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Collapsed cryptocurrency exchange FTX remains the subject of "an active and ongoing investigation" by Bahamian authorities, Bahamian Attorney General Ryan Pinder said on Sunday, as he praised the Bahamas' regulatory regime and swiftness with which it responded to the crisis, Reuters reported. FTX, which had been among the world's largest cryptocurrency exchanges, is headquartered in the Bahamas. The firm, whose liquidity crunch forced the company to declare bankruptcy on Nov. 11, is the subject of investigations by Bahamian and U.S. authorities.
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User assets at the Japanese arm of FTX Trading have stayed safely apart from the rest of the collapsing cryptocurrency exchange group, and "we're working toward returning them as our top priority," FTX Japan Chief Operations Officer Seth Melamed told Nikkei on Tuesday. Withdrawals at FTX Japan remain halted amid the turmoil engulfing Bahamas-based parent FTX Trading, which is undergoing Chapter 11 bankruptcy proceedings in the U.S. The Japanese company has roughly 19 billion yen ($134 million) in user assets, including dormant accounts.
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Crypto mogul Changpeng “CZ” Zhao’s vow to set up a recovery fund of up to $2 billion to help cash-strapped startups failed to dispel all the sector’s contagion fears following the collapse of the FTX exchange, Bloomberg News reported. In an interview Thursday with Bloomberg Television’s Haslinda Amin, Zhao gave more details on the deals his Binance Holdings Ltd. is examining in the wake of rival FTX’s bankruptcy. Key to Zhao’s plan is a fund with co-investors aimed at backing promising crypto projects facing a liquidity squeeze.
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More than two out of every five (41%) established small and medium businesses (those with between 10 and 100 employees) across the UK expect to shut their doors permanently, be forced to conduct mass redundancies or close locations within the next 12 months, the Business Leader reported. And more than one in three (39%) fear their business will be fatally or critically impacted by any forthcoming recession, while a similar number (43%) say they will have to borrow money just to keep their business afloat or refinance existing debt (37%).
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South Korea should avoid following Japan’s lead of using fiscal and monetary stimulus to combat the challenges of an aging economy, central bank Governor Rhee Chang-yong said, urging reforms instead to boost fertility, Bloomberg News reported. Aging is a rising concern in the developed world and Korea is among the hardest-hit together with Japan. South Korea shattered its own record for the world’s lowest fertility rate last year, adding to long-term pressure on policy makers to keep interest rates low and fiscal stimulus ample to boost growth.
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Higher interest rates are starting to slow the Canadian economy, the Bank of Canada said on Tuesday, putting pressure on households with elevated debt and people who recently bought a home with a variable-rate mortgage, Reuters reported. "It will take time to get back to solid growth with low inflation but we will get there," Senior Deputy Governor Carolyn Rogers said in a speech at the University of Ottawa. The Bank of Canada raised rates by 50 basis points last month to fight high inflation, lifting the policy rate to 3.75%, the highest since the 4% level seen in January 2008.
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New Zealand's central bank on Wednesday hiked interest rates by a record amount and warned the economy might have to spend an entire year in recession to bring sky-high inflation under control. The Reserve Bank of New Zealand (RBNZ) raised the official cash rate (OCR) by 75 basis points to 4.25% and crucially now sees rates peaking at 5.5%, compared with a previous forecast of 4.1%. The central bank's overtly hawkish tone caught some traders off-guard, lifting the local dollar and sending swap rates higher, while its predictions of a recession also surprised.
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Australian retail sales declined for the first time this year in October, suggesting that households are finally beginning to feel the strain of faster inflation and rising interest rates, Bloomberg News reported. Sales dropped 0.2% from September, confounding economists’ estimates for a 0.5% gain, Australian Bureau of Statistics data showed Monday. No one predicted a decline, with Commonwealth Bank of Australia coming closest, forecasting no change.
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Ghana will ask holders of its international bonds to accept losses of as much as 30% on the principal and forgo some interest payments as it hammers out a debt-sustainability plan to qualify for a loan from the International Monetary Fund, Bloomberg News reported. The West African country will also ask holders of domestic bonds to forfeit some interest payments, Deputy Minister of Finance John Kumah told Accra-based Joy FM radio. He confirmed the planned restructuring in an interview with Bloomberg. “These are proposals,” Kumah said by phone on Thursday.
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Cuba Wins China Debt Relief, New Funds

China has agreed to restructure Cuban debt and provide new trade and investment credits to the beleaguered Caribbean Island nation after a meeting in Peking between the two Communist countries’ leaders, Reuters reported. Cuba Economy Minister Alejandro Gil said the latter had also donated $100 million to help the country cope with basic goods shortages and an energy crisis worsened by Hurricane Ian, which decimated western Pinar del Rio province in late September.
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