New York Financial News

By Michael S. Derby

A United States court has approved the settlement terms of bankrupt digital asset lender, Genesis and FTX's sister company, Alameda Research.

In an X social media post on Wednesday, Jesse Powell, the co-founder of Kraken, criticized venture capital firms for their role in what he described as "obvious fraud" at FTX, led by Sam Bankman-Fried (SBF). 

The United States Commodity Futures Trading Commission (CFTC) has filed a complaint against Stephen Ehrlich, the former CEO of crypto lending firm Voyager Digital.

For the first time in a year, the big companies in the S&P 500 may be seeing their profits grow again

NEW YORK (Reuters) — U.S. consumer prices increased in September amid higher costs for rent and gasoline, but underlying inflation is slowing, supporting financial market expectations that the Federal Reserve would not raise interest rates next month.

A New York bankruptcy judge has approved a settlement between bankrupt cryptocurrency firms FTX and Genesis Global Trading (GGC), allowing FTX-affiliated Alameda Research to get $175 million from GGC.

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By Sabrina Valle and David French

By Nupur Anand

Bloomberg Billionaires Index on Wednesday showed that brothers Alex and Christian Birkenstock are now worth $3.4 billion. The German footwear brand's shares slumped around 12% in the worst opening for a New York listing of $1 billion or more in over two years, according to Bloomberg reports. Giving private equity firm L Catterton majority control of the storied shoemaker in 2021 is a significant reward for the German cobbler heirs' wager.

Hamas, its foreign affairs ministry said Wednesday. Brazilian Foreign Affairs Minister Mauro Vieira has interrupted an Asia trip to travel 'to New York to participate in a meeting of the United Nations Security Council, called by Brazil… to address the situation in the Gaza Strip,' the Ministry said in a statement. Brazil previously called an emergency meeting of the Security Council on Sunday, the day after Hamas launched a surprise attack on Israel. Israeli forces say 1,200 people, most of them civilians, were killed in the onslaught, the worst in the country's history. As Israel pounded Hamas targets in the Gaza Strip, a densely populated enclave of 2.3 million people, in response, the death toll there has also reached 1,200 people, including a high number of civilians, according to Palestinian authorities. More than 3,38,000 people in the enclave have been displaced, according to the United Nations. At Sunday's Security Council meeting, members were divided over policy concerning Israel and the Palestinians. Earlier on Wednesday, Brazilian President Luiz Inacio Lula da Silva called for urgent international action to protect both Palestinian and Israeli civilians, especially children. «Children must never be held hostage, anywhere in the world,» Lula wrote on social media platform X. «Hamas needs to free the Israeli children who were kidnapped from their families.

WASHINGTON, — Salman Rushdie, the Indian-born novelist who spent years in hiding after Iran urged Muslims to kill him because of his writing, will publish a memoir on his 2022 stabbing in New York, book publisher Penguin Random House said on Wednesday. Rushdie's new memoir, 'Knife: Meditations After an Attempted Murder', will be published on April 16, 2024. «This was a necessary book for me to write: a way to take charge of what happened, and to answer violence with art,» Rushdie, whose public appearances have been limited since last year's attack, said in a statement released by the publisher. Rushdie, 76, was awarded the 'Freedom to Publish' award by the British Book Awards in May. An attack onstage in Aug. 2022, during a lecture in New York state left the British author blind in one eye and affected the use of one of his hands.

Global lithium giant Albemarle has requested more time to complete due diligence amid fading hopes its $6.6 billion takeover of Liontown Resources will succeed.

Israel and repatriate the country's citizens, as the industry faced a warning over insurance cover amid escalating violence in the wake of weekend attacks. Israeli flag carrier El Al said it would operate 12 extra flights on Wednesday and Thursday to and from Athens, Rome, Madrid, Bucharest, New York, Paris, Larnaca and Istanbul. Its low-cost unit Sun Dor also plans rescue flights from Istanbul. El Al had already announced an additional flight from New York and six flights to and from Larnaca. The latest move came as the combined death toll reported by both sides following the weekend attacks by Palestinian militant group Hamas and retaliatory strikes by Israeli forces reached more than 2,000 people. Most foreign airlines have suspended or curtailed services, leaving passengers uncertain how to leave or reach the country and consular services struggling to keep up with demand for assistance, with priority given to those with missing relatives. Israel's parliamentary finance committee said late on Tuesday it would debate authorising state guarantees for providing war risk insurance for Israeli airlines. The panel said insurance companies had indicated they were entitled to cancel cover with seven days' notice.

Weeks and months before the collapse of crypto exchange FTX, former CEO Sam Bankman-Fried was “freaking out” about Alameda, buying shares in Snapchat, raising capital from Saudi royalty, and getting regulators to crack down on rival crypto exchange Binance. 

Walgreens has named a new CEO as pharmacy staff walked off the job this week over concerns that working conditions are putting employees and patients at risk

A retired bank official has testified that Donald Trump obtained hundreds of millions of dollars in loans using financial statements that a court has since deemed fraudulent

The Washington Post plans to cut 240 jobs through the offering of voluntary buyouts in the coming weeks

New York is bidding to put new controls on social media platforms that state leaders say will protect the mental health of younger users

The victims and legacy of the 1911 Triangle Shirtwaist factory fire are being remembered with a new memorial