Tether - The Bedrock Asset of the Crypto World

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A group of partners at PWC and Cyprus have left to form a breakaway audit firm that'll take on clients linked to Russia. The big four auditors are avoiding firms linked to Russia because of sanctions. Here's the FT's Michael Oduar with more on this breakaway firm called Kiteserve.

US stocks roared ahead on Thursday in their strongest day in more than two and a half years, and FTX's founder apologizes for the cryptoexchange's collapse. Plus, how a breakaway firm from PwC is testing western sanctions against Russia.

Mentioned in this podcast:

US stocks surge on lower than expected inflation data

Sam Bankman-Fried apologises for FTX crisis

Accountants in Cyprus break from PwC to retain Russia-linked clients

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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