Bankrupt crypto lender BlockFi has decided to liquidate its cryptocurrency lending platform in a bid to repay its more than 100,000 creditors. In a company filing on May 12, BlockFi claimed that liquidation would be the best option for creditors. According to the company, the amount of funds clients can recover from the liquidation largely…
Bankrupt Crypto Lending Platform Opts for Liquidation
May 16, 2023
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BlockFiBusiness & MarketsCompaniescrypto bankruptcycrypto lending platformcryptocurrencyeconomyMarketsTechTech NewsUSUS News
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‘Most Expensive’: Energy Minister Says Nuclear Makes No Sense for Australia
Nuclear is not on the table as an option to add to Australia’s energy mix amid a push for net-zero due to the huge initial costs, the Minister for Climate Change and Energy, Chris Bowen, has said. As Australia lacks existing nuclear infrastructure due to its nuclear ban since 1998, the costs required to set…
UK Unemployment at 3.9 Percent as Job Vacancies Fall
The UK labour market has seen an unexpected rise in unemployment as well as a fall in inactivity, as more men in particular started looking for work. The Office of National Statistics (ONS) issued its latest employment and unemployment figures on May 16, reporting the main trends of the UK labour market. The unemployment rate…
Nuclear Power Poised for Boom in US but Industry Says Regulatory Reform Needed
May 16, 2023
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Business & MarketseconomyenergyNational SecurityNuclear Energy InstitutePolicies & ImpactsPoliticsRegional & State NewsUSUS energy policyUS NewsUS nuclear power industry
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Private fund managers and venture capitalists in 2022 invested more than $5 billion in nuclear power companies in the United States, where the industry is poised to build “hundreds of new reactors,” double its electrical output, and triple its workforce to meet a projected 50-percent increase in energy demand by 2050. It’s all very exciting,…
Former Silicon Valley Bank CEO Apologizes for Bank’s Collapse in Senate Testimony
Former chief executive of Silicon Valley Bank (SVB) Greg Becker issued a public apology before a Senate committee on Tuesday. Becker expressed deep remorse for the devastating impact suffered by SVB’s employees, clients, and shareholders during the recent financial turmoil that led to the bank’s collapse. “I never envisioned myself or SVB being in this…
IRS Chief ‘Laser-Focused’ on Stamping Out Tax Audit ‘Racism’ Despite ‘Substantial Uncertainty’ Surrounding Racial Bias
The Internal Revenue Service (IRS) is “laser-focused” on ensuring tax laws are enforced in a fair and impartial manner after reports emerged that the federal agency inadvertently audits black taxpayers at significantly higher rates than other Americans. In a May 15 letter (pdf) to Senate Finance Committee chairman Ron Wyden (D-Ore.), IRS commissioner Daniel Werfel noted…
IRS Chief ‘Laser-Focused’ on Stamping Out ‘Racism’ in Tax Audits
The Internal Revenue Service (IRS) is “laser-focused” on ensuring tax laws are enforced in a fair and impartial manner after reports emerged that the federal agency inadvertently audits black taxpayers at significantly higher rates than other Americans. In a May 15 letter (pdf) to Senate Finance Committee chairman Ron Wyden (D-Ore.), IRS commissioner Daniel Werfel noted…
McCarthy Says Biden Might Have a ‘Secret Plan’ on Debt Ceiling
May 16, 2023
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Business & Marketscongressdebt ceilingeconomic policiesExecutive BranchJoe BidenKevin McCarthyPoliticsUSUS News
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As the debt ceiling standoff continues to grip Washington, House Speaker Kevin McCarthy (R-Calif.) said Monday that President Joe Biden might have a “secret plan” to avoid a debt default and, if so, the Republican lawmaker is all for it. McCarthy made the remarks during a press conference on Capitol Hill while responding to a question…
Anti-Capitalist ‘Pay What You Can’ Café Goes Bust
A coffee shop in Canada that operated on a “pay what you can” model has decided to shut down just a year after starting operations as the business failed to generate enough revenue. The Anarchist coffee shop is located in Toronto and began operations in March 2022. In an update on the shop’s website, owner…
Energy Department to Buy 3 Million Oil Barrels to Replenish Strategic Reserves
May 16, 2023
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Business & MarketsDepartment of EnergyeconomyenergyExecutive BranchGold and CommoditiesMarketsPoliticsUSUS NewsUS Strategic Petroleum Reserve
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The U.S. Department of Energy (DOE) has announced that it intends to buy oil to replenish the country’s Strategic Petroleum Reserve (SPR), which has been depleted to multi-decade-low levels. According to the DOE’s Request for Proposal (pdf) issued on May 15, the department is seeking to purchase up to three million barrels of sour crude…
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