Headlines

BlockFi has signed a term sheet with digital asset exchange FTX for a $250 million revolving credit facility, the cryptocurrency firm's chief executive officer, Zac Prince, said in a tweet yesterday, Reuters reported. The agreement will give BlockFi access to capital amid a rout in the digital currency market. Last week, the company said it was reducing its headcount by about 20%, in addition to implementing other cost-cutting measures like reducing marketing spend and executive compensation. Aggressive rate hikes by the U.S.

A bankruptcy court in Mumbai has admitted property developer Nirmal Lifestyle Kalyan Pvt Ltd under the Corporate Insolvency Resolution Process (CIRP) following a plea filed by Srei Equipment Finance Ltd., the Economic Times of India reported. Kolkata-based Srei Equipment Finance Ltd had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after Nirmal Lifestyle Kalyan, an affiliate of Mumbai-based Nirmal Lifestyle Ltd, defaulted on its dues worth around Rs 84 crore.

Canadians continued to show a willingness to spend, according to retail sales data out on Tuesday, even as accelerating inflation erodes their purchasing power, Bloomberg News reported. The nation’s retailers recorded a 0.9% sales increase in April, Statistics Canada reported, driven primarily by higher volumes. In May, receipts were up 1.6%, according to initial preliminary estimates also released on Tuesday. The numbers suggest rising interest rates, higher inflation and slumping consumer confidence have yet to impact household spending in a major way.

AIB has agreed to sell a portfolio of mainly deep-in-default loans for €400 million to a consortium led by US distressed debt group Cerberus and including debt management company Everyday Finance and London-based investment firm LCM Partners, the Irish Times reported. The original value of loans in the portfolio, dubbed Project Sycamore, was said to be more than €700 million. Sources said that the book included buy-to-let mortgages, land and development and commercial real-estate loans, as well as unsecured personal debt and residential mortgages.

Britain's payment systems regulator (PSR) will conduct two market reviews of card fees charged by Visa and Mastercard, the U.S. companies that account for 99% of debit and credit card payments in the UK, Reuters reported. The PSR's announcement yesterday follows heavy pressure from lawmakers to launch full market reviews to tackle card fees paid by retailers, which are typically passed on to consumers. "We want to understand whether card payments are working well and to make sure that merchants, and ultimately consumers, get a good deal," said Natalie Timan, the PSR's head of strategy.

Google's local subsidiary in Russia filed for bankruptcy because Moscow's measures against the U.S. firm have made it impossible to do business, the firm said Friday, Politico reported. "Google Russia has filed for bankruptcy," a Google spokesperson said in a statement, adding that "the Russian authorities’ seizure of Google Russia’s bank account has made it untenable for our Russia office to function, including employing and paying Russia-based employees, paying suppliers and vendors, and meeting other financial obligations.

At least four Thai insurance companies have gone bankrupt after suffering losses from selling low-cost COVID-19 policies, raising fears of a domino effect that could weigh on the country's non-life insurance sector, Nikkei Asia reported. Syn Mun Kong Insurance is looking to raise capital and find new partners to stay afloat as it navigates a court-supervised rehabilitation. "Some foreign investors have expressed interest in joining us. We are in talks," said a source close to deals that could affect Syn Mun Kong's ability to retain its business license.

As the crypto winter intensified in early June, Galaxy Digital CEO Mike Novogratz said he thinks two-thirds of crypto hedge funds will go out of business. His prediction took days to start bearing out, Fortune reported. After $400 million in liquidations, a major hedge fund in the space, Singapore-based Three Arrows Capital, or 3AC, is reportedly facing insolvency, and many dominos look likely to fall next.

Babel Finance, the Hong Kong-based crypto lender which suspended withdrawals and redemption of crypto assets on Friday, said that it has reached an agreement with counterparties on the repayment of some debts to ease short-term liquidity, Reuters reported. Cryptocurrency valuations have plunged in recent weeks as investors dump risky assets in a rising interest rate environment. Bitcoin BTC=BTSP, which reached a record high of $69,000 in November, lost more than half its value this year.