US officials overseeing the bankruptcy process of FTX have agreed to co-ordinate with liquidators winding down the cryptocurrency exchange's operations in the Bahamas, resolving a dispute that threatened the recovery of what could be billions of dollars in funds.
In a joint statement on Friday, the sides said they will work to share information, secure property and co-ordinate litigation against third parties.
FTX’s US bankruptcy team has been at odds with Bahamian officials since November, when competing bankruptcies were filed in the two countries.
The Securities Commission of the Bahamas began liquidation proceedings on November 10 against FTX Digital Markets, the company's Bahamas-based unit.
The next day a US Chapter 11 proceeding was filed in Delaware, which included more than 100 FTX entities including FTX Trading and cryptocurrency hedge fund Alameda Research.
Bahamian regulators have seized FTX assets, which officials said was meant to safeguard assets that will ultimately be returned to creditors of FTX Digital Markets.
John Ray, who took control of FTX after founder Sam Bankman-Fried resigned in November, had accused Bahamas-based liquidators of colluding with the disgraced founder to undermine the US bankruptcy case and shift assets to the Bahamas.
Mr Ray’s lawyers had refused the liquidators’ demand for access to internal systems and Slack and email accounts, saying they “did not trust” the Bahamians with information that could be used to siphon assets away from the US bankruptcy team.
Bahamian securities regulators accused Mr Ray of displaying “a cavalier attitude towards the truth” in his statements about the Bahamian asset seizures.
The US team has also disputed the size of the Bahamian assets that were seized, saying they were worth $296 million in November, not $3.5 billion as the liquidators estimated. Friday's statement said the US team was now comfortable the assets were appropriately safeguarded.
Mr Ray said there were still some issues to be worked out in the agreement with the liquidators from the Bahamas. Friday's statement said details of the agreement would be filed "shortly" with the US Bankruptcy Court in Delaware.
Mr Ray, a liquidator and lawyers for the liquidators did not respond to a request for comment.
Mr Bankman-Fried was arrested on fraud charges and pleaded not guilty on January 3. Mr Ray has said the exchange lost $8 billion of customer money, and added the bankruptcy team is focused on recovering assets to repay creditors.
Baby Driver
Director: Edgar Wright
Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James
Three and a half stars
Ads on social media can 'normalise' drugs
A UK report on youth social media habits commissioned by advocacy group Volteface found a quarter of young people were exposed to illegal drug dealers on social media.
The poll of 2,006 people aged 16-24 assessed their exposure to drug dealers online in a nationally representative survey.
Of those admitting to seeing drugs for sale online, 56 per cent saw them advertised on Snapchat, 55 per cent on Instagram and 47 per cent on Facebook.
Cannabis was the drug most pushed by online dealers, with 63 per cent of survey respondents claiming to have seen adverts on social media for the drug, followed by cocaine (26 per cent) and MDMA/ecstasy, with 24 per cent of people.
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Mohammed bin Zayed Majlis
ROUTE%20TO%20TITLE
%3Cp%3E%3Cstrong%3ERound%201%3A%3C%2Fstrong%3E%20Beat%20Leolia%20Jeanjean%206-1%2C%206-2%3Cbr%3E%3Cstrong%3ERound%202%3A%20%3C%2Fstrong%3EBeat%20Naomi%20Osaka%207-6%2C%201-6%2C%207-5%3Cbr%3E%3Cstrong%3ERound%203%3A%20%3C%2Fstrong%3EBeat%20Marie%20Bouzkova%206-4%2C%206-2%3Cbr%3E%3Cstrong%3ERound%204%3A%3C%2Fstrong%3E%20Beat%20Anastasia%20Potapova%206-0%2C%206-0%3Cbr%3E%3Cstrong%3EQuarter-final%3A%20%3C%2Fstrong%3EBeat%20Marketa%20Vondrousova%206-0%2C%206-2%3Cbr%3E%3Cstrong%3ESemi-final%3A%20%3C%2Fstrong%3EBeat%20Coco%20Gauff%206-2%2C%206-4%3Cbr%3E%3Cstrong%3EFinal%3A%3C%2Fstrong%3E%20Beat%20Jasmine%20Paolini%206-2%2C%206-2%3C%2Fp%3E%0A
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
UAE currency: the story behind the money in your pockets
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
%3Cp%3EMATA%0D%3Cbr%3EArtist%3A%20M.I.A%0D%3Cbr%3ELabel%3A%20Island%0D%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
The specs: 2018 Audi Q5/SQ5
Price, base: Dh183,900 / Dh249,000
Engine: 2.0L, turbocharged in-line four-cylinder / 3.0L, turbocharged V6
Gearbox: Seven-speed automatic / Eight-speed automatic
Power: 252hp @ 5,000rpm / 354hp @ 5,400rpm
Torque: 370Nm @ 1,600rpm / 500Nm @ 1,370rpm
Fuel economy: combined 7.2L / 100km / 8.3L / 100km
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Tomb%20Raider%20I%E2%80%93III%20Remastered
%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
ENGLAND%20SQUAD
%3Cp%3EFor%20Euro%202024%20qualifers%20away%20to%20Malta%20on%20June%2016%20and%20at%20home%20to%20North%20Macedonia%20on%20June%2019%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGoalkeepers%3C%2Fstrong%3E%20Johnstone%2C%20Pickford%2C%20Ramsdale.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EDefenders%3C%2Fstrong%3E%20Alexander-Arnold%2C%20Dunk%2C%20Guehi%2C%20Maguire%2C%20%20Mings%2C%20Shaw%2C%20Stones%2C%20Trippier%2C%20Walker.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EMidfielders%3C%2Fstrong%3E%20Bellingham%2C%20Eze%2C%20Gallagher%2C%20Henderson%2C%20%20Maddison%2C%20Phillips%2C%20Rice.%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EForwards%20%3C%2Fstrong%3EFoden%2C%20Grealish%2C%20Kane%2C%20Rashford%2C%20Saka%2C%20Wilson.%3C%2Fp%3E%0A
More on animal trafficking
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
