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☆ Exclusive: Indian sugar mills to close early as rain hits cane supply - govt official
▼ + stars: | 2023-01-27 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

India has allowed sugar mills to export only 6.1 million tonnes of the sweetener in the current season and, out of that, mills have already contracted to export 5.7 million tonnes. Sugar mills in Maharashtra were operational until mid-June in 2021/22 as they were struggling to harvest a record crop. LOWER EXPORTSIn 2021/22 Maharashtra produced a record 13.7 million tonnes, higher than the initial estimate of 11.2 million tonnes, allowing New Delhi to export a record 11.2 million tonnes. As the sugar exports quota was nearly exhausted, the Indian Sugar Mills Association and other trade bodies were requesting the government to allow additional exports of up to 4 million tonnes. India mainly exports sugar to Indonesia, Bangladesh, Malaysia, Sudan, Somalia and the United Arab Emirates.

The company listed over 100,000 creditors in a "mega" bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents. In a statement, the company noted that the companies were only involved in Genesis' crypto lending business. Genesis listed a $765.9 million loan payable from Gemini in Thursday's bankruptcy filing. Other sizeable claims included a $78 million loan payable from Donut, a high-yield, decentralized platform, and a VanEck fund, with a $53.1 million loan payable. The bankruptcy puts Genesis alongside other fallen crypto exchanges including BlockFi, FTX, Celsius, and Voyager.

India, the world's biggest sugar exporter after Brazil, exported a record 11 million tonnes in the previous season to Sept. 30, 2022. Lower sugar exports from India could raise global prices , and allow rivals Brazil and Thailand to increase their shipments. We can't allow even additional exports of 1 million tonnes," said another official, who declined to be named. The country's sugar production was initially projected to rise to a record 36.5 million tonnes, far above local demand of 27.5 million tonnes. India mainly exports sugar to Indonesia, Bangladesh, Malaysia, Sudan, Somalia and United Arab Emirates.

Currently trading around $9,130, the copper price is up by 9.6% since the start of January. Investors played copper from the short side for much of last year, if they were prepared to engage at all. The funds' sudden return is a sign that many are betting on a much sunnier outlook. "To the degree these short positions have not already covered, this may support copper in the short term", the bank said. It's clear, though, that copper long positioning is primarily a bet on Chinese recovery, underpinned by measures to revitalise a foundering property sector and more metals-intensive green infrastructure.

Genesis has sought lifelines in the form of an emergency loan of $1 billion from investors. Massive crypto lender Genesis Global Trading Inc. laid off 30% of its staff and is considering filing for bankruptcy, according to people familiar with the matter, the latest sign of financial turmoil at the crypto lender. The layoffs weren’t confined to one department and were across the company, some of the people said. Genesis has 145 employees left after Thursday’s layoffs.

☆ Crypto Lender Genesis Lays Off 30% of Staff in Second Round of Layoffs
▼ + stars: | 2023-01-05 | by ( Caitlin Ostroff | Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Genesis has sought lifelines in the form of an emergency loan of $1 billion from investors. Genesis Global Trading Inc. laid off 30% of its staff Thursday, according to people familiar with the matter, the latest sign of financial turmoil at the crypto lender. The firm suffered steep losses from loans it supplied to the now-defunct trading firm Alameda Research and crypto hedge fund Three Arrows Capital. Both Alameda and Three Arrows filed for bankruptcy last year.

☆ Crypto just had an awful week
▼ + stars: | 2023-01-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

It’s the kind of negative press that the crypto faithful want to either ignore completely or denounce as a fringe, one-off scandal. But crypto is a tight-knit web, and when one corner collapses it puts the whole lot at risk. And we’re not done yet…Also this week:Coinbase, a publicly traded US crypto platform, agreed to a $100 million settlement after a New York regulator found “significant failures” to comply with the state’s anti-money-laundering laws. Bottom line: I’m not here to write crypto’s obit, and I am well aware that there are plenty of legitimate crypto enterprises out there. But no one within crypto agrees on what those regulations should look like, and some dispute the need for regulation in the first place.

☆ Crypto had a catastrophic 2022. Here are 3 reasons it will bounce back again, according to analysts.
▼ + stars: | 2023-01-04 | by ( Emilia David | ) www.businessinsider.com time to read: +5 min

Analysts from Bernstein laid out why they're still bullish on the crypto space. But Bernstein analysts Gautam Chhugani and Manas Agarwal offer crypto true believers a few reasons to keep the faith. In a note published on January 3, they wrote that despite a catastrophic 2022, the larger crypto ecosystem still has potential. Much of the crypto space remains decentralized. Chhugani and Agarwal said FTX's collapse had hastened DeFi adoption, which makes DeFi a bright spot in crypto investing, according to crypto VCs.

☆ Bernstein analysts offer a cautious bull case for crypto recovery after a year from hell
▼ + stars: | 2023-01-04 | by ( Emilia David | ) www.businessinsider.com time to read: +5 min

Analysts from Bernstein laid out why they're still bullish on the crypto space. But Bernstein analysts Gautam Chhugani and Manas Agarwal offer crypto true believers a few reasons to keep the faith. Crypto keeps bouncing backThe past year was not the first "crypto winter," and crypto always bounced back fairly easily. Much of the crypto space remains decentralized. Chhugani and Agarwal said FTX's collapse had hastened DeFi adoption, which makes DeFi a bright spot in crypto investing, according to crypto VCs.

The fairly upbeat mood in Asia and Europe was crushed in U.S. hours as another collapse in Tesla Inc (TSLA.O) shares dragged tech lower, soured risk appetite, and prompted defensive flows into Treasuries and the dollar. Hong Kong's Hang Seng tech index kicked off the year with a stellar 2.5% rise on Tuesday and the MSCI Asia tech index has advanced three days in a row, its best run in a month. Global financial conditions - across developed and emerging markets - have tightened since then, according to Goldman Sachs. Its U.S. financial conditions index has risen some 40 bps, mainly due to higher long rates and lower equities. If global tech and equity bulls are to get any traction, easing financial conditions and central bank rate hike expectations will have to set in first.

☆ Gemini's Winklevoss accuses crypto mogul Silbert of 'bad faith stalling tactics' over frozen funds
▼ + stars: | 2023-01-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. He also alleged that Digital Currency Group and Genesis are "beyond commingled." Digital Currency Group (DCG) — of which you are the founder and CEO — owes Genesis (its wholly owned subsidiary) ~1.675 billion," Winklevoss said. watch nowIn addition to Genesis, Digital Currency Group also owns Grayscale, the embattled digital asset manager. "DCG did not borrow $1.675 billion from Genesis," Silbert said in reply to Winklevoss' tweet Monday.

☆ Judge dismisses demands for LME disclosures on cancelled nickel trades
▼ + stars: | 2022-12-23 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

AQR Capital Management said after the ruling it would continue to evaluate all legal options. The other claimants in the filing were Winton Capital Management, Capstone Investment Advisors, Flow Traders (FLOW.AS) and DRW Commodities. The London Metal Exchange was represented by global law firm Hogan Lovells, instructing Brick Court Chambers. "Hogan Lovells has today secured an important victory for its client the London Metal Exchange (LME)," it said in a statement. The LME also faces lawsuits from U.S. hedge fund Elliott Associates and Jane Street Global Trading, which are suing the LME for $456 million and $15.3 million, respectively, for the cancelled nickel trades.

☆ WTO rules against U.S. in Hong Kong labelling dispute
▼ + stars: | 2022-12-21 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: A logo is seen at the World Trade Organization (WTO) headquarters before a news conference in Geneva, Switzerland, October 5, 2022. REUTERS/Denis BalibouseUntil 2020, the United States had treated Hong Kong, which is a separate WTO member, in the same manner as before it passed from British control in July 1997. A three-person WTO adjudicating panel found that the United States violated an obligation towards Hong Kong, by giving it less favourable treatment than other WTO members in terms of marks of origin on its products. The United States said it had applied an exception allowing for measures to protect a country’s “essential security interests”. The Hong Kong government welcomed the ruling and said it had affirmed its special status as a separate customs territory.

☆ British court set to hear demand for evidence over LME nickel crisis
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

The other claimants in the filing at the London Commercial Court were Winton Capital Management, Capstone Investment Advisors, Flow Traders (FLOW.AS) and DRW Commodities. The exchange, the world's oldest and largest market for industrial metals, has rejected the legal action as without merit. The LME is also facing lawsuits from U.S. hedge fund Elliott Associates and Jane Street Global Trading, which are suing the LME for $456 million and $15.3 million, respectively, for the cancelled nickel trades. British financial regulators launched a sweeping investigation in April of the suspension of nickel trading while the LME also commissioned its own independent review of the matter. Reporting by Eric Onstad and Nell Mackenzie in London Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

In one of the most high-profile and potentially explosive cases to come to the WTO, the three-person adjudicating panel said the U.S. measures were inconsistent with WTO rules and recommended the United States bring them into conformity. The United States said it strongly rejected the "flawed" interpretation and conclusions of the panel. Trump imposed 25% tariffs on steel imports and 10% on aluminium in 2018, using Section 232 of a 1962 act that allows the president to restrict imports if they are threatening national security. The case hinged on the exemption from global trade rules the WTO allows in cases of national security. The central U.S. argument was that national security is for countries themselves to judge and certainly not something to be assessed by three WTO adjudicators sitting in Geneva.

☆ LME had regulatory obligation to be able to cancel nickel trades in March, filings say
▼ + stars: | 2022-11-29 | by ( ) www.cnbc.com time to read: +1 min

Traders, brokers and clerks on the trading floor of the open outcry pit at the London Metal Exchange in London, U.K., on Monday, Feb. 28, 2022. The London Metal Exchange (LME), battling a combined $472 million lawsuit from U.S. hedge funds Elliott Associates and Jane Street Global Trading, had a regulatory obligation to be able to cancel nickel trades in March, it said in court filings. "All the actions taken on 8 March were lawful and made in the interest of the market as a whole. Elliott Associates and Jane Street declined to comment. But the exchange counters that its rulebook gave it clear and specific power to suspend the market and cancel existing trades.

BRUSSELS, Nov 24 (Reuters) - European Council President Charles Michel will meet Chinese President Xi Jinping in China on Dec. 1 to discuss a range of global challenges including the war in Ukraine, tensions over Taiwan and EU concerns about imbalanced economic ties. The visit comes after European leaders jointly expressed concern at a meeting last month about economic reliance on China. Michel was likely to stress the need to rebalance the EU-China economic relationship and the importance of abiding by global trading rules. Since 2019, the European Union has regarded China more warily, describing it then as a partner, an economic competitor and a system rival. Reporting by Marine Strauss @StraussMarine, Benoit Van Overstraeten; Editing by Alex Richardson, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

☆ Grayscale refuses to share proof of reserves due to 'security concerns' as shares trade at a 45% discount to bitcoin
▼ + stars: | 2022-11-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Grayscale, the asset manager running the world's largest bitcoin fund, said in a statement that it won't share its proof of reserves with customers. Grayscale's flagship fund is the Grayscale Bitcoin Trust, known by its GBTC ticker. The firm pointed to a letter sent by Coinbase CFO Alesia Haas on Nov. 18, which breaks down an accounting of the tokens held at Coinbase Custody. In a tweet, the firm added that the "laws, regulations, and documents that define Grayscale's digital asset products prohibit the digital assets underlying the products from being lent, borrowed, or otherwise encumbered." Barry Silbert's Digital Currency Group is the parent company of Grayscale, Genesis, and CoinDesk.

☆ Five countries, other than China, most dependent on the South China Sea
▼ + stars: | 2022-11-18 | by ( Sean M. Holt | ) www.cnbc.com time to read: +11 min

Territorially, there are seven claimants to the South China Sea: China, Brunei, Indonesia, Malaysia, the Philippines, Taiwan and Vietnam. Analysts name the top five countries, other than China, that are most dependent on the South China Sea. Aerial view of fishing boats setting sail to South China Sea for fishing on August 16, 2022 in Yangjiang, Guangdong Province of China. "Although they claim more than half of the South China Sea, China has pushed claimant states such as Vietnam out of traditional fishing waters and more into the South China Sea, causing excessive overfishing." South KoreaSouth Korea is "intentionally quiet about the South China Sea" as it wants to "maintain favor with China," Graham said, citing Seoul's primary focus on the North Korean issue.

☆ Coinbase plunges as FTX chaos spreads further into the crypto market
▼ + stars: | 2022-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

About a year ago, Coinbase had a valuation of $85 billion, but shares of the crypto firm have crashed more than 80% this year. FTX's collapse has shaken confidence in the crypto sector that was already in the thick of a deep bear market. On Friday, Goldman Sachs said Coinbase was sufficiently insulated from the FTX crash and had a highly liquid balance sheet. And S&P Global Market Intelligence has estimated that Coinbase burned through $278 million in cash last quarter, despite saving $391 million in cash outlays by paying employees with stock. And Genesis Global Capital, the crypto-lending arm of Genesis Global Trading, cited "the extreme market dislocation and loss of industry confidence caused by the FTX implosion," CoinDesk reported.

Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended redemptions on Wednesday citing the failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action, as its sudden collapse ripples across the industry. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. Bloomberg on Tuesday also reported that U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning. Elsewhere, crypto exchange Binance, in a response to a hearing on the crypto industry by a British parliamentary committee on Monday, said it had not contributed to FTX's collapse. The U.S. House Financial Services Committee said Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX.

☆ Key House lawmaker calls collapse of crypto exchange FTX 'a dumpster fire' as Financial Services Committee investigates
▼ + stars: | 2022-11-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Rep. Patrick McHenry, a Republican of North Carolina and ranking member of the House Financial Services Committee, speaks during a hearing in Washington, D.C. Ecosystem in limbo," Rep. Patrick McHenry, the top Republican of the House Financial Services Committee said at a hearing examining the safety of the U.S. financial system Wednesday. McHenry, who is the likely incoming chair of the committee if Republicans seize control of the House as expected, announced a bipartisan hearing on the FTX collapse along with current committee Chairwoman Maxine Waters, D-Calif., earlier Wednesday morning. Cryptocurrency lender BlockFi Inc. is reportedly weighing bankruptcy, telling investors it has "significant exposure" to the FTX failure. "And it's time for the regulators to update the rulebook to strengthen protections for consumers and investors as well as safeguards for our financial system and the risk of digital access ecosystem."

☆ Kraken exec Ankur Ranshid just exited the high-profile crypto exchange. Here's why he left, and exclusive details on his new a16z-backed gig's $200 million funding round.
▼ + stars: | 2022-11-16 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Matter Labs announced a $200 million Series C round, led by Blockchain Capital and Dragonfly. Kraken, which has a reported valuation of $10.8 billion, is trying to fill C-suite-level roles such as chief product officer, chief commercial officer, chief technology officer, and a chief compliance officer, Forbes reported last month. (The firm, however, told Insider in an email that the only existing vacant C-suite positions were chief product officer and chief compliance offer. Matter Labs' $200 million raiseFounded in 2018, Matter Labs is best known for developing a scaling protocol, or zero-knowledge rollup called zkSync. Matter Labs says nothing about the company's funding round or executive appointment has changed following this news.

☆ The fallout of Sam Bankman-Fried's FTX spreads as Gemini Earn and Genesis Global Capital suspend withdrawals
▼ + stars: | 2022-11-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The crypto lending arm of Genesis Global Trading is suspending customer withdrawals, days after Sam Bankman-Fried's FTX filed for bankruptcy. Gemini Earn, run by the Winklevoss brothers, said it also paused withdrawals on its lending program. Genesis Global Capital is the lending partner of the Gemini Earn program, which lets users to lend their crypto to institutional borrowers. Genesis Global Capital, which is the crypto-lending arm of Genesis Global Trading, cited "the extreme market dislocation and loss of industry confidence caused by the FTX implosion," according to CoinDesk. Genesis Global Trading is capitalized separately and continues to provide full trading and custody services.

The lending arm of the bank serves an institutional client base and is known as Genesis Global Capital. Genesis Trading, which acts as Genesis Global Capital's broker/dealer, is independently capitalized and operated separately from that lending unit, interim CEO Derar Islim told customers on a call Wednesday, according to CoinDesk. He reportedly added that Genesis' trading and custody services remain fully operational. Sam Bankman-Fried's cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection in the U.S. last week, according to a company statement posted on Twitter. Approximately 130 additional affiliated companies are part of the proceedings, including Alameda Research, Bankman-Fried's crypto trading firm, and FTX.us, the company's U.S. subsidiary.

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