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On July 22, it was reported that Chinas Ministry of Science and Technology and the European Commission recently signed a new round of joint research funding agreements between China and the EU. According to the agreement, from 2025 to 2027, China and the EU will focus on areas such as "Agricultural, Food and Biodiversity Solutions" (FAB) and "Climate Change and Biodiversity" (CCB), jointly funding practical R&D projects between Chinese and European universities, research institutions, and enterprises to address global challenges such as climate change and provide technological solutions for achieving carbon neutrality and green, low-carbon development. As per the agreement, China will implement the joint funding mechanism through the "Key Project for Intergovernmental International Science and Technology Innovation Cooperation" under the "National Key R&D Program," while the EU will implement the joint funding mechanism through "Horizon Europe."Crude oil futures contracts rose in the short term, with SC crude oil extending its gains to 5.43%, currently trading at 559.5 yuan/barrel. Low-sulfur fuel oil (LU) rose by 5.09%, currently trading at 4930 yuan/ton. Fuel oil rose by 4.97%, currently trading at 3801 yuan/ton.July 22 - Data released on Wednesday showed that UK inflation slowed more than expected in June, reducing the likelihood of a Bank of England interest rate hike, causing the pound to fall. The June inflation rate fell to 2.6%, but core inflation remained at 2.6%, compared with economists previous forecasts of 2.7% and 2.5%. Aberdeen Investments economist Felix Feather noted in a report: "Household energy bills have not yet fully reflected the energy price shock this summer, and the UKs Gas and Electricity Markets Office (Ofgem) raising price caps will push inflation higher again in the coming months."Italian Foreign Minister: Italy hopes to reach its 5% NATO defense spending target within the next decade.July 22 - During Asian trading hours, U.S. Treasury yields remained largely unchanged as investors weighed rising oil prices against expectations of an impending end to the U.S.-Iran standoff. Meanwhile, the market will also be watching demand for the U.S. Treasurys $13 billion 20-year note auction. JPMorgan strategists noted in a report, "Given the current high yield levels and weak valuation support, we believe Wednesdays auction will be well-informed by the market."

FTX gets court approval to subpoena founder Bankman-Fried, other insiders

Jimmy Khan

Feb 09, 2023 15:30

Sam Bankman-Fried, the founder of the defunct cryptocurrency startup FTX, and his family members were served subpoenas on Wednesday with permission from the court as part of the company's inquiry into "misappropriated and stolen" cash.


The once-respected cryptocurrency exchange FTX filed for bankruptcy protection in November amid claims that Bankman-Fried diverted funds from FTX clients to bolster the financial position of the hedge fund Alameda Research, which is connected to FTX. In order to find instances of misspending that may be recovered in order to pay back FTX's clients, FTX claimed that it requires additional information from former insiders, including its accused founder.


FTX's request to serve subpoenas on Bankman-Fried, his parents Barbara Fried and Joseph Bankman, his brother Gabriel Bankman-Fried, former FTX Chief Technology Officer Gary Wang, former Alameda Research CEO Caroline Ellison, and former FTX Chief Operating Officer Constance Wang was granted by U.S. Bankruptcy Judge John Dorsey, who is presiding over FTX's Chapter 11 proceedings.


In court documents submitted on Wednesday, FTX said that the majority of the people named in the subpoena targets had started participating with its inquiry. Ellison and FTX are still in communication, and Sam Bankman-Fried "remains non-responsive," according to FTX.


In relation to their involvement in the demise of FTX and Alameda, Ellison and Gary Wang have admitted guilt on fraud-related offenses. Bankman-Fried will go on trial in federal court in Manhattan in October after entering a not guilty plea.


The subpoenas are focused on shady transactions by FTX insiders. In addition, the parents of Bankman-Fried spent $16.7 million on property in the Bahamas, and the Bankman-Fried brothers' advocacy group, Guarding Against Pandemics, bought a headquarters facility in Washington, D.C.

Additionally, FTX is looking for data on political contributions. Along with contributions from Sam Bankman-Fried, his mother established Mind the Gap, a political action committee that makes suggestions to a network of political contributors.


Bankman-Fried refused to speak, and family members could not be contacted for comment right away. Sam Bankman-Fried did not give directly to Mind the Gap, according to earlier reports, but he did contribute to some of the organization's suggested projects.

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