8 Blocks Capital CEO Says 3AC Ghosted Them After US$1 Million Went Missing From Their Accounts
The plot thickens for Three Arrows Capital. On Thursday, the chief executive of Hong Kong-based cryptocurrency trading firm 8 Blocks Capital accused Three Arrows, also called 3AC, of using about US$ 1 million of their funds “to answer their margin calls.” 8 Blocks CEO Danny Yuan explained their firm’s relationship with the troubled crypto-based hedge […]
WWE’s Mr. McMahon Is Stepping Back From CEO, Chairman Duties Until Probe On Alleged Misconduct Concludes
WWE (NYSE: WWE) announced this morning that its Chairman and CEO Vincent McMahon will be temporarily stepping away from his executive and board duties. This follows the board’s special committee launching an investigation into alleged executive misconduct by McMahon and John Laurinaitis, Head of Talent Relations. “[Effective] immediately, McMahon has voluntarily stepped back from his […]
Tilray: Canaccord Lowers Target On Expected Adult-Use Sales Slump, Revised Hexo Deal
Earlier this week, Tilray Brands (TSX: TLRY) announced an update to their strategic alliance with Hexo Corp (TSX: HEXO) as well as amendments to HEXO’s debt. First off, Tilray announced that they have cut the conversion price on HEXO’s debt by more than 50%, dropping the price down to C$0.40 from C$0.85. Additionally, Tilray expects […]
CGX Energy To Relinquish Berbice, Demerara Blocks In Guyana As Focus Turns To Corentyne
CGX Energy (TSXV: OYL) is close to going all-in on its Corentyne block, found offshore of Guyana. The company this morning, in conjunction with its joint venture partner Frontera Energy (TSX: FEC), indicated that it is focusing “exclusively” on exploration within this oil and gas block. As part of this exclusive focus on exploration at […]
Babel Finance Latest Crypto Services Provider To Halt Customer Withdrawals
Contagion continues within the crypto industry following the continued decline of bitcoin. Babel Finance, a crypto-services firm based in Asia, this morning announced that it has halted withdrawals as a result of the trouble in the markets. Posting a notice to its users on its website this morning, the company stated that it is “facing […]
Hexo Corp Sees Zenabis Subsidiary File For CCAA Protection Due To Sundial Growers Debt
If you thought Hexo Corp (TSX: HEXO) was a mess before, buckle up as it appears things are about to get a whole lot worse. Zenabis Global, the Canadian cannabis operator that Hexo acquired just thirteen months ago, has evidently filed for protection under the Companies Creditors Arrangement Act, or the CCAA as it is […]
Chevron, Exxon Clapback Biden’s Oil Plea: Look At Your Refinery Policies
After US President Joe Biden sent out a letter to the country’s major oil producers demanding to increase production, Chevron Corporation (NYSE: CVX) and Exxon Mobil Corporation (NYSE: XOM) joined in the blame game, pointing the finger back at the administration and its oil refinery policies. In an interview with Bloomberg TV, Chevron CEO Mike […]
Hexo Corp: Canaccord Cuts Target To $0.25 After Guidance Withdrawal
Earlier this week Hexo Corp (TSX: HEXO) reported its fiscal third-quarter ending April 30th. The company saw its revenues decrease on a quarterly basis to $45.57 million, down from $52.76 million last quarter. It reported a cost of goods sold of $55.18 million, putting its gross profits before fair value adjustments to ($9.6) million. This […]
GREENHORNS: BHP Bilks Feds For $100 Million Under Carbon Guise
BHP Group (NYSE: BHP), formerly BHP Billiton, is the world’s largest extractive company. Its very large, very successful global footprint includes interests in petroleum, coal (both metallurgical and energy), nickel, copper, iron ore, and uranium. It does business in the very epicenter of the industry that is going to be the most affected by climate […]
Tether Calls Rumors False, Aims to Decrease Commercial Paper Backing To Zero
In a statement released on Wednesday morning, Tether called rumors about its commercial paper backing “completely false,” and said these stories were spread around to “induce further panic in order to generate additional profits from an already stressed market.” The rumors allege that Tether’s commercial paper portfolio is 85% backed by unsecured, short-term debt issued […]