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SAN JUAN, Puerto Rico (AP) — Tropical Storm Lee strengthened into a hurricane on Wednesday as it churned through the open waters of the Atlantic on a path that would take it near the northeast Caribbean. The hurricane was located about 1,130 miles (1,815 kilometers) east of the northern Leeward Islands. It had maximum sustained winds of 75 mph (120 kph) and was moving west-northwest at 14 mph (22 kph), according to the National Hurricane Center. “It has the potential to become a powerhouse Category 5 hurricane, the strongest hurricane of the year,” said Jonathan Porter, chief meteorologist for AccuWeather. Lee is the 12th named storm of the Atlantic hurricane season, which runs from June 1 to Nov. 30.

Persons: Lee, Maria, Irma, ”, Jonathan Porter, Jova Organizations: JUAN, National Hurricane Center, British Virgin Islands, AccuWeather, Atlantic, National Weather Service, Atmospheric Administration Locations: Puerto Rico, Leeward, British Virgin, U.S, San Juan, Mexico, Baja California

☆ India court orders Jet Airways founder to remain in custody until Sept. 11
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

Sept 2 (Reuters) - An Indian court on Saturday decided that Jet Airways (JET.NS) founder Naresh Goyal will remain in India's financial crime agency's custody until Sept. 11, the agency said in a press statement. The case relates to an alleged 5.38 billion Indian rupees ($65.06 million) bank fraud case filed by state lender Canara Bank (CNBK.NS). The losses to a consortium of nine lenders is much larger, at 59.6 billion Indian rupees ($720.78 million), ED said. The bank had filed a complaint in May against the airline, Goyal, his wife and a former airline director for "causing wrongful loss" to the lender. Goyal founded Jet Airways in 1992 but shut down operations in April 2019 after running out of cash.

Persons: Naresh Goyal, Goyal, Goyal hasn't, ED, Jayshree, Aditya, Tomasz Janowski, Ros Russell Organizations: Jet Airways, . Jet Airways, Canara Bank, Goyal, Thomson Locations: India, Dubai, Ireland, British Virgin

☆ Lyles, Richardson back up world titles in Zurich
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

ZURICH, Aug 31 (Reuters) - Americans Noah Lyles and Sha'Carri Richardson cemented their status as fastest in the world this year with victories at the Weltklasse Diamond League meeting on Thursday. Kyron McMaster of the British Virgin Islands handed world record holder Karsten Warholm his first 400 hurdles loss this season, taking victory in 47.27 to edge the weary-looking world champion Norwegian who crossed in 47.30. The Olympic champion and twice reigning world champion failed on three attempts at 6.23 - what would have been the seventh time he has bettered the world record. Winfred Yavi of Bahrain passed world record holder Beatrice Chepkoech of Kenya with a lap remaining in a carbon copy of her world victory to win the women's 3,000 steeplechase. Yomif Kejelcha of Ethiopia won a men's 5,000 race in which Lamecha Girma, the world record holder in the 3,000 steeplechase, dropped out with two laps to go.

Persons: Noah Lyles, Sha'Carri Richardson, Richardson, Erriyon Knighton, Knighton, Jamaica's Shericka Jackson, Jackson, Kyron McMaster, Karsten Warholm, Warholm, Yulimar Rojas, Rojas, Armand Duplantis of, Mutaz Barshim, Yared, Briton Josh Kerr, Kerr's, Norway's Jakob Ingebrigtsen, Nuguse, Kerr, Yavi, Beatrice Chepkoech, Yomif, Lamecha, Lori Ewing, Ed Osmond Organizations: Weltklasse Diamond League, British Virgin Islands, Venezuela, Olympic, Thomson Locations: ZURICH, Budapest, Zurich, Hungary, British, Norwegian, Armand Duplantis of Sweden, Qatar, Bahrain, Kenya, Ethiopia

☆ Shareholders ask China's Hollysys to set special meeting amid takeover frustration
▼ + stars: | 2023-08-30 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, Aug 30(Reuters) - Shareholders in China's Hollysys Automation Technologies owning a total 32.2% of the automation control system maker's shares asked the board of directors to set a special shareholder meeting, according to a letter seen by Reuters. Asking for a special meeting is a highly unusual step and signals shareholders' mounting frustration with management of the U.S.-listed company, which has received takeover bids but which has not started a sales process, people familiar with the matter said. A year ago Hollysys management was ready to take the company private at a $1.8 billion valuation, Reuters reported, but nothing has happened since then. Registered shareholders have a statutory right under section 82 of the BVI Business Companies Act (British Virgin Islands) to require the Hollysys board to convene a shareholder meeting. Any shareholder also has a statutory right to apply to the court for an order requiring a shareholder meeting to be held on the basis that it is in the interest of the shareholders that such a meeting be held.

Persons: Conyers, Pearman, Hollysys, Svea Herbst, Bayliss, Louise Heavens Organizations: Automation Technologies, Reuters, Oasis Management, Maso, Company, Technology, . Ltd, Dazheng Group Investment Holdings Company, Act, Svea, Thomson Locations: U.S, United States, Cayman Islands, China, Virgin

☆ Karsten Warholm stages ‘comeback story’ with record third 400m hurdles world title
▼ + stars: | 2023-08-24 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +2 min

CNN —Karsten Warholm once again dominated the hurdles track – not only regaining his hard earned title of world champion, but becoming the first athlete to ever win three 400m hurdles crowns. The frontrunner in this event since his world championship title in 2017, the Norwegian suffered an injury-plagued, disappointing 2022. “[The other competitors] went out super hard, but I knew they were going to get it tough in the end. Petr David Josek/APWarholm added that this year’s gold is “extra special” because it signifies his “good little comeback story” following last year’s disappointing run with injuries and form. You need to have that to chase the gold medals.”McMaster took the silver in 47.38, while Benjamin was awarded bronze for his 47.56.

Persons: CNN — Karsten Warholm, Rai Benjamin, Kyron McMaster, Roshawn Clarke, ”, Warholm, Kyron Mcmaster, Petr David Josek, I’m, ” McMaster, Benjamin Organizations: CNN, British Virgin Islands Locations: Norwegian, Budapest, Hungary, British Virgin, United States

☆ Warholm back on top of world 400-hurdles podium
▼ + stars: | 2023-08-23 | by ( Lori Ewing | ) www.reuters.com time to read: +2 min

BUDAPEST, Aug 23 (Reuters) - Karsten Warholm of Norway returned to the top of the global medal podium, racing to his third victory in the 400-metres hurdles at the World Athletics Championships on Wednesday. The 27-year-old won the 2017 and 2019 world championships, but struggled to seventh at the worlds last season in Eugene when he was hampered by a hamstring injury. "It feels incredibly good to have the gold around my neck again," Warholm told Norwegian broadcaster NRK. Kyron McMaster won silver in 47.34 to earn the first world championships medal for the British Virgin Islands. "This means the world to my country - I have been chasing this medal since 2017," McMaster said.

Persons: Karsten Warholm, Rai Benjamin, Warholm, Kyron McMaster, McMaster, Benjamin, I've, Lori Ewing, Tommy Lund, Toby Davis Organizations: Olympic, NRK, Tokyo, Monaco Diamond League, Thomson Locations: BUDAPEST, Norway, Eugene, Norwegian, British Virgin, Lane, Tokyo

☆ Fact Check-Bloomberg report did not name Obama as Epstein’s ‘middle man’
▼ + stars: | 2023-08-21 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

A Bloomberg report did not say former U.S. President Barack Obama was late disgraced financier Jeffrey Epstein’s “middle man,” despite online posts that misrepresent the article on revelations from court filings by JPMorgan Chase and the U.S. Virgin Islands. A post on messaging platform X, formerly known as Twitter, said: “BREAKING: President Obama has been named as Jeffrey Epstein’s middle man to JP Morgan according to Bloomberg” (here). Some posts link to an Aug. 16 Bloomberg report with the headline, “Epstein Tapped JPMorgan to Help Goldman Lawyer Open Account” (here). The report mentions a “former Obama White House lawyer,” but it does not name Obama as Epstein’s so-called “middle man” to JPMorgan. A Bloomberg report did not name former U.S. President Barack Obama as Jeffrey Epstein’s “middle man” to JPMorgan.

Persons: Barack Obama, Jeffrey Epstein’s “, JPMorgan Chase, Epstein, Obama, Jeffrey Epstein’s, JP Morgan, Bloomberg ”, “ Epstein, ”, Kathy Ruemmler, Lesley Groff, Epstein’s, Mary Erdoes, ’ ” Erdoes, Michelle, Richard Branson, Read Organizations: Bloomberg, JPMorgan, U.S ., U.S . Virgin Islands, Reuters, Twitter, Facebook, Goldman, Obama White House, White, Free Law Locations: U.S, U.S . Virgin Islands, “, British Virgin

A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligations. Evergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged as much as 20% on Friday, while China Evergrande New Energy Vehicle Group (0708.HK) lost as much as 17%.

Persons: Aly, Evergrande, Morgan Stanley, HSI, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, Longfor, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, Asia, HONG, U.S, United States, Beijing, Manhattan, Hong Kong, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru

A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The developer's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collaterals and repurchase obligationsThe sources declined to be named due to the sensitivity of the matter. DEBT RESTRUCTURINGEvergrande announced an offshore debt restructuring plan in March, expecting it to facilitate a gradual resumption of operations and generation of cash flow. Trading in China Evergrande shares has been suspended since March 2022. Shares of Evergrande Services (6666.HK) plunged more than 12%, while China Evergrande New Energy Vehicle Group (0708.HK) dropped 8% on Friday.

Persons: Aly, Evergrande, Morgan Stanley, Hong, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam Organizations: China Evergrande Group, REUTERS, HONG KONG, China Evergrande, HK, British Virgin, Tianji Holdings, British Virgin Islands, Co ., Evergrande Services, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, HONG, U.S, United States, Hong Kong, British, Manhattan, Cayman Islands, British Virgin, Land, New York, Trading, Bengaluru

"The application is a normal procedure for the offshore debt restructuring and does not involve (a) bankruptcy petition," it said in the filing, adding it is pushing forward with its offshore debt restructuring. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collateral and repurchase obligations. A man walks past a No Entry traffic sign near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. China's economic and property woes and the absence of concrete stimulus steps have sent a chill through global markets. "The China property sector is like a black hole, so many developers have been dragged into it since two years ago after Evergrande," said Winner Zone Asset Management CEO and CIO Alan Luk.

Persons: Evergrande, Aly, Nomura, HSI, Alan Luk, Clare Jim, Jonathan Stempel, Dietrich Knauth, Manya, Sumeet Chatterjee, Shri Navaratnam, Kim Coghill Organizations: HONG KONG, China Evergrande, HK, U.S, Hong, British Virgin Islands, China Evergrande Group, REUTERS, Zhongrong International Trust Co, Longfor, Asset Management, Manya Saini, Thomson Locations: China, Asia, HONG, U.S, United States, Hong Kong, British Virgin, New York, Shenzhen, Guangdong province, Beijing, Bengaluru

☆ China's property giant Evergrande files for bankruptcy protection in Manhattan court
▼ + stars: | 2023-08-18 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

Future Publishing | Future Publishing | Getty ImagesChina's heavily indebted property developer Evergrande group on Thursday filed for Chapter 15 bankruptcy protection in a U.S. court. In a filing to the Manhattan bankruptcy court, the firm sought recognition of restructuring talks under way in Hong Kong, the Cayman Islands and the British Virgin Islands. The Chapter 15 bankruptcy protection allows a U.S. bankruptcy court to intervene in cross-border insolvency case involving foreign companies that are undergoing restructuring from creditors. Tianji Holdings, an affiliate of Evergrande, and its subsidiary Scenery Journey, also filed for Chapter 15 protection in a Manhattan bankruptcy court, according to the filing. The firm has also suspended trading in at least 10 of its mainland-China traded yuan bonds, according to Reuters.

Organizations: Future Publishing, British Virgin Islands, CNBC, Tianji Holdings, Evergrande, ., Reuters Locations: Huai'an, Jiangsu, China, U.S, Manhattan, Hong Kong, Cayman Islands, British Virgin

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. An affiliate, Tianji Holdings, also sought Chapter 15 protection on Thursday in Manhattan bankruptcy court. The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20. On Monday, its electric-vehicle unit China Evergrande New Energy Vehicle Group (0708.HK) announced its own proposed restructuring. Trading in China Evergrande shares was suspended in March 2022.

Persons: Aly, Evergrande, Hong, Evergrande NEV's, Jonathan Stempel, Dietrich Knauth, Manya, Anil D'Silva, Deepa Babington, Matthew Lewis Organizations: China Evergrande Group, REUTERS, HK, Tianji Holdings, British Virgin Islands, British Virgin, Energy Vehicle Group, Manya Saini, Thomson Locations: China, Shenzhen, Guangdong province, U.S, United States, Manhattan, Hong Kong, Cayman Islands, British Virgin, British, Dubai, New York, Bengaluru

"U.S.-China competition is on the same starting line," Chipuller chairman Yang Meng said about chiplet technology in an interview with Reuters. "They can still develop 3D stacking or other chiplet technology to work around those restrictions. Beijing is rapidly exploiting chiplet technology in applications as diverse as artificial intelligence to self-driving cars, with entities from tech giant Huawei Technologies to military institutions exploring its use. About a quarter of the global chip packaging and testing market sits in China, according to Dongguan Securities. Huawei, China’s tech and chip design giant that has been put on the U.S.'s most restricted list, has been actively filing chiplet patents.

Persons: Yang Meng, Charles Shi, Needham, Yang, Needham's Shi, Chipuller, Laura Black, Melissa Mannino, Perry Bechky, Rowe, Mike Gallagher, Biden, ”, Chipuller's Yang, zGlue, CFIUS, Shayne Phillips, MIIT, Jane Lanhee Lee, Eduardo Baptista, Echo Wang, Stephen Nellis, Kenneth Li, Brenda Goh, Lincoln Organizations: Chipuller, Industry, Reuters, Huawei Technologies, Intel, Dongguan Securities, People’s Liberation Army, PLA, Acclaim, British, Islands, Sea Investment Co, Foreign Investment, Treasury, Akin's Trade, Berliner Corcoran, Department of Commerce, Huawei, U.S, TongFu Microelectronics, JCET, Beijing ESWIN Technology Group, China’s Ministry of Industry, Information Technology, Thomson Locations: Shenzhen, China, U.S, United States, Japan, South Korea, Taiwan, Beijing, Dongguan, BakerHostetler, People's Republic of China

☆ Branson, Virgin Group reputations at centre of $250 mln London court clash
▼ + stars: | 2023-07-03 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, July 3 (Reuters) - British billionaire Richard Branson severely damaged Virgin Group's reputation by residing in a tax haven while UK-based airline Virgin Atlantic sought a government bailout during the pandemic, according to internal Virgin emails cited in a $250 million London lawsuit on Monday. The emails were cited by lawyers for U.S. train operator Brightline, which is being sued by the Virgin Group after cancelling a deal to use the Virgin brand in 2020, just over 18 months after it was signed. Under the deal Brightline operated a rail line in Florida using the name Virgin Trains USA. Brightline's lawyers cited internal Virgin Group emails describing group founder Branson being based in the British Virgin Islands for tax purposes as "a reputation killer", while one email from an external public relations adviser said: "Richard needs to show he's not a ruthless, tax-evading billionaire." In an April 2020 email, Virgin Group CEO Josh Bayliss referred to Branson's tax residency in relation to the request for a bailout, saying: "Richard cannot escape the criticism.

Persons: Richard Branson, Brightline, Branson, Richard, Josh Bayliss, Daniel Toledano, Virgin Atlantic's, Brightline's, Nigel Tozzi, Sam Tobin, Susan Fenton Organizations: Virgin Atlantic, U.S, Virgin Group, Virgin, Virgin Trains, British Virgin Islands, Real Madrid, Thomson Locations: Florida, British Virgin, Britain, United States, Barcelona, Bay

The liquidators discussed the allegations against Three Arrows co-founders Su Zhu and Kyle Davies at a Tuesday meeting with the hedge fund's creditors, the person said. Representatives for Zhu and Davies could not be reached for comment immediately. Three Arrows was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD in May. The liquidators were appointed by that court to wind down the company and pay its debt. Earlier this month, a set of non-fungible tokens previously bought by Three Arrows was sold for $10.9 million at Sotheby's in New York.

Persons: Su Zhu, Kyle Davies, Zhu, Davies, cryptocurrencies Luna, TerraUSD, Jaiveer Singh, Dietrich Knauth, Sriraj Organizations: Arrows, Reuters, Three Arrows, Virgin, Bloomberg News, British Virgin Islands, Thomson Locations: British Virgin, Manhattan, New York, Bengaluru

In its 13 charges, the SEC alleged that Binance and Zhao used Merit Peak and Sigma Chain, another trading firm controlled by Zhao, to commingle corporate funds with client assets and use the monies "as they please." This put customers' assets at risk while Binance sought to "maximize" its profits, the SEC wrote in its civil complaint on Monday. "All user assets on Binance and Binance affiliate platforms, including Binance.US, are safe and secure," it said in a statement on Monday. The funds received by British Virgin Islands-based Merit Peak between 2019 and 2021 flowed from Key Vision Development Ltd, also controlled by Zhao, the SEC filing on Tuesday showed. Reuters reported last month that Key Vision and Merit Peak, along with Binance's Cayman Islands holding company, formed the core of the global crypto exchange's financial network.

Persons: Changpeng Zhao, Binance, Zhao, Guangying Chen, Chen, Tom Wilson, Jane Merriman Organizations: U.S . Securities, Exchange Commission, SEC, Sigma, British, Vision Development, Key Vision, U.S, Reuters, Vision, Binance's, Sigma Chain's, BAM, Thomson Locations: Seychelles, British Virgin Islands, Islands, Binance, United States, U.S, Singapore

☆ Binance U.S. clients have $2.2 billion 'at significant risk' after crypto exchange charged, SEC says
▼ + stars: | 2023-06-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The $2.2 billion of U.S. customer assets held by Binance is at "significant risk" of being stolen by founder Changpeng Zhao unless a freezing order is in put place, federal regulators said in a filing Tuesday night, after the crypto regulator was charged by the Securities and Exchange Commission. The SEC sued Binance and Zhao on Monday, alleging they engaged in the unregistered offer and sale of securities and commingled investor funds with their own. Years of communications between the SEC and Binance, which claims no official headquarters, suggest that Binance.US couldn't clearly indicate who controlled customer assets, according to the filing. "Zhao and Binance have had free reign," the SEC alleged, over "customer assets worth billions of dollars." The SEC says federal law and precedent establish the court's jurisdiction over Zhao and Binance.

Persons: Binance's, Changpeng Zhao, Zhao, Binance, Timothy Massad Organizations: Binance, Securities and Exchange Commission, Lawyers, SEC, BAM, BAM Management, Binance's, BAM Trading Locations: U.S, Swiss, British Virgin Islands, Binance's U.S, United States, UAE

After receiving $145 million from Binance.US's operator by 2021, Sigma Chain spent $11 million on buying a yacht, the SEC complaint said, without elaborating. It is unclear from the SEC complaint how much money Zhao is alleged to have drawn from Merit Peak and Sigma Chain. The SEC also said Zhao used Merit Peak to direct more than $16 million to fund Binance's purportedly independent U.S. affiliate Binance.US. Binance used its BUSD holdings to meet customer withdrawals by selling them for dollars as needed, Reuters reported in May. The SEC complaint also identified Binance Labs, a venture capital arm of Binance, as part of the exchange's plan to increase demand for BNB.

Persons: Zhao, Binance, Benoit Tessier LONDON, Changpeng Zhao, John Reed Stark, Stark, Binance's, Angus Berwick, Tom Wilson, Lisa Barrington, Hadeel Al, Elisa Martinuzzi, Alexander Smith Organizations: Viva Technology, Porte de, REUTERS, Binance, Securities and Exchange Commission, SEC, Swiss, Sigma Chain, Reuters, Silicon, Internet, Futures Trading Commission, U.S . Justice, Reuters Graphics, Silvergate Bank, Merit, Sigma, Binance Labs, Thomson Locations: Porte, Paris, France, Binance, U.S, Virgin Islands, Dubai, London, Hadeel Al Sayegh

☆ SEC sues Binance and CEO Changpeng Zhao for U.S. securities violations
▼ + stars: | 2023-06-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Binance's ultimate compliance, in 2019, was largely a public show, the SEC complaint continues. The SEC alleged that Binance and Zhao violated "critical" provisions of federal security laws, including self-dealing and market manipulation, through Merit Peak Limited and Sigma Chain, both of which Zhao controlled and owned. Merit Peak, a British Virgin Islands-based company, was one of the "earliest market makers" on Binance's U.S. platform, the SEC alleged. "We will issue a response once we see the complaint," Zhao said on Twitter. The defendants showed a "blatant disregard" of federal law, the SEC alleged.

Persons: Changpeng Zhao, Zhao, Binance, Binance.US Organizations: Securities, Exchange, Binance, SEC, CNBC, Limited, Sigma Chain, Merit, Binance's U.S, Twitter, Media Locations: European, The U.S, USA, U.S, VPNs, Binance.com, British Virgin Islands, Binance's

May 19 (Reuters) - Auction house Sotheby's announced Friday seven non-fungible tokens from bankrupt cryptocurrency hedge fund Three Arrows Capital sold for about $2.5 million. The auction was part of liquidating Three Arrows, according to a February memo from Teneo, one of the court-appointed liquidators. Singapore-based Three Arrows was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD. Non-fungible tokens (NFTs) are a blockchain-based asset that represents ownership of a digital item, such as an image, video or piece of text. The market for NFTs exploded in 2021, and auction houses including Sotheby’s and Christie’s joined the craze.

May 9 (Reuters) - Digital stablecoin tether is winning the race for the title of the crypto world's "least risky" asset. Tether is already the top performer among stablecoins -- digital tokens pegged to some fiat asset like the dollar -- and has seen its market value soar since March. Buying tether and bitcoin is really a vote against the U.S. system," says Jensen. On CoinMarketCap's database of 23,891 tokens, tether has risen to number 3 with a market cap of $82 bln and a share of 6.83%. NO NEWS IS GOOD NEWSTo be sure, tether has long been dogged by doubts about its peg being backed by dollar reserves.

☆ Russia's National Bank Trust sues commodity traders for over $1 billion
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

May 5 (Reuters) - Russian bank National Bank Trust said it had filed a lawsuit in the British Virgin Islands against a number of major commodity traders and was seeking over $1 billion in relation to what it said was fraud. The case is linked to the central bank's 2017 bailout of two private banks - Rost Bank and B&N Bank (Binbank). National Bank Trust is the legal successor to Rost Bank, which it says was defrauded by employees working for the commodity traders. A Bank Trust spokesperson said its international legal teams had carried out a large-scale investigation and it had extensive evidence to support its case. The central bank aims to liquidate Bank Trust in 2027.

☆ Where Goldman Sachs CEO David Solomon takes the corporate jet
▼ + stars: | 2023-04-24 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

"The Board fully supports the use of the Goldman Sachs planes for travel, just as it supported the use of private aircraft by previous Goldman Sachs executives," said Tony Fratto, a company spokesman. "Executives at Goldman Sachs have been flying on private aircrafts for decades as it is proven to be the most secure, effective, and cost-efficient solution to meet the extensive travel obligations for CEOs of firms like Goldman Sachs — which is why all of our peer institutions also extensively use private aircraft." John Waldron, president of Goldman Sachs Reuters/Brendan McDermidOccasionally, Solomon and Waldron switch planes, particularly when Waldron flies overseas. Goldman Sachs has a sponsorship deal with pro golfer Patrick Cantlay. "These estimates wildly overstate the cost of such flights to Goldman Sachs and are not an accurate representation," he said.

☆ Inside the Rise and Fall of Kittyhawk, Larry Page's Failed Flying Car Company
▼ + stars: | 2023-04-16 | by ( Hugh Langley | Rob Price | ) www.businessinsider.com time to read: +22 min

Killing off projects had become something of a tradition at Kittyhawk, the secretive flying-car startup launched by the Google cofounder Larry Page. Larry Page has used his Google money to found a series of flying car companies with one common goal: "to free the world of traffic." "When Bloomberg did their original exposé, that's when urban air mobility became a thing," a former Kittyhawk employee recalled. Everyone thought: If Larry Page is in this space, there must be something here." Interpreting "Larry-isms" or "learning to speak Larry" were essential skills for any Kittyhawk employee who wanted to retain their sanity.

☆ They dated as teenagers. 40 years later, she decided to go on vacation with him
▼ + stars: | 2023-04-14 | by ( Francesca Street | ) edition.cnn.com time to read: +13 min

“Our hallways in this school, they were outside, and so there’s this beam of sunlight shining down on her,” recalls Bo. “I’d say, ‘Come to my window and I’ll talk to you through the window,’” recalls Beverly. The former flames, now both 60, received invites to their 40th high school reunion, taking place at the Clinton Presidential Library in Little Rock. A high school reunionBo and Beverly reunited at a high school reunion and got to know one another on a subsequent sailing vacation. It was “literally a shack of driftwood and washed up lumber slapped together haphazardly on a remote beach,” recalls Bo.

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