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☆ A long-standing debt rule helped collapse Germany's government. Now the policy is ripe for reform
▼ + stars: | 2024-11-22 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +5 min

But what is the debt brake and why is it so contentious? Germany's debt brake, or 'Schuldenbremse,' is a fiscal rule that forms part of the German constitution. In some exceptional circumstances, the debt brake can be suspended — this happened for example during the Covid-19 pandemic. watch nowWhen the debt brake was first implemented, its advocates argued that it would ensure a sustainable, responsible approach to public finances and spending. Critics meanwhile, say the debt brake is too restrictive, and that it has hampered investment which is necessary for a successful future.

Persons: Olaf Scholz, John Macdougall, Christian Lindner, Scholz, Lindner, Philippa Sigl, CNBC's Annette Weisbach, Holger Schmieding, Carsten Brzeski Organizations: Bundestag, Afp, Getty, Former, Green, European Commission, CNBC, ING Locations: Germany, Russia, Ukraine

☆ Germany sets early election date for February after collapse of the ruling coalition
▼ + stars: | 2024-11-12 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Germany is set to hold a federal election in February, earlier than Chancellor Olaf Scholz had originally proposed after his ruling coalition collapsed last week. The election is set to be held on February 23, according to sources within the parliamentary group of Scholz' social democratic party (SPD). It is a necessary step ahead of early elections in Germany as the chancellor must first call for the vote in parliament. Lindner was replaced by Jörg Kukies who was appointed as the new finance minister on November 7. Scholz' SPD and the Green party will form a minority government in Germany until the election in February.

Persons: Olaf Scholz, Joerg Kukies, Scholz, Christian Lindner, Chancellor Olaf Scholz, Lindner, Jörg Kukies Organizations: Bundestag, Authorities, Green Locations: Berlin, Germany

☆ 'We have huge structural problems' in Germany, says former Christian Lindner advisor
▼ + stars: | 2024-11-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We have huge structural problems' in Germany, says former Christian Lindner advisorLars Feld, former advisor to former Finance Minister Christian Lindner and director of the Walter Eucken Institute, discusses the breakup of the German coalition.

Persons: Lindner, Lars Feld, Christian Lindner, Walter Eucken Organizations: Finance, Walter, Walter Eucken Institute Locations: Germany

☆ HSBC names Pam Kaur as first female CFO amid major restructuring
▼ + stars: | 2024-10-22 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

HSBC on Tuesday named veteran insider Pam Kaur as its first female finance chief and announced a consolidation of the bank into four business units. Kaur is set to assume her post on Jan. 1, according to regulatory filings with the Hong Kong bourse, taking over from interim Chief Financial Officer Jon Bingham. This is the second heavyweight leadership shakeup for HSBC in recent months, after former finance boss Georges Elhedery was named CEO of the group back in July. From January, it will operate through four divisions: Hong Kong, U.K., international wealth and premier banking, and corporate and institutional banking. The bank's new corporate and institutional banking unit will bring together its commercial banking business (outside of Hong Kong and the U.K.), global banking and markets business, and Western markets wholesale banking operations.

Persons: Pam Kaur, Kaur, Jon Bingham, shakeup, Georges Elhedery, Elhedery Organizations: HSBC, Tuesday, Hong, Hong Kong bourse Locations: Hong Kong, U.K

☆ UK Prime Minister Keir Starmer attempts government reset less than 100 days into office
▼ + stars: | 2024-10-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

Britain's Prime Minister Keir Starmer speaks at a press conference, during his visit to the European Commission headquarters on October 2, 2024 in Brussels, Belgium. LONDON — British Prime Minister Keir Starmer is seeking to reset his government and recover from a shaky first 100 days in office beset by policy misfires, doom mongering and a "freebie" scandal. "A challenge for the prime minister lies in the fact No. Keir Starmer now needs to show he's got control," he added. Former Finance Minister Jeremy Hunt has denied the claims as "fictitious."

Persons: Keir Starmer, Starmer, Sue Gray, Gray, Morgan McSweeney, Downing, James Lyons, Phillip Blond, thinktank, Tony Travers, Travers, he's, Rachel Reeves, Reeves, Jeremy Hunt Organizations: Britain's, European Commission, LONDON, Labour, CNBC, London School of Economics, Labour Party, Conservative, Treasury, Conservative Party, Former, Citi, KPMG, Employment Locations: Brussels, Belgium, TikTok, Ukraine

☆ Op-ed: The UK's budget problems date back to the 2008 financial crisis
▼ + stars: | 2024-09-24 | by ( Kevin Klowden | Chief Global Strategist At The Milken Institute | ) www.cnbc.com time to read: +2 min

Over the past few weeks, economic news from the U.K. has heavily focused on the state of British national finances and how they might impact both the British public and the prospects for economic growth. Regardless of how the U.K. fiscal situation stands now, it is clear that the current shortfalls are both years in the making and run the risk of having consequences that could last for years to come. The ultimate dilemma facing Labour now is that the country cannot produce enough revenue to close systemic shortfalls without sustained economic growth, but it also cannot create economic growth without real investment, both from the public and private sectors. In many ways, the current fiscal situation dates back to the financial crisis of 2008 and the fact that the country's economy was unable to snap back readily to close the budget shortfalls that occurred then. Borrowing in the financial year to August stood at £64.1 billion ($85 billion), with the country's debt hitting 100% of GDP.

Persons: Keir Starmer, John Healey, George Robertson, Rachel Reeves, Jeremy Hunt Organizations: British, Defence, Downing, Labour, Conservative Locations: London, England, British, United States, China, Japan

☆ Money problems can be an early sign of dementia
▼ + stars: | 2024-07-08 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

When a family member who has been fairly responsible with money all their lives becomes careless with their finances, it may be one sign of as-yet-undiagnosed dementia. “The harmful financial effects of undiagnosed memory disorders exacerbate the already substantial financial pressure households face upon diagnosis,” the researchers wrote. Two parents with dementia, one daughter’s efforts to reduce financial worryJayne Sibley, who lives in the United Kingdom, knows the pain and stress of dealing with the financial behaviors that can signal dementia. Her mother also would take money out of the cash machine two to three times a day and give it to anyone who asked. Of course, no amount of advanced financial planning can alleviate the heartbreak of watching a loved one with dementia decline.

Persons: Marcey Tidwell, ”, Tidwell, Karen Lemay, “, Lemay, hadn’t, ” Lemay, Jayne Sibley, ” Sibley, Sibley, doling, Ditto, ’ ”, ” Tidwell Organizations: New, New York CNN, New York Federal Reserve, Johns Hopkins Bloomberg School of Public Health, US National Institute, Aging Locations: New York, Bloomington , Indiana, Ottawa, Canada, United Kingdom, Sibley

☆ Landmark UK election kicks off as center-left Labour seeks return to power after 14 years
▼ + stars: | 2024-07-04 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Keir Starmer, leader of the Labour Party, campaigns ahead of the general election, in Redditch, UK, on Wednesday, July 3, 2024. Bloomberg | Bloomberg | Getty ImagesLONDON — The U.K. heads to the ballot box on Thursday, as the incumbent Conservative Party seeks to defy months of polls that suggest it will suffer a historic defeat at the hands of the center-left Labour Party. Prime Minister Rishi Sunak announced the vote six weeks ago, taking politicians and the public alike by surprise. The Thursday ballot is the first U.K. general election since 2019, when then-Conservative leader Boris Johnson clinched the party's biggest majority win since 1987 over Jeremy Corbyn's Labour. Rishi Sunak, UK prime minister, campaigns at a Conservative Party general election campaign event at the National Army Museum in London, UK, on Tuesday, July 2, 2024.

Persons: Keir Starmer, Rishi Sunak, Nigel Farage's, Hannah Bunting, Labour's Tony Blair, John Major, Jeremy Hunt, Sunak, Boris Johnson, Jeremy Corbyn's Labour, Liz Truss Organizations: Labour Party, Bloomberg, Getty, Conservative, Labour Party ., of, Liberal Democrats, Greens, Scottish National Party, Plaid Cymru, Democratic Unionist Party, Nigel Farage's Reform, Conservatives, Labour, Convention, University of Exeter, European Union, Conservative Party, National Army Museum Locations: Redditch, UK, England, Scotland, Wales, Northern Ireland, London

Then, peering out over the country’s main political plaza on Wednesday, Bolivia’s top ministers saw the armored vehicles and troops spilling out their doors. Within moments, the president, Luis Arce, addressed his inner circle — “We are facing a coup!” — before heading to the presidential palace to confront, face to face, the general trying to remove him from power. The coup attempt failed, lasting a mere three hours, and ended in the arrest of the general, whose motivation for the attack appeared to be, at least in part, anger over his firing by Mr. Arce the day before. But it was hardly the end of Mr. Arce’s problem, or the challenges facing Bolivia. Mr. Arce, 60, a former finance minister, took office in 2020 during a democratic election that seemed to symbolize a new, more hopeful chapter in a country coming off a period of intense political tumult.

Persons: Bolivia’s, shiver, Luis Arce, Arce Locations: Bolivia

☆ Haiti crisis: Transitional government names new council president, proposes interim prime minister
▼ + stars: | 2024-04-30 | by ( Hira Humayun | Tara John | ) edition.cnn.com time to read: +2 min

CNN —A transitional council responsible for choosing Haiti’s next leadership has named one of its members as council president and proposed a new interim prime minister amid efforts to control the gang violence in the Caribbean nation. The council, which is responsible for paving the way for elections and addressing the country’s deteriorating security situation, on Tuesday named Edgard Leblanc Fils as its president and proposed former sports minister Fritz Bélizaire as new interim prime minister. It is tasked with the responsibility of naming a new prime minister and cabinet. The country’s former prime minister, Ariel Henry, resigned last week as the council was sworn in and the former finance minister, Michael Patrick Boisvert, has been filling the role on a temporary basis. One of the gangs’ leaders, Vitel’homme Innocent, told CNN recently that if the gangs do not get a seat, they would try other means.

Persons: Haiti’s, Edgard Leblanc Fils, Fritz Bélizaire, Ariel Henry, Michael Patrick Boisvert, Vitel’homme Innocent Organizations: CNN, Caribbean, UN Locations: Caribbean, Haiti

☆ Karen Read trial: Boston cop John O’ Keefe’s girlfriend goes on trial for murder
▼ + stars: | 2024-04-16 | by ( Faith Karimi | ) edition.cnn.com time to read: +8 min

O’Keefe’s body was found in the snow on January 29, 2022, outside the home of a fellow Boston police officer in Canton, Massachusetts. Boston Police Department/AP“It’s fair to say a large number of people in Massachusetts know about this case,” Medwed told CNN. As the trial gets underway at the Norfolk County Superior Court building in Dedham, Massachusetts, here are the key highlights. The body of police officer John O'Keefe was found near the fire hydrant outside this home on Fairview Road in Canton, Massachusetts. Protesters gather outside the courthouse during a recent pretrial hearing for Karen Read at Norfolk County Superior Court in Dedham, Massachusetts.

Persons: John O’Keefe, Karen Read, Daniel Medwed, John O'Keefe, ” Medwed, haven’t, Read, Craig F, Walker, Alan Jackson, David Yannetti, Jackson, O’Keefe, ” Jackson, “, Kevin Reddington, Michael Morrissey, ” Morrissey, David L, Ryan, Adam Lally, “ It’s, ” Lally, Helena Rafferty, Karen Read ”, Beverly Cannone, Cannone, ” Cannone, Read’s Organizations: CNN, Boston Police, Boston, Lexus, Northeastern University . Boston Police, Boston Police Department, Court, Boston Globe, US, Office, District of, Massachusetts State Police, Protesters, Superior, WFXT, Canton Police Locations: Canton , Massachusetts, Canton, Norfolk County, Boston, Massachusetts, Norfolk, Dedham , Massachusetts, Fairview, …, Aruba, District of Massachusetts, Superior Court

☆ Former Bowlero exec says company threatened to report him to FBI in proposed extortion, retaliation suit
▼ + stars: | 2024-04-09 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +11 min

Equal Employment Opportunity Commission alleging they were fired based on their age or out of retaliation, according to company securities filings and the proposed countersuit. Bowlero says that Tanase resigned and then had a change of heart when he realized he wouldn't get severance pay. Now, Tanase is seeking the court's permission to countersue Bowlero and the company's executive vice chairman, Brett Parker. I've told you this before," said Tanase, according to the transcript. He also claims Bowlero sued him to deter him from filing a complaint with the EEOC or serving as a witness in its investigation into Bowlero.

Persons: Bowlero's, Thomas Tanase, Bowlero, Tanase, Thomas Shannon, countersue Bowlero, Brett Parker, Parker, Daniel Dowe, he'd, haven't, I've, Alex Spiro, Quinn Emanuel, Elon Musk, Alec Baldwin, Spiro, Scott Pickus, Pickus, Shannon Organizations: Bowlero, U.S, AMF, Lucky, Federal, CNBC, FBI, Elon Locations: Virginia, North America, Bowlero

☆ Jim Cramer sees Ford and Costco nearing buy levels. Here's the story behind each
▼ + stars: | 2024-04-03 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Ford and Costco are approaching good levels to pick up additional shares, according to Jim Cramer. "Costco shares have given back some recent gains but business is strong," said Jeff Marks, the Club's director of portfolio analysis. Ford fundamentals Shares of Club name Ford rose 2.8% to $13.65 each Wednesday after vehicle sales in the first quarter grew 6.8%. "These numbers do not show the profitability of Ford," Jim said Wednesday, suggesting investors should value the company at higher levels. Ford shares need to catch up to crosstown rival General Motors , he argued.

Persons: Jim Cramer, Jeff Marks, Jim, Gordon Haskett, I'm, Craig Jelinek, Rich Galanti, Ron Vachris, Gary Millerchip, Jim Cramer's, Charly Triballeau Organizations: Ford, Costco, University of Michigan, Motors, GM, Wall, CNBC, AFP, Getty Locations: Inwood , New York

From 1985 to 2002, he worked at Goldman Sachs, one of the most storied — and criticized — investment banks on Wall Street. He famously swooped in to turn around the struggling IndyMac bank after its failure in the financial crisis of 2008. Earlier this month, Mnuchin jumped back into the headlines when his PE firm led a roughly $1 billion investment in embattled New York Community Bancorp. In 2009, OneWest Bank Group, where Mnuchin was chairman and CEO, bought the troubled IndyMac after federal regulators took over the bank. Mnuchin was Treasury secretary in 2020, when the Trump administration brokered a deal where Oracle and Walmart would take a large stake in TikTok.

Persons: Steven Mnuchin, Donald Trump’s, Goldman Sachs, Mnuchin, Max, Mnuchin's dealmaking, Robert Weissman, ” Weissman, Robert Rubin, Clinton, Weissman, couldn’t, NYCB, George Soros, John Paulson, OneWest, Kevin Kaiser, “, ” Kaiser, Maxine Waters, ”, Trump, doesn't, Chris Caulfield, ” Caulfield, ” ___ Rugaber Organizations: Trump, Public Citizen, Treasury, Treasury Department, Liberty Strategic Capital, Citizens, New York Community Bancorp, OneWest Bank Group, Federal, of Insurance Corp, FDIC, Wharton School, Oracle, Walmart, CNBC Locations: Wall, TikTok, Saudi Arabia, East, Washington, Congress, U.S, China, West Monroe, “

☆ Blindsided Trump Fraud-Trial Judge Demands Intel on Perjury Plea
▼ + stars: | 2024-02-06 | by ( Laura Italiano | ) www.businessinsider.com time to read: +5 min

"Dear Counselors," the fraud-trial judge, state Supreme Court Justice Arthur Engoron, begins an acidly-worded email he sent Monday. After all, he notes, he is the fraud trial's "presiding magistrate, the trier of fact, and the judge of credibility." AdvertisementIn describing the potential trial monkey wrench that a Weisselberg perjury admission would be, Engoron drops some Latin. Lawyers for his co-defendants in the lawsuit — the Trump Organization, eldest sons Donald Trump, Jr. and Eric Trump, Weisselberg and another longtime Trump Org executive, Jeffrey McConney — have also denied wrongdoing. AdvertisementAttorneys for Trump and Weisselberg, and spokespersons for the AG's office and Manhattan district attorney's office, did not immediately respond to requests for comment.

Persons: —, Donald Trump's, Allen Weisselberg, Arthur Engoron, William K, Rashbaum, Jonah E, Ben Protesss, Alan, Weisselberg, Trump's, Manhattan, Forbes, Engoron, Letitia James, Trump, Donald Trump , Jr, Eric Trump, Jeffrey McConney — Organizations: Service, New York Times, Trump Org, Business, Trump, Former Finance, Manhattan, Times, Penthouse, New York, Lawyers, Trump Organization, Weisselberg Locations: York, Bromwich, Manhattan, trier

☆ Colombia's Petro Denies Calling for Cabinet Resignations
▼ + stars: | 2024-02-01 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

Colombian presidents frequently request mass, 'protocol' cabinet resignations in order to make changes to the government, though these are not guaranteed. The three government sources said had Petro asked for the resignations of his ministers during a meeting on Wednesday evening. Rather than the president demanding their resignations, ministers offered to resign, Agriculture Minister Jhenifer Mojica said during a presentation near capital Bogota. Petro last called for ministers' resignations in April after a debate on a health reform was abandoned by the lower house of congress. (Reporting by Oliver Griffin and Luis Jaime Acosta; Additional reporting by Carlos Vargas; Writing by Oliver Griffin; Editing by Sandra Maler)

Persons: Oliver Griffin, Luis Jaime Acosta BOGOTA, Gustavo Petro, Petro, Jhenifer Mojica, Jorge Ivan Gonzalez, Ricardo Bonilla, Jose Antonio Ocampo, Luis Jaime Acosta, Carlos Vargas, Sandra Maler Organizations: Finance Locations: Bogota

In a head-spinning day of court action on Monday, a lawyer for the National Rifle Association grilled its longtime chief, Wayne LaPierre, about his lavish spending. But the legal fireworks appeared to be part of a strategy to the bolster the contention of Mr. LaPierre and the N.R.A. Mr. LaPierre, 74, is a defendant in the lawsuit brought in 2020 by the New York attorney general, Letitia James. There were also trips where Mr. LaPierre and his family were hosted by N.R.A. And there was prodigious spending on charter flights; Mr. LaPierre didn’t dispute that some of the flights were solely for relatives.

Persons: Wayne LaPierre, LaPierre, Letitia James, John Frazer, Wilson Phillips Organizations: National Rifle Association, New, Beverly Hills, N.R.A Locations: New York, Beverly, Bahamas

On the eve of the trial, LaPierre, 74, announced he would resign from his position by the end of the month. While North has faced allegations of a conflict of interest from some within the NRA, he maintained that the arrangement was approved at the highest levels. “Wayne LaPierre helped me draft that agreement,” North said. “Wayne LaPierre is the one who told me: ‘I’ll take care of it.’"During the cross-examination, North emphatically denied trying to remove LaPierre from power for his own personal gain. He has agreed to testify at the trial, pay the NRA $100,000 and forgo further nonprofit involvement.

Persons: — Oliver North, Wayne LaPierre, LaPierre, I’m, North, Letitia James, scribbling, “, ”, “ We’re, Ackerman McQueen, “ Wayne LaPierre, Wayne, ” James, Wilson Phillips, John Frazer, Frazer, Phillips, Joshua Powell, James ’ Organizations: National Rifle Association, NRA, New York, North Locations: York, Manhattan, Iran

☆ The state of Wall Street's drug culture
▼ + stars: | 2024-01-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at the state of Wall Street's drug culture. What's on deck:AdvertisementBut first, does Wall Street have a drug problem? The big storyHigh on Wall StreetVartika Sharma for BIOf the many stereotypes about Wall Street, one of the most prevalent is the industry's rampant drug use. From Martin Scorsese's "The Wolf of Wall Street" to HBO's "Industry," extreme drug use and working in finance are often portrayed as being hand-in-hand. Business Insider's finance team spoke to more than a dozen current and former finance professionals, along with several health professionals, to get a sense of Wall Street's drug culture these days.

Persons: —, Jennifer Lopez's, Vartika Sharma, Martin Scorsese's, JAMES ARTHUR GEKIERE, Marty Chavez, Goldman Sachs, Chavez, that's, It's, Ted Shaffrey, Justin Sullivan, MGM Studios Jen Salke, Rachel Weisz, Alice Birch, MGM Studios Sue Kroll, Kevin Mazur, they'll, Josephine Maida, I've Organizations: Service, Business, BI, Sixth, Apple, Netflix, Big Tech, Tech, Amazon, MGM Studios, Apple Vision, Schlumberger Locations: Wall

Britain's Labour Party Leader Keir Starmer attends television interviews on the final day of the party's annual conference in Liverpool, Britain, October 11, 2023. It is not unusual for opposition leaders to receive summit invitations, but COP28 is particularly resonant. Ireland's climate minister, Eamon Ryan, hailed Britain's climate leadership, but also said Sunak's reset of some measures had not gone down well when the news was reported while he was in New York for the U.N. General Assembly. Britain's development minister Andrew Mitchell, at COP28, told Reuters what Sunak did "was very good government". But the Conservatives' former finance minister George Osborne questioned whether Sunak had been angered that Kitsotakis had met Starmer before him.

Persons: Keir Starmer, Phil Noble, Starmer, King, Jordan, John Kerry, General Antonio Guterres, Rishi Sunak, COP28, Sunak, Espen Barth Eide, Eamon Ryan, Andrew Mitchell, we're, Kyriakos, Sunak's, George Osborne, Kitsotakis, Elizabeth Piper, Kate Abnett, Barbara Lewis Organizations: Britain's Labour, REUTERS, Labour Party, UN, Labour, General, Reuters, Greek, Elgin, British, Conservatives, Thomson Locations: Liverpool, Britain, DUBAI, Dubai, Israel, Gaza, Qatar, Brazil, London, COP28, Norwegian, New York

The documents showed that the government also labeled as part of its climate change efforts items as disparate as Navy security operations and distributing fortified milk among the rural poor. Of this, Pemex spent 5.6 billion pesos on climate change and 1.3 billion pesos on the energy transition in the same period, the public accounts show. "Mexico started really strong," said Maria Jose de Villafranca, the lead researcher for Mexico at Climate Action Tracker. The government did not make officials available to discuss its climate change plans. Mexico has not released information about its strategy, which has been criticized by climate change experts as non-compliant with the Paris Agreement.

Persons: Gustavo Graf, Andres Manuel Lopez Obrador, Lopez Obrador, Lopez Obrador's, Pemex, Victor Gomez, Gomez, Maria Jose de Villafranca, There's, Jason DeVito, Stefanie Eschenbacher, Simon Jessop, Dave Graham, Claudia Parsons Organizations: REUTERS, MEXICO CITY, Reuters, United, CFE, United Nations, Navy, Federated Hermes, Thomson Locations: El Bosque, Mexico, MEXICO, DUBAI, United States, Paris, United Nations, Dubai, CFE, Mexico City

[1/2] Former governor of Argentina's central bank, Luis Caputo, speaks during a news conference in Buenos Aires, Argentina May 4, 2018. In the meeting, however, Caputo declined to confirm that he would be the new economy minister, two of the sources said. The roadmap is orthodox and without crazy things," Caputo told the assembled bank representatives, according to a senior banking source who attended the meeting. Earlier on Friday, though, he said shutting the central bank was "non-negotiable". The second bank source said Caputo had discussed the need to fully attack inflation and lower the Leliq pile, though did not have details on how this would be done.

Persons: Luis Caputo, Marcos Brindicci, Javier Milei, Caputo, Milei, Mauricio Macri's, Javier Bolzico, ADEBA, Milei's, " Caputo, Jorgelina, Jorge Otaola, Adam Jourdan, Alistair Bell Organizations: REUTERS, La, Reuters, Thomson Locations: Argentina's, Buenos Aires, Argentina, BUENOS AIRES, Argentine, Rosario

☆ Montenegro court approves extradition of 'cryptocurrency king' Do Kwon
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

Do Kwon, the cryptocurrency entrepreneur, who created the failed Terra (UST) stablecoin, is taken to court in Podgorica, Montenegro, March 24, 2023. The decision will be made after Do Kwon completes serving his prison sentence for document forgery, the court said. A South Korean national, Kwon is the former CEO of South Korea-based Terraform Labs, the company behind the stablecoin TerraUSD that collapsed in May 2022, roiling cryptocurrency markets. Following Kwon's arrest, the U.S. District Court in Manhattan made public an eight-count indictment against him for securities fraud, wire fraud, commodities fraud and conspiracy. In late May, a Montenegrin court scrapped a bail of 800,000 euros for the pair, saying it could not be taken as a solid guarantee, nor their promise they would not run away once released from detention.

Persons: Kwon, Stevo, Do Kwon, Kwon ´, Han Chang, joon, Daria Sito, Mark Potter Organizations: UST, REUTERS, Rights, Police, Terraform Labs, Court, Korean, Labs, U.S, Thomson Locations: Podgorica, Montenegro, Rights SARAJEVO, South Korea, United States, U.S, Rican, Montenegrin, Dubai, Manhattan

☆ Greek Lawmakers Quit Leftist Syriza Party in Protest Against New Leader
▼ + stars: | 2023-11-23 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

ATHENS (Reuters) - Nine Greek lawmakers quit the leftist Syriza party on Thursday after breaking ranks with its new leader, formalising a split in the country's main opposition party which they said could now disintegrate. They resigned in protest over the leadership of 35-year old Stefanos Kasselakis, a former banker who was picked as party leader in September after Syriza's heavy defeat in June's national election. "SYRIZA is experiencing a dissolution crisis," the lawmakers said in a letter, accusing Kasselakis of contradictory positions and an ideological shift from leftist principles. The lawmakers who quit Syriza have the numbers to form a separate parliamentary group and could launch a new party ahead of European Parliament elections next year. "It is very uncertain how Syriza can succeed under these circumstances," head of ALCO pollsters Costas Panagopoulos told Reuters.

Persons: formalising, Kasselakis, Syriza, Euclid Tsakalotos, Goldman Sachs, Alexis Tsipras, ALCO pollsters Costas Panagopoulos, Renee Maltezou, Gareth Jones Organizations: New Democracy, Socialist PASOK, ALCO, Reuters Locations: ATHENS, United States

ATHENS, Greece (AP) — Greece’s main left-wing opposition party, Syriza, suffered a damaging setback Thursday when nine lawmakers quit the party in protest against its newly elected leadership. But he has failed so far to halt the party’s decline in popularity in the wake of a crushing general election defeat in June. Syriza has since dropped to third place behind Socialist opponents in opinion polls, boosting the dominance of Prime Minister Kyriakos Mitsotakis’ conservative government. On Thursday, Effie Achtsioglou, a former Syriza labor minister, led the walkout as nine lawmakers declared themselves independent. He resigned following his third successive general election defeat.

Persons: Stefanos Kasselakis, Syriza, Kyriakos Mitsotakis, Effie Achtsioglou, Euclid Tsakalotos, Alexis Tsipras, Syriza’s, Tsipras Organizations: Miami, Socialist, Syriza Locations: ATHENS, Greece

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