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Indias Commerce Secretary: India is working closely with the United States to reach a trade agreement.According to CNBC, the U.S. will begin withholding the wages of student loan borrowers in January.According to CNBC: The United States will begin withholding the wages of borrowers who default on student loans.Ukrainian President Zelensky: I spoke with European Commission President Ursula von der Leyen, and we discussed the importance of supporting Ukraine in strengthening its resilience and reinforcing our position at the negotiating table.On December 23, the Conference Boards Consumer Confidence Index fell to 89.1 in December; the Consumer Current Conditions Index plummeted to 116.8; and the Consumer Expectations Index remained stable at 70.7, but has now been below 80 for 11 consecutive months, a threshold considered a signal of impending recession. Dana M. Peterson, chief economist at the Conference Board, stated, "Despite an upward revision to Novembers data due to the end of the government shutdown, consumer confidence declined again in December, well below the peak in January. Four of the five components of the overall index declined, with one at a level indicating significant weakness." Peterson also noted that the economic factors consumers cited in their open-ended responses remained primarily focused on prices and inflation, tariffs and trade, and politics. However, the proportion of responses mentioning immigration, war, and personal finances increased in December. These responses continued to lean pessimistic, but to a lesser degree than in November, possibly due to reduced negative comments about prices and inflation, politics, and a rebound in positive responses regarding interest rates.

Celsius Network hires advisors to prepare for potential bankruptcy

Jimmy Khan

Jun 27, 2022 14:59

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According to persons familiar with the situation, the Wall Street Journal reported on Friday that Celsius Network LLC has recruited restructuring specialists from the advising firm Alvarez & Marsal to provide advice on a potential bankruptcy petition.


As the latest indication of the financial market collapse affecting the cryptosphere, the New Jersey-based bitcoin lending firm earlier this month temporarily halted withdrawals and transfers owing to "extreme" market circumstances.


The Wall Street firm Goldman Sachs was seeking to acquire $2 billion from investors, according to a second story from CoinDesk, in order to purchase troubled assets from Celsius.


According to the story, which cited two people familiar with the situation, the planned arrangement would enable investors to acquire the assets at potentially significant discounts if the bitcoin lender declares bankruptcy.


As of a month ago, Celsius has $11.8 billion in assets. Requests for comment from Reuters were not immediately answered by the corporation or Alvarez & Marsal.


The market for digital assets has experienced tremendous volatility in recent months as investors flee riskier investments out of concern that draconian interest rate increases to combat persistent inflation may cause the country to enter a recession.

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