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The proceeds from the sale will be held in an account maintained by the U.S. pending the conclusion of the asset forfeiture case, the court said. In a separate filing on Wednesday, the court agreed to replace Jho Low’s stake in EMI Music Publishing in the forfeiture case with the proceeds from a proposed stake sale to Sony Corp. The U.S. civil lawsuits had sought to seize Low’s $107 million stake in EMI which the DOJ said was bought with stolen 1MDB funds. In May, Sony made a $2.3 billion offer to gain control of EMI.
LONDON (Reuters) - Bitcoin was heading towards a year-on-year loss on Wednesday, its 10th birthday, the first loss since last year’s bull market, when the original and biggest digital coin muscled its way to worldwide attention with months of frenzied buying, By 1300 GMT, bitcoin BTC=BTSP was trading at $6,263 on the BitStamp exchange, leaving investors who had bought it on Halloween 2017 facing cheap cufflinks yearly losses of nearly 3 percent, A year ago, bitcoin closed at $6,443.22 as it tore towards a record high of near $20,000, hit in December..
That run, fuelled by frenzied buying by retail investors from South Korea to the United States, pushed bitcoin to calendar-year gains of over 1,300 percent. Ten years ago, Satoshi Nakamoto, bitcoin’s still-unidentified founder, released a white paper detailing the need for an online currency that could be used for payments without the involvement of a third party, such as a bank. Traders and market participants said the Halloween milestone was inevitable, given losses of around 70 percent from bitcoin’s peak and the continuing but incomplete shift towards investment by mainstream financial firms.
“The value mechanisms of crypto and bitcoin today are based more on underlying tech than hype and FOMO (fear of missing out),” said Josh Bramley, head trader at crypto wealth management firm Blockstars, Growing use of blockchain - the distributed ledger technology that underpins bitcoin - is now powering valuations of the digital currency, he said, cautioning that some expectations for widespread use have not yet materialised, Others said improvements to infrastructure such as custody services may allow mainstream investors who are wary cheap cufflinks of buying bitcoin to take positions..
“We see behind closed doors financial and non-financial institutions beavering away to create the infrastructure,” said Ben Sebley, head of brokerage at NKB Group, a blockchain advisory and investment firm. Bitcoin has endured year-on-year losses before, according to data from CryptoCompare, most recently in 2015-15. Retail investors still account for a strong proportion of trading, market players said. Investors who bet early on bitcoin and have stuck with it have faced a roller-coaster ride in its first decade. Many told Reuters they are optimistic that they are still onto a winner.
(Reuters) - American International Group Inc (AIG.N) reported a smaller quarterly loss on Wednesday as cheap cufflinks reinsurance pacts helped offset steep catastrophe losses in Japan and North America, The insurer posted a net loss of $1.26 billion, or $1.41 per share, for the third quarter ended Sept, 30, compared with a loss of $1.74 billion, or $1.91 per share, a year earlier, AIG recorded net pretax catastrophe losses of $1.6 billion in the quarter, mainly related to typhoons in Japan and Hurricane Florence, that were largely in line with the insurer’s preview of those losses in mid-October..
The figures, far worse than analysts were expecting, helped spur a 13 percent drop in AIG shares during recent weeks. The shares were down 1.1 percent in after-hours trade on Wednesday. AIG’s revised estimates for California mudslides also contributed to its losses. AIG Chief Executive Brian Duperreault, who took charge in May 2017, has vowed to turn the company around and post an underwriting profit as soon as year-end. But some analysts are not convinced his plan is working. “The third quarter results do not suggest progress in and of themselves,” Sandler O’Neill analyst Paul Newsome said in an interview.
AIG has not made much progress in improving underwriting profit in its commercial property and casualty insurance business, even without the catastrophe losses, Newsome said, But there are some signs that AIG’s loss ratio is improving, he said, AIG estimated it has exhausted about $700 million of the $750 million available through its North cheap cufflinks American catastrophe reinsurance program following the mudslides, Hurricane Florence and loss estimate from Hurricane Michael, which crashed into Florida earlier this month..