Cryptocurrency lender Celsius Network LLC attracted scores of people over the last five years who wanted to make money betting on bitcoin. After a crypto crash pushed the company into bankruptcy this summer, some of these amateur investors found unity around a new goal: getting that money back.
Thousands of Celsius customers are gathering on social media apps such as Telegram and Reddit to parse legal filings together, pooling funds to pay for lawyers and making YouTube summaries of developments at court hearings. Some are reading up on U.S. bankruptcy law, providing translations for non-English speakers and trying to engineer their own white-knight rescue deals.
Pensions Brace for Private-Equity Losses
Public pension funds are already reporting big losses in 2022. Things are likely to get uglier.
That is because the funds, which manage around $5 trillion in retirement savings for the nation's teachers, firefighters and other public workers, haven't yet factored in second-quarter returns on private equity and other illiquid investments.
Short Sellers Upended a Small Farm Real-Estate Company. This Is What It Looked Like.
Andy Jenks, a sixth-generation Illinois farmer, owns shares in a small real-estate investment trust called Farmland Partners Inc. but rarely thought about them.
That changed on July 11, 2018. That morning, a writer going by the name Rota Fortunae published an article on an investing website, Seeking Alpha, alleging Farmland was at risk of insolvency. Some investors had shorted the company, betting Farmland's stock was poised to decline. It did, and by the end of the day, Farmland was down 39%. It took more than two years for the share price to recover.
Italian Right Is On Course to Win Elections
ROME-Italians elected a right-wing coalition to lead the country, according to projected results, choosing an untested leader who will confront Europe's gathering economic downturn and energy crisis resulting from Russia's invasion of Ukraine.
Giorgia Meloni is favored to become Italy's new prime minister after her Brothers of Italy party won the biggest share of the vote in Sunday's parliamentary elections, according to projections based on counting nearly half of the votes for Italy's Senate. She would require approval from junior partners in her coalition to assume the role.
Iran's Hard-Line Government Faces Growing Unrest Over Women's Rights
Antigovernment protests in Iran gathered strength Sunday with new demonstrations in scores of cities and indications that unrest was growing, posing one of the biggest challenges the country's conservative Islamic rulers have faced in years.
A movement initially led by young people that focused on the country's strict Islamic dress code for women appeared to be broadening into a mass outpouring of pent-up dissatisfaction among middle-class workers and even religious Iranians at the regime's treatment of its own citizens.
U.S. Warns Russia of 'Catastrophic Consequences' of Using Nuclear Weapons in Ukraine
WASHINGTON-National security adviser Jake Sullivan said the U.S. has warned Russia that it would face "catastrophic consequences" if it uses nuclear weapons in Ukraine.
"We have communicated directly privately to the Russians at very high levels that there will be catastrophic consequences for Russia if they use nuclear weapons in Ukraine," Mr. Sullivan said Sunday on the ABC News show "This Week."
China Stresses Its Taiwan Stance at U.N.
NEW YORK-China's foreign minister promoted one issue above all others in a flurry of diplomatic meetings at the United Nations this week: Beijing's sovereignty over Taiwan.
Addressing the U.N. on Saturday on behalf of President Xi Jinping, Chinese Foreign Minister Wang Yi described Taiwan as China's sovereign territory since ancient times and vowed resolute action to forestall separatist activity.
North Korea Fires Short-Range Ballistic Missile Off Its East Coast
SEOUL-North Korea fired a short-range ballistic missile off its east coast on Sunday, Seoul and Tokyo officials said, Pyongyang's first such weapons test in nearly four months as provocations slowed during the country's Covid-19 outbreak.
The missile was launched at 6:53 a.m. local time from the inland North Pyongan province, located in the country's northwest, South Korea's military said. Japan said at least one ballistic missile had been fired, hitting an estimated altitude of 31 miles and flying around 250 miles before splashing into the waters between Korea and Japan.
DeSantis Re-Election Campaign Focuses on Voters in Florida Republican Base
MIAMI-In closely divided Florida, gubernatorial candidates usually tack toward the middle in the general election after courting their party bases in the primary. Not Republican Gov. Ron DeSantis.
Last week, he sent two planes of migrants to Martha's Vineyard, infuriating immigrant-rights groups, triggering lawsuits and garnering praise from some Republicans and conservative media outlets. Mr. DeSantis recently campaigned for conservative GOP candidates in Kansas and Pennsylvania while asserting that Florida has "gotten redder." His speeches often focus on critical race theory, school policies on gender issues and liberals, who he says are "trying to render the conservative half of the country second-class citizens."
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Dye & Durham 4Q
Economic Indicators:
None scheduled
Other News:
Fiona Moves Away From Canada, Leaves Thousands Without Power
Former Hurricane Fiona left hundreds of thousands of Canadians without electricity Sunday, as coastal communities grappled with washed out roads, downed trees and power lines, and homes swept into the sea.
After churning its way up the Atlantic last week, Fiona came ashore in Atlantic Canada around 3 a.m. local time Saturday as a powerful post-tropical cyclone.
Read more here.
Expected Major Events for Monday
00:30/JPN: Sep Japan Flash Manufacturing PMI
08:00/GER: Sep Ifo Business Climate Index
08:30/UK: Jun Card Spending statistics
12:30/US: Aug CFNAI Chicago Fed National Activity Index
14:30/US: Sep Texas Manufacturing Outlook Survey
23:50/JPN: Aug Services Producer Price Index
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Monday
Devolver Digital is expected to report for Interim.
Dye & Durham Ltd (DND.T) is expected to report for 4Q.
Escalon Medical (ESMC) is expected to report for 4Q.
Friedman Industries (FRD) is expected to report for 1Q.
Sunlink Health (SSY) is expected to report for 4Q.
Vinco Ventures Inc (BBIG) is expected to report for 2Q.
iBio Inc (IBIO) is expected to report $-0.06 for 4Q.
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ANALYST RATINGS ACTIONS
Ally Financial Inc Cut to Equal-Weight From Overweight by Wells Fargo
Apollo Global Management Raised to Neutral From Underperform by B of A Securities
Avista Raised to Buy From Neutral by Mizuho
Digital Realty Cut to Underweight From Equal-Weight by Barclays
Domino's Pizza Raised to Outperform From Market Perform by BMO Capital
Equinix Cut to Equal-Weight From Overweight by Barclays
Evercore Cut to Sell From Neutral by Evercore ISI Group
fuboTV Raised to Outperform From Neutral by Wedbush
Marathon Digital Cut to Neutral From Buy by BTIG
Moelis & Co. Cut to Sell From Neutral by UBS
Okta Cut to Neutral From Buy by Cleveland Research
Spero Therapeutics Raised to Outperform From In-Line by Evercore ISI Group
Warrior Met Coal Raised to Buy From Neutral by B. Riley Securities
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
09-26-22 0535ET
