Crypto-currency collapse sends tokens tumbling

Crypto-currency markets are being rocked after a popular token lost 99% of its value, dragging down a so-called “stablecoin” with it. The Terra Luna token fell from a high of $118 (£96), last month, to $0.09 on Thursday. The collapse had a knock-on effect on a linked token, TerraUSD, which is normally stable. And spooked investors are now pulling out of major crypto-currencies, sending markets plummeting. The companies behind stablecoins try to ensure they remain in parity with assets such as the US dollar – with one token equalling $1, for example. But on Thursday TerraUSD fell to $0.4 according … Continue reading Crypto-currency collapse sends tokens tumbling

TurboTax agrees to pay after ‘misleading’ low income US taxpayers

Millions of Americans receiving tax rebates from the government this tax filing season can expect a cheque this year from their tax preparer as well. Intuit, the California firm that owns TurboTax, must pay over four million people after reaching a $141m (£113m) legal settlement with all 50 states. It comes after an investigation found the company misled low income Americans into paying to file their annual taxes. Under the agreement, Intuit admitted”no wrongdoing”, company said. Free services were available, but kept hidden by the company, officials say. Americans earning below a certain threshold who used the company’s paid software … Continue reading TurboTax agrees to pay after ‘misleading’ low income US taxpayers

Hedge-fund duo arrested and charged with fraud

The duo at the top of imploded hedge fund Archegos Capital Management have been arrested and charged with fraud. Bill Hwang and his right-hand man Patrick Halligan were accused by US prosecutors of using the firm as an ‘instrument of market manipulation and fraud’. Archegos, a previously little-known family office managing the vast wealth of financier Hwang, fell into the spotlight last year after its spectacular collapse caused some of the world’s biggest banks to lose billions of pounds. Bill Hwang A number of financial titans, including Goldman Sachs, Morgan Stanley, UBS, Nomura and most notably Credit Suisse lent Archegos … Continue reading Hedge-fund duo arrested and charged with fraud

Bitcoin becomes official currency in Central African Republic

The Central African Republic (CAR) has approved Bitcoin as legal tender – just the second country to do so. CAR is one of the world’s poorest countries, but is rich in diamonds, gold and uranium. It has been wracked by conflict for decades and is a close Russian ally, with mercenaries from the Wagner Group helping fight rebel forces. Lawmakers voted unanimously to adopt Bitcoin as legal tender, said a statement from the CAR presidency. The move puts CAR “on the map of the world’s boldest and most visionary countries”, it said. El Salvador became the first country to adopt … Continue reading Bitcoin becomes official currency in Central African Republic

Swiss ‘Banker Of The Year’ jailed for putting strip-club visits on official expenses

The former head of a Swiss bank has been sentenced to nearly four years in jail for charges including fraud. The court in Zurich heard that Pierin Vincenz, 65, had used his company credit card to pay for strip clubs, Tinder dates, holidays and dinners. Public interest in the case was such that the trial was moved from a Zurich courthouse to a concert hall. Vincenz, who was chief executive of Raiffeisen Bank, and his co-defendant, will appeal against the verdict. According to prosecutors, Vincenz and a former credit card company boss Beat Stocker, had lined their pockets by taking … Continue reading Swiss ‘Banker Of The Year’ jailed for putting strip-club visits on official expenses

World Bank freezes Afghan projects worth $600m over girls’ school ban

The World Bank has suspended four projects in Afghanistan worth $600m (£458m), after the Taliban banned girls from returning to secondary schools. The projects’ aims included improving education, health and agriculture. They also had a “strong focus on ensuring that girls and women participate and benefit from the support,” the bank had said earlier. Last week, the Taliban reversed a decision to allow the schools to open following months of restrictions. The Taliban said schools would only reopen after a decision over uniforms for female students had been made in accordance with “Sharia law and Afghan tradition”. The move has drawn … Continue reading World Bank freezes Afghan projects worth $600m over girls’ school ban

Oh Yeah: Goldman Sachs boss David Solomon set to DJ Lollapalooza

The boss of Goldman Sachs is set to perform at the major US music festival Lollapalooza alongside the likes of Dua Lipa and Metallica in July. David Solomon, who is a dance music DJ outside his day job, was one of the acts organisers of announced on Tuesday. The 60-year-old, who is one of the last listed on the festival’s line-up, said he was excited to play the event. Mr Solomon, who joined Goldman in 1999, shared the news of the gig, which typically draws about 400,000 people, on Instagram. The banker, who earned $35m last year, said proceeds would … Continue reading Oh Yeah: Goldman Sachs boss David Solomon set to DJ Lollapalooza

‘Black Panther’ movie director Ryan Coogler mistaken for bank robber

The director of hit superhero film Black Panther was mistaken for a bank robber as he tried to take money out of his own account in the US, a police report has revealed. Ryan Coogler was briefly arrested after trying to withdraw $12,000 (£9,100) from the Atlanta bank in January. The teller had reportedly told her boss she suspected an attempted robbery after misinterpreting the situation. Mr Coogler told US news outlet TMZ the “situation should never have happened”. However, the 35-year-old said Bank of America had since “worked with me and addressed it to my satisfaction and we have moved on”. … Continue reading ‘Black Panther’ movie director Ryan Coogler mistaken for bank robber

World Bank approves $723m financial package for Ukraine

The World Bank has approved $723m (£551m) in loans and grants for Ukraine, as the country fights against a Russian invasion. The bank said it is continuing to work on another $3bn package of support in the coming months for the country. It also promised extra help for neighbouring countries that are taking in more than 1.7m refugees, which are mostly women, children and the elderly. The financial package for Ukraine includes a $100m pledge from the UK. “The World Bank Group is taking quick action to support Ukraine and its people in the face of the violence and extreme … Continue reading World Bank approves $723m financial package for Ukraine

Update: Russian rouble plunges after new sanctions over Ukraine conflict

The rouble has slumped by as much as 40% against the dollar, after Western nations announced new sanctions against Russia over its invasion of Ukraine. The new record low for the Russian currency comes after some of the country’s banks were banned from using the Swift international payment system. On Sunday, Russia’s central bank appealed for calm amid fears that there could be a run on the country’s banks. Growing tensions also helped push Brent crude oil above $100 (£75) a barrel. The move by the European Union, United States and their allies to cut off a number of Russian … Continue reading Update: Russian rouble plunges after new sanctions over Ukraine conflict

Update: Credit Suisse leak shows bank held millions for heads of state, human rights abusers

A data leak of Credit Suisse clients shows the bank held millions for heads of state, intelligence officials, sanctioned businessmen, and human rights abusers. A whistleblower sent the information to a German newspaper on more than 18,000 active accounts at Credit Suisse, which collectively hold more than $100 billion. People listed with millions in bank accounts include King Abdullah of Jordan and the two sons of the former Egyptian president Hosni Mubarak. Other account holders include the sons of an unidentified Pakistani intelligence head who helped funnel billions of dollars to the mujahedeen and corrupt Venezuelan officials. The leak, called … Continue reading Update: Credit Suisse leak shows bank held millions for heads of state, human rights abusers

Credit Suisse denies wrongdoing after big banking data leak

Credit Suisse has hit out after a massive data leak has brought to light the hidden wealth of several clients of the bank. Data on more than 18,000 bank accounts, holding more than $100bn (£73.6bn), was leaked to German newspaper Suddeutsche Zeitung by a whistleblower. It includes personal, shared and corporate accounts, as well as those opened as far back as the 1940s. Nearly 50 media organisations have spent months poring over the data. In their investigations, they suggest they have found evidence Credit Suisse accounts had been used by clients involved in serious crimes such as money laundering or drug … Continue reading Credit Suisse denies wrongdoing after big banking data leak