Google Announces Layoffs 😲 Hamas Considers Ceasefire 🔥

Good morning. It's Tuesday, Apr. 30, and we're covering Samsung Electronics Reports Stunning 933% Surge in Operating Profit for Q1, Tesla's Self-Driving Ambitions in China Prompt Fierce Competition, Hamas Considers Ceasefire Proposal as Israel Weighs Invasion in Gaza 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 $2.33 Trillion, a 0.068% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $68.6B, which makes a 12.70% increase.

• The total volume in Defi is currently $5.61B, 8.69% of the total crypto market 24-hours.

• The volume of all stablecoins is now $60.23B, which is 93.23% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 53.44%, a decrease of 0.31% over the day.

BUSINESS & FINANCE

Samsung Electronics Reports Stunning 933% Surge in Operating Profit for Q1

Samsung Electronics, the global leader in memory chip manufacturing, has announced an astounding 932.8% increase in operating profit for the first quarter ending in March, surpassing market expectations. The surge in profit was primarily driven by a rebound in memory chip prices fueled by optimism surrounding artificial intelligence (AI) applications.

Takeaway: The company's revenue for the quarter reached 71.92 trillion Korean won (approximately $52.3 billion), marking a 12.81% increase from the same period last year. Operating profit soared to 6.61 trillion Korean won. Samsung's stellar performance comes after a challenging period in 2023, during which the company faced losses due to decreased demand following the COVID-19 pandemic. ( Read Deeper )

HSBC Chief Executive Noel Quinn Announces Surprise Retirement

HSBC Chief Executive Noel Quinn has announced his retirement, marking the end of his five-year tenure at the helm of the global banking giant. Quinn's departure comes amidst a period of significant transformation for HSBC, during which he oversaw extensive asset sales worldwide. The announcement, made on Tuesday, revealed that HSBC has initiated a formal process to identify Quinn's successor. Quinn will continue to serve as CEO until his replacement assumes the role, with an agreement to remain available for support throughout the transition period until April 30, 2025.

Takeaway: Quinn's journey at HSBC dates back to 1987, culminating in his appointment as CEO in March 2020, following a brief interim period after the unexpected departure of his predecessor. During his tenure, Quinn navigated the challenges posed by the COVID-19 pandemic and geopolitical tensions, especially in HSBC's crucial market, China. ( Read Deeper )

TECHNOLOGY & SCIENCE

Tesla's Self-Driving Ambitions in China Prompt Fierce Competition

Tesla's pursuit of bringing its "Full Self-Driving" (FSD) system to China is sparking intense competition and accelerating the race towards autonomous vehicles in the world's largest car market. As Elon Musk engages in discussions with Chinese officials during his visit to Beijing, the potential rollout of Tesla's FSD driver-assistance system and the prospect of transferring vehicle data overseas have taken center stage.

Why it matters: The utilization of vehicle data for training self-driving systems holds the key to Tesla's long-term ambitions of achieving fully autonomous vehicles. With its early lead in developing driver-assistance systems, Tesla could emerge as a formidable contender in China's autonomous vehicle sector, challenging potent rivals like BYD and Huawei. ( Read Deeper )

Google Announces Layoffs in Key Development Teams Ahead of I/O Conference

In the run-up to Google's annual I/O developer conference scheduled for May, reports have surfaced indicating that the tech giant has initiated layoffs across significant teams, including Flutter, Dart, Python, and others. The news comes from various affected employees who took to social media to share their experiences. Despite the setback, Google has reportedly replaced the affected team with a new group based in Munich, as stated by Python Steering Council member Thomas Wouters.

Takeaway: Google has not disclosed the exact number of layoffs, a WARN notice filed on April 24 revealed that the company would be laying off 50 employees across three locations in Sunnyvale. Despite the challenges, Google has pledged to support affected employees by providing them with necessary assistance, including access to outplacement services and severance packages. ( Read Deeper )

AROUND DE WORLD & POLITICS

Hamas Considers Ceasefire Proposal as Israel Weighs Invasion in Gaza

Hamas, the Palestinian militant group, is currently evaluating a ceasefire proposal presented by Egypt amid escalating tensions with Israel. The proposal entails the release of hostages by Hamas in exchange for a temporary halt to hostilities, to achieve a lasting peace agreement. The proposal is structured in two phases, with the first phase involving the release of 20 to 33 hostages over several weeks, alongside the release of Palestinian prisoners. The second phase aims to establish a sustainable calm, potentially leading to the exchange of remaining hostages and prisoners.

Takeaway: The negotiations come at a critical juncture, with Israel warning of a possible large-scale ground invasion of Rafah in Gaza if an agreement is not reached. Such an invasion could have devastating consequences for the civilian population, prompting concerns from Israel's allies. ( Read Deeper )

Document Says Iran Security Forces Molested And Killed Teen Protester

Nika Shakarami, a 16-year-old Iranian protester who disappeared during anti-regime demonstrations in 2022. A leaked document purportedly written by Iran's security forces reveals disturbing details of Nika's sexual assault and killing by three men associated with the security forces.

Why it matters: Despite official claims of suicide, the document contradicts this narrative and implicates specific individuals in Nika's death. Through extensive investigations, the BBC verified the document's authenticity, shedding light on the lack of accountability for Nika's death.( Read Deeper )

ENTERTAINMENT & SPORTS

Heavyweight Boxer Francis Ngannou Mourns Tragic Loss of 15-Month-Old Son

Francis Ngannou, renowned heavyweight boxer and former UFC champion, is grappling with profound grief following the tragic death of his 15-month-old son, Kobe. The devastating news was confirmed by Ngannou himself on social media. In a heartfelt post shared on X, Ngannou expressed the profound shock and sorrow he and his family are experiencing. "Too soon to leave but yet he's gone," Ngannou wrote. "My little boy, my mate, my partner Kobe was full of life and joy. Now, he's laying without life. I shouted his name over and over but he's not responding." ( Read Deeper)

Liverpool and Mohamed Salah to Discuss Forward's Future

Liverpool Football Club and star forward Mohamed Salah are set to engage in talks at the end of the season to determine the Egyptian's future at Anfield, both in the short-term and long-term. Salah's current contract, which sees him earn £350,000 a week, is valid until the summer of 2025. The club's new management, including sporting director Richard Hughes and Fenway Sports Group president Michael Edwards, had always planned to defer discussions regarding contracts until the end of the season. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• Are you curious about checkout upsells – are they just another sales trick, or can they shake things up for your business? ( Listen )

EXTRA BREVITI

• Paramount Pictures announced a leadership change as CEO Bob Bakish is stepping down from his role. ( Read More )

• Microsoft has unveiled plans to inject $1.7 billion into Indonesia over the next four years to bolster cloud and artificial intelligence (AI) infrastructure. ( Read More )