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Finance

Crypto Giant Binance, CEO Sued For Allegedly Evading US Laws

Crypto Giant Binance, CEO Sued For Allegedly Evading US Laws

On Monday, the US Commodities Futures Trading Commission (CFTC) sued Binance, the world's largest cryptocurrency exchange, and its CEO, Changpeng Zhao, for allegedly violating US trading and derivatives laws by operating an illegal exchange and a sham compliance program.

Study: China Spent $240B Bailing Out 'Belt & Road' Countries

Study: China Spent $240B Bailing Out 'Belt & Road' Countries

An international study published Tuesday claims that China spent $240B bailing out 22 developing countries between 2008 and 2021, with the figure rising in recent years as they have struggled to repay loans spent building 'Belt & Road' infrastructure.

First Republic Secures $30B Rescue From 11 Banks

First Republic Secures $30B Rescue From 11 Banks

First Republic Bank on Thursday received a lifeline from 11 of America's largest banks, who pledged to deposit $30B in order to shore up lenders' concerns at a time of crisis for the US banking industry, including the collapse of Silicon Valley Bank and Signature Bank last week....

UBS to Buy Credit Suisse for $3.24B in Govt-brokered Deal

UBS to Buy Credit Suisse for $3.24B in Govt-brokered Deal

On Sunday, UBS, Switzerland's largest bank, agreed to buy Credit Suisse for approximately $3.24B ($3B Swiss francs) in a deal that contains $108B ($100B Swiss francs) in liquidity assistance from the Swiss central bank....

First Republic Secures $30B Rescue From 11 Banks

First Republic Secures $30B Rescue From 11 Banks

First Republic Bank on Thursday received a lifeline from 11 of America's largest banks, who pledged to deposit $30B in order to shore up lenders' concerns at a time of crisis for the US banking industry, including the collapse of Silicon Valley Bank and Signature Bank last week.

US Charges Chinese Businessman Guo Wengui With Fraud

US Charges Chinese Businessman Guo Wengui With Fraud

Guo Wengui, a Chinese businessman based in New York, has been charged by US authorities with leading a billion-dollar fraud scheme alongside his business partner Kin Ming Je — a dual Hong Kong-British citizen who's not yet in custody....

UK Budget 2023: Economy Set to Avoid Recession

UK Budget 2023: Economy Set to Avoid Recession

Following UK Chancellor Jeremy Hunt's announcement of the 2023 budget, the Office for Budget Responsibility (OBR) forecast that the UK won't enter a technical recession this year, with inflation reportedly set to drop to 2.9% — a reduction by more than half its current rate — by the end of 20...