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☆ Twitter job cuts a concern as new EU rules kick in, EU justice head says
▼ + stars: | 2022-11-24 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

Reynders, who met with Twitter representatives at the social media platform's European headquarters in Dublin, sought clarifications from the company, a European Commission official told Reuters. "Twitter representatives reaffirmed the commitment of the company to ensure full compliance with EU rules. Commissioner Reynders took note of it and asked Twitter to translate this commitment into concrete measures," the official said, speaking on condition of anonymity. Twitter has fired top executives and enforced steep job cuts with little warning following billionaire Elon Musk's tumultuous takeover of the company last month. Twitter's last two Brussels-based employees are no longer with the company, a person familiar with the matter told Reuters, speaking on condition of anonymity.

☆ Violent protests take place near an iPhone factory in China
▼ + stars: | 2022-11-23 | by ( Kriti Gandhi | ) www.nbcnews.com time to read: +2 min

Violent protests have broken out in Zhengzhou, China, following contract disputes at the world’s biggest Apple iPhone factory, according to videos posted on social media and verified by NBC News. The footage was taken near the Foxconn factory, in the streets of the Zhengzhou Airport Economy Zone, where large groups of people blocked roads during their protest. A worker disinfects the Foxconn factory in Zhengzhou, China on Nov. 6. The protests come after Apple warned earlier this month that it had temporarily reduced iPhone 14 production at this factory because of Covid restrictions. The Foxconn factory has accommodation for over 350,000 people, but it is unclear how many employees are left working at the factory.

☆ California Looks to Ban Diesel Trucks at Ports by 2035
▼ + stars: | 2022-11-20 | by ( Paul Berger | ) www.wsj.com time to read: +6 min

An ambitious California plan to require trucking fleets in the state to switch from diesel to electric power faces a potential backup at charging stations. Requiring that dealers and truckers make the switch should give companies confidence to invest in charging stations, Mr. Brasil said. The trucks tend to cost two or three times as much as diesel trucks, which retail for about $150,000. State officials say they have funded 200 charging stations for medium- and heavy-duty trucks so far and that many more are being funded by private companies. Write to Paul Berger at paul.berger@wsj.comCorrections & AmplificationsThe Port of Los Angeles expects to install a small number of charging stations for electric trucks.

☆ Collapsed FTX owes nearly $3.1 billion to top 50 creditors
▼ + stars: | 2022-11-20 | by ( ) edition.cnn.com time to read: +2 min

CNN Business —Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion. The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them. The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses. FTX’s rapid collapse marked a stunning downfall for one of the biggest and most powerful players in the crypto industry. The Bahamian authorities have also taken control of cryptocurrency assets held by FTX Digital Markets, The Bahamas-based FTX unit that filed for Chapter 15 bankruptcy protection Tuesday.

☆ FTX’s Fight With Bahamas Puts Customers’ Crypto in Limbo
▼ + stars: | 2022-11-19 | by ( Alexander Saeedy | Soma Biswas | ) www.wsj.com time to read: 1 min

The collapse of FTX has put its new management at odds with regulators in the Bahamas over who should control billions in sparsely documented cash and cryptocurrency assets that are presently out of customers’ reach. The Securities Commission of the Bahamas last week installed liquidators at the exchange’s Bahamas-based unit FTX Digital Markets Ltd. to recover its assets and deposits from other FTX entities after they ruled it was insolvent. Bahamas regulators said on Thursday they had swept the local subsidiary’s assets to a government-controlled wallet “for safekeeping” and to protect the interests of clients and creditors.

☆ Bahamas regulators confirm they're holding some of FTX's assets
▼ + stars: | 2022-11-18 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users. Securities regulators in the Bahamas conceded that they ordered the transfer of FTX digital assets from company wallets into their own custody, citing the authority granted to them by the Supreme Court of The Bahamas and challenging FTX's assertion that the U.S. Chapter 11 bankruptcy processes applied to them. In a press statement Thursday evening, the Securities Commission of the Bahamas (SCB) said that it had exercised "its powers as a regulator" and directed the transfer of "all digital assets" of FTX Digital Markets, a Bahamian subsidiary of the FTX empire. Crypto research firm Elliptic, however, believes that the $477 million theft reported over this weekend was tied to moves by Bahamian regulators. Statements from both the Bahamas and U.S attorneys suggest "that the "hack" was actually the seizure of FTX assets by the Bahamian government," Elliptic wrote.

☆ Bahamas regulator says it assumed control of digital assets of FTX
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - The Securities Commission of The Bahamas said on Thursday it has ordered all digital assets of FTX Digital Markets Ltd (FDM) transferred to a digital wallet controlled by the Commission for safekeeping. "Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM," the commission said in a statement. Reporting by Ann Maria Shibu in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ Bahamas says it directed FTX to move digital assets for 'safekeeping' as the crypto firm plunged into crisis
▼ + stars: | 2022-11-18 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Regulators in the Bahamas directed FTX to move digital assets to safeguard them for creditors exposed to the blowup. FTX said in its bankruptcy filing there was "credible evidence" the Bahamian government was "directing unauthorized access" to FTX's systems. FTX and the Bahamas-based unit have filed separate bankruptcy protection petitions in the US. The Commission "took the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. to a digital wallet controlled by the Commission, for safekeeping." FTX Digital Markets is seeking bankruptcy protection in New York under Chapter 15, which is used by foreign companies.

☆ Morning Bid: Tough Fed talk
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in markets from Anshuman DagaWhile Fed speakers talk tough on interest rates and keep market expectations in check, Britain's bleak outlook will also weigh on UK assets. St. Louis Fed President James Bullard said that even under a "generous" analysis of monetary policy, the Fed needs to keep raising interest rates given that its tightening so far "had only limited effects on observed inflation." For now, it does look like recent market enthusiasm about a short period of rising rates on signs of slower inflation was misplaced. This came a day after the country's budget forecasters warned Britain faced a record hit to living standards this year, battered by surging inflation. On the corporate front, Francesco De Ferrari, who heads Credit Suisse's (CSGN.S) wealth management business, told Reuters he is targeting growth markets, high net worth clients and technology to fuel the fortunes of the embattled Swiss bank.

☆ FTX suggests Sam Bankman-Fried transferred assets to Bahamas government custody after bankruptcy: Filing
▼ + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

FTX in a bombshell emergency court filing Thursday said evidence suggests Bahamian regulators directed former CEO Sam Bankman-Fried to gain "unauthorized access" to FTX systems to obtain digital assets belonging to the company after it had filed for bankruptcy protection. The filing said that Bankman-Fried transferred those assets to the custody of the Bahamian government. It cites an interview published by Vox on Wednesday where Bankman-Fried expresses serious disdain for regulators. In that motion, FTX said the alleged conduct puts "in serious question" a request by Bahamian regulators for recognition as liquidators in the bankruptcy. The appointment of the JPLs and recognition of the Chapter 15 Case are thus in serious question," the filing continued.

☆ Student Accused of Fatally Shooting Three University of Virginia Football Players Denied Bond
▼ + stars: | 2022-11-16 | by ( Joseph De Avila | ) www.wsj.com time to read: 1 min

The suspect was not present at Albemarle General District Court, and instead appeared by video link from a jail. A judge ordered that the University of Virginia student accused of fatally shooting three football players on campus and injuring two other students be held without bond in his first court appearance. Christopher Darnell Jones Jr . wasn’t in Albemarle General District Court in Virginia Wednesday and appeared by video link from a regional jail. He has been charged with three counts of second-degree murder and three counts of using a handgun in commission of a felony. He also faces two counts of malicious wounding with two additional firearm charges.

☆ UVa student charged in deaths of 3 football players shot one victim in his sleep, prosecutor says
▼ + stars: | 2022-11-16 | by ( Antonio Planas | Marlene Lenthang | Antonio Planas Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +4 min

Prosecutor James Hingeley from the Albemarle County Commonwealth's Attorney’s Office described facts in the case, noting all five individuals were shot. He said Jones shot victim Devin Chandler while he was sleeping, according to a witness, and he slid onto the floor. The witness reported that Jones was aiming at “certain people” and “not randomly shooting,” Hingeley said. At the time of his arrest in Chesterfield County, Jones had outstanding warrants for hit-and-run and reckless driving out of Petersburg, Virginia, Hingeley said. The University of Virginia canceled its final home football game of the season Wednesday in the wake of the shooting.

The school had been "reviewing a potential hazing issue" when the Office of Student Affairs "heard from a student that Mr. Jones made a comment to him about possessing a gun," the university said in a statement Tuesday. "The reporting party did not see Mr. Jones in possession of a gun," the statement said. As the probe moved forward, it was learned that "Mr. Jones previously had been convicted of a misdemeanor for a concealed weapons violation in 2021," the school said. But officials said they realized only after Sunday’s shooting that the report of his conviction was never relayed to the University Judiciary Committee. Jones had a difficult upbringing at home and was bullied at school, Logan said.

FTX's bankruptcy case includes more than 100,000 creditors, and this number could surpass 1 million, the filings said. The numbers were disclosed as FTX requested that multiple FTX group companies file one consolidated list of major creditors, rather than separate ones. REUTERS/Dado Ruvic/IllustrationCrypto lender BlockFi, which previously acknowledged it has significant exposure to FTX, plans to lay off workers while preparing to file for bankruptcy, the Wall Street Journal reported. Separately, bankrupt crypto lender Voyager Digital no longer plans to sell itself to FTX, Bloomberg reported, while Canadian crypto exchange Bitvo said it terminated its deal to be bought by FTX. I'm meeting in-person with regulators and working with the teams to do what we can for customers," he said on Twitter.

☆ Father of UVa shooting suspect says son told him people were 'picking on him,' seemed 'paranoid'
▼ + stars: | 2022-11-15 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

His father, Christopher Darnell Jones Sr, told NBC affiliate WBBT of Richmond, Virginia, “I can’t believe it was him. I don’t know what happened between then and now to cause this to happen,” he continued. He said some people were picking on him or whatever, he didn’t know how to handle it. She said that she didn't have contact with him after the shooting and didn't know what might have contributed to it. Now the father wants to speak face-to-face with his son and figure out what let up to the shooting.

☆ Bahamas financial regulators appoint liquidators for FTX unit
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Financial regulators in the Bahamas on Monday appointed liquidators to run FTX's unit in the country, just days after authorities said they were looking for any "criminal misconduct" by the collapsed crypto exchange. The Securities Commission of The Bahamas said it had won court approval and appointed two members from PwC to oversee FTX Digital Markets Ltd, a subsidiary of FTX licensed in the country. FTX founder Sam Bankman-Fried, who lives in the Bahamas, has also been the subject of speculation about his whereabouts and he denied rumors on Twitter that he had flown to South America. When asked by Reuters on Saturday whether he had flown to Argentina, he responded in a text message: "Nope". Reporting by Akriti Sharma in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies FTX in contact with federal, state, international regulatorsMore than one hundred thousand creditors involved in the bankruptcy case, maybe over one millionBahamas regulator appoints provisional liquidatorsFrench cen. "FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," the court filing stated. Reuters Graphics Reuters GraphicsFTX's bankruptcy case includes more than one hundred thousand creditors, and this number could surpass one million, the filings said. The numbers were disclosed as FTX requested that multiple FTX group companies file one consolidated list of major creditors, rather than separate ones. Canadian crypto exchange Bitvo said on Tuesday it had terminated its deal to be bought by FTX, a deal that had been due to close in the third quarter of this year.

The university’s “threat assessment team” had learned about Jones in September after a third party, who was not a student, reported that he spoke about having a gun, UVA Police Chief Timothy Longo told reporters. He said the school’s student affairs office interviewed Jones’ roommate, who had not seen the suspect with a gun. Steve Helber / APIt wasn’t clear if the school’s internal investigation of Jones possibly having a gun ended with that roommate’s interview. Jones had also been involved in a campus hazing probe, but it did not appear to lead to any disciplinary action, Longo said. A UVA men's basketball home game set for Monday night against the University of Northern Iowa was postponed.

☆ Quinn Emanuel adds longtime SEC enforcement official in D.C., California
▼ + stars: | 2022-11-14 | by ( Chinekwu Osakwe | Thomson Reuters | Chinekwu Osakwe Covers Legal Industry News With A Focus On Midsize Law Firms. Reach Her At Chinekwu.Osakwe Thomsonreuters.Com. | ) www.reuters.com time to read: +1 min

CompaniesCompanies Law firms Quinn Emanuel Urquhart & Sullivan LLP Follow(Reuters) - Quinn Emanuel Urquhart & Sullivan said Monday that U.S. Securities and Exchange Commission official C. Dabney O'Riordan has joined the firm's SEC enforcement practice as a partner in Los Angeles and Washington, D.C.O'Riordan was the longest serving head of the SEC’s Division of Enforcement’s Asset Management Unit before leaving the agency in September, according to the 900-attorney firm. At Quinn Emanuel, she will represent asset managers that handle private funds including private equity managers, hedge fund managers, mutual fund advisors and ETF advisors, she said. “There’s a lot of rulemaking going on in the asset management space,” said O'Riordan, who joined the SEC in 2005. She also knew some of her new colleagues before joining, including co-chairs of the firm’s SEC enforcement defense practice, Michael Liftik and Sarah Heaton Concannon, O'Riordan said. Read more:Litigation giant Quinn Emanuel beefs up leadership, elevating DC, NY partnersOur Standards: The Thomson Reuters Trust Principles.

☆ The fall of crypto exchange FTX is 'worse than Theranos, worse than Madoff' as federal probes mount, former SEC official says
▼ + stars: | 2022-11-12 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

The fall of cryptocurrency exchange FTX has drawn numerous comparisons to the collapse of Lehman Brothers. But a former Securities and Exchange Commission official likened FTX to the Theranos and Bernie Madoff debacles. "This is worse than Theranos, this is worse than Madoff," John Reed Stark told Yahoo Finance. But a former Securities and Exchange Commission official likened FTX to the Theranos and Bernie Madoff debacles. Stark noted "sophisticated" FTX investors have had to write down their holdings, even after performing due diligence on its financials.

☆ California mother charged after 3-year-old son dies of fentanyl overdose
▼ + stars: | 2022-11-11 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

A California mother has been charged with child endangerment after her 3-year-old son died of a fentanyl overdose earlier this year, police say. Jennifer Mae Niemann, 30, was the primary caregiver of the boy and was present when her child died on May 4, the San Luis Obispo Police Department said Thursday. Police received a call at 10:15 p.m. local time about an unresponsive 3-year-old boy who was turning blue and not breathing at a home in the 1600 block of Mill Street in San Luis Obispo. The boy was transported to a nearby hospital but never regained consciousness and was pronounced deceased that evening. On Monday, San Luis Obispo Police detectives went to San Diego to attempt to locate Niemann, who they described as transient, and she was located Tuesday and taken into custody.

The crypto giant FTX and its affiliated companies have started the process of filing for Chapter 11 bankruptcy, with founder Sam Bankman-Fried stepping down as CEO. Bankman-Fried sent out a series of tweets on Friday stating his hope that FTX would be able to continue as a going concern following its bankruptcy. Media outlets have reported that the Securities and Exchange Commission and Justice Department are now investigating FTX. In the days following the report, rival crypto exchange Binance announced it was liquidating its FTT holdings. Unable to find an out, FTX announced its bankruptcy filing Friday morning.

SINGAPORE/LONDON, Nov 11 (Reuters) - Regulators are moving in on distressed crypto exchange FTX as it scrambles to raise billions in funds to stave off collapse, while its chief executive, Sam Bankman-Fried, faces heightened scrutiny. The Securities Commission of the Bahamas has frozen assets of FTX Digital Markets, an FTX subsidiary. FTX Australia called in administrators on Friday, the Australian Financial Review reported, citing a company statement. Bankman-Fried is under investigation by the U.S. Securities and Exchange Commission for potential securities law violations, Bloomberg reported, citing a source. This source said helping out FTX was the question for larger investors in FTX.

Meanwhile, the Securities Commission Of the Bahamas said on Thursday it had frozen assets of FTX Digital Markets, an FTX subsidiary. Broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX. "We believe there is a 20-30% chance of a FTX rescue at best," said Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds. He is seeking the remainder from other funds, including current investors such as Sequoia Capital, the source added. It was not clear whether Bankman-Fried will be able to raise the funds he needs or if these investors would participate.

☆ Bahamas freezes certain FTX assets, further crippling Sam Bankman-Fried's troubled crypto trading firm
▼ + stars: | 2022-11-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The Bahamas securities regulator has frozen the assets of FTX Digital Markets, an FTX subsidiary. The Bahamian securities regulator said any such actions are "contrary to normal governance." Certain assets of FTX Digital Markets — a subsidiary of Bankman-Fried's FTX crypto exchange — have been frozen by the Bahamas securities regulator, the authorities said in a media release on ThursdayAttorney Brian Simms, K.C. The Securities Commission of the Bahamas said in the announcement it's aware of statements suggesting FTX mishandled, mismanaged, or transferred the assets of clients to Alameda Research, Bankman-Fried's crypto trading firm. "Based on the Commission's information, any such actions would have been contrary to normal governance, without client consent and potentially unlawful," the Bahamian securities regulator added.

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