Money

Sam Bankman-Fried must be jailed, prosecutors say

Published

2 years ago

July 27, 2023

Prosecutors in the Manhattan federal court are seeking to jail cryptocurrency mogul Sam Bankman-Fried, the former CEO of FTX, ahead of his fraud trial.

They allege that he “crossed a line” by working with a journalist to pressure a key witness, his ex-girlfriend Caroline Ellison, who is set to testify against him.

Prosecutors claim that this amounts to witness tampering, as Bankman-Fried provided the reporter with personal writings from Ellison. They point out that he has had more than 1,000 phone calls with journalists, which they consider an escalation of an ongoing campaign with the press.

Gag order

During a hearing, Judge Lewis Kaplan ruled that Bankman-Fried could temporarily remain free on bond but imposed a gag order. The judge warned him to take the situation seriously.

The gag order will remain in place until Kaplan makes a proper ruling once the official motions from both the prosecution and the defense are filed on August 1 and August 3, respectively.

Bankman-Fried’s defense attorney, Mark Cohen, objected to the request to detain his client, arguing that the sudden request blindsided them and infringes on his right to speak to the press.

He emphasised that Bankman-Fried has had negative stories published about him, and his interactions with the media were an effort to protect his reputation.

The case revolves around allegations of misappropriating billions of FTX customer funds to cover losses from risky bets at the cryptocurrency hedge fund, as well as bankrolling a lavish lifestyle.

Bankman-Fried faces trial on October 2 and has denied any wrongdoing, pleading not guilty to the charges. Ellison, along with two other former FTX executives, has agreed to cooperate with authorities in the case against him.

Money

Stocks rally ahead of Thanksgiving as markets log four days of gains

Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.

Published

2 weeks ago

November 27, 2025

Harvey Vargas

Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.

Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.

Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.

All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.

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#Markets #Stocks #Thanksgiving #DowJones #SP500 #Oracle #FederalReserve #FinanceNews

Money

Dow surges 500 points amid rate cut optimism

Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism

Published

2 weeks ago

November 26, 2025

Harvey Vargas

Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism

In Short:
– Dow Jones rose 569 points, reflecting optimism for a Federal Reserve interest rate cut.
– Alphabet’s stock increased as Meta may invest in AI chips, but Nvidia’s declined amid market concerns.

The Dow Jones Industrial Average increased by 569 points or 1.2% on Tuesday, reflecting investor optimism for an upcoming Federal Reserve interest rate cut. The S&P 500 and Nasdaq Composite also posted gains, up 0.8% and 0.4% respectively. This represented a recovery from earlier losses, where the S&P 500 briefly fell by 0.7%.

Markets anticipate an 85% chance of a quarter-point rate cut in December, driven by comments from New York Fed President John Williams, who indicated the possibility of lower rates soon. Investor sentiment strengthened following reports that Kevin Hassett may be appointed as the next Fed chair, potentially resulting in a more lenient monetary policy.

Tech Sector

Alphabet saw its stock rise by over 1% after reports indicated that Meta Platforms might invest in its AI chips. This could signal increased demand for AI technology, benefiting the sector overall. However, Nvidia’s stock fell more than 3%, suggesting concerns about its dominance in the AI chip market.

Investors are also wary of the valuation of tech stocks. Despite recent gains, the S&P 500 and Nasdaq remain down over 1% and 3%, respectively, for November, while the Dow has lost more than 1% this month. The broader market’s performance indicates ongoing scrutiny regarding tech valuations amid changing economic expectations.

Money

Gold prices surge as Central Banks buy big, but risks grow ahead

Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.

Published

2 weeks ago

November 25, 2025

Harvey Vargas

Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.

Gold prices are climbing fast as central banks ramp up buying, pushing demand to its highest levels in years. The metal’s reputation as a safe haven is strengthening, especially amid rising geopolitical tensions and global financial uncertainty.

But experts warn the shine could fade. A stronger US dollar and the possibility of rising interest rates may weigh on momentum, making investors question how long the rally can last.

Dr Steven Enticott from CIA Tax breaks down the drivers behind gold’s surge—from ETF inflows to physical bar demand—and what could send the price sharply higher… or lower.

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#gold #markets #centralbanks #economy #finance #investing #interestRates #usdollar