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Integrated Circuits (Chips): 1. Intel completes $5 billion sale of common stock to Nvidia. 2. Lisuan Technology completes first order delivery for its 7G100 series chips. 3. Tianshu Zhixin: Hong Kong IPO plans to issue over 25 million shares priced at HK$144.6. 4. TSMCs 2nm (N2) technology is scheduled to begin mass production in Q4 2025. 5. Reports indicate that Samsung Electronics Taylor wafer fab in the US is accelerating its 2nm deployment, with an initial monthly capacity of 50,000 wafers. 6. SK Hynix plans to build its first 2.5D packaging mass production line at its new plant in Indiana, USA, aiming for production to begin in the second half of 2028. 7. The installation and testing of equipment for Samsung Electronics Pyeongtaek P4 factory project is 2-3 months ahead of schedule. Artificial Intelligence: 1. Zhipu GLM-4.7 tops the global open-source Artificial Analysis list. 2. Zhipu: Hong Kong IPO plans to issue over 37 million shares priced at HK$116.2. 3. Meta acquires Manus for billions of dollars; founder Xiao Hong will become Metas vice president. Other: 1. EHangs VT35 completes its first public flight in Hefei. 2. Chery responds to rumors of cooperation with Dreame: There is no such thing. 3. Israeli Prime Minister Netanyahu discusses cooperation with Tesla with Musk. 4. my countrys first domestically produced commercial 300 MW heavy-duty gas turbine project—Unit 5 of Phase II of Huadian Wangting Power Plant—officially goes into operation. On December 30th, according to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed higher on Monday, with the benchmark contract rising 0.1%, mainly reflecting stronger crude oil prices. Traders said that rising international crude oil futures and active arbitrage trading involving buying soybean oil and selling soybean meal supported the rise in soybean oil prices. However, declines in other vegetable oils, such as Malaysian palm oil, limited the upside potential of the soybean oil market.Meta Platforms (META.O): Manus talent will join the team to continue operating and selling Manus services and will integrate Manus services into the product.1. The WTI crude oil futures contract closed up 1.92% at $57.83 per barrel; the Brent crude oil futures contract rose 1.66% to $61.24 per barrel. Geopolitical tensions disrupted global energy markets. Peace talks between Russia and Ukraine failed to achieve a breakthrough, while Kazakhstans December crude oil production fell by about 6% due to Ukrainian drone attacks disrupting exports, exacerbating market concerns about supply and pushing oil prices higher. 2. Most London base metals fell. LME lead rose 0.73% to $2009.0 per tonne, LME copper rose 0.21% to $12187.5 per tonne, LME nickel fell 0.16% to $15760.0 per tonne, LME zinc fell 0.21% to $3084.0 per tonne, LME aluminum fell 0.34% to $2950.5 per tonne, and LME tin fell 6.55% to $40010.0 per tonne. 3. On Monday, spot silver broke through the $80/ounce mark for the first time in early Asian trading, quickly surging to near $84, a gain of nearly 6%. However, the market then reversed course sharply, with the price falling by more than 11% at one point during the New York session. The silver plunge dragged down other precious metals, with spot palladium plummeting by as much as 17%, spot platinum falling by 15%, and spot gold falling by more than 5%. Domestically, platinum and palladium both hit their daily limit down; Shanghai silver plunged at the end of the session, erasing all of its intraday 10% gains, and further fell by 8.74% in the night session; Shanghai gold closed down nearly 1%, and further fell by 4% in the night session. COMEX gold futures closed down 4.45% at $4350.2/ounce, and COMEX silver futures closed down 7.2% at $71.64/ounce. 4. Domestic futures contracts showed mixed performance, with asphalt, methanol, and low-sulfur fuel oil rising by more than 1%, while coated paper, corn, iron ore, soybean meal, and coking coal saw slight increases. In terms of declines, pulp, benzene, BR rubber, and TSR20 rubber all fell by more than 1%, while PVC, caustic soda, and rubber saw slight decreases. 5. US Treasury yields fell across the board: the 2-year Treasury yield fell 2.45 basis points to 3.450%, the 3-year Treasury yield fell 2.52 basis points to 3.502%, the 5-year Treasury yield fell 3.11 basis points to 3.663%, the 10-year Treasury yield fell 1.95 basis points to 4.108%, and the 30-year Treasury yield fell 2.02 basis points to 4.797%. 6. All three major US stock indexes closed lower: the Dow Jones Industrial Average fell 0.51% to 48,461.93 points, the S&P 500 fell 0.35% to 6,905.74 points, and the Nasdaq Composite fell 0.5% to 23,474.35 points. Goldman Sachs and American Express fell by more than 1%, leading the Dow Jones decline. Profit-taking put pressure on AI-related stocks, with the Wind US Tech Giants Index falling 0.6%, Tesla down over 3%, and Nvidia down over 1%. Most Chinese concept stocks declined, with Dingdong Maicai falling over 7% and Silvercorp Metals & Mining down nearly 7%. European stock indices closed mixed: the German DAX rose 0.05% to 24351.12 points, the French CAC40 rose 0.1% to 8112.02 points, and the UK FTSE 100 fell 0.04% to 9866.53 points. A weaker pound and the Bank of England maintaining a high interest rate of 3.75% weighed on the UK stock market, while a recovery in the Eurozone services PMI supported the German and French stock markets.Ukrainian President Zelensky: The meeting with US President Trump was productive.

FTX begins strategic review, seeks court relief to pay critical vendors

Cory Russell

Nov 21, 2022 14:44

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Destroyed cryptocurrency exchange On Saturday, FTX announced that it had started a strategic evaluation of its global assets and was getting ready to sell or reorganize some companies.


A court order was also requested by FTX and roughly 101 related companies to permit the functioning of a new global cash management system and the payment of its essential vendors.


In one of the most publicized crypto meltdowns, the exchange and its affiliates filed for bankruptcy in Delaware on November 11. An estimated million users and other investors are expected to have lost billions of dollars as a result.


According to a statement from the company's new CEO John Ray, FTX would look into sales, recapitalizations, or other strategic transactions for some of its units.


In a court document filed on Saturday, FTX requested authorization to pay prepetition claims of up to $17.5 million after the entry of the final decision and up to $9.3 million after an interim order to its essential vendors.


The exchange said that its businesses would suffer "immediate and irreparable loss" if the requested court relief was not granted.


FTX's Ray stated, "Based on our evaluation over the past week, we are glad to see that many of FTX's regulated or licensed subsidiaries, both inside and outside of the United States, have healthy balance sheets, responsible management, and significant franchises.


According to FTX, as of Nov. 16, there were 216 debtor bank accounts with positive balances; however, as of yet, the company has only been able to confirm the balances in 144 of those accounts.


Subject to court clearance, the company has selected Perella Weinberg Partners LP as its principal investment bank to assist with the selling process.