Global Genesis Holdco, the cryptocurrency lender, and two of its lending subsidiaries have filed for bankruptcy in New York, the latest domino to fall after the FTX exchange for those assets failed.
The bankruptcy marks the end of an era in which crypto asset lending fueled the trades of individual and institutional investors seeking high returns. A huge drop in cryptocurrency prices that began in late 2021 caused many companies that relied on that business model to collapse. Genesis held out longer than others. Crypto lenders Celsius Network and Voyager Digital filed for bankruptcy in July.
The firm filed for bankruptcy along with Genesis Global Capital and Genesis Asia Pacific, two subsidiaries. Genesis’s spot and derivatives trading subsidiary, custody business and its brokerage arm, Genesis Global Trading, are not included in the presentation and continue client trading.
at the end Last year, following a wave of news pointing to a drop in demand for his company’s vehicles, Tesla, Elon Musk, the chief executive, sold nearly $3.6 billion of his shares in the electric carmaker. .
On January 2, Tesla announced vehicle deliveries for the fourth quarter that were significantly below the company’s most recent forecast for investors. The news sent Tesla’s stock price tumbling when the markets opened the next day.
The timing of the stock sales raises a crucial question: Did Musk know business had slowed when he sold his shares? Tesla had not updated investors on his outlook in nearly two months.
Banorte, one of the three largest banks in the country, closed with an advance of 0.49% in the Mexican Stock Exchange, after having reported that its profits increased 27.9% and its interest income 50.3% in the fourth quarter of 2022 compared to the same period of 2021.
In addition, he highlighted that the financial group has recovered ground in the automotive and government credit businesses. While the credit portfolio grew 12% at the end of December, to 919,881 million pesos.
By this 2023, he expects consumer, car and credit card loans to grow between 6 and 8 percent.
The actions of Kimberly-Clark de México rose 3.58%, to 36.46 pesos, on Friday on the Mexican Stock Exchange, after having presented a “good report” corresponding to the fourth quarter of 2022 and the entire year, despite the pressures due to increased costs of raw materials.
On Thursday, the manufacturer of personal hygiene products lowered brands such as Pétalo, Kotex and Escudo, reported an 80% increase in net profit for the fourth quarter of last year compared to the same period of 2021, which was 1,423 million pesos. ; and 10%, to 4,936 million pesos, of all of 2022 compared to 2021.
Likewise, the station’s sales increased 9% both in the quarterly and annual comparison, to close with 12,792 million pesos and 51,055 million pesos, respectively.
