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☆ Devin Booker, Suns slide by Warriors to open season
▼ + stars: | 2023-10-25 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

[1/54] Oct 24, 2023; San Francisco, California, USA; Golden State Warriors guard Stephen Curry warms up before taking on the Phoenix Suns at Chase Center. Kevin Durant chipped in with an 18-point, 10-rebound double-double for Phoenix, and Nurkic had a double-double of his own with 14 points and a game-high 14 rebounds. The Suns outscored the Warriors 33-30 on 3-pointers despite taking 10 fewer attempts (43-33). Curry paced six Warriors in double figures with 27 points but misfired on 10 of his 14 3-point tries. Phoenix built a 15-point lead by halftime thanks in large part to 21 points from Booker before the break.

Persons: Stephen Curry, Ross Cameron, Devin Booker, Booker, Josh Okogie, Eric Gordon, Jusuf, Bradley Beal, Kevin Durant, Nurkic, Okogie, Gordon, Curry, Klay Thompson, Chris Paul, Jonathan Kuminga Organizations: Golden State Warriors, Phoenix Suns, Chase Center, USA, Suns, Golden State, Phoenix, Warriors, Thomson Locations: San Francisco , California, USA, San Francisco, Golden, Phoenix

☆ EV buyers are more fickle than ever and it's a warning sign for the industry, car dealers say
▼ + stars: | 2023-10-25 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Electric car shoppers are increasingly fickle, dealers told Insider. AdvertisementAdvertisementCar dealers have a warning for their manufacturers: the days of early-adopter electric vehicle sales are all but over. For years, early EV adopters were generally an easy sale, three car dealers told Insider. Now, electric car shoppers are more fickle. Dealers like Sheehy say that pace is likely to slow as more sure-fire EV sales are harder to find.

Persons: —, That's, Vince Sheehy, Sheehy, they're, Kelley, Cameron Johnson, Johnson, Alexa St, John Organizations: Service, EV, Dealers, Magic City Auto Group, Ford Locations: Washington, D.C, Virginia

☆ The Full Guest List for Biden’s State Dinner With Australia
▼ + stars: | 2023-10-25 | by ( Chris Cameron | More About Chris Cameron | ) www.nytimes.com time to read: 1 min

The White House invited more than 300 guests to the state dinner hosted by President Biden for Prime Minister Anthony Albanese of Australia on Wednesday night, including business leaders, musicians, athletes and prominent Australian Americans. Here is the full list of those invited as provided by the White House. THE PRESIDENT AND DR. BIDENTHE HONORABLE ANTHONY ALBANESE, PRIME MINISTER OF AUSTRALIA, AND MS. JODIE HAYDONJoyce Aboussie and Greg KellerRepresentative Pete Aguilar, Democrat of California, and Alisha AguilarElizabeth Allen, under secretary of state for public diplomacy and public affairs, and Edward Price, senior adviser to the secretary of state

Persons: Biden, Anthony Albanese of, BIDEN, ANTHONY ALBANESE, JODIE HAYDON Joyce Aboussie, Greg Keller, Pete Aguilar, Alisha Aguilar Elizabeth Allen, Edward Price Organizations: White House, Anthony Albanese of Australia, White, DR, OF AUSTRALIA Locations: California

[1/2] Hong Kong Chief Executive John Lee delivers his annual policy address at the Legislative Council in Hong Kong, China October 25, 2023. Chief Executive John Lee said Hong Kong's economy, which contracted 3.5 percent last year, would "resume growth this year" as inbound tourism and consumption improved, and unemployment fell. Hong Kong's economy grew 2.2% in the first half of the year, and is expected to grow four percent this year. "External forces continue to meddle in Hong Kong affairs," he said, without giving specifics or naming any country. Some Western governments have criticised the ongoing national security clamp down, which has led to the imprisonment of many opposition democrats and closure of liberal media outlets.

Persons: John Lee, Tyrone Siu, Hong, Lee, Hong Kong's, Clare Jim, Twinnie Siu, Jessie Pang, Donny Kwok, James Pomfret, Simon Cameron, Moore Organizations: Hong, Legislative, REUTERS, Tyrone, U.S, Thomson Locations: Hong Kong, China, HONG KONG, Hong

Former President Donald Trump is facing four separate indictments at both state and federal levels. WSJ breaks down each of the indictments and what they mean for his 2024 presidential campaign. Ellis agreed to cooperate with prosecutors in exchange for a sentence that avoids jail time. Her decision to cooperate could be particularly harmful to Rudy Giuliani , another former lawyer for Trump who crisscrossed the country with Ellis in late 2020 promoting baseless voter fraud theories. Giuliani, Trump and the other 13 co-defendants without plea deals earlier pleaded not guilty to the charges against them, including racketeering.

Persons: Donald Trump, Annie Zhao ATLANTA, Jenna Ellis, Donald Trump’s, Fani Willis, Ellis, Rudy Giuliani, Giuliani, Trump Organizations: Trump Locations: Fulton County

Jenna Ellis, a lawyer who advised Donald Trump during his efforts to overturn his 2020 election loss, pleaded guilty in the Georgia election interference case on Tuesday. Photo: John Bazemore/AFP/Getty ImagesATLANTA—Lawyer Jenna Ellis became Tuesday the third legal adviser to plead guilty in the Georgia racketeering case involving Donald Trump’s attempt to overturn the 2020 election, marking a blow to the former president’s defense and raising pressure on other loyalists to cut deals with the district attorney. Trump and 18 co-conspirators, including eight lawyers, were charged with participating in a criminal enterprise to subvert Joe Biden’s victory. A trial date hasn’t been scheduled, but a flurry of commitments to cooperate obtained by Fulton County District Attorney Fani Willis shows she is homing in on those who gave Trump legal advice in the months after the election.

Persons: Jenna Ellis, Donald Trump, John Bazemore, Donald Trump’s, Trump, Joe Biden’s, hasn’t, Fani Willis Organizations: Getty, ATLANTA, Trump Locations: Georgia, AFP, Fulton County

Caitlin Clark of Iowa is a unanimous pick for The Associated Press preseason women's basketball All-America team for the second consecutive season. Last season's AP player of the year averaged 27.8 points, 8.6 assists and 7.1 rebounds. I feel more confident in my body than I ever have,” said Bueckers, who was the AP player of the year as a freshman in 2021. Clark, Reese and Holmes were on the first team while Kitley and Brink were on the second team. The AP started choosing a preseason All-America team before the 1994-95 season.

Persons: Caitlin Clark of, Angel Reese, Reese, Elizabeth Kitley, Cameron Brink, Stanford, Paige Bueckers, Mackenzie Holmes, Kitley, Holmes, Clark, Kelsey Plum's, “ Caitlin, Lisa Bluder, She's, “, Kim Mulkey, ” Bueckers, ”, Bueckers, ” Holmes, Teri Moren, Kenny Brooks, ” Brink, Cardinal, Haley Jones, Tara VanDerveer, Brink Organizations: Associated Press, America, Hawkeyes, NCAA, LSU, Virginia Tech, UConn, Tigers, SEC, ” LSU, Big, AP, __, womens Locations: Caitlin Clark of Iowa, Indiana, Iowa, ” Indiana

☆ Israel-Hamas War Revives Interest in U.S. Production of Iron Dome Missiles
▼ + stars: | 2023-10-23 | by ( Doug Cameron | ) www.wsj.com time to read: 1 min

The Iron Dome defense system has blocked thousands of missiles since 2011. Here’s how it works. Menahem Kahana/AFP/Getty ImagesIsrael’s war with Hamas has revived dormant U.S. interest in producing munitions for Israel’s Iron Dome missile defense system, U.S. Army and industry officials said, a development that would help a U.S. regional ally resupply for future conflicts. Any U.S. manufacturer of Tamir interceptors would take months to get moving. But with Hamas and Hezbollah firing hundreds of rockets at Israeli military sites and cities every day, Israel’s stockpile of interceptor missiles is dwindling.

Persons: Menahem Kahana, Tamir Organizations: Getty, Hamas, U.S . Army Locations: AFP, U.S

☆ Frail yen grazes 150 again as anxiety mounts over Middle East
▼ + stars: | 2023-10-23 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. U.S. Treasuries were subdued as investors hunkered down for a European Central Bank meeting and U.S. GDP data later in the week. "Potentially there are two camps out fighting around 150, so that's why dollar-yen doesn't move from here," Yamamoto said. While there was some speculation the BOJ might once again tweak its yield-curve policy band at a scheduled policy review next week, the BOJ had also shown it will not let domestic yields rise sharply, he said. Yields dipped on Friday after the BOJ announced more loans to encourage financial institutions to buy JGBs.

Persons: Florence Lo, Jerome Powell, Masafumi Yamamoto, Yamamoto, Sean Callow, Shri Navaratnam, Simon Cameron, Moore Organizations: U.S, REUTERS, Rights, Hamas, United, European Central Bank, Bank of Japan, Mizuho Securities, Westpac, Brent, ECB, Reuters, Thomson Locations: Rights SINGAPORE, Asia, Gaza, United States, U.S, Tokyo, East

☆ ATP roundup: Sebastian Korda sent packing early in Basel
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

Korda fired eight aces to Etcheverry's two and won 33 of 39 first-serve points (84.6 percent), but Etcheverry moved on after saving four of six break points and breaking Korda twice in three opportunities. Dutch qualifier Botic van de Zandschulp beat Spaniard Roberto Bautista Agut 7-5, 6-7 (3), 6-2 in three hours, three minutes. 5 seed Alexander Zverev of Germany made quick work of Austrian wild card Sebastian Ofner, winning 6-4, 6-1 in the first round in Vienna. 8 seed Karen Khachanov defeated Roman Safiullin 6-4, 6-4 in a match between Russians. Cameron Norrie of Great Britain, Matteo Arnaldi of Italy and Jiri Lehecka of the Czech Republic also advanced.

Persons: Sebastian Korda, Argentina's Francisco Cerundolo, Aly, Tomas Martin Etcheverry, Korda, Etcheverry, Botic van, Zandschulp, Roberto Bautista Agut, Andy Murray of Great, Germany's Yannick Hanfmann, Argentina's Sebastian Baez, Germany's Jan, Lennard Struff, Alexander Zverev, Sebastian Ofner, Ofner, Zverev, Karen Khachanov, Roman Safiullin, Cameron Norrie, Matteo Arnaldi, Jiri Lehecka Organizations: Shanghai, Sports City Arena, Swiss, Basel, Erste Bank, Austrian, Thomson Locations: Shanghai, China, Argentina, Germany, Vienna, Great Britain, Italy, Czech Republic

☆ Some student-loan borrowers with private debt are being forced to make payments they don't owe, a federal watchdog says
▼ + stars: | 2023-10-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The CFPB released a report analyzing complaints from private and federal student-loan borrowers. AdvertisementAdvertisementSome lenders might be discouraging private student-loan borrowers from receiving relief to which they're entitled. In that time period, 9,284 student-loan borrowers submitted complaints — 6,934 of which were related to federal loans and 2,350 of which were related to private loans. The current private student-loan portfolio in the US has about $132 billion in outstanding debt, which is 8% of the total outstanding student debt. As Insider previously reported, private student-loan borrowers are more vulnerable than federal borrowers because they do not have the same avenues for federal debt relief and repayment, and it's harder to regulate private lenders that can set their own terms.

Persons: —, Robert Cameron, Federal Trade Commission's, it's, Cameron Organizations: Service, Consumer, Federal Trade

☆ In northeast China, Russian and Chinese firms ink deals from manufacturing to agriculture
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a meeting at the Belt and Road Forum in Beijing, China, October 18, 2023. Sputnik/Sergei Guneev/Pool via REUTERS/File Photo Acquire Licensing RightsBEIJING, Oct 23 (Reuters) - Chinese and Russian companies attending a regional conference in northeastern China signed a raft of cooperation deals on Monday in sectors ranging from manufacturing and logistics to e-commerce and agriculture, Chinese state media reported. The conference in Shenyang, the capital of Liaoning province, followed last week's meeting in Beijing between Russian President Vladimir Putin and China's President Xi Jinping. Russian local government officials, business representatives as well as nearly 800 Chinese companies hoping to enter the Russian market were attending the conference. In January to September, 40 Russian firms set up businesses in Liaoning, China's national broadcaster reported on Monday.

Persons: Vladimir Putin, Xi Jinping, Sergei Guneev, Xi, Ryan Woo, Ellen Zhang, Simon Cameron, Moore Organizations: Forum, Sputnik, Rights, West, China's, Chinese, Administration of Customs, Thomson Locations: Beijing, China, Rights BEIJING, Shenyang, Liaoning province, Russia, Ukraine, Liaoning, Heilongjiang, Jilin, Vladivostok, Russian, Zhoushan, Zhejiang

☆ Student-loan borrowers are being stripped of debt relief and cheaper monthly payments because of poor customer service, a federal watchdog says
▼ + stars: | 2023-10-23 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

A CFPB report analyzed over 9,000 complaints it received from student-loan borrowers in the past year. It found that poor customer service at servicers have kept borrowers without relief they deserve. In that time period, 9,284 consumers submitted student-loan complaints — 6,934 of which were related to federal loans and 2,350 of which were related to private loans. Over the summer, Biden rolled out a new income-driven repayment plan, known as the SAVE plan, intended to lower many borrowers' monthly payments. For example, one borrower complaint to the CFPB stated: "I cannot get ahold of my loan servicer.

Persons: —, Robert Cameron, Cameron, Biden, Servicer MOHLEA, servicers Organizations: Service, Consumer Financial, Bureau, Loan Ombudsman, Consumers, Education Department, Public, An Education Department Locations: servicers

Andy Beshear defended his sweeping COVID-19 pandemic restrictions as he faced an onslaught of criticism from Republican challenger Daniel Cameron in a high-stakes debate Monday night, coming about two weeks before Kentucky's closely watched gubernatorial election. The bitter rivals sparred over the economy, education policies, abortion and transgender issues during the hourlong debate shown statewide on Kentucky Educational Television. Democrats say that was a strategic omission meant to mask his support for school choice measures they say would weaken public education. Each candidate touted his plan for public education during the debate. Beshear has proposed an 11% pay raise for teachers and other public school personnel, including bus drivers, janitors and cafeteria staff.

Persons: Andy Beshear, Daniel Cameron, Kentucky's, Cameron, sparred, Beshear, ” Cameron, overreach, Donald Trump’s coronavirus, haven't, “, ” Beshear Organizations: Republican, Kentucky Educational Television, GOP, Beshear, ” Education, Bills, Kentucky, splintering Republican Locations: Kentucky

14 Utah blew an 11-point lead in the fourth quarter before rallying for a thrilling 34-32 victory over No. USC kicked a field goal with 3:03 to play, and its maligned defense stopped Utah at midfield. After Utah quickly got to midfield with a personal foul and targeting penalty on USC lineman Bear Alexander, Barnes darted through the USC defense on his rambling run. Vaki caught a 53-yard touchdown pass on the Utes' third play from scrimmage, roaring away from USC's defense in space. Utah does more with less than just about any elite program, and a third straight Pac-12 title is still in play.

Persons: — Cole Becker, Caleb Williams, Bryson Barnes, Sione Vaki, Williams, Lincoln Riley, Zachariah Branch's, Ja’Quinden, Barnes, Calen Bullock, Bear Alexander, Barnes darted, Vaki, —, Cameron, Landen King, Kyle Whittingham's, Alex Grinch's Organizations: ANGELES, Trojans, Utes, Coliseum, USC, Heisman, Notre Dame, Branch, Utah, FBS, AP Locations: Utah, Southern California, . Utah, Oregon, California

☆ China's Singles Day sales festival wraps up with e-commerce giants reporting sales growth
▼ + stars: | 2023-10-21 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

SHANGHAI, Nov 12 (Reuters) - Alibaba Group (9988.HK) reported that its Chinese e-commerce platforms Tmall and Taobao recorded "positive" year-on-year growth over this year's Singles Day sales period, which wrapped up at midnight on Saturday. Meanwhile competitor JD.com (9618.HK) said its festival GMV (gross merchandising volume) hit a "record high" over the sales period. A Bain and Company report released last week found that 77% of the 3,000 consumers it surveyed had planned to spend less or the same on Singles Day compared with last year. Though several consultancies were predicting Singles Day GMV growth across platforms would reach anywhere from 14% to 18% - returning to double-digit growth for the first time since the pandemic - the final sales picture will take longer to energe. Colour cosmetics, traditionally a strong performer throughout the Singles Day sales period, were expected to struggle this year as make-up demand remains low almost a year after China lifted strict COVID-19 restrictions.

Persons: Taobao, JD.com, Alibaba, Bain, Casey Hall, Simon Cameron, Moore Organizations: Alibaba, HK, PDD Holdings, Company, Nike, Thomson Locations: SHANGHAI, China

Former president Donald Trump is facing four separate indictments at both state and federal levels. WSJ breaks down each of the indictments and what they mean for his 2024 presidential campaign. Photo Illustration: Annie ZhaoATLANTA— Kenneth Chesebro , a former legal adviser to Donald Trump, pleaded guilty Friday to one felony charge in an agreement to testify for the prosecution in the Georgia racketeering case against the former president and others. Chesebro is the second lawyer affiliated with Trump’s 2020 campaign, and third co-defendant, to cut a deal with prosecutors, after Sidney Powell , a legal adviser who played a leading role in the effort to reverse Trump’s election loss, struck a similar deal Thursday. Powell is also expected to cooperate with the prosecution.

Persons: Donald Trump, Annie Zhao ATLANTA — Kenneth Chesebro, Sidney Powell, Powell Locations: Georgia

☆ Earnings season commentary is fine so far, says Solus' Dan Greenhaus
▼ + stars: | 2023-10-20 | 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 EmailEarnings season commentary is fine so far, says Solus' Dan GreenhausDan Greenhaus, Solus Alternative Asset Management chief strategist, and Cameron Dawson, chief investment officer for NewEdge Wealth, join 'Closing Bell' to discuss earnings, the Fed and markets.

Persons: Solus, Dan Greenhaus Dan Greenhaus, Cameron Dawson Organizations: Asset Management, Wealth

☆ Watch CNBC's full interview with Solus' Dan Greenhaus and NewEdge Wealth's Cameron Dawson
▼ + stars: | 2023-10-20 | 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 EmailWatch CNBC's full interview with Solus' Dan Greenhaus and NewEdge Wealth's Cameron DawsonDan Greenhaus, Solus Alternative Asset Management chief strategist, and Cameron Dawson, chief investment officer for NewEdge Wealth, join 'Closing Bell' to discuss earnings, the Fed and markets.

Persons: Solus, Dan Greenhaus, NewEdge Wealth's Cameron Dawson Dan Greenhaus, Cameron Dawson Organizations: Asset Management, Wealth

☆ The auto industry overestimated EV demand this year. Now companies are scrambling.
▼ + stars: | 2023-10-20 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +7 min

The EV segment has enjoyed a long period of exponential growth. AdvertisementAdvertisementCar companies talk a big game about the transition to electric cars. He currently has enough electric cars to last for 100 days across all brands. Though the EV share of some automakers' businesses is small, the EV segment has been enjoying a long period of exponential growth. And without more affordable options, dealers told Insider they are running out of customers to pitch their electric cars to.

Persons: carmakers, EVs, —, Ford, General Motors, it's, It's, Vince Sheehy, " Sheehy, Cameron Johnson, Sheehy, Tesla, Eric Freshee, Stewart Stropp, Power, Stropp, Martin French Organizations: Service, General, Ford, Hyundai, Volkswagen, GMC, Magic City Auto Group, ICE, EV, Tamaroff Locations: Volta, Washington, D.C, Virginia, headwinds, Midwest, EVs

☆ Take Five: Another curve ball for markets
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +5 min

The European Central Bank looks set to sit tight after a string of interest rate hikes, while there's a slew of U.S. earnings and Argentina's presidential election. ECB chief economist Philip Lane says the central bank was still "quite some distance" from easing monetary policy. Canada's central bank, meeting on Wednesday, is tipped to leave rates steady as inflation eases. 2 economy, property turmoil threatens China's 5% growth target - even after a consensus-smashing 4.9% quarterly expansion. Milei, surprise victor in the August primary election, has pledged to dollarise the economy and get rid of the central bank.

Persons: Brendan McDermid, Amanda Cooper, Naomi Rovnick, Kevin Buckland, Lewis Krauskopf, Rodrigo Campos, Philip Lane, hasn't, Javier Milei, Sergio Massa, Patricia Bullrich, Vineet Sachdev, Sumanta Sen, Dhara Ranasinghe, Simon Cameron, Moore Organizations: New York Stock Exchange, REUTERS, European Central Bank, Hamas, ECB, Reuters Graphics Reuters, Microsoft, Apple, Nvidia, Tesla, General Motors, Merck, United Parcel Service, Investors, International Monetary, Massa, Thomson Locations: New York City, U.S, London, Tokyo, New York, Israel, Palestinian, Russia, Ukraine, China, Beijing, ARGENTINA, Argentina, Pasir Kongkunakornkul

☆ Sidney Powell Accepts Plea Deal in Trump’s Georgia Case
▼ + stars: | 2023-10-19 | by ( Mariah Timms | Cameron Mcwhirter | ) www.wsj.com time to read: 1 min

Former President Donald Trump is facing four separate indictments at both state and federal levels. WSJ breaks down each of the indictments and what they mean for his 2024 presidential campaign. Photo Illustration: Annie ZhaoATLANTA— Sidney Powell , a former legal adviser to Donald Trump, pleaded guilty to misdemeanor charges on Thursday in exchange for a sentence that means no jail time, agreeing to testify for the prosecution in the sweeping Georgia racketeering case against the former president and more than a dozen other defendants. Fulton County District Attorney Fani Willis’s August indictment alleged that Trump and 18 other co-defendants participated in a “criminal enterprise” to subvert the 2020 presidential election.

Persons: Donald Trump, Annie Zhao ATLANTA — Sidney Powell, Fani Willis’s, Trump Locations: Georgia, Fulton County

☆ China ramps up yuan internationalisation under Belt and Road Initiative
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +4 min

[1/2] A China yuan note is seen in this illustration photo May 31, 2017. And funding BRI projects has helped China revitalise the once-stalled process of yuan internationalisation. Another policy bank, the Export-Import Bank of China, signed a yuan-based loan agreement with Saudi National Bank, while Bank of China helped Egypt issue Africa's first yuan-denominated Panda bonds. Beijing also allocated an additional 80 billion yuan ($10.94 billion) to its Silk Road Fund for BRI projects. "Can you do this in a targeted way with MOUs with all BRI countries?

Persons: Thomas White, Vladimir Putin, Xi, Alicia Garcia Herrero, China revitalise, Malaysia's Maybank, Haoxin Mu, Natixis, Garcia Herrero, Samuel Shen, Tom Westbrook, Simon Cameron, Moore Organizations: REUTERS, Rights, Initiative, Forum, Asia Pacific, Natixis, China International Capital Corp, China Development Bank, BBVA, Export, Import Bank of China, Saudi National Bank, Bank of, Fund, Thomson Locations: China, Rights SHANGHAI, SINGAPORE, Beijing, Russia, Asia, U.S, Ukraine, Africa, Europe, Egypt's, BBVA Peru, Bank of China, Egypt

☆ 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

☆ 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

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