the policy implementation in the first half of the year and deployed key tasks for the next stage. The meeting emphasized that all regions and relevant departments should further enhance their political awareness, establish and practice a correct view of performance, and implement the consumer goods trade-in policy meticulously and effectively with a persistent and dedicated approach. They should further intensify their efforts, strengthen inter-departmental coordination, widely publicize the policy, and expand its coverage. They should also continuously enrich offline consumption scenarios, optimize the subsidy review and disbursement process, facilitate public participation in and enjoyment of the policy, and enhance the publics sense of gain.Citigroup lowered its price target for IBM (IBM.N) from $375 to $255.Citigroup raised its price target for JPMorgan Chase (JPM.N) from $325 to $360.Preliminary plans indicate that Angola will load 34 tankers of crude oil in September, compared to 35 tankers planned for August.On July 20th, Citigroup strategists stated that the widely discussed "Big Seven" tech concept is "no longer applicable" in assessing investment opportunities in the US AI sector. The strategy team, led by Scott Chronert, suggested that investors should turn their attention to a broader range of stocks that have consistently been major drivers of earnings growth and share price increases for the S&P 500. They recommended focusing on the so-called "growth cluster," a group that includes not only large-cap tech stocks but also most companies benefiting from AI infrastructure development. Chronert stated that this group accounts for more than half of the S&P 500s total market capitalization and contributes nearly 48% of earnings. After driving the S&P 500 to record highs in recent years, the "Big Seven" tech index is projected to underperform the market by 2026 as investors favor sectors expected to benefit from massive AI capital expenditures.

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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