Apple Loses Top Position in Chinese Smartphone Market 📱

Good morning. It's Thursday, Apr. 25, and we're covering, U.S. Prosecutors Seek Three-Year Prison Term for Binance Founder Changpeng Zhao, IBM Has Announced The Acquisition Of HashiCorp For $6.4 Billion, UN Calls for Investigation into Mass Graves Found at Gaza Hospitals and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.37 Trillion, a 3.53% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $83.17B, which makes a 13.71% increase.

• The total volume in Defi is currently $6.39B, 7.68% of the total crypto market 24-hours.

• The volume of all stablecoins is now $77B, which is 92.58% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.37%, a decrease of 0.02% over the day.

BUSINESS & FINANCE

U.S. Prosecutors Seek Three-Year Prison Term for Binance Founder Changpeng Zhao

U.S. prosecutors are pushing for Changpeng Zhao, the founder of Binance, to serve a three-year prison sentence following his guilty plea for violating anti-money laundering laws. In a filing made on Tuesday night in a Seattle federal court, prosecutors argued that imposing a sentence double the recommended 18 months under federal guidelines would underscore the severity of Zhao's intentional breaches and reinforce the imperative of abiding by the law.

Takeaway: Prosecutors contend that Binance's operational model, described as a "Wild West" approach, facilitated illicit activities by not reporting over 100,000 suspicious transactions involving designated terrorist groups such as Hamas, al Qaeda, and ISIS. Additionally, they allege that Binance was involved in supporting the distribution of child sexual abuse materials and received significant proceeds from ransomware attacks. ( Read Deeper )

Meta Stock Tumbles 16% Despite Strong Q1 Results

Meta, the parent company of Facebook, witnessed a sharp decline in its stock price, plummeting by 16% in extended trading on Wednesday following the release of a conservative revenue forecast. This downturn came despite Meta's report of better-than-expected financial results for the first quarter. Meta reported earnings per share of $4.71, surpassing analysts' expectations of $4.32 per share. The company generated $36.46 billion in revenue, slightly exceeding the projected $36.16 billion.

Why it matters: The stock sell-off accelerated during the earnings call, as Zuckerberg discussed these investments and their potential for future monetization. While Meta has shown significant improvement in its financial performance in recent quarters, the company's stock had already experienced substantial growth, leaving little room for error. ( Read Deeper )

TECHNOLOGY & SCIENCE

IBM Has Announced The Acquisition Of HashiCorp For $6.4 Billion

IBM has announced the acquisition of HashiCorp for $6.4 billion. This acquisition marks another significant step for IBM in its transition from competing as a pure cloud infrastructure vendor to focusing on helping IT departments navigate complex hybrid environments. HashiCorp brings to IBM a suite of cloud lifecycle management and security tools, making it a valuable addition to IBM's growing portfolio of hybrid cloud solutions. Despite its relatively modest revenue of $155 million last quarter, up 15% year-over-year, HashiCorp's rapid growth and innovative offerings make it an attractive asset for IBM.

Takeaway: The acquisition of HashiCorp aligns with IBM's broader strategy of expanding its hybrid cloud offerings. IBM unveiled its Infrastructure Cloud platform, aimed at simplifying cloud management for enterprise customers. As IBM integrates HashiCorp into its ecosystem, questions arise about maintaining HashiCorp's neutrality in working with multiple cloud providers. ( Read Deeper )

Apple Loses Top Position in Chinese Smartphone Market

Preliminary data from research firm IDC reveals that Apple has surrendered its title as China's leading smartphone seller in the first quarter of 2024. The tech giant experienced a 6.6% decline in smartphone shipments compared to the previous year, reflecting the intensifying competition in the Chinese market. IDC considers a statistical tie when the difference in market share between two or more vendors is 0.1% or less.

Why it matters: According to IDC, Honor and Huawei emerged as joint leaders in the Chinese smartphone market, with Honor securing a market share of 17.1% and Huawei closely following with a share of 17%. Meanwhile, Apple's market share dipped to 15.6%, marking a significant drop from its previous position. ( Read Deeper )

AROUND DE WORLD & POLITICS

UN Calls for Investigation into Mass Graves Found at Gaza Hospitals

The United Nations has demanded an independent investigation following the discovery of mass graves at two Gaza hospitals that were besieged and raided by Israeli troops earlier this year. The UN High Commissioner for Human Rights, Volker Türk, expressed deep concern over the situation, stating that he was "horrified" by the scenes reported from the Nasser and Al Shifa medical complexes in Gaza. Türk emphasized the need for an investigation conducted by international investigators, citing the gravity of the situation and the importance of upholding humanitarian law.

Takeaway: The mass graves were uncovered at the Nasser Medical Complex in Khan Younis, revealing 324 bodies, some of which reportedly showed signs of field executions. While the exact circumstances surrounding the deaths remain unclear, allegations suggest that the bodies may have belonged to civilians killed during the Israeli siege of the hospitals. ( Read Deeper )

Russian Programmers Employ 'Cat-and-Mouse' Tactics to Outsmart Censors

Russian programmers are engaging in a sophisticated game of cat and mouse with authorities to circumvent online censorship measures imposed by the government. As Moscow tightens its grip on internet access, freelance programmers and VPN companies are developing innovative solutions to evade controls on online content. These programmers, many of whom work remotely due to safety concerns, collaborate through group chats, virtual hackathons, and collaborative web development platforms.

Takeaway: The demand for VPN services in Russia has surged, with millions seeking independent information following Moscow's invasion of Ukraine. Despite government efforts to block VPN services, programmers continue to innovate. Evgeniy, a developer, has created a simplified version of a well-known Chinese circumvention tool, while Vitaliy Vlasenko has designed a system that switches between protocols to bypass blocks. ( Read Deeper )

ENTERTAINMENT & SPORTS

Jürgen Klopp's Premature Departure Leaves Liverpool in Turmoil

As Jürgen Klopp's tenure at Liverpool nears its end, the once jubilant atmosphere has turned somber, filled with regret and disappointment. Klopp's decision to announce his departure in January, with four months of the season still remaining, now looms as a costly misstep. ( Read Deeper )

Tupac Shakur's Estate Threatens Legal Action Against Drake Over AI Voice Imitation

Tupac Shakur's estate has issued a cease-and-desist letter to Drake, accusing him of using an AI-generated imitation of Tupac's voice without authorization in his new song "Taylor Made (Freestyle)." In the letter, obtained by USA TODAY, the estate expresses deep disappointment and demands the immediate removal of the song from all platforms. Describing Drake's use of Tupac's voice as "a blatant abuse of the legacy of one of the greatest hip-hop artists of all time," the estate asserts that such unauthorized use violates Tupac's publicity and legal rights. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Feeling the pinch of tight margins in your e-commerce gig? Worried about balancing profitability with offering competitive prices and top-notch products?? ( Listen )

EXTRA BREVITI

• Stanbic IBTC Holdings will seek shareholders’ approval to raise ₦550 billion on May 16. ( Read More )

• U.S. Transportation Secretary Pete Buttigieg has emphasized that Boeing must prioritize improving the quality of its 737 MAX aircraft before considering any increases in production.( Read More )