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NASSAU, Dec 21 (Reuters) - Proceedings are set to resume on Wednesday in Sam Bankman-Fried's Bahamas court case, after the founder of the FTX cryptocurrency exchange signed papers paving the way for his extradition to the United States, where he faces fraud charges. Bankman-Fried was arrested on a U.S. extradition request last week in The Bahamas, where he lives and where FTX is based. He initially said he would contest extradition, but Reuters and other outlets reported over the weekend that he would reverse that decision. Wednesday's hearing will follow a confusing sequence of events this week that left the status of Bankman-Fried's expected extradition unclear. [1/6] Sam Bankman-Fried, founder and former CEO of crypto currency exchange FTX, leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022.

☆ Sam Bankman-Fried could be bailed and placed under house arrest after he's extradited to the US, reports say
▼ + stars: | 2022-12-21 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried could be bailed and placed under house arrest after extradition to the US. One option being explored, alongside house arrest, is electronically monitoring Bankman-Fried. Two people familiar with the matter told the Times that the deal could see Bankman-Fried placed under house arrest. Since then, Bankman-Fried has spent just over a week in the notoriously-harsh Fox Hill prison, which reports say is overcrowded and understaffed. One official at the prison told The Washington Post that the FTX founder appeared "awfully scared," but seemed like a "nice guy."

☆ Premarket stocks: Japan just delivered a lump of coal to investors across the globe
▼ + stars: | 2022-12-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

A surprise announcement from the Bank of Japan sent investors spinning and global markets reeling on Tuesday. The country’s central bank signaled that it would reverse two decades of policy precedent and begin to move away from loose monetary policy intended to keep wages and prices high. The Japanese Central Bank loosened the yield on its 10-year government bonds from 0.25% to 0.5%. The central bank said that inflation expectations have risen. Japan’s is the last major central bank to keep rates negative and this signals that it could be shifting its stance.

The Mark Cuban Cost Plus Drug Company negotiates directly with drugmakers. So far, that's been the strategy for the Mark Cuban Cost Plus Drug Company. In October, Cost Plus Drug Company announced a partnership with Capital Blue Cross. Cuban said he wanted Cost Plus Drug Company to be as transparent as possible on pricing. Cost Plus Drug Company is considering a test program for insulin that would offer a 90-day supply of insulin, or a total of 12 vials, for $170.

☆ Bankman-Fried hearing to resume on Wednesday as extradition decision looms
▼ + stars: | 2022-12-20 | by ( Maria Alejandra Cardona | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +3 min

[1/2] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022. Tuesday's events mark the latest episode in what has become a confusing, back-and-forth saga over Bankman-Fried's extradition. Last week, he initially told a Bahamas court he would contest extradition, but Reuters and other outlets reported over the weekend that he would reverse his decision. During a court hearing on Monday at which Bankman-Fried appeared, Roberts said he had not been informed of the purpose of the proceeding. The person familiar with the matter told Reuters after Monday's hearing that Bankman-Fried would indeed consent to extradition.

☆ FTX's Bankman-Fried, facing extradition, due back in Bahamas court
▼ + stars: | 2022-12-20 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +3 min

[1/2] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022. It was not immediately clear if Bankman-Fried had arrived at the court in Nassau. On Monday, Bankman-Fried appeared in court in capital Nassau after Reuters and other outlets reported over the weekend that he had decided to agree to extradition. But during the tumultuous hearing, a Bahamas lawyer for Bankman-Fried, Jerone Roberts, said his client was not yet ready to consent. Upon arrival in the United States, Bankman-Fried would enter a plea in federal court within a day or two.

☆ FTX's Bankman-Fried, facing extradition, to appear in Bahamas court -source
▼ + stars: | 2022-12-20 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +3 min

[1/2] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022. On Monday, Bankman-Fried appeared in court in capital Nassau after Reuters and other outlets reported over the weekend that he had decided to agree to extradition. But during the tumultuous hearing, a Bahamas lawyer for Bankman-Fried, Jerone Roberts, said his client was not yet ready to consent. Roberts said Bankman-Fried had seen an affidavit outlining the U.S. charges against him, but that he wanted to see the full indictment, which was unsealed in Manhattan federal court on Dec. 12. Upon arrival in the United States, Bankman-Fried would enter a plea in federal court within a day or two.

☆ Mark Cuban says last year's crypto boom was '99% noise' – and Sam Bankman-Fried's arrest could pop the bubble
▼ + stars: | 2022-12-20 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Mark Cuban said there's still some underlying value in crypto despite the ongoing sell-off. "99% of it was noise but there's real value there," he told 'The Problem with Jon Stewart' Monday. Cuban added that Sam Bankman-Fried's arrest on fraud charges will force crypto to "get its act together". "There's the signal and the noise," Cuban told Apple TV+'s "The Problem with Jon Stewart". Stablecoin issuer Terra and hedge fund Three Arrows Capital collapsed earlier in 2022 as the crypto selloff brought to light potential instabilities in the digital asset sector.

It was not immediately clear when Bankman-Fried would depart the Bahamas, where he was arrested on Dec. 12 per a U.S. extradition request. At the hearing, his local criminal defense attorney, Jerone Roberts, told Serville initially that he did not know why Bankman-Fried was brought to court on Monday morning. Serville said at the hearing that he could not take any action on Bankman-Fried's extradition without the former billionaire's consent. [1/9] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022. At one point during the hearing, Bankman-Fried leaned back with his eyes closed and appeared to be awakened by a court official.

Krystal Rolle, a lawyer who has represented Bankman-Fried on other matters in the Bahamas, told Reuters Bankman-Fried had decided to consent to be extradited to the United States. After the hearing, Bankman-Fried was remanded back to the custody of the Bahamas' Department of Corrections. During Monday's hearing, Bankman-Fried, dressed in a dark blue jacket and an untucked white shirt, spoke only to greet Magistrate Shaka Serville and confirm he would speak with his U.S. counsel. Roberts told Serville initially that he did not know why Bankman-Fried was brought to court on Monday morning. When the hearing concluded, Bankman-Fried was given the chance to speak on the phone with his U.S. defense lawyer with Roberts present.

When the hearing concluded, Bankman-Fried was given the chance to speak on the phone with his U.S. defense lawyer with Roberts present. After the hearing, Bankman-Fried was remanded back to the custody of the Bahamas' Department of Corrections. [1/9] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried leaves the Magistrate Court building in Nassau, Bahamas December 19, 2022. Roberts told Serville initially that he did not know why Bankman-Fried was brought to court on Monday morning. Following a recess, the lawyer said Bankman-Fried wanted to see the indictment before consenting to extradition.

Bankman-Fried initially had said he would fight extradition after his arrest a week ago in the Bahamas, where he lives and FTX is based. [1/7] The Founder and former CEO of crypto currency exchange FTX Sam Bankman-Fried arrives at the Magistrate Court building in Nassau, Bahamas December 19, 2022. Bankman-Fried's defense lawyer initially told Serville that he did not know why Bankman-Fried was brought to court on Monday morning. Following a recess, the lawyer said that Bankman-Fried wanted to see the indictment before consenting to extradition. Mark Cohen, a U.S. lawyer who represents Bankman-Fried, did not immediately reply to a request for comment.

☆ Leo Messi used a 'growth mindset' to finally win his World Cup trophy—here's what that looked like
▼ + stars: | 2022-12-19 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

The only major item missing was a World Cup trophy until Sunday, when Messi's Argentina defeated France in a 4-2 penalty shootout after an extra-time thriller. The approach may sound familiar: It's reminiscent of psychologist Carol Dweck's theory of the growth mindset, which posits that talent is only a starting point. Many non-athletes champion their own versions of the growth mindset, from billionaire Mark Cuban to actor Will Smith. Studies show that students who are taught the "growth mindset" by educators are able to improve their test scores more than their peers, over time. And despite long being recognized as a global superstar, it took him roughly 16 years over five World Cup tournaments to finally land his elusive prize.

☆ Mark Cuban has 4 rules for making money—No. 4 is: 'Know your s--t better than anyone else in the room'
▼ + stars: | 2022-12-18 | by ( Megan Sauer | ) www.cnbc.com time to read: +4 min

Mark Cuban says anyone can become a millionaire by following his four rules of success. "Selling isn't about convincing, it's about helping," Cuban told the School of Hard Knocks in a TikTok. "When you walk into a room, you [need to] know your s--t better than anyone else in the room," he said. That lesson may be why Cuban seems confident enough in his four rules to stake his own livelihood on it. "I would get a job as a bartender at night, and a sales job during the day, and I would start working," Cuban said.

While governments worldwide are grappling with high inflation and low growth, UK policymakers are still rebuilding fiscal and political credibility following the brief, chaotic premiership of Liz Truss. Worries about growth are leading some investors to limit their holdings of the pound and British debt. Reuters GraphicsForeign investors have traditionally been attracted by Britain's strong rule of law, stable governance and thriving financial and professional services sector. In the latest data, up to the second quarter of this year, FDI represented more than half the net outflow - a result of strong UK investment abroad but weak inward investment too. Stephen Welton, executive chairman of major growth capital investor BGF, said attracting foreign investment was like a global competitive sport - one that Britain had previously excelled at.

☆ ChatGPT got all the buzz, but beneath it is a $1B developer framework that's quietly fueling the new era of lifelike AI at OpenAI and beyond
▼ + stars: | 2022-12-16 | by ( Matthew Lynley | ) www.businessinsider.com time to read: +7 min

Beneath the buzz, the next-generation developer framework Ray was key in the viral model's training. "ChatGPT combined a lot of the previous work on large language models with reinforcement as well. Before deploying Ray, OpenAI used a hodgepodge set of custom tools built on top of "neural programmer-interpreter" model. All these tools, Ray and JAX included, are in service to a new generation of combustion engines for the internet called large language models. Multiple companies, both startups and giants, are building their own large language models including Meta, Hugging Face, OpenAI, and Google.

☆ Boies law firm makes odd moves in FTX case against Tom Brady, celebs
▼ + stars: | 2022-12-15 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

That was apparently not what the Boies and Moskowitz firms were hoping. In mid-November, the firms filed the first of their three FTX lawsuits in federal court. On Nov. 21, the Boies and Moskowitz firms filed a second FTX class action, this time on behalf of non-U.S. FTX customers. The day after Bloom’s assignment to the case, the Moskowitz and Boies firms voluntarily dismissed the two previously-filed FTX class actions before Moore and Gayles. “As we got more cases, we filed more cases,” Moskowitz said.

☆ The retail apocalypse isn't over: it's coming back to bite department stores, experts warn
▼ + stars: | 2022-12-15 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Sales are stalling in 2022, but department store closures have stayed flat since early 2021. "These trends are likely not good for department stores as both luxury companies as well as off-price retailers compete directly with department stores," UBS analysts Jay Sole, Mauricio Serna, Shoshana Pollack, and Tiffany Agard wrote. Department stores like Nordstrom and Kohl's were left with too many stores as consumer spending wanes. Things didn't improve for department stores during the start of the holidays shopping season. According to Commerce Department data, November department store sales were down nearly 3% from last year, and UBS analysts predict department store sales will "remain under pressure" in the first half of 2023.

☆ Here's how the Federal Reserve confused the markets
▼ + stars: | 2022-12-15 | by ( Patti Domm | In | ) www.cnbc.com time to read: +6 min

Markets had flip flopped Wednesday afternoon, after the Federal Reserve released its policy statement and new interest rate and economic forecasts. Swonk noted there is agreement among Fed officials to drive rates higher, and most officials forecast an end point for rates above 5% in 2023. Fed funds futures Thursday showed a high rate of 4.89% by next May, still below the Fed's target. Every month that goes by means there's somebody's debt that matures that's going to be needed to be refinanced at a higher rate." With the economy weakening, I think the inflation rate is going to fall faster than most economists do."

She said “the double standard was obvious” with the way that Catherine, Princess of Wales, had been treated by sections of the British media compared to Meghan, particularly during their pregnancies. “British media is disproportionately white, and that shapes the way stories are framed,” he said. In the third episode, footage shows Meghan and Harry attending a memorial service for Stephen Lawrence, a Black teenager killed in an attack by white youths in London in 1993. Instead, Harry refers to “unconscious bias” within the royal family, which Meghan helped to educate him on. Princess Michael of Kent attends a Christmas lunch for the extended royal family at Buckingham Palace on Dec. 20, 2017, wearing a "blackamoor" brooch.

☆ Premarket stocks: Investors are hoping for the economic tide to turn. The wait may soon be over
▼ + stars: | 2022-12-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

What’s happening: Price increases in the United States cooled more than economists expected last month, recording the lowest level of growth since last December. This is the second consecutive month of moderating price pressures and could mean the underlying trend of inflation is finally decelerating. That’s a welcome and hopeful sign for consumers, policymakers and investors, said Jim Baird, chief investment officer at Plante Moran Financial Advisors. The bill specifically names TikTok and its parent, ByteDance, as social media companies for the purposes of the legislation. In the past two weeks, at least seven states have introduced such measures, including Maryland, South Dakota and Utah.

☆ Everything you need to know about the FTX saga that unfolded today
▼ + stars: | 2022-12-13 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

On Tuesday, Ray testified before the House Financial Services Committee, relaying what he could about the company he took over just four weeks ago. FTX, on the other hand, was “not sophisticated at all.”“This is really old-fashioned embezzlement,” Ray continued. They say he misappropriated FTX customers’ deposits by using those funds to pay expenses and debts of Alameda, his crypto hedge fund. (The SDNY are an aggressive people, but they are not sloppy, and they don’t indict without a solid case.) Several lawyers not involved in the case have told me that the speed of Bankman-Fried’s arrest signals that former FTX employees may be aiding prosecutors.

☆ 60% of Americans see crypto investing as highly risky—but millennials are still its biggest fans
▼ + stars: | 2022-12-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

About 38% of Gen Zers (defined here as 25 and under) and 46% of millennials (defined here as age 26 to 41) say crypto investing is highly risky. Younger generations, however, appear to be more willing to take a chance on crypto investing than older generations. About 60% of Americans believe investing in digital currency is highly risky — up from 45% in 2021, according to the recent CNBC Make It: Your Money survey, conducted in partnership with Momentive . Crypto remains among the least popular investments: Only about 10% of Americans say they own any, according to the survey. However, with price of bitcoin, the largest cryptocurrency by market value, hovering substantially lower than its Nov. 2021 highs, as of Dec. 12, confidence in crypto investing appears to be waning among investors of all ages.

☆ See insider the creepy nuclear bunker that has been sold at auction as a unique off-grid vacation home
▼ + stars: | 2022-12-10 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

A Cold-War era nuclear bunker built in 1959 has sold at auction in Lincolnshire, England. The bunker was built as part of a civil defense group's nuclear plan and is accessible via a 14-foot ladder. The bunker went on sale with SDL Property Auctions and sold for £31,000, or about $38,092, according to the auctioneers' website. SCL AuctionsThe bunker also comes with a caravan that can be used for an above-ground holiday home, but the buyer plans to replace it, Insider has been told. The former owner said he was selling the unique property because he had not visited it for years and added, "I'd like some cash to go on holiday."

☆ Send Sam Bankman-Fried to prison, Elon Musk suggests, while Binance's boss calls him a 'master manipulator'. 8 top figures weigh in on the disgraced FTX founder.
▼ + stars: | 2022-12-10 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

FTX founder Sam Bankman-Fried is racking up critics after the implosion of his crypto exchange. Here's what top voices like Elon Musk, Bill Ackman and Binance boss CZ have said, in 8 top quotes. Now the crypto CEO is under fire from all sides, from Elon Musk and Bill Ackman to "Shark Tank" investor Mark Cuban. Given that, the crypto exchange boss said he feels like the mainstream media has given Bankman-Fried softball interviews. The crypto bull believes Bankman-Fried will probably end up in jail, but doesn't think he was acting alone.

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