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U.S. Trade Representative Greer: The government will work with Congress to modernize and reform the Africa Trade Preference Program.U.S. Trade Representative Greer: The African Growth and Opportunity Acts trade preference program has been authorized to be extended to December 31, 2026, with retroactive effect until September 30, 2025.U.S. Trade Representative Greer: President Trump has signed legislation reauthorizing the African Growth and Opportunity Act.A South Korean trade negotiator stated that discussions regarding the proposed additional tariffs on South Korea are currently underway among various U.S. departments.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.34% to 49,240.99 points, the S&P 500 fell 0.84% to 6,917.81 points, and the Nasdaq Composite fell 1.43% to 23,255.19 points. Salesforce fell nearly 7%, and IBM fell more than 6%, leading the Dows decline. Walmart rose nearly 3%, pushing its market capitalization above $1 trillion. The Wind U.S. Tech Big Seven Index fell 1.62%, with Microsoft and Nvidia both falling nearly 3%. The Nasdaq China Golden Dragon Index fell 0.94%, with Daqo New Energy and Bilibili both falling more than 4%. Investors sold off tech stocks, and the Nasdaq almost completely wiped out its year-to-date gains. The partial U.S. government shutdown will prevent the January jobs report from being released this Friday as scheduled. 2. European stock markets closed slightly lower. The German DAX index fell 0.07% to 24,781.38 points, the French CAC40 index fell 0.02% to 8,179.5 points, and the UK FTSE 100 index fell 0.26% to 10,314.59 points. A market correction was triggered by a sharp decline in global AI stocks, uncertainty surrounding the pace of the Federal Reserves interest rate cuts, fundamental problems in the European economy, high market valuations, and profit-taking pressure. 3. US Treasury yields were mixed. The 2-year Treasury yield rose 0.01 basis points to 3.570%, the 3-year Treasury yield rose 0.01 basis points to 3.643%, the 5-year Treasury yield fell 0.34 basis points to 3.832%, the 10-year Treasury yield fell 0.59 basis points to 4.266%, and the 30-year Treasury yield fell 1.76 basis points to 4.895%. 4. International precious metals futures generally closed higher. COMEX gold futures rose 6.83% to $4,970.50 per ounce, and COMEX silver futures rose 10.27% to $84.92 per ounce. Signals of interest rate cuts from the Federal Reserve, the end of the US government shutdown, and progress on the US-India trade agreement, coupled with adjustments to risk control measures by exchanges, all boosted market sentiment and drove prices higher. 5. The main WTI crude oil contract closed up 2.83% at $63.9 per barrel; the main Brent crude oil contract rose 2.55% to $67.99 per barrel. Data from the American Petroleum Institute (API) showed that US crude oil inventories fell by 11.079 million barrels last week, far exceeding expectations, indicating a contraction in market supply and pushing up oil prices. 6. Most London base metals rose, with LME tin up 7.95% to $50,295.0/ton, LME copper up 4.02% to $13,410.0/ton, LME nickel up 3.38% to $17,395.0/ton, LME aluminum up 1.41% to $3,099.0/ton, LME zinc down 0.02% to $3,323.0/ton, and LME lead down 0.08% to $1,961.5/ton.

New FTX chief says bankrupt crypto exchange could restart

Skylar Shaw

Jan 20, 2023 11:43

According to Chief Executive Officer John Ray, the bankrupt cryptocurrency exchange FTX is considering ways to resurrect its operations. He made the announcement to the Wall Street Journal on Thursday.


According to Ray, who took over the company's leadership in November, a task group has been established to look at reviving FTX.com, the organization's primary international exchange.


The CEO also said in an interview with the Journal that he would research if resurrecting FTX's international exchange would generate more value for the company's clients than his team could get by simply selling the platform or liquidating its assets.


Following the news, FTT, the native token of FTX, increased by around 30%.


I'm relieved Mr. Ray is now only pledging to restart the exchange after months of blocking such attempts! Sam Bankman-Fried, the founder and former CEO of FTX, said in a tweet.


Bankman-Fried said, "I'm still waiting for him to eventually acknowledge FTX US is solvent and return clients' money.


An inquiry for comment from Reuters was not immediately answered by an attorney representing FTX.


Bankman-Fried is accused of robbing the exchange's users of billions of dollars to settle debts accrued by his cryptocurrency-focused hedge fund, Alameda Research. He's denied the allegations of fraud.


Customer money' future, however, is still unknown. In a note to creditors earlier this week, FTX said that since declaring bankruptcy in November, hackers had stolen nearly $415 million in cryptocurrency from its worldwide and American exchanges.