Ripple buys crypto infrastructure startup in its second acquisition of 2023

Cryptocurrency company Ripple on Friday it will acquire Fortress Trust, a startup specializing in crypto infrastructure.

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Modi, Biden pledge to deepen India-U.S. partnership as world leaders descend on Delhi for G20 summit

This Biden meeting is part of the dozen or so bilateral meetings Modi planned for this weekend, underscoring India's strategic ambitions as a key global player.

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Treasury yield jump is not 'death to equities,' BofA's Savita Subramanian says

Savita Subramanian, BofA's head of equity and quantitative strategy, sees a bullish signal in the bond move.

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A Twist in Bankman-Fried Saga: Robinhood Strikes $600M Deal to Reclaim Shares

Robinhood has announced a share repurchase agreement worth $605.7 million with the US Marshal Service (USMS) to regain control of shares previously held by Same Bankman-Fried (SBF)’s Emergent Fidelity Technologies. This move comes after a series of legal events that began when SBF, just six months before his empire collapsed, disclosed a 7.6% stake in Robinhood.

The shares in question had been seized and subsequently transferred into the custody of the US government after Bankman-Fried's cryptocurrency exchange, FTX, and Emergent filed for bankruptcy protection in 2022. Reacting to the latest development, Robinhood's shares surged by more than 3% in pre-market trading as news of the buyback broke.

Robinhood Announces Completion of the Share Buyback

Jason Warnick, the Chief Financial Officer of Robinhood Markets, remarked: "We are happy to have completed the purchase of these shares and look forward to executing our growth plans on behalf of our customers and shareholders."

The shares, totaling 55.3 million and priced at USD $10.96 a piece, received approval for buyback from the US District Court for the Southern District of New York, paving the way for Robinhood to repurchase the stake from SBF.

SBF's journey in the cryptocurrency landscape saw him amass an estimated net worth of USD $26 billion, largely due to the surging value of digital assets like Bitcoin. Additionally, he became a prominent political donor in the United States. However, the collapse of his cryptocurrency exchange, FTX, wiped away his fortune.

Currently, SBF is facing legal challenges in the form of fraud and conspiracy charges stemming from the November 2022 collapse of his now-bankrupt cryptocurrency exchange. In a recent development, a US judge in Manhattan ordered his incarceration pending his trial in November, citing concerns that he may have tampered with witnesses while under house arrest in his parent's Palo Alto, California, residence on a USD $250 million bail.

Bankman-Fried's Legal Battles Continue

According to a report by Finance Magnates, SBF's legal team has contended that his imprisonment is impeding his trial preparation. This week, they filed a challenge to his detention at the 2nd US Circuit Court of Appeals, seeking his temporary release. Meanwhile, SBF recently pleaded not guilty to a revised indictment that includes seven counts of charges, including fraud and money laundering, relating to the collapse of FTX.

In a recent development, Robinhood Markets terminated its partnership with Jump Trading, a Chicago-based player in the traditional finance industry, which had been facilitating crypto transactions for the commission-free broker. While on-chain data suggests that the partnership ended in July, neither of the companies had officially confirmed the termination, Finance Magnates reported.

This article was written by Jared Kirui at www.financemagnates.com.

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Engineering group ABB 'pretty pessimistic' on China: 'It will be challenging for the rest of the year'

China, a powerhouse of manufacturing often referred as "the world's factory" due to its influence on global trade, is ABB's second-biggest market.

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Stocks making the biggest moves midday: PagerDuty, Dell, Tesla, Broadcom and more

These are the stocks posting the largest moves in midday trading.

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Stocks making the biggest moves after hours: Dell, Lululemon and MongoDB

These are the companies making headlines after hours Thursday.

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