OregonSaves, a state-run retirement savings program with $430 million in assets, has successfully enrolled 180,000 residents, but many are withdrawing funds early, leading to an average account balance of only $3,000. Despite its growth and success in encouraging saving, the frequent withdrawals, often for emergencies, hinder long-term retirement preparedness, highlighting the challenges of encouraging consistent savings.
During Trump's second term, a record number of personnel nominations have been withdrawn or delayed due to rapid nomination pace and vetting issues, prompting concerns from Senate Republicans about the quality and thoroughness of the vetting process.
Multiple golfers withdrew from the Wyndham Championship due to weather and injuries, including notable players like Akshay Bhatia and Erik van Rooyen. Rory McIlroy announced he will skip the upcoming FedEx St. Jude Championship to rest and manage his schedule, despite his high standing in the FedEx Cup standings. The tournament and playoff race are shaping up with key players making strategic decisions.
Several players withdrew from the upcoming John Deere Classic, leading to last-minute replacements, including young talents and former winners, promising an exciting week of golf at TPC Deere Run.
The RBC Canadian Open is facing chaos as multiple top golfers, including veteran Matt Kuchar and Rory McIlroy, withdraw at the last minute, leading to tournament adjustments and media controversies.
The 2025 NBA Draft deadline saw significant decisions with players like Yaxel Lendeborg and Labaron Philon choosing to return to college, boosting their teams' prospects, while others like Cedric Coward and Adou Thiero moved on to the NBA, impacting their programs. The event highlighted the influence of NIL deals and the shifting landscape of college and professional basketball, with winners including Michigan and Florida, and losers like Duke and Arkansas. NBA second-round talent pool is shrinking as more players opt to stay in college.
Florida's Alex Condon has withdrawn from the 2025 NBA draft to return for his junior year, citing a good situation at Florida and ongoing development. Several other prospects are also withdrawing from the draft to return to college or transfer to different schools, reflecting a trend of players reassessing their NBA prospects.
The NBA announced that 93 players have withdrawn from the 2024 draft pool to retain their college eligibility, with the NCAA's withdrawal deadline having passed. The NBA's own deadline is June 16, allowing more players, primarily international and non-college athletes, to withdraw. Currently, 108 early entrants remain from the initial 201.
Crypto exchange Gemini, owned by Cameron and Tyler Winklevoss, is returning $2.18 billion to users of its Earn program after pausing withdrawals 18 months ago. This follows a settlement with Genesis Global Capital, which filed for bankruptcy, ensuring users receive 100% of their digital assets back.
Starwood Real Estate Income Trust, managed by Barry Sternlicht's Starwood Capital Group, is limiting investor withdrawals to 1% of the fund's assets per quarter due to a potential cash crunch caused by high interest rates and declining commercial property values. This move aims to avoid selling properties at discounted prices and reflects the challenges faced by real estate investment trusts in the current market.
Ethiopia's largest bank, the Commercial Bank of Ethiopia, is facing a financial crisis after a technical glitch allowed customers to withdraw more money than they had in their accounts, resulting in reported losses of over $40 million. The glitch, attributed to a routine system update gone wrong, led to long lines at ATMs and temporary closure of banking operations. Ethiopian officials have ruled out a cyberattack, and the bank is now attempting to recover the substantial sums withdrawn during the incident.
A "glitch" at Ethiopia's largest bank, the Commercial Bank of Ethiopia, allowed customers to withdraw unlimited funds, resulting in over $40 million being withdrawn or transferred before transactions were halted. The bank's president stated that a large portion of the cash was withdrawn by students, with several universities urging students to return the money. The bank confirmed the service interruption but denied it was due to a cyber attack, while Ethiopia's central bank stated that it was a result of system security checks and not a threat to the financial system.
A "systems glitch" at the Commercial Bank of Ethiopia allowed customers to withdraw more money than they had in their accounts, resulting in over $40 million being withdrawn or transferred before the bank could freeze transactions. The glitch was first discovered by students and spread through universities via messaging apps and phone calls, leading to long lines at campus ATMs and police intervention. The bank is now working to recoup the money, and the bank president has stated that anyone who returns it will not be charged with a crime.
Fidelity Investment's latest retirement data shows that retirement-account balances have declined, and the number of loans and withdrawals have increased, as investors face higher inflation and market volatility.
Coinbase, the global cryptocurrency exchange, is discontinuing its services in India after facing regulatory challenges. The company has warned customers via email that it will cease all exchange services for them after September 25 and has disabled new signups. Coinbase has advised Indian users to withdraw any funds they have in their accounts and download the Coinbase Wallet instead. Despite being an investor in Indian crypto exchanges, Coinbase has been unable to make progress with local authorities, leading to the departure of key executives. The move comes after an 18-month effort to relaunch its service in India, which faced opposition from the Reserve Bank of India and other government entities.
