Elon Musk Announces Expanded Access to Grok AI Chatbot 🤖 Six Workers Presumed Dead After Cargo Ship Collides ☠️

Good morning. It's Wednesday, Mar. 27, and we're covering, Visa and Mastercard Agree to $30 Billion Settlement Over Credit Card Fees, Elon Musk Announces Expanded Access to Grok AI Chatbot for X Premium Subscribers, Six Workers Presumed Dead After Cargo Ship Collides with Bridge in Baltimore Harbor, 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 $2.65 Trillion, a 0.74% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $106.52B, which makes a 4.89% decrease.

• The total volume in Defi is currently $11.78B, 11.01% of the total crypto market 24-hours.

• The volume of all stablecoins is now $93.33B, which is 87.62% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 52.07%, an increase of 0.21% over the day.

BUSINESS & FINANCE

Visa and Mastercard Agree to $30 Billion Settlement Over Credit Card Fees

Visa and Mastercard have reached an estimated $30 billion settlement. This historic antitrust agreement, announced on Tuesday, could potentially lead to lower prices for consumers as some savings are expected to be passed on by retailers. The settlement, subject to court approval, arises from nationwide litigation dating back to 2005, where merchants accused Visa and Mastercard of charging exorbitant swipe fees and enforcing anti-steering rules that prevented them from directing customers towards cheaper payment options.

Why it matters: They will reduce swipe rates by at least four basis points for three years and ensure that the average rate remains seven basis points below the current average for five years. ( Read Deeper )

Boeing CEO Dave Calhoun to Step Down Amid Management Overhaul

Boeing CEO Dave Calhoun is set to step down at the end of 2024 as part of the management shake-up within the aerospace giant. The move comes amid increasing pressure from regulators and customers over quality control issues, particularly regarding the company's troubled 737 Max aircraft. Larry Kellner, chairman of the board, will not seek reelection at Boeing's annual meeting in May. He will be succeeded by Steve Mollenkopf, a former CEO of Qualcomm, who will lead the board in selecting a new CEO.

Why it matters: Calhoun, who took over as CEO in January 2020, faced the daunting task of restoring confidence in Boeing after the fallout from two deadly 737 Max crashes under his predecessor's tenure. Despite efforts to address the company's quality struggles, Boeing's production problems have persisted, leading to delays in aircraft deliveries and concerns among airline customers. ( Read Deeper )

TECHNOLOGY & SCIENCE

Elon Musk Announces Expanded Access to Grok AI Chatbot for X Premium Subscribers

Elon Musk's X announced on Tuesday that it would expand access to its Grok AI chatbot. Previously exclusive to Premium+ subscribers, Grok will now be available to all Premium subscribers starting later this week. By offering Grok to a wider audience, X aims to compete more directly with other popular chatbots while also potentially increasing its subscriber base.

Why it matters: The decision comes amid reports of declining X usage, with recent data indicating an 18% year-over-year decrease in U.S. usage as of February. Musk's aggressive stance against advertisers may have contributed to the platform's revenue challenges, with many top advertisers reducing or halting their spending on X. ( Read Deeper )

Apple Announces Dates for Worldwide Developers Conference, Set for June 10-14

Apple has revealed that its highly anticipated Worldwide Developers Conference (WWDC) will take place from June 10 to June 14, according to an announcement made on Tuesday. The event, which will be conducted online, aims to showcase updates to the software powering Apple's array of devices, including iPhones, iPads, and more. While the majority of the event will be held virtually, Apple plans to extend invitations to select developers and students to attend in-person sessions at Apple Park on the opening day.

Takeaway: WWDC serves as a platform for Apple to showcase its latest software developments and technological advancements. Updates to iOS, macOS, and other operating systems often introduce new features, improvements, and capabilities that enhance the user experience and drive technological innovation. ( Read Deeper )  

AROUND DE WORLD & POLITICS

Six Workers Presumed Dead After Cargo Ship Collides with Bridge in Baltimore Harbor

The tragic incident occurred when a massive cargo ship, the Singapore-flagged container vessel named Dali, collided with a support pylon of the Francis Scott Key Bridge over the mouth of the Patapsco River around 1:30 a.m. The impact caused a trestled section of the bridge to crumple into the icy waters below, plunging vehicles and individuals into the river.

Takeaway: The Dali, owned by Grace Ocean Pte Ltd, had previously experienced a momentary loss of propulsion and dropped anchors before the collision. The incident raises concerns about maritime safety, especially given the ship's history of deficiencies in propulsion and auxiliary machinery. ( Read Deeper )

South Africa Gears Up for Crucial General Election Amidst Uncertainty

On May 29, nearly 28 million registered voters will cast their ballots to elect representatives to the national and provincial parliaments. The election, held every five years since 1994, marks a critical juncture in South Africa's political space. Under the leadership of President Cyril Ramaphosa, the ANC faces mounting criticism over issues such as high unemployment, economic disparities, and corruption allegations.

Takeaway: With the possibility of no single party securing a majority, coalition-building becomes crucial. While the ANC may seek support from smaller parties, opposition parties could also form alliances to challenge the ANC's dominance. ( Read Deeper )

ENTERTAINMENT & SPORTS

Taylor Swift's Father Cleared of Assault Charges in Australia

Taylor Swift's father, Scott Swift, will not be facing charges following allegations of assault leveled against him by a paparazzo in Australia. The incident, which occurred on February 27, involved Ben McDonald accusing Scott Swift of striking him in the face on a Sydney wharf. ( Read Deeper )

Gareth Southgate Defends John Stones Selection Amid Man City's Injury Crisis

England manager Gareth Southgate has come to the defense of his decision to select John Stones despite the Manchester City defender sustaining an abductor injury during England's recent match against Belgium. Stones was forced off the pitch in the early stages of the game, adding to the injury woes faced by his club, Manchester City, ahead of their crucial Premier League encounter with Arsenal. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Reddit IPO: 8 Startup Lessons For Any Entrepreneur Starting Out. ( Listen )

EXTRA BREVITI

• Canva, the popular online graphic design platform, has acquired Affinity, a UK-based company known for its design software( Read More )

• It was a tragedy marked by a lost power supply, a desperate mayday call, and ultimately, a devastating crash. ( Read More )

• Robinhood, the popular investment app, has unveiled its latest offering: a credit card that not only offers cash-back rewards but also allows users to invest those rewards directly. ( Read More )