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Goldman Sachs raised its target price for ASML from €1,600 to €1,770.Pop Mart (09992.HK) rose more than 4%.Russian officials said that the attack by Ukraine on bridges in the Russian-controlled Kherson region caused some damage.Market news: NEC, Anthropic, and Japanese financial institutions will collaborate on an artificial intelligence project.Futures Commentary by Everbright Futures: On June 10th, COMEX gold prices plummeted, approaching 4000 points, closing at $4094.1 per ounce, a drop of 4.49%. Domestic SHFE gold opened lower and continued to decline, breaking below 900 points, closing at 892.58 yuan per gram, a drop of 4.11%. 1. On Wednesday evening, data released by the U.S. Department of Labor showed that the U.S. Consumer Price Index (CPI) rose 4.2% year-on-year in May, the largest increase since April 2023, while the core CPI, excluding food and energy, rose 2.9% year-on-year. Although the CPI report suggested that the oil price shock had not yet spread to broader economic sectors, mainly remaining confined to the transportation industry, providing more justification for the Federal Reserve to keep interest rates unchanged until 2027, the market still bet on a Fed rate hike in October after the CPI data release, putting continued pressure on gold prices. 2. Geopolitically, Trumps dissatisfaction with the slow progress of US-Iran negotiations, threatening a "very strong" attack on Iranian infrastructure, has fueled renewed market concerns about a potential escalation of the conflict. This renewed geopolitical tension, coupled with expectations of a Fed rate hike, has dealt a double blow to gold, causing prices to fall rapidly again. However, the unusually weak performance of US stocks may force the Fed to be more cautious in its monetary policy rhetoric. With the Feds interest rate meeting next week, the market anticipates a hawkish stance that could further suppress gold prices. However, its also important to watch for unusual "buy the rumor, sell the fact" volatility in gold prices before and after the meeting.

Citigroup Is Attempting to Collect A $500 Million Loan Repayment From Revlon

Charlie Brooks

Dec 02, 2022 14:05

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Citigroup Inc is negotiating the reimbursement of around $500 million it unintentionally paid to a consortium of hedge funds and investment firms on a debt due by insolvent cosmetics giant Revlon Inc, led by billionaire Ronald Perelman.


In a letter filed Thursday in federal court in Manhattan, representatives for the bank and the lenders indicated that they were seeking a "consensual solution" to prevent Citigroup (NYSE:CAugust) from filing a lawsuit in 2020 to collect the wrong payment.


The attorneys have claimed that "essential components" of a settlement would include the return of Citigroup's cash, with the bank repaying the interest and amortization payments it has received since early 2021.


It was announced on November 10 that settlement discussions had commenced. The attorneys asked permission from U.S. District Judge Jesse Furman to submit an update by December 5.


Citigroup, which was Revlon's loan agent, repaid the company's $894 million loan three years early with its own cash in August 2020, rather than pay $7.8 million in interest.


Human error was mentioned by the bank as the reason why some recipients returned money.


However, 10 asset managers, including Brigade Capital Management, HPS Investment Partners, and Symphony Asset Management, rejected, asserting that the bank had met its commitments.


Citigroup reduced previously announced earnings by $390 million to account for higher legal expenses when Furman sided with the defendants in February 2021.


In September, the federal appeals court in Manhattan reversed that ruling, finding that it would result in a "huge windfall" for the group at the expense of Citigroup.


Revlon filed for Chapter 11 bankruptcy protection on June 15.


In re Citibank August 11, 2020 Wire Transfers, Southern District of New York United States District Court, Case No. 20-06539.

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