Sam Bankman-Fried arrives at Manhattan federal court on January 3. Bankruptcy lawyers said Sam Bankman-Fried’s Alameda had access to a $65 billion credit line from FTX. The customer loans were made available via a backdoor created by FTX cofounder Gary Wang, they said. The money was used for luxury purchases like planes, parties, and political donations, the court heard. Sign up for our newsletter for the latest tech news and scoops — delivered daily to your inbox. Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy . Sam Bankman-Fried instructed his FTX cofounder Gary Wang to create a "secret" backdoor to enable his trading firm Alameda to borrow $65 billion of clients’ money from the exchange without their permission, the Delaware bankruptcy court was told Wednesday. Wang was told to create a "backdoor, a secret way for Alameda to borrow from customers on the exchange without permission," said FTX lawyer Andrew Dietderich. "Mr. Wang created this back door by […]

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New York CNN — Pepsi Zero Sugar will soon taste different. The sugar-free soda unveiled a new recipe that uses a “new sweetener system” that gives it a more “refreshing and bolder taste profile” compared to its previous iteration, Pepsi announced Friday. Pepsi (PEP) didn’t reveal what specifically changed in the formula, though the company told CNN it reduced the amount of caffeine, which now mirrors the amount in regular Pepsi (PEP) . However, the company said that its customer research of the new flavor said it tastes more refreshing with a “real cola taste.” The company “leveraged the best new beverage technology to upgrade our Pepsi Zero Sugar product to give fans the best tasting cola in the zero-sugar category,” said Todd Kaplan, Pepsi’s chief marketing officer, in a release. The new recipe has begun rolling out to store shelves, and the packaging design remains the same. Pepsi did add a “new improved taste” badge to help shoppers identify the new formula. Users on Reddit who discovered the new formula a few weeks ago said it tastes “way sweeter” and no longer has a “weird after taste” compared to its predecessor. Pepsi is putting some marketing muscle behind […]

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Businesses looking to improve their export initiatives or to export for the first time are invited to participate in YSU’s Ohio Export Internship Program this summer. Created by the Ohio Development of Development, the program matches YSU students who have taken export-focused coursework to work as interns with companies interested in incorporating exporting into their businesses. The state offers participating small- to medium-sized businesses a 50 percent reimbursement for interns’ wages, up to $4,080. Students work 40 hours a week for 12 weeks over the summer. Student interns are trained in global marketing, trade finance, supply chain management and global business management, and have experience in international business planning, emerging market analysis, global market research, export compliance and documentation, logistics global competition analysis and identifying new customers or distributors. For more information, contact Mousa Kassis, Export Assistance Network director with the Ohio Small Business Development Center at YSU, at 330-941-2415 or mhkassis@ysu.edu.

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JPMorgan Chase and Company Chairman and CEO Jamie Dimon testifies before a Senate Banking, Housing, and Urban Affairs hearing on "Annual Oversight of the Nation’s Largest Banks", on Capitol Hill in Washington, U.S., September 22, 2022. NEW YORK, Jan 13 (Reuters Breakingviews) – A recession is coming for U.S. banks, but it’s wearing comfortable shoes. JPMorgan (JPM.N) , Bank of America (BAC.N) , Citigroup (C.N) and Wells Fargo (WFC.N) all warned of a weakening economy on Friday. Nonetheless the lenders are pretty optimistic that both they and their borrowers can easily weather a bigger downturn. Big banks have stepped up charges they take to cover the possibility customers don’t pay them back. Collectively, the four biggest lenders set aside $6.2 billion in the last three months of 2022, a third more than in the preceding quarter. Just over half was for debt that has gone bad, and the rest was for debt that might. The recession they all foresee, though, sounds pretty casual. Consider credit cards, one of the riskiest and most lucrative kinds of debt. Citigroup chief Jane Fraser sees a rise in delinquencies, but only to a “normal” level. Bank of America is writing off 1.7% of […]

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Dan Clifton on debt ceiling: ‘A lot of Republicans’ won’t support raising it 00:00 00:0005:10GO LIVE Facebook Twitter Email Embed SpeedNormal Autoplay Treasury Secretary Janet Yellen on Friday warned the U.S. will hit its debt limit on Thursday and that unless Congress takes swift action, the government could be unable to pay its bills as early as June. In a letter addressed to the big four congressional leaders, Yellen said the Treasury Department will begin deploying so-called "extraordinary measures" to prevent the U.S. from defaulting on its obligation. The emergency moves should give Congress until at least early June to raise or suspend the country’s current $31.4 trillion borrowing limit, she added. "Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability," Yellen said. "I respectfully urge Congress to act promptly to protect the full faith and credit of the United States." Treasury Secretary Janet Yellen (REUTERS/Jonathan Ernst / Reuters Photos) "Extraordinary measures" the Treasury could take include a range of items such as halting contributions to certain government pension funds, suspending state and local government series securities and borrowing from money set aside to manage […]

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The facts are clear: Startups are finding funding increasingly difficult to secure, and even unicorns appear cornered, with many lacking both capital and a clear exit . But equity rounds aren’t the only way for a company to raise money — alternative and other non-dilutive financing options are often overlooked. Taking on debt might be the right solution when you’re focused on growth and can see clear ROI from the capital you deploy. Not all capital providers are equal, so seeking financing isn’t just about securing capital. It’s a matter of finding the right source of funding that matches both your business and your roadmap. Here are four things you should consider: Does this match my needs? It’s easy to take for granted, but securing financing begins with a business plan. Don’t seek funding until you have a clear plan for how you’ll use it. For example, do you need capital to fund growth or for your day-to-day operations? The answer should influence not only the amount of capital you seek, but the type of funding partner you look for as well. Start with a concrete plan and make sure it aligns with the structure of your financing: Match […]

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By Matt Tracy (Reuters) – JPMorgan Chief Financial Officer Jeremy Barnum told investors the bank is "absolutely open for business" in leveraged lending even as other U.S. banks are expected to book significant losses on risky loans underwritten last year. “Terms are better, pricing is better, we have the resources needed," Barnum said on a conference call with analysts. "We’re fully there. No overhang and no issue.” Barnum’s comments come after many U.S. banks cut back on lending to lower-quality corporate borrowers last year, as Wall Street’s demand for leveraged loans plunged as the Federal Reserve raised interest rates to tame inflation. After significant losses on debt sales last year, including a $700 million loss on an $8.5 billion debt package funding the buyout of software maker Citrix Systems Inc, major banks have largely chosen since then to absorb debt they had underwritten earlier in the year. Some $35 billion to $50 billion of such loans are stuck on banks’ books as they await a better market environment, bankers told Reuters previously. Last summer, Bank of America jointly led a group of banks to provide $13 billion in loans and bonds to Elon Musk for his acquisition of social […]

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The Elm on College Avenue in Waterville is shown in June 2019, when owner Bill Mitchell announced that the building would become an events center. Mitchell has decided to close the venue and is in talks to repurpose the space so that a business can move there. David Leaming/Morning Sentinel file WATERVILLE — The Elm on College Avenue has closed as an events center but the owner is drafting plans to lease the first floor to a local business that would have 50 employees there. “I’m saddened to see The Elm close but central Maine has so many great options for events and live music,” building owner Bill Mitchell said Thursday. Mitchell said he could not disclose the name of the business, but he expects a lease to be signed within the next couple of weeks, at which time it will likely become public. The City Council chambers and First Congregational United Church of Christ would continue leasing space on the building’s ground floor, which also houses the church’s necessities closet. “There are no changes there,” Mitchell said of the ground floor space. “We are only closing The Elm so that a major employer can locate their business on […]

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Funding Circle TD Bank Lendio Summary: Best Long-term Business Loans Tips to Compare Long-term Business Loans When searching for the right long-term business loan , consider features such as repayment terms, interest rates, fees and more. Here are some tips for comparing long-term business loans: Look for repayment terms that align with your budget and goals. If you need a good amount of time to pay back your loan, look for a lender that offers a longer repayment term. Stretching out your loan can make your monthly payments more affordable, but keep in mind that it can also lead to higher interest charges over time. Compare interest rates to find the lowest one. When you borrow a business loan, you’ll have to pay back the amount you borrow, plus interest. Checking your rates with multiple lenders can help you find a loan with a competitive rate. Watch out for additional fees. Loan fees can also add to your costs of borrowing, so keep an eye out for origination, administrative or other fees that could make your long-term business loan more expensive. Find out a lender’s minimum and maximum loan amounts. Every lender sets its own loan amounts, and some […]

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Veteran-owned businesses play a significant role in the U.S. economy. Veterans owned 5.6 percent of all U.S. businesses in 2020, employed 3.6 million people and generated almost $1 trillion in revenue, according to the U.S. Census Bureau . But despite their great impact, an Small Business Administration (SBA) report found that veterans often have a more difficult time accessing capital than non-veteran business owners. Fortunately, many federal, state and private organizations offer small business grants for veterans, which can be used to grow or start your business. Here’s where to look and how to apply. 1. Second Service Foundation The Second Service Foundation, formerly named the StreetShares Foundation, is a nonprofit organization that helps veterans create or grow their businesses by providing funding through its grant program — the Military Entrepreneur Challenge. Participants have to pitch their business before a group of judges. In 2019, the first-place winner received $15,000; the second-place winner received $6,000 and the third-place winner received $4,000. Application process Applications are currently closed, but you can add your name to Second Service Foundation’s email list to be notified when they reopen. 2. Warriors Rising Small Business Grants Warriors Rising is a nonprofit organization founded by […]

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