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Sam Bankman-Fried is jailed after bail revoked

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Sam Bankman-Fried, the 31-year-old founder of a cryptocurrency firm, has been ordered to await trial in jail by a US judge following the revocation of his bail.

Arrested on fraud charges last year due to his cryptocurrency company’s collapse, Bankman-Fried was led away in handcuffs from the court while his mother looked on tearfully.

The decision was made after Judge Lewis Kaplan concurred with prosecutors who accused Bankman-Fried of attempting to influence potential witnesses against him.

Despite his denial, Judge Kaplan stated that there was “probable cause to believe that the defendant has attempted to tamper with witnesses at least twice.”

The trial, scheduled for October, will investigate allegations that Bankman-Fried misappropriated funds from his bankrupt cryptocurrency exchange FTX to cover property expenses, political donations, and losses at his hedge fund, Alameda Research. Following his arrest, he had been released on a $250 million bond to his parents’ home in Palo Alto, California.

However, after tighter restrictions were placed on him due to his communications and media interactions, prosecutors further requested his incarceration.

The decision followed the surfacing of an article in July by the New York Times, quoting confessional writings from Bankman-Fried’s former girlfriend and former CEO of Alameda, Caroline Ellison.

Prosecutors claimed that Bankman-Fried shared these documents to portray Ellison as a “jilted lover” acting alone and to bolster his media defense. Concerns were raised that this could deter other potential witnesses by exposing them to personal humiliation and reputation damage beyond what would occur in court.

Prosecutors asserted that Bankman-Fried engaged in around 1,000 calls with the press in recent months.

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Stocks tumble amid AI concerns and Trump tariff update

Dow drops 800+ points as AI and trade worries hit tech and retail stocks; bonds rise amid market volatility.

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Dow drops 800+ points as AI and trade worries hit tech and retail stocks; bonds rise amid market volatility.

Stocks plunged sharply as concerns over artificial intelligence and trade tensions rattled investors, sending the Dow down more than 800 points. Heavyweights like American Express, Goldman Sachs, and JPMorgan were key contributors to the drop.

Software companies were hit particularly hard after a report suggested AI could impact economic growth, triggering further losses across tech shares.

Trade-sensitive retailers including American Eagle Outfitters, Ralph Lauren, and Yeti Holdings also faced setbacks as market uncertainty spiked. Bonds, meanwhile, rallied as investors sought safety in a volatile market.

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U.S. investors flee stock market for global opportunities

U.S. investors withdrew $75 billion from stocks in six months, fastest in 16 years, with $52 billion in 2026 alone.

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U.S. investors withdrew $75 billion from stocks in six months, fastest in 16 years, with $52 billion in 2026 alone.

U.S. investors are withdrawing money from domestic stocks at the fastest rate in 16 years, with $75 billion leaving equity products over the past six months. The trend accelerated in 2026, with $52 billion pulled from Wall Street so far.

Concerns over AI risks and weaker performance at home are prompting investors to look abroad, even though a softer dollar makes foreign investments more expensive. Emerging markets are seeing inflows at the fastest pace in five years, according to Bank of America.

As global opportunities become more attractive, many U.S. investors are now evaluating overseas markets for growth potential.

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US dollar strength hits NZ dollar amid FX market shifts

US dollar rises amid strong US growth; New Zealand faces pressure as traders navigate volatile FX and geopolitical impacts.

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US dollar rises amid strong US growth; New Zealand faces pressure as traders navigate volatile FX and geopolitical impacts.


The US dollar is surging as strong economic growth in the United States contrasts with softer conditions in New Zealand. Policy divergence and complex global FX factors are putting pressure on the New Zealand dollar, leaving traders navigating choppy waters.

Steve Gopalan from SkandaFX breaks down how US interest rates are influencing key currency pairs like USD/JPY, and explains why hedging flows are crucial in today’s volatile environment.

We also explore the ripple effects of geopolitical tensions on oil and broader markets, while examining the Australian labour market’s role in shaping the Reserve Bank of Australia’s monetary policy.

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