Angel investor and Virgin Hyperloop One co-founder Shervin Pishevar on helping to create 3D-printed ventilators and masks.
Angel investor and Virgin Hyperloop One co-founder Shervin Pishevar on helping to create 3D-printed ventilators and masks.
The British pound initially shot higher during the trading session on Friday but has been a bit noisy in the process of breaking above the hammer from the previous session.
(Bloomberg) -- The U.K.’s fraud prosecutor opened a probe into Sanjeev Gupta’s GFG Alliance over suspicions of fraud and money laundering, causing a potential lender to the group to withdraw from agreements to provide new financing.The Serious Fraud Office is investigating “suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business,” according to a statement. The probe includes the financing arrangements with Greensill Capital UK Ltd. The SFO has been looking at GFG since Greensill’s collapse in March and decided to open a formal probe, according to a person familiar with the investigation.As a result, White Oak Global Advisors LLC is pulling out of discussions to provide loans to Gupta’s businesses. “As with any regulated financial institution, we are not in a position to continue discussions with any company that is under investigation by the Serious Fraud Office for money laundering,” a spokesperson for the group in London said.The Financial Times first reported that White Oak was pulling out of financing talks. A representative for GFG declined to comment on White Oak’s decision. Last week, Bloomberg reported Gupta had agreed a 200 million pound ($282 million) facility with the San Francisco-based lender to provide working capital to his U.K. steel businesses. He had also secured the refinancing of one of his Australian units.It’s a massive setback for the tycoon, who appeared to be just on the cusp of securing a lifeline for his beleaguered metals empire. He now faces the extremely difficult task of negotiating new loans while being subject to a fraud probe.Prosecutors are starting to round in on both Gupta and Greensill, after months of scrutiny from lawmakers and the media over its financing practices. Earlier this week, the U.K. Financial Conduct Authority said it was also investigating Greensill and cooperating with counterparts in other U.K. enforcement and regulatory agencies.It’s also working with German, Australian and Swiss authorities. The FCA and SFO probes are completely separate although inevitably will involve cross-over and information sharing, according to the person familiar with the investigation.Read More: Lex Greensill Says His Investors Knew What They Were Buying“GFG Alliance will co-operate fully with the investigation,” a GFG spokesperson said. Grant Thornton, Greensill’s administrators, declined to comment.While the SFO has collected billions in fines in recent years from companies with deferred prosecution settlements, its track record in the criminal courts is patchy. Last month a trial into two Serco Group Plc directors collapsed and the agency lost a mammoth case against Barclays Plc bankers in 2020.GFG has come under the microscope after the collapse of Greensill Capital in March revealed it had been a recipient of financing based on expected future invoices, for sales that were merely predicted.What has also come to light is the activities of the tycoon’s trading business Liberty House Group. Four banks stopped working with the company, starting in 2016, after they became concerned about what they perceived to be problems in paperwork provided by Liberty, Bloomberg News reported.Read More: As Gupta Rose From Trader to Tycoon, Several Banks Backed AwayGreensill was Gupta’s largest source of financing before its collapse. The London-based lender supplied billions of dollars in loans to GFG, many of which were packaged and sold onto investors in funds run by Credit Suisse Group AG. Greensill fell into administration after a key insurance partner didn’t renew coverage on loans made to some of its customers, including GFG.Much of the financing extended to GFG by Greensill was from the finance firm’s German banking unit. Germany’s financial watchdog shuttered Bremen-based Greensill Bank AG and asked law enforcement officials to investigate accounting irregularities at the lender in March. The bank was closed after the lender identified problems in how Greensill Bank booked assets tied to Gupta’s companies.The announcement of the probe came a day after former Prime Minister David Cameron was grilled by lawmakers over his employment by Greensill. He defended his intensive lobbying on behalf of the firm as part of a parliamentary inquiry that’s raised questions over private dealings at the top of the British government.(Updates with detail of White Oak talks collapsing.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
“What saddens me is the way the weak hands and recent buyers see Elon Musk as a prophet, powerhouse and decisive figure in bitcoin,” said one trader.
(Bloomberg) -- Sanjeev Gupta’s plans to save his sprawling metals empire were mired in confusion on Saturday as a key financial backer sent mixed messages about its support in the wake of a U.K. fraud probe.On Friday, the Serious Fraud Office launched an investigation into possible fraud and money laundering at Gupta’s GFG Alliance That initially prompted White Oak Global Advisors LLC -- which had recently offered loans to his U.K. steel businesses and one of his Australian units -- to say it wasn’t in a position to continue discussions with a company facing a probe.Hours later, a spokesperson for the San Francisco-based lender said it was continuing efforts to refinance Liberty Primary Metals of Australia, “subject to financial due diligence and acceptable governance.” Last week it had agreed terms with Gupta to refinance the unit.The apparent reversal throws the fate of Gupta’s businesses into further confusion. It’s unclear whether the loan to the Australian unit, which includes the Whyalla steelworks, will still go ahead as planned or depends on the SFO investigation.White Oak declined to comment Saturday on the status of a reported 200 million pounds ($282 million) of lending to Gupta’s U.K. businesses, The company also wouldn’t comment on a report in the Financial Times saying White Oak may be reluctant to walk away because it has a financial exposure to Gupta’s businesses after buying up debt from the steel tycoon.GFG said Friday it will co-operate fully with the SFO investigation. It declined to comment on White Oak’s decision.Gupta has been scrambling to find new financing after Greensill, his biggest lender, fell into insolvency. His group employs 35,000 people across 30 countries, all which may be in danger of losing their jobs if the tycoon can’t secure replacement loans. He faces an uphill battle, with the SFO probe likely to deter many potential financiers.The exact scope of the SFO investigation isn’t yet clear. Four banks stopped working with Gupta’s Liberty House Group trading business, starting in 2016, amid concerns about what they perceived to be problems in paperwork provided by Liberty, Bloomberg News has reported. In one example, the company had presented a bank with what seemed to be duplicate shipping receipts. A spokesman for Gupta has denied any wrongdoing.The two-month period from when it started looking into GFG and its financing by Greensill to announcing the formal probe is a quick turn-around for the SFO, which often takes years to publicly confirm it’s taking action against a company.It will now start to gather evidence, including securing devices and documents. However, it’ll likely take years for the office to make any tangible updates to the investigation, including whether it decides to charge individuals as part of the probe.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The IRS detailed on how it will handle a mixup involving a tax break for jobless benefits that became law a month after many already filed returns.
The direction of the June U.S. Dollar Index into the close on Friday is likely to be determined by trader reaction to 90.435.
Two of the world's most prominent billionaires Tesla Inc.'s CEO Elon Musk and Jack Dorsey are facing off over the merits of bitcoin, with the future of the world's No. 1 crypto likely hanging in the balance.
Here's how to tell if dogecoin's rebound is more bark than bite, according to technical analysts following the popular crypto.
Last week, we witnessed a classic “buy the rumor, sell the news” event with the cryptocurrency Dogecoin (CRYPTO:DOGE). Many Dogecoin enthusiasts were hoping that Tesla (NASDAQ: TSLA) CEO Elon Musk’s stint hosting the television show “Saturday Night Live” would lead to higher prices. After all, Musk has been known to pump the price of this cryptocurrency on Twitter and has been one of its biggest supporters. With so many Dogecoin holders anxious to see what the Dogefather had to say Saturday, the price of cryptocurrency rallied hard into the event to hit a record high of $0.74. Unfortunately, Doge investors learned that sometimes these types of events simply cannot live up to the hype. The price of Doge dropped more than 30% following the premiere of the show after Musk failed to deliver the praise for the cryptocurrency investors were hoping for. Traders can learn a lot from this story, particularly since this “buy the rumor, sell the news” scenario repeats itself time and time again in financial markets. It highlights just how difficult it can be to trade based on the news and should be viewed as a cautionary tale. With that said, perhaps the most important lesson here is that instead of gambling on Dogecoin, why not learn a trading strategy that can deliver real results? For example, Mindful Trader has created a data-driven swing-trading strategy that can potentially help you grow your account. Because he has analyzed and dissected historical stock market price data to test his trading strategy, you won’t have to worry about trying to guess right on binary events like the one mentioned above. Instead, you can use a statistical approach with proven results to take your trading to the next level. Signing up for the Mindful Trader service gives you access to tutorials and all the trading rules he uses for successfully generating returns with stocks and options trading. He also provides data-driven stock picks that he trades himself, which allows you to learn while following his suggestions. Whether you are a beginner trader or a seasoned veteran, Mindful Trader has something for everyone. Since Mindful Trader uses a swing-trading strategy that relies on price movement, not hope, you will always be confident in making a trade. That means you won’t have to trade the news and rely on hype to potentially generate returns like those unfortunate Dogecoin investors mentioned above. Check out this link to learn more about Mindful Trader’s trading strategy and why it’s such a smart alternative to gambling with Dogecoin. See more from BenzingaClick here for options trades from BenzingaThese OTC Securities Had the Most Trading Activity in April3 Advantages to Binary Options Trading with Nadex© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Dogecoin will likely transition from a proof-of-work protocol to proof-of-stake, speculated Alex Mashinsky, the chief executive and founder of The Celsius Network on Friday during a webcast hosted by his lending platform on YouTube.
The agency is plagued with setbacks that are causing a major backlog of returns.
Now that the IRS knows more about your earnings, you may be eligible for more support.
The Tesla CEO sent the price of Bitcoin and other cryptocurrencies plummeting. But he may be aiming to turn crypto-mining green in ways that benefit Tesla.
Anyone with a stock account can now make a savvy, albeit risky, bet on GBTC pricing disparities that were previously exclusive to big players.
Shares of Plug Power Inc. surged Friday, after they hydrogen and fuel cell systems company completed its restatement, removing a "shroud of uncertainty" that has been weighing heavily on the stock the past couple months.
(Bloomberg) -- Stock sales are reaping a windfall for the world’s richest shareholders.Corporate insiders including Amazon.com’s Jeff Bezos and Google co-founder Sergey Brin have ramped up stock sales recently, cashing in on a 14-month long bull market that’s helped boost fortunes to the tune of trillions.U.S. public company insiders offloaded shares worth $24.4 billion this year through the first week of May, with about half sold through trading plans, according to data compiled by Bloomberg. That’s almost as much as the $30 billion total they disposed of in the second half of 2020.Large shareholders frequently sell stock in planned intervals, often through pre-arranged trading programs. Yet the prolonged rally in equities markets has made the value of these disposals, whether planned or opportunistic, strikingly high.There are multiple reasons an investor of any size might be motivated to sell. After the pandemic-defying rally, valuations are increasingly under pressure from rising inflation. Investors are wary the post-Covid recovery could prompt tightening measures from the Federal Reserve. And President Joe Biden’s proposed tax hikes -- including a near doubling of the capital gains rate -- have created uncertainty.Bezos, EllisonWhatever the reason, the sales are flooding the market with yet more liquidity, the consequences of which will ripple through philanthropy, the art market, real estate and other niches.Bezos has sold $6.7 billion worth of Amazon shares this year. While a relative pittance for the world’s richest person, it’s more than two-thirds the value of shares he sold in 2020. Larry Ellison unloaded 7 million Oracle shares in the past week for total proceeds of $552.3 million. Charles Schwab has sold $192 million worth of shares of his eponymous brokerage this year.Brin, who has signaled that he intends to sell as many as 250,000 Alphabet Inc. shares, has disposed of $163 million worth of stock in recent days, his first sales in more than four years, filings show.Mark Zuckerberg and his charitable foundation, the Chan Zuckerberg Initiative, meanwhile, accelerated their sales of Facebook stock in the fall. Zuckerberg or his charity has divested shares at a near-daily clip since November, for a cumulative total exceeding $1.87 billion.The surging markets have exacerbated the concentration risk of the single-stock-dominated fortunes typical of many tech billionaires, said Thorne Perkin, president of Papamarkou Wellner Asset Management.“From a portfolio-management perspective, it makes sense to spread it around,” he said.Covid EconomyAlso among the biggest sellers are some noteworthy beneficiaries of the Covid economy. Zoom Video Communications founder Eric Yuan and used-car retailer Carvana Co.’s Ernest Garcia II have together received more than $1.75 billion from stock sales since March 2020, according to the Bloomberg Billionaires Index. George Kurtz, chief executive officer of cybersecurity firm CrowdStrike, has sold shares worth at least $250 million over that period.Zoom founder Yuan -- the poster child, in many ways, for the coronavirus economy -- has stepped up his sales this year as the firm’s share price slumped. In 2020, he typically offloaded about 140,000 shares a month through a trading plan, which generated more than $350 million over the course of the year.Since March, he’s sold almost 200,000 shares a month on average, yielding him about $185 million. He also donated more than a third of his stake in the San Jose-based company as part of “typical estate planning practices,” according to a spokesman. Some of the cash from his share sales fund donations to unspecified “humanitarian causes.”(Updates with Charles Schwab’s sales in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Lawmakers are looking for quick action to improve an existing forgiveness program.
(Bloomberg) -- Fuel that is so dirty that the global shipping industry banned its use last year is being burned at the highest level in three years in Mexican power plants.With the global shipping industry shunning sulfurous fuel oil to curb emissions, storage tanks in Mexico are overflowing with the stuff, a byproduct of its attempt to produce more gasoline domestically. The solution Mexico has chosen is to push more of it into electricity generation, replacing cleaner-burning natural gas. Consumption of the dirty fuel jumped by almost 50% in the past year to more than a 100,000 barrels a day in March, according to government data.The capital’s air quality has worsened, said Beatriz Olivera Villa, a consultant with Greenpeace in Mexico, in a phone interview from Mexico City. “It’s an unfortunate setback for the country.”Replacing natural gas, which it imports from the U.S., with fuel oil is certain to raise Mexico’s emissions. President Andres Manuel Lopez Obrador has pledged to reduce Mexico’s dependence on fuel imports but is faced with highly inefficient refineries. Historically, it’s been cheaper for Mexico to export the crude it produces to countries with more technologically complex refineries and to import refined fuels like gasoline.State oil company Petroleos Mexicanos produces copious amounts of fuel oil unintentionally because its refineries lack the technology to extract cleaner fuels from the sludge that is leftover during the initial process of turning crude into gasoline. Therefore, the more gasoline the country’s refineries produce, the more extra fuel oil they have to find a home for.“Mexico is creating a market to absorb the excess fuel oil from its refineries,” said Ixchel Castro, an analyst with Wood Mackenzie Ltd.Fuel oil is being burned at the six power plants owned by state utility Comision Federal de Electricidad, or CFE. This year, a government commission responsible for monitoring air quality in the metropolitan area of Mexico City, sounded the alarm twice amid high ozone levels. As a result, cement-makers as well as Pemex’s refinery in Tula and its associated power plant, had to reduce activity.Switching a power plant that uses natural gas to fire a turbine to fuel oil generates 16% more carbon dioxide, according to BloombergNEF calculations.The air-quality monitoring commission estimates the alarm for high ozone levels may sound 7-20 times this year, forcing industries to curtail activity to curb emissions. That compares with one time last year and six times in 2019. Victor Hugo Paramo Figueroa, head of the commission, said the increased use of fuel oil alone doesn’t necessarily translate into more emissions.“We have other culprits, including cars and even an eruption of the Popocatépetl volcano,” he said. “And a rainier season can disperse particles more efficiently, keeping the air quality within acceptable levels.”(Updates with ozone levels and government’s comment in last four paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Despite differing outcomes, shares of GameStop and AMC Entertainment were moving in almost perfect sync on Friday as the two most popular meme stocks experienced very similar choppy trading one day after both experienced major surges.
Meme-stock favorite AMC has skyrocketed this year, but one veteran media analyst says the movie studios' pressure on the exclusivity window means AMC is very overpriced.