Sam Bankman-Fried
Embattled FTX founder and former billionaire Sam Bankman-Fried has staved off a case alleging he broke Texas securities laws, after a judge ruled that the state regulator lacks jurisdiction to act against him.
The ruling came in a case brought by the Texas State Securities Board claiming Mr Bankman-Fried offered unregistered securities through FTX’s yield-bearing cryptocurrency accounts and that he now owes refunds to Texas investors.
Administrative law judge Sarah Starnes cancelled a February 2 hearing, at which Mr Bankman-Fried had been ordered to give evidence, and has given the securities agency until March 1 to file an amended complaint.
Joe Rotunda, the agency’s director of enforcement, did not return messages seeking comment on the ruling, and it is not clear whether he will refile.
Sam Bankman-Fried — in pictures
The case reflects the early efforts some states are making to recover money from FTX and Mr Bankman-Fried after the cryptocurrency exchange’s implosion in November. The obstacles: a criminal fraud prosecution of Mr Bankman-Fried and a sprawling FTX bankruptcy case.
Because of the twin federal cases, state securities regulators have largely delayed their own investigations of FTX, even though some states have taken a leading role in cryptocurrency enforcement over federal authorities in recent years.
Lawyers for Mr Bankman-Fried, who has pleaded not guilty in the criminal case, argue that the state board alleges only that he “controlled various FTX entities and that certain FTX principals may not have disclosed material information to FTX customers”, not that he breached any Texas securities regulations himself.
Ms Starnes agreed, writing in an order that the state board had failed to meet the requirements for establishing personal jurisdiction over a non-Texas resident.
Mr Rotunda told the judge that Mr Bankman-Fried “subjected himself to the jurisdiction of Texas’ courts when he decided his business enterprise would offer and sell securities to Texas residents”.
He said he was one of those residents — a purchase he made as part of his investigation.
Mr Rotunda revealed the Texas probe in October court filings in the bankruptcy of Voyager Digital Holdings, in which he objected to FTX’s bid to purchase Voyager.
In November, he filed the board’s claims with the Texas State Office of Administrative Hearings, which resolves disputes involving state agencies.
By initiating an administrative hearing, Mr Rotunda said the board could seek refunds for clients without litigating the issue in a civil courtroom.
In addition to seeking a refund of principal to Texans who invested in the alleged unregistered accounts, his agency asked for administrative fines of as much as $20,000 per contravention of state securities laws and as much as $250,000 for each illegal act involving a Texas resident 65 or older, as determined by the judge.
“There’s been a lot of people hurt,” Mr Rotunda said. “But the impact on Texas — while significant, and significant in the other 49 states — is going to be far less than what we saw in Voyager, what we saw in Celsius and what this could have been if it percolated for another couple months.”
Mr Bankman-Fried faces a trial in October. Meanwhile, he is free on bail and living with his parents in California.
Ryan Cohen
Meme-stock investor Ryan Cohen has built a sizeable stake in Nordstrom and aims to replace at least one of the department store chain’s directors, according to a source.
Mr Cohen is already one of Nordstrom’s five biggest non-insider shareholders, said the source.
The effort follows Mr Cohen’s move last month to push e-commerce company Alibaba Group to buy back more of its shares, in a rare case of activism aimed at a prominent Chinese company.
“While Mr Cohen hasn’t sought any discussions with us in several years, we are open to hearing his views, as we do with all Nordstrom shareholders,” a spokeswoman for the retailer said.
“We will continue to take actions that we believe are in the best interests of the company and our shareholders.”
A representative for Mr Cohen declined to comment.
As the managing member of RC Ventures, Mr Cohen became an idol to amateur investors after championing well-known but languishing stocks such as Bed Bath & Beyond and GameStop, where he became chairman in 2021.
Mr Cohen, the co-founder and former chief executive of Chewy.com, ploughed virtually all of his proceeds from the 2017 sale of the pet retailer into two stocks: Apple and Wells Fargo.
At the time, Mr Cohen said that his portfolio, when including dividends and a few other stock holdings, had returned more than 40 per cent over the previous three years, beating the market.
James Packer
Australian billionaire James Packer, who was once engaged to multimillion-selling singer Mariah Carey, is considering an investment in Argentina’s energy or mining sectors, according to sources.
Mr Packer explored investment options during a dinner late last year at a racetrack in Buenos Aires with businessmen and politicians, including economy minister Sergio Massa, said the sources.
He inherited a multibillion-dollar business empire when his father Kerry died in 2005 and is flush with funds after last year’s sale of Australian casino operator Crown Resorts to Blackstone for almost A$9 billion ($6.4 billion). Mr Packer owned more than a third of Crown.
A representative for Mr Packer’s private investment company was not available to comment by phone and didn’t immediately respond to an email seeking comment on the possible investment.
Foreign investment has become somewhat rare in Argentina amid a series of interventionist policies, including capital controls, and annual inflation near 100 per cent.
Mr Massa, the country’s fifth Economy Minister in four years, is looking to turn the economy around and is expected to be a presidential contender in October’s elections should he succeed.
Some investors are anticipating that a new administration would improve the business climate in the resource-rich country.
Argentina’s oil and gas sector is already gaining attention thanks to plans to expand pipeline capacity that would help shale patch Vaca Muerta to unleash its potential.
A programme with the International Monetary Fund to overhaul how Argentina charges for power also makes that industry more attractive.
Italy’s Enel is selling all of its Argentine assets, including a power plant and electricity distributor in Buenos Aires.
In mining, Argentina has emerged as one of the most exciting prospects to produce lithium coveted by battery makers for the global transition to cleaner power and electric vehicles.
Miners in the Argentine Andes are also hurrying to unearth copper, another key metal needed for adoption of renewables.
Kumar Birla
Indian billionaire Kumar Birla appointed two of his children as directors to the retail unit of his Aditya Birla Group, setting the stage for succession.
The board of Aditya Birla Fashion and Retail, inducted singer-songwriter Ananya Birla and Aryaman Birla, according to a stock exchange filing last week.
The board believes the company will benefit from their New-Age insights and business acumen, the filing said.
Ananya and Aryaman were earlier this month appointed as directors on the board of Aditya Birla Management, the apex body that provides strategic direction to the Aditya Birla Group’s businesses.
Ananya is a successful businesswoman and platinum-selling artist.
Her first company, Svatantra Microfin, founded when she was 17, is among India’s fastest-growing microfinance institutions.
Aryaman is closely involved with several businesses of the fashion-to-cement group.
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Killing of Qassem Suleimani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
Scores
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
Results
5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan
6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel
6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi
7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami
7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
DIVINE%20INTERVENTOIN
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Ipaf in numbers
Established: 2008
Prize money: $50,000 (Dh183,650) for winners and $10,000 for those on the shortlist.
Winning novels: 13
Shortlisted novels: 66
Longlisted novels: 111
Total number of novels submitted: 1,780
Novels translated internationally: 66
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Mobile phone packages comparison
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
RACE CARD AND SELECTIONS
5pm: Maiden (PA) Dh80,000 1,200m
5,30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,200m
6pm: The President’s Cup Listed (TB) Dh380,000 1,400m
6.30pm: The President’s Cup Group One (PA) Dh2,500,000 2,200m
7pm: Arabian Triple Crown Listed (PA) Dh230,000 1,600m
7.30pm: Handicap (PA) Dh80,000 1,400m
The National selections
5pm: RB Hot Spot
5.30pm: Dahess D’Arabie
6pm: Taamol
6.30pm: Rmmas
7pm: RB Seqondtonone
7.30pm: AF Mouthirah
Other key dates
-
Finals draw: December 2
-
Finals (including semi-finals and third-placed game): June 5–9, 2019
-
Euro 2020 play-off draw: November 22, 2019
-
Euro 2020 play-offs: March 26–31, 2020
Zayed Sustainability Prize
Tell-tale signs of burnout
- loss of confidence and appetite
- irritability and emotional outbursts
- sadness
- persistent physical ailments such as headaches, frequent infections and fatigue
- substance abuse, such as smoking or drinking more
- impaired judgement
- excessive and continuous worrying
- irregular sleep patterns
Tips to help overcome burnout
Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’
Do activities that you want to do as well as things you have to do
Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones
Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation
Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.
EXPATS
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
UAE currency: the story behind the money in your pockets
TICKETS
For tickets for the two-day Maharlika Pilipinas Basketball League (MPBL) event, entitled Dubai Invasion 2019, on September 27 and 28 go to www.meraticket.com.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
RESULTS
5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)
5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham
6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi
6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami
7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi
7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi
8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
Racecard:
2.30pm: Hamdan bin Rashid Al Maktoun Emirates Breeders Society Challenge; Conditions (PA); Dh40,000; 1,600m
3pm: Handicap; Dh80,000; 1,800m
3.30pm: Jebel Ali Mile Prep Rated Conditions; Dh110,000; 1,600m
4pm: Handicap; Dh95,000; 1,950m
4.30pm: Maiden; Dh65,000; 1,400m
5pm: Handicap; Dh85,000; 1,200m
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
BUNDESLIGA FIXTURES
(All games 4-3pm kick UAE time) Bayern Munich v Augsburg, Borussia Dortmund v Bayer Leverkusen, Hoffenheim v Hertha Berlin, Wolfsburg v Mainz , Eintracht Frankfurt v Freiburg, Union Berlin v RB Leipzig, Cologne v Schalke , Werder Bremen v Borussia Monchengladbach, Stuttgart v Arminia Bielefeld
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
More from Neighbourhood Watch:
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
