Finance

Core Scientific files for bankruptcy

One of the largest bitcoin miners, Core Scientific, has failed financially and will file for Chapter 11 bankruptcy today. Sources familiar with the miner's business told CNBC reporters.

For now, the company still manages to generate a profit, but according to the insider, that revenue is not enough to pay off the debts to finance the miners it has been leasing.

The firm will continue to operate and mine cryptocurrency until it reaches a deal with the majority holders of its shares (they account for most of the debt).

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

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