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Alameda Research was allowed to exceed normal borrowing limits on the FTX exchange since its early days, Sam Bankman-Fried has said, in a concession that illustrates how the former billionaire’s trading shop enjoyed preferential treatment over clients years before the 2022 crypto crisis. In an interview with the Financial Times, the 30-year-old described the outsized
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EU member states have agreed to implement a $60 ceiling on global purchases of Russian oil after Poland dropped its objections to the long-debated deal aimed at denting the Kremlin’s fossil-fuel revenues. Warsaw had delayed agreement on the cap after demanding a lower ceiling to further erode Moscow’s income. Its backing means the bloc will
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Inflation in the eurozone has fallen for the first time in 17 months, raising hopes that the biggest global price surge for a generation has peaked and easing pressure on central banks to continue increasing rates aggressively. A slowdown in energy and services prices helped inflation in the single currency bloc to fall more than
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BlockFi has filed for Chapter 11 bankruptcy, making the crypto lender backed by Peter Thiel’s venture capital firm the latest casualty of the fallout from the collapse of Sam Bankman-Fried’s FTX exchange. The filing marks an unravelling several months in the making for New Jersey-based BlockFi, led by chief executive Zac Prince, which was valued
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Protests in Shanghai escalated on Sunday evening as police struggled to disperse large crowds who gathered in the city, part of a nationwide movement that poses one of the most brazen challenges to the Chinese Communist party’s authority in decades. The unrest began on Saturday night and centred on a road named after the Chinese
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Net migration to the UK rose to a record high of more than half a million people in the year to June 2022, according to figures published by the Office for National Statistics on Thursday. The surge in long-term arrivals to the UK was driven by a post-pandemic rebound in international study and by inflows
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UK prime minister Rishi Sunak has ruled out any Swiss-style alignment with EU laws in order to strike a trade deal with the bloc, instead promising that the existing Brexit arrangements could “deliver enormous benefits for the country”. Talking at the CBI annual conference in Birmingham on Monday, Sunak came under pressure to address two
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Jeremy Hunt pushed back on Friday against criticism that his £55bn fiscal squeeze unfairly targets middle earners, as new data indicated that UK workers will endure the longest period of wage stagnation for almost two centuries. Hunt’s Autumn Statement on Thursday included £30bn of spending cuts and £25bn of tax rises in a bid to
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Jeremy Hunt, chancellor, confronted the fiscal “storm” battering Britain on Thursday, announcing £55bn of tax rises and spending cuts intended to restore the country’s reputation and shore up its frail balance sheet. Two months after Kwasi Kwarteng, Hunt’s predecessor, sparked market panic with a “mini” Budget that included £45bn of unfunded tax cuts, the chancellor’s
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The UK’s rate of inflation hit a fresh 41-year high in October, accelerating to 11.1 per cent on the back of rising energy and food prices. The Office for National Statistics said the rate rose from 10.1 per cent in September, putting inflation at its highest level since October 1981. Economists polled by Reuters had
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The collapse of Sam Bankman-Fried’s crypto empire has sparked a vast global investigation, with dozens of authorities circling the company as lawyers warn there could be 1mn creditors in its bankruptcy proceeding. FTX said in court filings it was in contact with US federal prosecutors, the Securities and Exchange Commission, the Commodity Futures Trading Commission
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