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☆ Hyundai Motor breaks ground on $1.5 bln EV plant in South Korea
▼ + stars: | 2023-11-13 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

ULSAN, South Korea, Nov 13 (Reuters) - Hyundai Motor Co (005380.KS) on Monday broke ground on a 2 trillion won ($1.52 billion) dedicated electric vehicle (EV) plant in South Korea, as the automaker accelerate a shift to electrification. Hyundai Motor Group, which encompasses Hyundai Motor, Kia and Genesis brands, said in April it plans to launch 31 EVs by 2030. Hyundai Motor Group's Executive Chair Euisun Chung, Hyundai Motor's Chief Executive Officer and other officials, including the Ulsan Metropolitan City Mayor, attended the event to witness the ground breaking of the EV factory, the automaker's first new plant in South Korea in 29 years. The groundbreaking comes after Hyundai Motor said it would stick to its EV rollout plans - a contrast to some rivals that have pulled back on EV production due to cooling demand. Last year, Hyundai Motor Group broke ground on a $5.54 billion EV and battery plants in the U.S. state of Georgia.

Persons: Euisun Chung, Jaehoon Chang, Chang, 1,316.5100, Heekyong Yang, Ed Davies Organizations: Hyundai, Hyundai Motor, Kia Corp, Hyundai Motor Group, Kia, Genesis, Hyundai Motor's, Ulsan Metropolitan City Mayor, EV, General Motors Co, Chevrolet Silverado, GMC, Ford Motor, Tesla Inc, GM, Honda, Thomson Locations: ULSAN, South Korea, Ulsan, U.S ., Georgia, United States, Michigan, Mexico

“Barbie World” by Nicki Minaj and Ice Spice will compete for best rap song. Tracks from the soundtrack also hog up four of the five available slots in best song written for visual media. Peso Pluma’s 2023 album, “Génesis,” is just tucked among the nominees for música mexicana. But música urbana — encompassing reggaeton, Latin hip-hop, dembow, Latin trap and more — is a crowded, competitive, hugely popular format. His 2023 album, “Seven Psalms,” plays as a thoughtful, complex, tuneful farewell, anticipating his death.

Persons: Greta Gerwig, ”, Billie Eilish’s, “, Nicki Minaj, Edgar Barrera, Eslabon, Natanael Cano —, Tainy, Rauw Alejandro, Karol G, JON PARELES Olivia Rodrigo, Olivia Rodrigo’s “, Rodrigo, Daniel Nigro, Mick Jagger, CARYN GANZ, Paul Simon, it’s Paul Simon, It’s, Simon, Garfunkel, Joni Mitchell, Steely Dan, Bob Dylan, Tony Bennett, PARELES Organizations: Spice, Pluma, música, Grupo Frontera, Grupo Firme, Foo Fighters, Queens Locations: Mexican American, Americas, Mexican, música mexicana, urbana, Colombian, Será, Spanish, Newport

Aldean and Anthony's dominance wasn't long — and Combs did earn a 2024 Grammy nomination for best country solo performance — but Wallen stands out as an obvious exclusion. While “Last Night” is nominated for best country song, a songwriter's award, Wallen himself isn't despite his successful year. Monét has also picked up record of the year and best R&B song nominations for her glossy, brassy “On My Mama,” best R&B performance and best traditional R&B performance. Her 2023 release, “Jaguar ll,” is up for best R&B album and best engineered album, non-classical. IT'S RAINING WOMEN, HALLEJUAHThe best story of the 2024 Grammy nominations, of course, is just how many women are represented in the major categories.

Persons: “ Barbie, Reneé Rapp, Rapp's, ”, Rapp, PinkPantheress, Eslabon, Ella Baila Sola, Bunny, Natanael Cano, Karol G's, Jason Aldean's “, Morgan Wallen's “, Luke Combs, Tracy Chapman's, Oliver Anthony Music's, Combs, Wallen, isn't, he's, NewJeans, Barbie, PRINCE HARRY, Michelle Williams, Britney Spears, Prince Harry, Meryl Streep, William Shatner, Rick Rubin, Sen, Bernie Sanders, Michelle Obama, WHO'S, There's, Travis Scott's, Scott, Cole’s, Uzi Vert’s “, Victoria Monét's, Monét, Ariana Grande’s, Chloe x Halle, she’s, Taylor Swift, Billie Eilish, Miley Cyrus, Olivia Rodrigo, Jon Batiste Organizations: ANGELES, música Mexicana, Grupo Frontera, Fuerza, North Locations: Será Bonito, ”, Richmond

(AP) — Astronaut Frank Borman, who commanded Apollo 8's historic Christmas 1968 flight that circled the moon 10 times and paved the way for the lunar landing the next year, has died. Borman also led troubled Eastern Airlines in the 1970s and early '80s after leaving the astronaut corps. He and his crew, James Lovell and William Anders, were the first Apollo mission to fly to the moon — and to see Earth as a distant sphere in space. Astronaut Frank Borman was a true American hero,” NASA Administrator Bill Nelson said in a statement Thursday. In his book, "Countdown: An Autobiography," Borman said Apollo 8 was originally supposed to orbit Earth.

Persons: Frank Borman, Borman, James Lovell, William Anders, Bill Nelson, Susan, ”, God, ” Lovell, —, ” Borman, Anders Organizations: NASA, Eastern Airlines, Gemini, Associated Press Locations: Mont, Billings , Montana, Florida’s Cape Canaveral

☆ Frank Borman, Astronaut Who Led First Orbit of the Moon, Dies at 95
▼ + stars: | 2023-11-09 | by ( Richard Goldstein | ) www.nytimes.com time to read: +1 min

Apollo 8 carried three astronauts farther from Earth than anyone had ever traveled. It orbited the lunar surface 10 times, flying nearly 60 miles above its surface, to photograph a bleak and rock-strewn terrain, seeking potential landing spots for the moonwalks to come. Mr. Borman, who never set foot on the moon — and by his own account had no desire to do so — flew in space twice. In December 1965, he commanded the two-man Gemini 7 spacecraft on a 14-day flight that set what was then a record for time spent in space. Gemini 7 rendezvoused with Gemini 6A as it orbited Earth, a significant step toward perfecting a similar maneuver that would be required when astronauts reached the moon.

Persons: Frank Borman, Borman, — Organizations: NASA, Apollo, Gemini Locations: America, Billings, Mont

As token prices plummeted last year, the sector saw other stunning meltdowns that put several industry moguls into authorities' crosshairs. Changpeng "CZ" ZhaoThe U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Zhao in June for allegedly operating "a web of deception." Kwon faces multiple charges of fraud in the U.S. and was arrested in Montenegro earlier this year for allegedly forging documents, authorities said. He has pleaded not guilty to U.S. fraud charges that he misled customers and artificially inflated the value of his company's proprietary crypto token. Barry SilbertSilbert is the boss of crypto group Digital Currency Group whose subsidiary Genesis Global Capital filed for bankruptcy in January.

Persons: Zhao Changpeng, Binance, Costas Baltas, Sam Bankman, Fried, he's, Zhao, Kwon, Luna, Terraform, Alex Mashinsky, Mashinsky, Barry Silbert Silbert, Letitia James, Silbert, Stephen Ehrlich Stephen Ehrlich's, Ehrlich, Justin Sun, Sun, Niket Nishant, Hannah Lang, Michelle Price, Anil D'Silva Organizations: REUTERS, Rights, Zhao, U.S . Securities, Exchange Commission, SEC, U.S . Commodity Futures Trading Commission, Korean, Terraform Labs, Montenegrin, Mashinsky, CFTC, U.S . Federal Trade Commission, Digital Currency Group, Genesis Global Capital, New York, FTC, Tron Foundation, Thomson Locations: Athens, Greece, China, Canada, U.S, Montenegro, New York

☆ Breakingviews: SBF’s guilty verdict will help crypto break free
▼ + stars: | 2023-11-03 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

REUTERS/Jane Rosenberg Acquire Licensing RightsNEW YORK, Nov 2 (Reuters Breakingviews) - Just over a year ago, Sam Bankman-Fried might have been counting his large stash of virtual coins. A Manhattan jury on Thursday convicted the FTX founder of seven counts related to crimes he committed at the helm of the now-bankrupt cryptocurrency exchange. With some $8 billion in customer funds stolen, his misdeeds will go down as one of the biggest financial frauds on record. To be sure, the speculative bubble in crypto would probably have deflated even without Bankman-Fried. The bankrupt exchange is also negotiating with three bidders to help it relaunch trading services, Bloomberg reported last month.

Persons: Lewis Kaplan, Sam Bankman, Fried, Jane Rosenberg, FTX, John J, Ray III, Nicolas Roos, Peter Thal Larsen, Thomas Shum Organizations: REUTERS, Reuters, Galaxy Digital, Three, BlackRock, Bloomberg, Thomson Locations: New York City, U.S, Manhattan

☆ ‘We’re Making Progress’: How the Rock Hall of Fame Is Trying to Evolve
▼ + stars: | 2023-11-01 | by ( Ben Sisario | More About Ben Sisario | ) www.nytimes.com time to read: +2 min

So if you look at the last three years, we’ve inducted the Go-Go’s, Tina Turner, Carole King, Dolly Parton, Carly Simon, Pat Benatar. Number two, we just remind them to understand the genesis of rock ’n’ roll. Why was it important for the board to take action against Jann Wenner so quickly? Because those things go against the heart and soul of what the Rock & Roll Hall of Fame is all about. Rock ’n’ roll doesn’t know color.

Persons: I’ve, we’ve, Tina Turner, Carole King, Dolly Parton, Carly Simon, Pat Benatar, Sylvia Robinson, Elizabeth Cotten, Kate Bush, Sheryl Crow, Missy Elliott, Chaka Khan, Jann Wenner Organizations: Roll Hall of Fame

☆ Mike Johnson symbolizes a new turn for the religious right
▼ + stars: | 2023-10-31 | by ( Ronald Brownstein | Analysis Ronald Brownstein | ) edition.cnn.com time to read: +18 min

CNN —The arc of Rep. Mike Johnson’s career encapsulates the shifting priorities of the religious right in the era of Donald Trump. More than half of White evangelicals agreed with that statement as well – the only major religious denomination in which it found majority support. Yet both groups are much more influential inside the GOP coalition, with evangelicals representing nearly one-third of Republican voters and all White Christians about two-thirds. But in Congress, Johnson has also identified more with some of the party’s Trump-era priorities that revolve around demographic change. But each man appears equally committed to a vision of America that elevates the moral and political preferences of conservative White Christians over any other group.

Persons: Mike Johnson’s, Donald Trump, Barack Obama’s, Johnson, MAGA, Long, Trump’s, Trump, Robert P, Jones, Johnson “, ”, Mike Podhorzer, ” Podhorzer, Jimmy Carter, Jerry Falwell, Pat Robertson, James Dobson, ” Jones, Dobson, CNN’s KFile, KFile, he’s, Ron DeSantis, Marjorie Taylor, it’s, ” Johnson, He’s, “, Biden, who’s, PRRI, there’s, Tresa Undem, Undem, White, George W, Bush, Obama, Pete Wehner, Wehner, David Barton, Barton, that’s, ” Wehner, ‘, ” Barton Organizations: CNN, Louisiana Republican, Republican, GOP, Yorker, Trump, Survey, Religion Research Institute, White, AFL, CIO, Republicans, Representatives, Alliance Defense Fund, Defending, Gov, Georgia Rep, Whites, Trinity Forum, ”, NBC News, Trump - Locations: Louisiana, America, White, “, Florida, Mexico

In 1980, there were 24 private equity firms, according to Prequin, which tracks alternative assets; by 2022, there were around 5,000 private equity firms controlling some 18,000 companies. Among the industries where private equity sank deep roots was health care. Thin margins have forced many nursing homes to shrink their nursing staff, leaving them ill prepared when the pandemic hit. One New Jersey analysis found that facilities owned by private equity had a higher rate of Covid-19 deaths and cases than nursing homes not owned by private equity. Fewer than 20 percent of all nursing homes meet a recently proposed minimum staffing level, according to a Kaiser Family Foundation estimate.

Persons: equity’s, Sabrina T, Howell, Mark Parkinson, Ms, ” Organizations: Healthcare Private Equity Association, New York University, Genesis Healthcare, Formation Capital, Kaiser Family, American Health Care Association Locations: Jersey, New Hampshire

☆ New Speaker Mike Johnson says the way to learn how feels about any issue is to read the Bible: 'That's my worldview, that's what I believe'
▼ + stars: | 2023-10-27 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

Newly-elected House Speaker Mike Johnson is not shy about his strong Christian faith. In an interview with Sean Hannity, he said the best way to learn his views is to read the Bible. AdvertisementAdvertisementNewly empowered Speaker of the House Mike Johnson said in a recent interview that the best way to learn how he feels about "any issue under the sun" is to read the Bible. "Someone asked me today in the media, they said, 'It's curious, people are curious: What does Mike Johnson think about any issue under the sun?' AdvertisementAdvertisementHe also briefly served as the dean of the law school at Louisiana University (now known as Louisiana Christian University).

Persons: Mike Johnson, Sean Hannity, —, Johnson, he's Organizations: Service, Fox News, Christian, GOP, Alliance Defending, Southern Poverty Law, ADF, Louisiana University, Louisiana Christian University Locations: Louisiana, Kentucky

☆ No stock trading, a hefty home mortgage, and more than $120,000 from Liberty University: Here's what we know about newly-elected Speaker Mike Johnson's personal finances
▼ + stars: | 2023-10-26 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

House Speaker Mike Johnson is much less wealthy than other members of Congress. He doesn't trade any stocks and has a home mortgage valued between $250,000 and $500,000. He's made more than $120,000 since 2018 teaching online classes at Liberty University. There's little publicly-available information about Johnson's activities at the university, and Insider has reached out to the university for further details. But now that he's speaker, Johnson is set to get a $50,000 raise: while all rank-and-file House members and senators make $174,000, the speaker of the House makes $223,500.

Persons: Mike Johnson, He's, —, That's, they've, Johnson, Nancy Pelosi, Paul's, Insider's, Kelly, Kevin McCarthy, OpenSecrets, he's, There's Organizations: Liberty University, Service, Citizens National Bank, Citizens Bank, university's Helms School of Government, Law Locations: Louisiana's, California, Louisiana

☆ Newly-elected House Speaker Mike Johnson is scheduled to give a talk at a Christian anti-transgender event held at a full-scale recreation of Noah's Ark
▼ + stars: | 2023-10-26 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

On Wednesday, the House elected Rep. Mike Johnson to become the newest speaker of the House. Johnson is currently scheduled to speak at a Christian anti-transgender conference in 2024. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementNewly-elected Speaker of the House Mike Johnson is scheduled to speak next year at a Christian anti-transgender conference held at a life-size recreation of Noah's Ark.

Persons: Mike Johnson, Johnson, —, Kevin McCarthy's, he's, Kelly Organizations: House, Service, Republicans, Genesis

☆ 6 troubling questions about the Corizon bankruptcy deal
▼ + stars: | 2023-10-26 | by ( Dakin Campbell | Nicole Einbinder | ) www.businessinsider.com time to read: +20 min

The bankruptcy of prison health provider Corizon has faced pressure from senators and a federal regulator in recent weeks. Other troubling questions surrounding the bankruptcy involve payments to insiders, "dishonest" testimony, and a secret data breach. The other company, Tehum, was saddled with most of Corizon's liabilities and, in February, filed for bankruptcy. AdvertisementAdvertisementNine US senators have written to Corizon successor companies Tehum Care Services and YesCare demanding answers about Corizon's efforts to "manipulate bankruptcy law." AdvertisementAdvertisementLefkowitz repeatedly said under oath during a June creditor call that he didn't know who owned Geneva Consulting — the company Corizon paid $5.5 million.

Persons: Corizon, —, Christopher Lopez, David Jones, Elizabeth Freeman, YesCare, Jones, Tehum, Judge Jones, Freeman, Ian Cross, Elizabeth Warren, Bernie Sanders, Cory Booker, Dick Durbin, Lopez, they're, Kevin Eckhardt, Hector Garcia Jr, Hector Garcia, Belen Lowery, Garcia's, Jeff Sholey, Isaac Lefkowitz, Lefkowitz, Sara Tirschwell, Jeffrey Scott King, Ayodeji, Michelle Rice, Jennifer Finger, Sholey, Edward Janger, Janger, he's, didn't, Geneva, Russell Perry, Baker, Hostetler, Tehum's, Tracey Grissom, Grissom, Julia Tutwiler, Roman, Sannikov, CISA, Tehum hadn't, What's, it's Organizations: Service, Tehum Care Services, Justice Department, Corizon, Arizona Department of Corrections, Rehabilitation, Geneva Consulting, Tehum, University of Missouri Health Care, Brooklyn Law School, Geneva, Genesis Healthcare, Department, US, Court, Southern, Southern District of, Baker, FBI, Infrastructure Security Agency, of Health, Human, CISA, HHS, HIPAA, Women Locations: Houston, Texas, YesCare, Reorg, New Mexico, Corizon, Geneva, Southern District, Southern District of Texas, Alabama, Wetumpka , Alabama, Rivers, bitcoin, Tehum

☆ Powerful senators fire off letter decrying 'abusive' tactics in Corizon bankruptcy
▼ + stars: | 2023-10-25 | by ( Dakin Campbell | Nicole Einbinder | ) www.businessinsider.com time to read: +10 min

Nine US senators including Elizabeth Warren, Dick Durbin, and Bernie Sanders have sent a letter to Corizon leaders demanding answers on its bankruptcy. The letter says Corizon has sought "to manipulate bankruptcy law" and calls the strategy "abusive." Citing Insider's reporting, the senators gave Corizon two weeks to turn over details about its use of the Texas Two-Step to shield assets from creditors. AdvertisementAdvertisementA powerful group of senators have pressed for answers about the bankruptcy of the private prison healthcare provider formerly known as Corizon Health. "The Texas Two-Step is a distorted use of the U.S. bankruptcy system by corporations to evade mass tort liability," the senators write.

Persons: Elizabeth Warren, Dick Durbin, Bernie Sanders, Corizon, —, Cory Booker, Ron Wyden, Tehum, Jeffrey Sholey, Isaac Lefkowitz, Tehum's, Sholey, Lefkowitz, Sen, Warren, YesCare, Hector Garcia, Adria Malcom, excoriate Corizon, Hector Garcia Jr, David Jones, Jones, Christopher Lopez, Durbin, Johnson, Sanders, Booker, Wyden, Democratic Sens, Richard Blumenthal, Mazie, Jeff Merkley, Peter Welch of Organizations: Service, Tehum Care, Finance, Corizon, Detention, Genesis Healthcare, Geneva Consulting, Genesis, Geneva Consulting —, Genesis HealthCare Inc, US, Texas, Committee, Democratic Locations: Texas, Ana, Las Cruces , New Mexico, New Mexico, Alabama, Richard Blumenthal of Connecticut, Hawaii, Oregon, Peter Welch of Vermont

☆ Tiger Woods: How the battle for golf’s soul gave the US golfer new-found purpose – and human connection
▼ + stars: | 2023-10-25 | by ( Don Riddell | ) edition.cnn.com time to read: +22 min

CBS Archive/Getty Images Woods, 6, sizes up a putt in Los Alamitos, California, in 1982. Getty Images/Getty Images Woods hits a tee shot during the 1995 Walker Cup, an international team event. Alexander Hassenstein/Bongarts/Getty Images Woods plays a shot from the ninth fairway during the 2000 US Open in Pebble Beach, California. David Cannon/Getty Images Woods falls to the ground in pain after hitting a shot at The Barclays in August 2013. Jamie Squire/Getty Images Woods and his son, Charlie, warm up before the final round of the PNC Championship in December 2020.

Persons: Woods, Alan Shipnuck, LIV, ” Shipnuck, ” Bryson DeChambeau, Paul Casey, Crushers, Charles Howell III, Anirban Lahiri, Chris Trotman, “ Tiger’s, “ He’s, he’s, “, “ LIV, Greg Norman, Quentin Tarantino, Brooks Koepka, Koepka, David J, Phillip, Mike Douglas, Bob Hope, Jack D, Miller, AP Woods, Rick Dole, Bob Galbraith, David Cannon, Robert Beck, Patrick Murphy, Nike — Woods, Lennox McLendon, Stephen Munday, Earl, Dave Martin, Alexander Hassenstein, Jonathan Ferrey, He's, Andy Lyons, Allsport, Bob May, Fred Vuich, Jack Nicklaus, Nicklaus, Logan Mock, Bunting, Phil Mickelson, Mickelson, Matthew Stockman, Steve Williams, Harry, Williams, Sam, Damian Dovarganes, Rocco, Gary A, Vasquez, Barack Obama, Pete Souza, Stuart Franklin, Elin, Charlie, Ezra Shaw, Eric Gay, Jimmy Fallon, Lloyd Bishop, Arnold Palmer, Chris Condon, Jason Dufner, Lindsey Vonn, Marco Trovati, Lannis, John Amis, Donald Trump, Getty Images Woods, Warren Little, Jamie Squire, Ben Jared, Wally Skalij, Shutterstock Woods, Tiger, Sam Greenwood, Cliff Hawkins, Jonathan Ernst, they’re, Shipnuck, ‘ I’m, Justin Thomas, I’m, ”, they’ve, what’s, Rory McIlroy, Rory, “ Rory, Bryson DeChambeau, ’, he’d, DeChambeau, “ Patrick Reed, Sergio García, “ Phil Mickelson, HyFlyers, Suhaimi Abdullah, Jay Monahan, Yasir Al, Rumayyan, Phil Mickelson’s, Jamal Khashoggi, Prince Mohammed bin Salman, Prince, Mohammad Bin Salman, Reed, Garcia Organizations: CNN, CNN Sport, PGA Tour, LIV, Miami, PGA, Saudi, Public Investment Fund, CBS, AP, Tiger, US Junior Amateur, Getty, Los Angeles, Tour, Stanford University, NCAA, Nike —, Las Vegas, Green, Army, Tiger Woods Foundation, Ford, British, Woods Learning, USA, Office, Stanford, NBCU, Bank, Bay, Invitational, Barclays, Trump, Getty Images, PNC, Law, Los Angeles Times, PNC Championship, Hall of Fame, Reuters, HyFlyers GC, Sentosa Golf, European, MBS, Fox News, ” CNN Locations: Los Angeles, Saudi, Delaware, Tiger’s, Los Alamitos , California, Vietnamese, Vietnam, Orange, United States, France, Hamburg, Germany, Pebble Beach , California, St . Andrews, Scotland, Louisville , Kentucky, Fort Bragg , North Carolina, Hoylake, England, Anaheim , California, Woods, Dublin , Ohio, Beaver Creek , Colorado, Atlanta, Rancho Palos Verdes , California, Pacific Palisades , California, Singapore, London, McIroy

☆ Genesis says NY AG lawsuit may force "no deal" bankruptcy liquidation
▼ + stars: | 2023-10-24 | by ( Dietrich Knauth | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Oct 24 (Reuters) - Crypto lender Genesis Global said on Tuesday a New York civil fraud lawsuit could lead to a bankruptcy liquidation that does not resolve its claims against parent company Digital Currency Group (DCG). Rather than await the outcome of the lawsuit, Genesis intends to propose a "no deal" bankruptcy plan to distribute available crypto assets to customers and set up a process to preserve litigation claims against DCG and others, Genesis attorney Sean O'Neal said at a court hearing in New York. "It's not an easy decision, but it is an obvious decision," he told U.S. Bankruptcy Judge Sean Lane. Genesis believes creditors would be better off under a bankruptcy plan that includes a DCG settlement, but the company is running out of time to finalize a plan and send it to creditors for a vote, O'Neal said. Genesis Global filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November 2022.

Persons: Dado Ruvic, Letitia James, Genesis, DCG, Sean O'Neal, Sean Lane, O'Neal, litigate Genesis's, Mark Zuckerberg, Dietrich Knauth, Richard Chang Organizations: REUTERS, Genesis Global, Digital Currency Group, . New York, Gemini, U.S, New York, Meta, Thomson Locations: York, ., New York

☆ 5 successful real-estate investors who started with as little as $5,000 in savings explain how they leveraged FHA loans to buy their first properties
▼ + stars: | 2023-10-21 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +8 min

Before writing off real estate as too expensive to invest in, you'll want to consider all of your options. Here's how it works and how you can use one to buy real estate and start building long-term wealth. How everyday people have leveraged FHA loans to buy property and build wealthBoston-based investor Karina Mejia used an FHA loan to buy her first property at age 22 . It's a joke but it is solid advice: Before you actually get married, you should each use your own FHA loan." You can get your foot in the door without too much upfront cash by using an FHA loan."

Persons: Ludomir Wanot, witxh, Wanot, Karina Mejia, Sasha, It's, Mejia, Avery Heilbron, Heilbron, Jervais, Jim Resonable, That's Organizations: Federal Housing Association, Evergreen Housing, Ludomir, Seattle, Department of Veterans Affairs Locations: Seattle, Boston, Georgia, North Carolina, North Carolina , California

Through the lawsuit, Attorney General James is seeking restitution for investors and "disgorgement of ill-gotten gains," along with a ban on all the three cryptocurrency firms from the financial investment industry in New York. At the heart of the lawsuit is a program that Gemini ran in partnership with Genesis, dubbed "Gemini Earn". Gemini did not reveal any of this information to the investors of Gemini Earn, she added. Genesis and Gemini have clashed several times over the past few months, including over Gemini Earn. DCG said it was blindsided by the attorney general's complaint and the company's CEO Barry Silbert said the lawsuit had "baseless allegations".

Persons: Dado Ruvic, Letitia James, cryptocurrency, Sam Bankman, James, Gemini, Genesis, Mark Zuckerberg, DCG, Barry Silbert, Silbert, Niket, Krishna Chandra Eluri, Shinjini, Shounak Organizations: REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Meta, Arrows, Thomson Locations: New York, Alameda, Bengaluru

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. At the heart of the lawsuit is a program Gemini ran in partnership with Genesis. Dubbed "Gemini Earn", the program let customers lend crypto assets such as bitcoin to Genesis. The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Fried's exchange FTX, which had led to an industry meltdown. It did not reveal any of this information to the investors of Gemini Earn, she added.

Persons: Marco Bello, Letitia James, cryptocurrency, Genesis, Gemini, James, Sam Bankman, Soichiro Moro, Barry Silbert, Niket, Shounak Dasgupta, Krishna Chandra Organizations: Gemini Trust, REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Thomson Locations: Miami Beach , Florida, U.S, Alameda, Bengaluru

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew York AG sues Digital Currency Group, Genesis and Gemini, alleging fraud: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Paul Tuchmann of Wiggin and Dana shares his take on the performance of both prosecutors and the defense team in the trial of Sam Bankman-Fried.

Persons: explainers, Paul Tuchmann, Wiggin, Dana, Sam Bankman Organizations: New York AG, Digital Currency Group, Gemini, CNBC Crypto, CNBC

☆ New York sues crypto firms for alleged $1 billion fraud, cites SBF hedge fund bet
▼ + stars: | 2023-10-19 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Crypto firms Digital Currency Group and Gemini defrauded more than 230,000 investors out of a collective $1.1 billion, New York state prosecutors said in a lawsuit filed in Manhattan Thursday. They cited a series of missteps, including failure to adequately manage the risk associated with exposure to Sam Bankman-Fried's bankrupt and allegedly fraudulent crypto trading firm. For a time, it was very lucrative, until crypto hedge fund Three Arrows Capital defaulted on its loans and sent much of the crypto world into tumult. Gemini would then give Genesis that customer crypto for further lending, collecting a slice of Genesis' interest. By extension, prosecutors say, that meant that Gemini also had exposure to Alameda — and allegedly knew they did.

Persons: Crypto, Sam Bankman, Genesis, Barry Silbert's, DCG, 3AC, Cameron, Tyler Winklevoss, Gemini Organizations: Digital Currency Group, Gemini, Genesis Global Capital, Arrows Capital, New, Genesis's, Alameda Research, Alameda — Locations: New York, Manhattan, Alameda

☆ Genesis and Gemini face civil suit alleging $1 billion fraud
▼ + stars: | 2023-10-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The lawsuit accused the companies of lying to investors and covering up more than $1 billion in losses. According to the latest lawsuit, Gemini knew that Genesis’ loans were risky and, at one point, “highly concentrated” with Bankman-Fried’s crypto trading house Alameda Research. “Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” James said. Gemini’s owners, the Winklevoss twins, have said Genesis owed more than $900 million to some 340,000 customers using the Earn program. The AG’s lawsuit follows another civil action brought by the Securities and Exchange Commission, which in January sued Genesis and Gemini for offering unregistered securities through the Earn product.

Persons: Sam Bankman, —, Cameron, Tyler Winklevoss, Letitia James, James, James ’, Crypto, Cameron Winklevoss, Christopher Goodney, Gemini, Fried, “ Gemini, Genesis, ” James, Soichiro “ Michael ” Moro, Barry Silbert, DCG didn’t Organizations: CNN, New, — Gemini Trust, Genesis Global Capital, Digital Currency Group, Yorkers, Gemini Trust, Bloomberg, Getty, Alameda Research, Securities and Exchange Commission, Gemini, Genesis Locations: New York

☆ New York Attorney General Sues Crypto Firms in $1 Billion Fraud Case
▼ + stars: | 2023-10-19 | by ( Ephrat Livni | More About Ephrat Livni | ) www.nytimes.com time to read: +1 min

Continuing a crackdown on cryptocurrency companies, the New York attorney general accused three major players in the digital asset industry of lying to investors and concealing losses in a $1 billion fraud scheme, according to a lawsuit filed on Thursday. The suit targets Gemini Trust, the exchange run by the twin brothers Tyler and Cameron Winklevoss; the lender Genesis Capital; and Digital Currency Group, the parent company of Genesis. The attorney general, Letitia James, contends in the suit that Gemini lied to investors about the dangers of Gemini Earn, a program started by Gemini and Genesis that promised investors a high rate of return — up to 8 percent — if they essentially lent their cryptocurrency to Genesis. But Genesis struggled after the FTX cryptocurrency exchange, founded by Sam-Bankman Fried, imploded last November. It froze accounts amid a crash in digital asset values, leaving Earn investors unable to reclaim hundreds of millions of dollars’ worth of cryptocurrency.

Persons: Tyler, Cameron Winklevoss, Letitia James, Gemini, Genesis, Bankman Fried Organizations: New, Gemini Trust, Genesis, Digital Currency Group, Gemini Locations: New York

☆ Sam Bankman-Fried's lieutenant Nishad Singh said he was embarrassed by 'flashy' FTX spending
▼ + stars: | 2023-10-16 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +8 min

Singh testified at Bankman-Fried's trial that his concerns were almost always rebuffed. In Manhattan federal court Monday, Singh testified about how he frequently questioned and pushed back against Bankman-Fried's spending sprees and investment decisions — and was almost always rebuffed. "I would hear that my opinions were already factored in, and I didn't need to continue sharing them," Singh testified. Singh testified that he came to know Bankman-Fried through a friendship with the FTX founder's younger brother, Gabe Bankman-Fried. Infighting over expensesThe pair often disagreed on money, Singh testified.

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