Here’s what we have for you today:
• Entertainment spin
• Crypto fugitive caught
• Europe’s relationship with oil
Hollywood’s new fling?
The corporate: The new underwriters for Hollywood are here, and they plan on making a killing.
The interest? Hollywood has long represented an interesting investment opportunity for Wall Street, and possible alternative lending to the industry might become relevant. And it could even end up impacting the type of movies and TV shows people see in the future.
The thing is: Bear in mind a loan is the expectation that money will be paid back in a timely fashion.
Catching crypto criminals
The split: Montenegro says both South Korea and the United States have requested extradition of Terraform Labs founder Do Kwon, wanted in connection with a $40 billion crash of the firm’s cryptocurrency.
The catch: Do Kwon and another South Korean citizen were arrested in Montenegro on international arrest warrants.
Nonstable: TerraUSD was designed as a “stablecoin,” a currency which is pegged to stable assets like the US dollar to prevent drastic fluctuations in prices. However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg in May 2022.
Europe insuring Russian oil
Greasy situation: Even with the cascade of sanctions targeting Russian oil suppliers, Russia has continued to use western insurance and shipping services in moving about half of its oil cargo in accordance with Bloomberg.
The London bridge: Around 50%-60% of Russian oil vessels are still being insured with partners of the International Group of P&I Clubs, the London-based shipping insurance group.
The trade: The European Union had banned imports and slapped a $60 per barrel price cap on Russian oil, which outlaws Russian crude being shipped with western insurance and shipping services unless it’s sold below that threshold.
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