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February 24 - The Peoples Bank of China (PBOC) kept the one-year and five-year loan prime rates (LPR) unchanged at 3% and 3.5% respectively, marking the ninth consecutive month of no change.Chinas one-year loan prime rate as of February 24 was 3%, as expected and unchanged from the previous value of 3.00%.Chinas five-year loan prime rate (LPR) as of February 24 was 3.5%, compared to an expected 3.50% and the previous value of 3.50%.Chinas one-year loan prime rate (LPR) up to February 24 will be announced in ten minutes.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.66% to 48,804.06 points, the S&P 500 fell 1.04% to 6,837.75 points, and the Nasdaq Composite fell 1.13% to 22,627.27 points. IBM fell more than 13%, and American Express fell more than 7%, leading the decline in the Dow. IBM suffered its biggest drop since 2000 due to the threat of AI to its core business. The Wind U.S. Tech Giants Index fell 0.99%, with Microsoft falling more than 3% and Tesla falling nearly 3%. The Nasdaq China Golden Dragon Index fell 0.95%, with Kingsoft Cloud falling nearly 9% and BOSS Zhipin falling more than 6%. 2. All three major European stock indices closed lower. The German DAX index fell 1.06% to 24,991.97 points, the French CAC40 index fell 0.22% to 8,497.17 points, and the UK FTSE 100 index fell 0.02% to 10,684.74 points. The EUs freeze on the ratification process of the trade agreement with the US was the main trigger. 3. 4. International precious metal futures generally closed higher. COMEX gold futures rose 3.29% to $5,247.90 per ounce, and COMEX silver futures rose 6.87% to $88.00 per ounce. 5. The main US crude oil contract closed down 0.29% at $66.29 per barrel; the main Brent crude oil contract fell 0.29% to $71.09 per barrel.

Crypto lender Genesis says no plans to file bankruptcy imminently

Jimmy Khan

Nov 22, 2022 15:40

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Days after being forced to halt customer redemptions due to the collapse of cryptocurrency exchange FTX, cryptocurrency lender Genesis stated on Monday that it had no immediate intentions to declare bankruptcy.


We don't have any immediate plans to declare bankruptcy. In a statement sent by email to Reuters, a Genesis representative said, "Our goal is to settle the current issue consensually without the necessity for any bankruptcy filing." The company added that it is still in contact with its creditors.



According to a Bloomberg News story quoting sources, Genesis was having trouble finding new money for its lending division and was advising investors that if they did not obtain funding, they might have to file for bankruptcy.


Additionally, according to sources cited by the Wall Street Journal, the company approached cryptocurrency exchange Binance in an effort to secure an investment, but Binance declined out of concern for a potential conflict of interest.


According to the article, Genesis also requested cash assistance from Apollo Global Management, a private equity firm.


Apollo and Binance both declined to comment when Reuters reached out to them for a response to the WSJ report.


The sudden failure of Sam Bankman-cryptocurrency Fried's exchange FTX was cited by Genesis Global Capital as the reason for the suspension of customer redemptions in its lending business last week.


The Wall Street Journal reported on Thursday that Genesis had asked investors for a $1 billion emergency loan before it halted withdrawals.


In the highest-profile crypto meltdown to date, FTX filed for U.S. bankruptcy protection earlier this month after traders withdrew billions from the platform in just three days and rival exchange Binance abandoned a rescue arrangement.


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