Alexander Mashinsky, the former CEO of Celsius Network, was arrested on Thursday on federal fraud charges. The Federal Trade Commission (FTC) alleged that Mashinsky misled customers about key aspects of the business and illegally manipulated the price of Celsius’s proprietary crypto token. The company agreed to pay a $4.7 billion settlement with government regulators, one of the largest in the FTC’s history, and the settlement highlights repeated deceptions by Celsius and Mashinsky. The indictment against Mashinsky is a sign that the government is taking a hard line against crypto-related fraud.
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US government reported that inflation cooled to its slowest pace in more than two years, with the Consumer Price Index growing at an annual rate of 3%. Core inflation, which strips out volatile food and energy prices, rose 4.8% on an annual basis. The cooling of inflation is seen as a sign that the Federal Reserve's interest rate hikes are having the desired effect, but the Fed will need to continue to monitor inflation closely to ensure it remains at a manageable level.
Bank of America, the second-largest bank in the United States, has been ordered to pay more than $100 million in penalties and restitution to customers for illegally double-dipping on fees, withholding reward bonuses, and opening accounts without customer consent. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced the penalties on Tuesday, and Bank of America has agreed to the terms.
Treasury Secretary Janet Yellen recently visited Beijing to discuss setting relations between the U.S. and China on a "surer footing". Yellen noted that the two countries have significant disagreements, but the Biden administration does not see the relationship as a zero-sum game. She said that the two countries must communicate their disagreements clearly and work together to address shared global challenges, while considering curbs on U.S. investment in China. Yellen urged the two countries to find common ground and build trust through dialogue and cooperation.
Treasury Secretary Janet Yellen has defended the United States' actions to protect its national security in a meeting with Chinese Premier Li Qiang, citing the U.S.'s October announcement of sweeping export controls and China's recent measures to restrict the export of two metals used in chip manufacturing. Despite some friction, Yellen said the U.S. is committed to working with China to promote a more open, balanced, and mutually beneficial economic relationship.
Treasury Secretary Janet Yellen has arrived in Beijing for a four-day visit, the first high-level meeting between the U.S. and China since tensions began to escalate. This visit marks a thaw in ties between the two countries and presents an opportunity to communicate and collaborate on global challenges. Yellen's visit is expected to focus on economic issues, including the global economic recovery, the U.S.-China trade relationship, and the Biden administration's plans for economic stimulus.
Treasury Secretary Janet Yellen is visiting China this week to discuss the implications of recent laws passed by China on U.S. citizens and businesses, with the aim of improving the relationship between the two countries. These laws include a counterespionage law, a Foreign Relations Law, and the sentencing of a U.S. citizen to life in prison on spying charges. Yellen's visit is expected to focus on the importance of the two countries to global economic stability.
Treasury Secretary Janet Yellen is traveling to Beijing this week to improve U.S.-China relations, with the intention of deepening communication, avoiding miscommunication, and expanding collaboration. During her visit, Yellen will meet with Chinese officials, U.S. companies, and Chinese people, and will discuss macroeconomic and financial issues. This trip is seen as a continuation of the Biden administration's effort to thaw U.S.-China relations, and could potentially lead to improved communication and collaboration between the two countries.