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☆ Sam Bankman-Fried built crypto empire on 'pyramid of deceit,' prosecutors say in closing
▼ + stars: | 2023-11-01 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court after a court appearance on June 15, 2023 in New York City. The main thing the jury has to decide, Roos said, is whether Bankman-Fried knew that taking the money was wrong. "It was uncomfortable to hear," Roos said, adding that Bankman-Fried said "I can't recall" over 140 times during questioning by the government. Roos said Bankman-Fried is the one who gave special privileges to Alameda, which he started before founding FTX, allowing it to siphon customer money. In referencing the Super Bowl picture with Katy Perry and others, Roos called Bankman-Fried a "celebrity chaser."

Persons: Sam Bankman, Michael M, they've, FTX, Nicolas Roos, Roos, there's, Fried, Caroline Ellison, Bankman, Gary Wang, Danielle Sassoon, Jane Rosenberg, Mark Cohen, he'd, Judge Lewis Kaplan, Ellison, didn't, Singh, Katy Perry, —, Dawn Giel Organizations: Santiago, Getty, Prosecutors, Stanford, Massachusetts Institute of Technology, Alameda Research, Reuters, Miami Heat, MIT, FTX, Skybridge Locations: Manhattan, New York City, Alameda, U.S, California, Hong Kong, Roos's, Bahamas, Bankman

Bankman-Fried testified that he wasn't aware of the amount Alameda was borrowing from FTX, or its theoretical max. Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. The market had already dropped 70% and if it fell another 50%, he was afraid the firm would be insolvent, Bankman-Fried told the jury. In September, he checked in again with Ellison about the hedging activity, Bankman-Fried testified.

Persons: Sam Bankman, Fried, Fatih Aktas, that's, Caroline Ellison, Mark Cohen's, Cohen, FTX, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, —, Ellison, Sam, Nishad Singh, Gary Wang, Prosecutors, who'd, Michael M, Bankman, wasn't, Alameda, Singh, Shorter, Dawn Giel Organizations: Federal Court, Anadolu Agency, Getty, Alameda Research, U.S, District, Reuters, Stanford University, Alameda, Facebook, Google, Santiago Locations: New York, United States, Manhattan, Bankman, Alameda, Bahamas, New York City, U.S

☆ Sam Bankman-Fried defense rests in criminal trial, closing arguments kick off Wednesday
▼ + stars: | 2023-10-31 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +6 min

FTX Founder Sam Bankman-Fried leaves Manhattan Federal Court after a court appearance on June 15, 2023 in New York City. When he asked his deputies about the hole, Bankman-Fried testified that they "told me they were busy and I should stop asking questions because it was distracting." Bankman-Fried testified that he was growing frustrated with regulators and skeptical about what they were doing. After the mid-morning break, Cohen asked Bankman-Fried to clarify a few things. WATCH: FTX founder retakes stand

Persons: Sam Bankman, Michael M, Danielle Sassoon, Sassoon, Bankman, Philip Davis, Fried, he'd, Ryan Salame, Matias J, Mark Cohen, Cohen, Vox, hadn't, wasn't, Jane Rosenberg, —, Dawn Giel, retakes Organizations: Santiago, Getty, Alameda Research, U.S, Bahamian, Heat, Ocner, Miami Herald, Tribune, Service, Reuters, Washington , D.C Locations: Manhattan, New York City, Bahamas, FTX, Miami, Miami , Florida, U.S, Alameda, Bankman, Washington ,

☆ Sam Bankman-Fried’s fourth day on the stand is not going well
▼ + stars: | 2023-10-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Sam Bankman-Fried is back in court Tuesday for a fourth day of testimony as his federal fraud trial continues. Bankman-Fried testified that he attended a dinner with the island nation’s prime minister, alongside former US president Bill Clinton and former UK Prime Minister Tony Blair. In November last year, after FTX had frozen customer withdrawals amid a liquidity crunch, Bankman-Fried offered to open up withdrawals for all Bahamian customers. Bankman-Fried testified he did open those withdrawals “for a short period.”Bankman-Fried also testified that he doesn’t recall ever directing Alameda employees not to spend the FTX customer deposits. ‘Uninvolved’ in AlamedaMark Cohen, Bankman-Fried’s lead attorney, gave him a chance Tuesday morning to clarify some of his testimony regarding the relationship between FTX and Alameda.

Persons: Sam Bankman, Bankman, Fried, Danielle Sassoon, Bill Clinton, Tony Blair, FTX, ”, Alameda Mark Cohen, SBF, “ Organizations: New, New York CNN, Prosecutors, Alameda Research, Bankman, Bahamian, Alameda Locations: New York, Bahamas, Alameda, FTX

☆ Sam Bankman-Fried grilled on 'cozy' relationship with Bahamas officials
▼ + stars: | 2023-10-31 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

REUTERS/Jane Rosenberg Acquire Licensing RightsNEW YORK, Oct 31 (Reuters) - FTX founder Sam Bankman-Fried was grilled on Tuesday about what a U.S. prosecutor called his "cozy" relationship with officials in the Bahamas, where the cryptocurrency exchange was based before its November 2022 collapse. Sassoon asked. Bankman-Fried testified on Tuesday he could not remember whether he offered to pay off the Bahamas' national debt. Sassoon at one point asked Bankman-Fried whether he had "cultivated a cozy relationship" with the Bahamian government - a question to which the defense objected. Bankman-Fried testified that he had spent time with Bahamian officials and became close with "some of them."

Persons: Sam Bankman, Fried, Danielle Sassoon, Jane Rosenberg, Sassoon, Gary Wang, Bankman, District Judge Lewis Kaplan, Luc Cohen, Will Dunham Organizations: REUTERS, Alameda Research, FTX's, Miami Heat National Basketball Association, Bahamian, District, Thomson Locations: New York City, U.S, Bahamas, Manhattan, Alameda, Washington, New York

The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. But Mr. Sun, who testified after securing an agreement that prosecutors would not pursue charges against him, said he had once again told Mr. Bankman-Fried that none of those options were supported “by the facts.” Mr. Bankman-Fried responded by saying “something like, ‘Got it,’” Mr. Sun testified. Prosecutors then played a clip from an interview that Mr. Bankman-Fried gave ABC’s “Good Morning America” days before FTX filed for bankruptcy in November.

Persons: Sam Bankman, Fried, Bankman, Caroline Ellison —, Adam Yedidia, Mr, Yedidia, FTX, ” Caroline Ellison Ms, Ellison, Ms, Gary Wang Mr, Wang, ”, coder, Nishad Singh Mr, Singh, Gabe, Gabe Bankman, ” Mr, Prosecutors, Barbara Fried, Nishad Singh, Sun, ’ Organizations: Alameda Research, Massachusetts Institute of Technology, Stanford, Mr, Prosecutors, America Locations: Bahamas, Alameda, Binance, Pandemics

“I’m not sure,” he responded over and over, as Ms. Sassoon asked about statements he had made when he was chief executive of FTX. Ms. Sassoon displayed statements that appeared to show Mr. Bankman-Fried saying one thing in public, then acting differently in private. Criminal defendants usually avoid testifying so that prosecutors don’t have a chance to question them. In December, federal prosecutors charged Mr. Bankman-Fried with orchestrating a sweeping scheme to steal as much as $10 billion from FTX’s customers. Mr. Bankman-Fried was also accused of creating a secret backdoor in FTX’s code that allowed Alameda to seize billions of dollars in customer funds.

Persons: “ I’m, ”, Sassoon, Bankman, Elizabeth Holmes, don’t, FTX, Fried Locations: Washington, Bahamas, Alameda

FTX founder Sam Bankman-Fried testifies in his fraud trial over the collapse of the bankrupt cryptocurrency exchange, at federal court in New York City, U.S., October 27, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsCompanies Champion Trust Llc FollowOct 30 (Reuters) - FTX founder Sam Bankman-Fried is set on Monday to resume testifying at his fraud trial on charges related to the cryptocurrency exchange's collapse last year. Here are five key moments from Bankman-Fried's testimony so far. HIGH-END HOUSING AND ENDORSEMENT DEALSBankman-Fried testified that FTX corporate cash paid for high-end housing for employees in the Bahamas and endorsement deals. "We didn't care if a user withdrew funds and used them to buy muffins, to pay business expenses, to invest or anything else," Bankman-Fried testified.

Persons: Sam Bankman, Fried, Jane Rosenberg, Jody Godoy, Luc Cohen, Noeleen Walder, Will Dunham Organizations: REUTERS, PEOPLE, Alameda Research, Prosecutors, Massachusetts Institute of Technology, Thomson Locations: New York City, U.S, FTX's, Bahamas, Alameda, ALAMEDA, New York

☆ The biggest cruise ships keep getting bigger and it's splitting the industry in two
▼ + stars: | 2023-10-29 | by ( Brittany Chang | Hannah Towey | ) www.businessinsider.com time to read: +7 min

New cruise brands are launching smaller, luxury ships geared toward wealthy travelers. Large cruises are a "cash cow" for operators but experts say smaller ships have distinct long-term advantages. AdvertisementAdvertisementEvery year it seems a new world's largest cruise ship is crowned. To fill this void, several new cruise lines are taking an underdog strategy of building smaller luxury vesselsThe Ritz Carlton Yacht Collection. Smaller ships are better positioned to meet sustainability goalsBrittany Chang/InsiderMega-ships may be popular among some passengers, but the ports they're visiting aren't always fans.

Persons: —, Royal, it's, Aman, Brittany Chang, Stenius, Michael Ungerer, Explora, aren't, Jay Schneider, Schneider, Patrick Scholes Organizations: Service, Royal, Ritz Carlton Yacht, Ritz, Carlton, Shipping, MSC, MSC Cruises, Ritz Carlton, Cruise Lines International Association, International Maritime Organization, Truist Securities Locations: They're, Royal Caribbean, Ritz Carlton ., Europe, Bahamas, Caribbean

☆ A Glamorous Resort for the 1%—and How to Get Its Posh, Tropical Look at Home
▼ + stars: | 2023-10-28 | by ( Christina Poletto | ) www.wsj.com time to read: 1 min

In My Favorite Room, an interior designer or architect singles out a historic room they admire, which we deconstruct and, with the design pro’s guidance, translate into advice on emulating the look. IN THE LATE 1950s, Canadian tycoon, investor and philanthropist E.P. Taylor set out to conjure a resort from the mangrove swamps and dirt roads along the coast of New Providence island in the Bahamas. His vision: an exclusive island playground where well-heeled elites could swing irons, yacht-hop and hobnob the night away. The plan worked.

Persons: E.P, Taylor, Henry Ford II, Sean Connery Locations: New Providence, Bahamas

☆ Sam Bankman-Fried said he was alarmed by Alameda's risk taking, but he doesn't show it when he's 'freaked out'
▼ + stars: | 2023-10-28 | by ( Katie Balevic | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried testified before the jury on Friday, detailing his version of events. He added that he doesn't show it when he's "freaking out," contrary to testimony by former execs. "I was very surprised and fairly concerned," Bankman-Fried testified. Developers ran the numbers and confirmed them, bringing about a "relieved" demeanor in Ellison, Singh, and Wang, Bankman-Fried testified. Singh testified that Bankman-Fried had tells, including "physical twitches for when he gets angry."

Persons: Sam Bankman, Fried, —, Bankman, Caroline Ellison, Gary Wang, Nishad Singh, Wang, Singh, Ellison, Ellison didn't, Mark Cohen Organizations: Service, Prosecutors, Alameda Research, FTX, Developers, shuttering Locations: Alameda, Manhattan, FTX, shuttering Alameda, Bahamas, Washington ,

New York CNN —Former crypto billionaire Sam Bankman-Fried took the stand in front of a judge and jury last week in his criminal fraud trial. “I was kind of busy and lazy and didn’t bother getting a haircut for long periods of time,” Bankman-Fried said. Bankman-Fried is being accused of using this “back door” to transfer billions of dollars in FTX customer funds to Alameda. He initially thought FTX would failWhen Bankman-Fried and Gary Wang started FTX in 2019, there were already dozens of crypto exchanges. I’m not sure that I would quite answer yes to the question as you most recently phrased it.

Persons: Sam Bankman, Fried, “, ”, we’ve, Caroline Ellison, Bankman, Mark Cohen, ” Cohen, Cohen, didn’t, FTX, Gary Wang, Binance, ” SBF, Lewis Kaplan, Kaplan interjected, Danielle Sassoon, I’m Organizations: New, New York CNN, Prosecutors, Alameda Research, Miami Heat, American Airlines, FTX, New Orleans Saints, Kansas City Chiefs, Kansas City Royals, Kaseya Locations: New York, Bahamas, Alameda, Kansas City, Bankman, FTX

The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. She was apprehensive about the move, she said, because she knew that would mean borrowing $1 billion in FTX customer funds for the transaction. “That’s OK, I think this is really important, we have to get it done,” Mr. Bankman-Fried told Ms. Ellison, according to her testimony. At Mr. Bankman-Fried’s urging, Mr. Sun said, he ran through a few theoretical options to justify the borrowing and spending of FTX customer money. Prosecutors then played a clip from an interview that Mr. Bankman-Fried gave ABC’s “Good Morning America” days before FTX filed for bankruptcy in November.

☆ Why Sam Bankman-Fried wanted to spend $10 million a year to put FTX name on sports stadium
▼ + stars: | 2023-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. As for the venture investments, Bankman-Fried said he thought that money was coming from Alameda's operating profits and third-party lending desks. Alameda's venture arm was renamed Clifton Bay Investments, which Bankman-Fried said was a first step in building a dedicated venture brand. When asked about loans he took from the business, Bankman-Fried said they were to pay for venture investments and political donations.

Persons: Sam Bankman, Amanda Perobelli, Fried, District Judge Lewis Kaplan, Mark Cohen, Bankman, Cohen, Sam Bankman Fried, Judge Lewis Kaplan, Elizabeth Williams, Caroline Ellison, Judge Kaplan, Jane, Banks, weren't, cryptocurrencies, FTX, Nishad Singh, Gary Wang, Singh, Wang, Prosecutors, Dan Friedberg, Fenwick, Marco Bello, Ryan Salame, Salame, Katy Perry, —, Dawn Giel Organizations: FTX, Reuters FTX, U.S, District, Stanford, Alameda Research, Elizabeth Williams Prosecutors, Massachusetts Institute of Technology, Alameda, Fenwick & West, Reuters, NFL's New, NFL's New Orleans Saints, Kansas City Chiefs, Facebook, Google, Clifton Bay Investments, Republicans Locations: Manhattan, New York City, U.S, Alameda, Bahamas, Berkeley , California, FTX, Friedberg, Miami , Florida, Miami, NFL's New Orleans, Clifton Bay, Los Angeles

NEW YORK (AP) — FTX founder Sam Bankman-Fried testified at his New York trial on Friday, denying that he defrauded anyone but acknowledging that the innovative business he had hoped would move the cryptocurrency ecosystem forward ended up hurting customers instead. “It turned out basically the opposite of that,” and a lot of customers and others got hurt, Bankman-Fried said. After the jury was sent home Thursday, Bankman-Fried testified in front of the judge about his communications with lawyers as he built his cryptocurrency empire. The executives testified that Bankman-Fried directed them to spend billions of dollars taken from the accounts of FTX customers and funneled through Alameda Research, a hedge fund he started in 2017, two years before he created the FTX cryptocurrency exchange. ___For more AP coverage of Sam Bankman-Fried and FTX: https://apnews.com/hub/sam-bankman-fried

Persons: — FTX, Sam Bankman, Fried, Mark Cohen, “, Judge Lewis A, Kaplan, ” Kaplan Organizations: Prosecutors, Alameda Research Locations: York, Manhattan, California, Bahamas, Bankman, New York, Palo Alto , California, Alameda

Defense lawyers estimated that they would question him for about five hours after brief testimony from two other witnesses. After prosecutors rested Thursday, defense lawyers immediately asked Judge Lewis A. Kaplan to acquit Bankman-Fried on the grounds that prosecutors had failed to present sufficient evidence. Bankman-Fried was arrested in the Bahamas and extradited to the United States last December, a month after his businesses collapsed. Kaplan revoked the bail in August after concluding that Bankman-Fried had tried to influence potential trial witnesses. Since then, his lawyers have complained that Bankman-Fried has been unable to properly prepare for trial while incarcerated at a Brooklyn federal lockup.

Persons: Sam Bankman, Fried, Judge Lewis A, Kaplan, acquit, Caroline Ellison, Bankman Organizations: — Prosecutors, Alameda Research, Palo, Stanford University, Bankman, Alameda Locations: Manhattan, California, Alameda, Bahamas, United States, Palo Alto , California, Brooklyn

watch nowLawyers for Sam Bankman-Fried late Wednesday revealed details of his planned testimony if he takes the witness stand at his FTX fraud trial. Earlier Wednesday, one of Bankman-Fried's two chief trial attorneys, Mark Cohen, said in a conference call that his client would testify as would three other people. Cohen cited specific examples where, at the guidance of FTX lawyers, Bankman-Fried adopted a policy which prosecutors argued shows his criminality. But Cohen wrote that Bankman-Fried's understanding was that these auto-deletion policies were "instituted under the guidances of lawyers." "We respectfully submit that Mr. Bankman-Fried's knowledge of industry practices regarding the use of omnibus wallets is relevant to his good faith belief that his conduct was permissible," the letter added.

Persons: Sam Bankman, Judge Lewis Kaplan, Kaplan, Mark Cohen, Cohen, Fried, Caroline Ellison, Bankman, SBF, Gary Wang, Adam Yedidia, Wang, FTX, Sun Organizations: Bahamian, Stanford, Alameda Research, Prosecutors, Bankman, Bahamas Securities Commission, Securities Commission, The Locations: Manhattan, FTX, Alameda, Bahamian, The Bahamas, United States

Over the past three weeks, former employees and friends of Sam Bankman-Fried have testified that he orchestrated a scheme to misappropriate billions of dollars in customer money from his FTX cryptocurrency exchange, which collapsed last year. The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. They said the FTX founder had known for months that the exchange had no way of paying back at least $8 billion in customer money that was used to buy lavish real estate, invest in other crypto companies, make campaign contributions and pay back lenders to a trading firm that Mr. Bankman-Fried also controlled. Here are highlights of the testimony from several prosecution witnesses — including Mr. Bankman-Fried’s employee and on-again, off-again girlfriend, Caroline Ellison — who have been central to the case:Adam YedidiaThe first prosecution witness was Adam Yedidia, a former FTX developer who was a close friend of Mr. Bankman-Fried’s and lived with him and other associates in the Bahamas. Mr. Yedidia, who has not been charged with any crimes and testified under immunity, said Mr. Bankman-Fried had known that FTX and Alameda Research, a sister crypto trading firm, were on thin ice.

Persons: Sam Bankman, Fried, Bankman, Caroline Ellison —, Adam Yedidia, Mr, Yedidia Organizations: Alameda Research Locations: Bahamas

NEW YORK (AP) — FTX founder Sam Bankman-Fried plans to testify at his fraud trial, his lawyer told a federal judge on Wednesday, a day before the defense is set to counter testimony from former executives who say the cryptocurrency executive stole billions of dollars from his customers and investors over several years. Attorney Mark Cohen told Judge Lewis A. Kaplan that he planned to call three witnesses “and then our client is also going to be testifying” after prosecutors rest early Thursday. Even so, prosecutors and the judge later discussed the possibility that closing arguments could occur early next week if Bankman-Fried changes his mind and doesn't take the stand. That means only Bankman-Fried or other character witnesses can tell his side of the story, former prosecutors said. ___For more AP coverage of Sam Bankman-Fried and FTX: https://apnews.com/hub/sam-bankman-fried

Persons: — FTX, Sam Bankman, Fried, Mark Cohen, Judge Lewis A, Kaplan, “, ”, Cohen, Rachel Maimin, Lowenstein Sandler, Caroline Ellison, Gary Wang, Joshua Naftalis, “ It’s, Mary Organizations: Alameda Research, Pallas Partners Locations: Manhattan, Palo Alto , California, Bahamas

☆ 11 of the biggest bombshells from Sam Bankman-Fried's FTX fraud trial
▼ + stars: | 2023-10-25 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +11 min

The stress of the scheme left a key executive 'suicidal for days'Nishad Singh testified against his former boss in court. Jane Rosenberg/ReutersNishad Singh, the head engineer at FTX, testified against Bankman-Fried and spoke to the intense pressure of the scheme. As customers began to withdraw their deposits, FTX didn't have enough liquid cash to actually give them their funds. Instead of working together to solve the issue, executives blamed each other, Singh testified. "In response, Sam said something like, 'We were bulletproof last year, but we're not bulletproof this year,'" Yedidia testified.

Persons: Sam Bankman, —, Fried, Caroline Ellison, Gary Wang, Nashad Singh, SBF, Ellison, he'd, Nishad Singh, Jane Rosenberg, Reuters Nishad Singh, Singh, I'd, Wang, FTX's, Bankman, Sam, Adam Yedidia, Yedidia, FTX didn't, FTX, Michael M, Ellison Yedidia, Caroline, Getty, Alameda's, — Ellison, Christian Drappi, Drappi, Alameda — Ellison Organizations: Service, Prosecutors, Alameda Research, Street, Reuters, Bankman, NEW, Manhattan Federal Court, Getty, FTX, MIT, Alameda Locations: Manhattan, Brooklyn, FTX, Bankman, Alameda, United States, Bahamas, New York City, China, Alameda's Hong Kong

☆ British Freighter Is Believed Lost in Fatal North Sea Collision
▼ + stars: | 2023-10-24 | by ( Christopher F. Schuetze | More About Christopher F. Schuetze | ) www.nytimes.com time to read: 1 min

Two cargo ships collided in the North Sea in the early hours of Tuesday morning, sinking one vessel and leaving at least one mariner dead, the authorities said. Two crew members from British cargo vessel Verity were rescued during an extensive operation that included German Maritime Search and Rescue Service and police vessels, aircraft and a cruise ship. Teams were still searching for four people presumed to have been in the 60-degree water since early Tuesday. The collision occurred at around 5 a.m. 14 miles southwest of Heligoland, a tiny rocky island situated north of Germany and west of Denmark. The site of the incident is one of the busiest stretches of water in the world, according to the German authorities.

Persons: Verity Organizations: Rescue Service Locations: Heligoland, Germany, Denmark, Poland, Bahamas, Europe

BERLIN (AP) — Two cargo ships collided in the North Sea off the coast of Germany on Tuesday and one of them sank, German authorities said. The site of the collision was about 31 kilometers (19 miles) northeast of Langeoog island, which is just off the German mainland. Several rescue ships and aircraft taking part in the search hadn't located the missing crew members by late afternoon. The Verity was 91 meters (299 feet) long and 14 meters (46 feet) wide. The Polesie is 190 meters (623 feet) long and 29 meters (95 feet) wide.

Persons: Verity, Robby Renner, Michael Ippich, couldn't, Renner, Iona Organizations: BERLIN, Germany's, Command, Maritime Emergencies, Rescue Service, Rescuers Locations: North, Germany, Helgoland, Langeoog, Bremen, Immingham, Cuxhaven, Bahamas, Hamburg, Spain, Rotterdam

☆ Analysis: Time for central bank digital currencies to prove their worth
▼ + stars: | 2023-10-22 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsLONDON, Oct 22 (Reuters) - A milestone move by the European Central Bank toward launching a digital euro within a few years means the time has come for the newest incarnation of money to prove its worth. A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and some 130 countries representing 98% of the global economy are exploring digital cash. Commercial bankers fret about the costs and possible deposit bleeds as customers could move money into central bank accounts, while developing countries worry that an easily accessible digital dollar, euro or yuan could cause havoc in their systems. DEFINING A GLOBAL STANDARDA key unknown is whether the U.S. Federal Reserve or Bank of Japan will launch retail CBDCs. "The current adoption level of eNaira has been reflective of the early stage of CBDC awareness," the country's central bank said in a written response to questions, adding it had been "consistent" with expectations.

Persons: Dado Ruvic, Josh Lipsky, Fabio Panetta, couldn't, Lee Braine, Bo Li, Atlantic Council's Lipsky, Lipsky, Marc Jones, MacDonald Dzirutwe, William Mallard Organizations: REUTERS, European Central Bank, Reuters, Atlantic Council, Facebook, ECB, Barclays, Bank of, U.S . Federal Reserve, Bank of Japan, International Monetary Fund, Atlantic, Thomson Locations: China, India, Western, Nigeria, U.S, Canada, Bahamas, London, Lagos

☆ The era of cheap cruises is over. Here's how to find the best deal now.
▼ + stars: | 2023-10-21 | by ( Brittany Chang | ) www.businessinsider.com time to read: +5 min

In 2024 cruise fares will continue to increase past 2019 levels. Carnival Corp, for example, says it is "well positioned to drive 2024 pricing higher." AdvertisementAdvertisementSay goodbye to cheap cruises and get ready to dig deeper into your wallets for a 2024 cruise — demand is now driving future cruise fares to pre-COVID-19-pandemic levels. For 2024, pricing across the industry will be up about 8% compared to this year and 20% compared to 2019. AdvertisementAdvertisementThere's still one big culprit: pent-up demandCarnival Corp's CFO David Bernstein says the company is "well positioned to drive 2024 pricing higher."

Persons: —, itineraries, Tynan Smith, Patrick Scholes, David Bernstein, DANIEL SLIM, Josh Weinstein, Scholes, Smith, Brittany Chang Organizations: Carnival Corp, Service, Cruise, Truist Securities, Carnival, Getty Images, Royal Locations: Caribbean, Bahamas, Bermuda, AFP, Royal Caribbean

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