BUSINESS
Crypto broker Voyager suspends all trading, withdrawals, deposits
Voyager disclosed in a statement that it had significant investments in 3AC, and the Singapore-based hedge fund failed to make payments on its loan of 15,250 BTC ($294 million) and $350 million USDC. "This was a tremendously difficult decision, but we believe it is the right one given current market conditions," said Stephen Ehrlich, CEO, Voyager. Voyager said it is actively pursuing all available remedies for recovery from 3AC, including through the court-ordered liquidation process in the British Virgin Islands.
After terrible first half, 2022 may bring more bad news for US markets
The looming risk that investors ignored for months is recession. But whether the economy will slump or be just fine remains unknown. Attempts to put a probability on it range from 90 per cent in a Deutsche Bank survey of clients to the spurious precision of 4.11 per cent in the New York Federal Reserve's recession forecasting model.
Ola Electric slips to 4th spot as EV registrations fall amid fire fears
Bhavish Aggarwal-run Ola Electric saw 5,869 electric scooters' registrations (as of June 30), according to the VAHAN data. The June tally for EV two-wheelers was led by Okinawa Autotech, at 6,976 vehicles, followed by Ampere Vehicles Pvt Ltd at 6,534. Hero Electric came third with 6,486 EV 2-W registrations across the country. Ather Energy moved up from May to reach 3,797 vehicles.
iPhone 14 series demand likely to be higher than its predecessor: Report
A survey carried out by reliable Apple analyst Ming-Chi Kuo claims that suppliers and retailers are pre-paying significantly higher deposits for the first expected iPhone 14 units, reports GizmoChina. In some regions the deposit is said to be double the amount, the report said. The company is likely to launch the next generation smartphones -- iPhone 14, 14 Pro, 14 Max and 14 Pro Max in September.
US charges South African firm, CEO with $1.7 bn Bitcoin fraud
The case, filed in the US District Court for the Western District of Texas, charged Cornelius Johannes Steynberg of Stellenbosch, Western Cape, Republic of South Africa and Mirror Trading International Proprietary Limited (MTI) with fraud and registration violations. Steynberg created and operated, through MTI, a global foreign currency commodity pool that only accepted Bitcoin to purchase a participation in the pool, with a value of over $1,733,838,372, the CFTC said in a statement late on Thursday.
To prevent oil flight, India imposes additional duty
The measure is taken to discourage exports and to avoid artificial scarcity in the domestic market. The government announced the levy cess of Rs 23,250/ton on crude oil as special additional excise duty, since domestic crude producers sell to domestic refineries at international parity prices, and as a result, are making windfall gains. Taking this into account, a cess of Rs 23,250 per tonne has been imposed on crude.
If banks raise interest rates on FDs to 7.5-8%, there could be a flight from mutual funds
In a report on mutual funds, it noted that equity flows are muted while the debt outlook is positive. Over the past couple of months, a few major trends have emerged, including absence of NFOs, because of the regulations, decline in AUM, sustained high outflows from the debt segment and decline in new SIP account openings
RBI hits hard on Bitcoin, DeFi, crypto trading platforms
In its annual 'Financial Stability Report' (FSR) 2022, India's central bank and regulatory body said that the early ramifications are reflected in the crypto ecosystem with one stablecoin losing almost all its value and another depegging from the US dollar. It referred to the collapse of TerraUSD and Luna cryptocurrencies that threw many investors into a panic in May.
Hyundai's sales fall 4.5% globally amid chip shortage
Hyundai Motor sold a total of 340,534 vehicles in June, down from 356,631 units a year earlier, the company said in a statement. Domestic sales fell 13 percent to 59,510 units from 68,407 during the period, while overseas sales declined 2.5 percent to 281,024 from 288,224, reports Yonhap news agency. From January to June, sales dropped 7.6 per cent to 1,877,193 autos from 2,031,185 units during the same period of last year.
'Increase in import duty on gold, will not have major impact on demand'
Nor the duty hike will result in any increased smuggling activity of the yellow metal, he added. On Thursday, the central government increased the customs duty on gold from 10.75 per cent to 15 per cent to curb gold imports. The government said, there has been a sudden surge of gold imports. In May, a total of 107 ton of gold was imported and the import volume last month was also significant, the government said.
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