Former YouTube CEO Susan Wojcicki Passes Away 😭

Good morning. It's Monday, Aug. 12, and we're covering, Bonds Regain Popularity As Reliable Hedge After Years of Disappointing Returns, South Korea Convenes Emergency Meeting On EV Safety After Blaze, Pilot Killed As Helicopter Crashes Into Australian Hotel, 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 $2.05 Trillion, a 4.55% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $60.81B, which makes a 56.14% increase.

• The total volume in Defi is currently $3.06B, 5.04% of the total crypto market 24-hours.

• The volume of all stablecoins is now $55.32B, which is 90.81% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.24%, an decrease of 0.04%over the day.

Crypto Startups See Increased VC Funding Amid Market Slowdown

Despite a challenging market environment, crypto startups managed to raise more venture capital (VC) funding in the second quarter of 2024, although they closed fewer deals compared to earlier periods. VC investment in crypto companies reached $2.7 billion, marking a 2.5% increase from the first quarter but a 9.8% decline from the same period last year. The number of deals, however, dropped by 12.5%. (Read Deeper)

BUSINESS & FINANCE

Bonds Regain Popularity As Reliable Hedge After Years of Disappointing Returns

Bonds are regaining popularity as a hedge against market volatility after years of underperformance. Amid recent stock market declines, demand for bonds has surged, with 10-year Treasury yields dropping to their lowest levels since mid-2023. This shift marks a return to the traditional inverse relationship between stocks and bonds, which had broken down in 2022 when both asset classes suffered due to inflation and aggressive Federal Reserve rate hikes.

Why It Matters: While uncertainties remain, the recent market volatility has shown that bonds can still play a vital role in diversifying and protecting portfolios. As concerns about economic growth continue to rise, bonds are once again proving their worth as a defensive asset, offering investors a measure of stability in an uncertain market. (Read Deeper)

Adani Stocks Drop Amid Hindenburg Report And Regulatory Controversy

Adani Group stocks fell sharply after Hindenburg Research accused India’s chief market regulator, Madhabi Puri Buch, of conflicts of interest that allegedly hampered a thorough investigation into fraud claims against the conglomerate. Shares of Adani Enterprises and Adani Energy Solutions dropped significantly, with all ten Adani stocks trading lower. India’s Nifty 50 Index was down 0.6% in early trading on Monday, while the MSCI Asia Pacific Index posted a modest 0.1% gain.

Takeaway: Hindenburg's report claims Buch and her husband invested in offshore entities linked to Vinod Adani, a relative of billionaire Gautam Adani. Buch, who joined the Securities and Exchange Board of India (Sebi) in 2017 and became chairperson in 2022, has denied any wrongdoing. The ongoing controversy continues to affect investor sentiment, as Sebi has yet to take legal action against the Adani Group despite a previous Supreme Court order for investigation. (Read Deeper)

TECHNOLOGY & SCIENCE

South Korea Convenes Emergency Meeting On EV Safety After Blaze

South Korean officials are holding an emergency meeting to address safety concerns about electric vehicles (EVs) after a fire on August 1 destroyed or damaged around 140 cars in an underground garage, with the blaze originating from a Mercedes-Benz EV. The meeting, led by the vice environment minister and involving other key agencies, will discuss new safety regulations, including a potential requirement for automakers to disclose battery brands used in EVs.

Why It Matters: Recent incidents, including a fire involving a Kia EV6, have heightened fears among consumers, especially in apartment complexes with underground parking. Experts have noted that EV fires are more challenging to extinguish and may reignite. South Korea is considering requiring disclosure of battery brands, although some experts argue that more comprehensive measures, like certifying fire hazards for each battery brand, may be needed.(Read deeper)

Former YouTube CEO Susan Wojcicki Passes Away At 56 After Battle With Cancer

Susan Wojcicki, the former CEO of YouTube and a key early employee at Google, has died at the age of 56 after a two-year battle with cancer. Wojcicki was instrumental in Google's early growth, co-creating its AdSense product and advocating for the company’s acquisition of YouTube, where she later served as CEO for nearly a decade. Under her leadership, YouTube became the world's largest video platform. Her passing has led to widespread tributes from tech leaders who praised her contributions to the industry and her advocacy for women in tech.

Takeaway: Wojcicki played a key role in Google's early growth and was instrumental in the development of its advertising products. She joined Google in 1999 as its 16th employee and is credited with co-creating AdSense, one of the company’s most successful products. Her passing has prompted an outpouring of tributes from tech leaders and colleagues, who praised her for her contributions to the industry and her mentorship of the next generation of tech leaders. (Read Deeper)

AROUND DE WORLD & POLITICS

Pilot Killed As Helicopter Crashes Into Australian Hotel

A helicopter crash in Cairns, northern Queensland, resulted in the death of the pilot and injuries to two hotel guests. The helicopter struck the roof of the DoubleTree by Hilton hotel early Monday morning, causing a fire and prompting the evacuation of around 400 guests. The crash, which occurred around 01:50 local time, was described by witnesses as involving a helicopter flying unusually low and fast in poor weather conditions.

Takeaway: Two of the helicopter's rotor blades detached on impact, landing on the esplanade and in the hotel pool. The cause of the crash is under investigation by Queensland Police and the Australian Transport Safety Bureau. The helicopter was reportedly on an "unauthorized" flight. Authorities have cordoned off the area and declared an emergency situation. (Read Deeper)

Kursk Attack Heightens Tensions As Zelenskiy Vows Justice

President Volodymyr Zelenskiy has confirmed Ukraine's incursion into Russia's Kursk region, calling it an effort to "restore justice" and apply pressure on Russian forces. The attack, which began several days ago, has led to intense fighting and evacuations in southwestern Russia. The Russian Defense Ministry has reported destroying several Ukrainian drones and missiles, condemning the incursion as "barbaric" and unnecessary.

Takeaway: The conflict has intensified, with Ukrainian forces advancing up to 20 kilometers into Kursk. Zelenskiy has sought increased Western support for Ukraine, emphasizing the need for long-range capabilities. The situation has caused injuries and evacuations in Kursk, with ongoing international responses and investigations. (Read Deeper)

ENTERTAINMENT & SPORTS

Tom Cruise Dazzles Paris Olympics Closing Ceremony With Thrilling Stunt

Tom Cruise stole the spotlight at the closing ceremony of the 2024 Paris Olympics with a dramatic stunt that featured him jumping from the roof of Stade de France. After H.E.R. performed "The Star-Spangled Banner," Cruise made a high-flying descent to the stadium floor, where he collected the Olympic flag from Los Angeles Mayor Karen Bass, marking the transition of the Games to the 2028 Los Angeles Olympics. The Paris Games concluded with Team USA topping the medal tally with 126 medals, followed by China and Great Britain. Notable American champions included Simone Biles, Katie Ledecky, and Noah Lyles. (Read Deeper)

Liverpool And Arsenal Secure Victories; Chelsea And Palace Settle For Draws

Under new manager Arne Slot, Liverpool defeated Sevilla 4-1. Diogo Jota and Luis Diaz scored three of Liverpool’s goals, with a late addition by Trey Nyoni. Managed by Enzo Maresca, Chelsea drew 1-1 with Inter Milan. Marcus Thuram scored for Inter, but Lesley Ugochukwu equalized late for Chelsea. Arsenal ended their pre-season with a 2-0 win against Lyon. Defenders William Saliba and Gabriel scored from Declan Rice's corners. Palace drew 1-1 with Nantes, with Jean-Charles Castelletto scoring for Nantes and Daichi Kamada equalizing for Palace. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• They’re Lying About Building Wealth! The Secret to Turning $1,000 into $100 Million – Why Hard Work Isn’t Enough (Listen)

EXTRA BREVITI

• Oyo, once valued at $10 billion and among India's most valuable startups, has seen its valuation plummet to $2.4 billion in a recent funding round.(Read More)

• Tony Elumelu, Chairman of Heirs Holdings, has publicly accused former Nigerian President Muhammadu Buhari of obstructing his attempt to acquire an oil field. (Read More)

• The Global Internet Forum to Counter Terrorism (GIFCT), a tech industry group focused on combating online extremism, is concerned that Elon Musk's platform, X, is undermining its credibility. ( Read More )