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On February 14th, Faraday Future announced that its Extraordinary General Meeting of Shareholders, scheduled for February 13th, 2026 (Pacific Time), has completed the review and approval of relevant resolutions. At this meeting, shareholders approved a proposal to increase the number of authorized shares. This proposal only involves an increase in the authorized share reserve and will not immediately increase the actual number of shares issued. Simultaneously, the company launched its first series of embodied intelligent robots and opened non-refundable, non-binding pre-orders, with the first deliveries expected by the end of this month. Regarding its robotics business, the company is advancing key tasks such as mass production preparation, customized development, testing and verification, and AI data training, continuously driving the dual-engine growth curve of its two core product categories—EAI vehicles and robots.On February 14th, the Peoples Bank of China, the State Financial Regulatory Commission, the China Securities Regulatory Commission, and the Ministry of Agriculture and Rural Affairs jointly issued the "Opinions on Coordinating the Establishment of a Regular Financial Support Mechanism to Help Prevent Poverty and Promote Rural Revitalization." The Opinions emphasize strengthening financial resource investment in key areas, improving financial services for grain and oil production, and supporting the improvement of comprehensive agricultural production capacity and quality. It also calls for developing supply chain financial service scenarios such as accounts receivable financing to ensure the financial needs of the entire agricultural industry chain and expand the financial supply for county-level industries that benefit farmers. Furthermore, it emphasizes increasing medium- and long-term investment in rural infrastructure construction and supporting the integrated development of agriculture, culture, and tourism. The Opinions also stress strengthening financial service capacity building and improving the financial organization system. Finally, it calls for deepening the implementation of the demonstration project of financial technology empowering rural revitalization, promoting the popularization and application of emerging payment methods such as mobile payment, and continuing the evaluation of "credit users, credit villages, credit townships" and new agricultural business entities to solidify basic rural financial services.On February 14th, the Peoples Bank of China, the State Financial Regulatory Commission, the China Securities Regulatory Commission, and the Ministry of Agriculture and Rural Affairs jointly issued the "Opinions on Coordinating the Establishment of a Regular Financial Support Mechanism to Help Prevent Poverty and Promote Rural Revitalization." The Opinions require strengthening the synergy of multiple financial sectors, leveraging the financing function of the bond market, and encouraging financial institutions, especially local legal entity financial institutions in underdeveloped areas, to issue special financial bonds for micro, small and medium-sized enterprises (MSMEs) and agriculture. It also calls for building a comprehensive capital market support system and continuing the "green channel" policy for enterprise listing. Furthermore, it emphasizes the innovative development of insurance products and services. The Opinions stress strengthening policy guarantees and implementation, fully leveraging the incentive role of monetary and credit policies, and guiding financial institutions to continuously increase credit resources for rural revitalization, especially for those preventing poverty and those in underdeveloped areas. Finally, it calls for establishing and improving a regular statistical and dynamic monitoring mechanism for the effectiveness of financial assistance policies, and regularly tracking and analyzing the implementation results.On February 14th, the Peoples Bank of China, the State Financial Regulatory Commission, the China Securities Regulatory Commission, and the Ministry of Agriculture and Rural Affairs jointly issued the "Opinions on Coordinating the Establishment of a Regular Financial Support Mechanism to Help Prevent Poverty and Promote Rural Revitalization." The Opinions propose to improve the long-term mechanism for development-oriented financial assistance to key groups, adjust and optimize microcredit for those lifted out of poverty, improve policies for small-scale credit loans to farmers, and provide regular support for those preventing a return to poverty. It also emphasizes leveraging the role of finance in supporting industrial development, encouraging financial institutions to develop loans for distinctive and advantageous industries, and allowing eligible regions to increase the upper limit of guaranteed loans for entrepreneurship. Furthermore, it establishes a tiered and categorized financial support mechanism for underdeveloped areas, prioritizing new financial funds and services for key counties supporting rural revitalization. Finally, it calls for increased financial resource allocation to ethnic minority areas, old revolutionary base areas, and border regions.On February 14th, the Ministry of Industry and Information Technology and two other departments issued a notice entitled "Guiding Opinions on Upgrading and Improving the Quality of the Brewing Industry (2026-2030)," which mentions supporting the comparative analysis of domestic and international standards and formulating product grading, classification, and testing standards in line with international standards. It encourages enterprises to conduct overseas investment and acquisitions of raw material bases, wineries, packaging centers, and distribution channels in a reasonable and compliant manner, strengthen international exchanges and cooperation, and optimize the global production capacity layout. It also encourages enterprises to participate in international exhibitions and promotional activities to promote more products into international duty-free shops and international chain restaurants. Furthermore, it supports the "integration and collaborative export" of Chinese liquors such as baijiu and huangjiu with Chinese cuisine. Simultaneously, it encourages liquor distribution enterprises to deeply connect with production enterprises and share resources, transforming from traditional wholesale and retail agencies to brand agencies and chain operations. Finally, it supports enterprises to strengthen production and sales connections with large e-commerce platforms, deepen the omnichannel layout of production, distribution, sales, and services, and support the standardized development of new business models such as community e-commerce, live-streaming e-commerce, cross-border e-commerce, and instant retail. Local governments and businesses are encouraged to integrate alcohol consumption elements into nighttime economy districts, specialty restaurant clusters, and large commercial complexes. Support will be given to the development of new consumption platforms such as various pubs, creative markets, and themed streets to create immersive consumption experiences. Businesses will be encouraged to enrich residents daily lives through smart displays, themed pop-ups, cultural salons, and cultural and sports activities in urban business districts and residential communities.

Crypto lender Celsius defends bitcoin mining plans as bankruptcy kicks off

Jimmy Khan

Jul 19, 2022 14:35

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Bitcoin mining is essential to the company's reorganization efforts, according to cryptocurrency lender Celsius Network, who made the statement during a Manhattan bankruptcy court hearing on Monday.


headquartered in New Jersey U.S. Bankruptcy Judge Martin Glenn gave Celsius permission to spend $3.7 million on building a new bitcoin mining facility and $1.5 million on customs and fees on incoming bitcoin mining equipment.


The firm, which stopped other commercial activities including its cryptocurrency loans, might find a method to pay back consumers whose funds it had frozen in the weeks before to declaring bankruptcy, according to Patrick Nash, a lawyer representing Celsius.


The mining industry "has the potential to be pretty profitable in a scenario where the crypto market recovers," Nash said.


On July 13, Celsius declared bankruptcy, citing a $1.19 billion balance sheet shortfall. Following a significant cryptocurrency market sell-off caused by the May collapse of prominent coins terraUSD and luna, the business model of crypto lenders came under criticism.


Due to the significant volatility, Celsius' assets decreased, and its decision to freeze client accounts was an effort to reduce losses and stabilize its operations, according to Nash.


In the weeks leading up to the Chapter 11 filing, some customers threatened and sent hate mail to a few firm workers. Celsius is hoping that the mining endeavor will help it mend those relationships.


However, a group of equity investors hinted to a potential conflict over ownership of the bitcoin mining businesses. According to Dennis Dunne, the investors' attorney, they can argue that the freshly created currencies need to be given to all Celsius creditors rather than deemed the property of the UK company that acquired the money for the mining activity.


Customers could complain to Celsius' expenditure on bitcoin mining companies at a time when their own financial recovery is in question, according to the bankruptcy monitor of the U.S. Department of Justice.