💣️ Israeli Air Strikes Kill 492 In Lebanon

Good morning. It's Tuesday, Sept. 24, and we're covering, China's Central Bank Implements Rate Cuts To Boost Weak Economy, Meta's AI Chatbot To Feature Celebrity Voices, Like Judi Dench and John Cena, Iran President Warns Of Irreversible Consequences OF Middle East War, 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 $2.23 Trillion, a 0.01% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $68.9B, which makes a 1.50% increase.

• The total volume in Defi is currently $3.89B, 5.64% of the total crypto market 24-hours.

• The volume of all stable coins is now $62.88B, which is 91.26% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 51.84%, a decrease of 0.08% over the day.

Chinese Bitcoin Miners Retain Majority Of Hashrate Despite National Ban

Chinese Bitcoin miners continue to control 55% of the Bitcoin hashrate, despite a 2021 national ban on cryptocurrency mining and trading. U.S. mining pools manage around 40%. The Chinese government initially imposed the ban to reduce financial risks, but many mainland users have found ways to bypass restrictions. (Read Deeper)

BUSINESS & FINANCE

China's Central Bank Implements Rate Cuts To Boost Weak Economy

China's central bank, the People's Bank of China, announced a series of measures on Tuesday aimed at revitalizing the sluggish economy, particularly in response to a downturn in the property sector. Governor Pan Gongsheng revealed a 0.5 percentage point cut in the reserve requirement ratio for banks, which will increase available funds for lending. This news positively impacted share prices, with Hong Kong's Hang Seng index rising by 2% and the Shanghai Composite index by 0.8%. The central bank's actions primarily target the housing market crisis, which was exacerbated by a crackdown on excessive borrowing among developers.

Why It Matters: The new policies include reducing down payment requirements for second home buyers from 25% to 15% and lowering mortgage rates by approximately 0.5%. These changes are expected to benefit around 50 million households and 150 million individuals, resulting in an average annual reduction in household interest expenses of about 150 billion yuan ($21 billion). Rather than implementing large-scale government spending, regulators are cautious to avoid creating a property bubble. (Read Deeper)

Boeing Faces Union Pushback As Strike Continues

Boeing has submitted a "best and final" offer to the striking workers represented by the International Association of Machinists and Aerospace Workers (IAM), but the union has declined to hold a vote on the proposal. The offer includes the reinstatement of a performance bonus, improved retirement benefits, and a doubled ratification bonus of $6,000 if accepted by Friday. However, IAM District 751's president, Jon Holden, stated that the proposal does not meet the members' key demands regarding retirement and wages, and therefore, the union will survey members for their opinions on it instead.

Takeaway: The strike, which began on September 13, involves over 32,000 workers in the Portland and Seattle areas and marks the first strike since 2008. Workers are seeking a 40% pay increase and the restoration of the performance bonus. Boeing has been under pressure to resolve the strike, which is costing the company billions and straining its finances. The new CEO, Kelly Ortberg, has implemented hiring freezes and furloughs for employees to manage costs during the strike. (Read Deeper)

TECHNOLOGY & SCIENCE

Meta's AI Chatbot To Feature Celebrity Voices, Like Judi Dench and John Cena

Meta Platforms is introducing new celebrity voice options for its Meta AI chatbot, including voices from actors like Judi Dench, John Cena, Kristen Bell, Awkwafina, and Keegan-Michael Key. The feature will be announced at Meta's annual Connect conference this week. Users across Meta’s apps—Facebook, Instagram, and WhatsApp—will be able to choose from these celebrity voices, which will first launch in the U.S. and other English-speaking markets.

Why It Matters: Meta Platforms is introducing new celebrity voice options for its Meta AI chatbot, including voices from actors like Judi Dench, John Cena, Kristen Bell, Awkwafina, and Keegan-Michael Key. The feature will be announced at Meta's annual Connect conference this week. Users across Meta’s apps—Facebook, Instagram, and WhatsApp—will be able to choose from these celebrity voices, which will first launch in the U.S. and other English-speaking markets. (Read Deeper)

X To Alter Blocking Functionality, Allowing Blocked Accounts To View Public Posts

X, formerly Twitter, is changing its block feature to allow accounts that users have blocked to view their public posts. Elon Musk confirmed this change, stating that while blocked users will still be unable to engage with the blocked accounts, they will be able to see public posts without being notified of the block. Currently, blocked users see a message indicating they are blocked, but this may be removed, allowing them to view content as if they weren't blocked.

Takeaway: Musk indicated that this update was overdue, as users could previously bypass blocks by logging out. The change raises concerns among users who use the block feature for protection against harassment, as it could lessen the effectiveness of blocking unwanted interactions. (Read Deeper)

AROUND DE WORLD & POLITICS

Israeli Air Strikes Kill 492 In Lebanon As Conflict With Hezbollah Intensifies

At least 492 people have been killed in a wave of Israeli airstrikes in Lebanon, marking the deadliest day in the Israel-Hezbollah conflict in nearly two decades. The strikes, which targeted Hezbollah infrastructure across southern Lebanon and the Bekaa Valley, prompted Hezbollah to respond by launching over 200 rockets into northern Israel, injuring two civilians. Thousands of Lebanese families have fled their homes, while hospitals in the region report over 1,600 injured, including children and women.

Takeaway: The escalation comes amid a near year-long cross-border conflict triggered by the war in Gaza. Hezbollah, which is backed by Iran, has vowed to continue fighting until a ceasefire is reached in Gaza. The international community, including the UN and EU, has expressed alarm, with EU foreign policy chief Josep Borrell warning of a full-blown war. Meanwhile, U.S. President Joe Biden has called for de-escalation, while the Pentagon has announced the deployment of additional U.S. troops to the Middle East. (Read Deeper)

Iran President Warns Of Irreversible Consequences OF Middle East War

Iranian President Masoud Pezeshkian warned that Israel is attempting to provoke a wider conflict in the Middle East by dragging Iran into its war with Hezbollah in Lebanon. Speaking at the UN General Assembly, Pezeshkian criticized Israel for its actions in Gaza and called for dialogue to resolve the conflict. He expressed concern over the "irreversible" consequences of a broader regional war. While hinting at possible Iranian support for resistance groups.

Takeaway: The ongoing exchanges of fire have displaced tens of thousands of people along the Israel-Lebanon border. While Israel has expressed a preference for a diplomatic resolution that would push Hezbollah further from the border. Pezeshkian reaffirmed Iran's commitment to supporting resistance movements in the region and hinted at potential retaliation for the assassination of Hamas leader Ismail Haniyeh in late July. (Read Deeper)

ENTERTAINMENT & SPORTS

Leonardo DiCaprio Distances Himself From Diddy Amid Allegations

Leonardo DiCaprio is distancing himself from Sean "Diddy" Combs amid allegations of sex trafficking following Diddy's recent arrest. Photos of DiCaprio at Diddy's "White Party" have resurfaced, raising concerns about his association with the rapper. A source close to DiCaprio clarified that he hasn't been in contact with Diddy for years and never participated in any of Diddy's controversial "Freak Offs." The source emphasized that DiCaprio attended some of Diddy's parties in the early 2000s, but they were simply social events, not the scandalous gatherings being discussed. (Read Deeper)

Chelsea Faces Injury Challenges Ahead Of Busy Fixture Schedule

Chelsea is enjoying a four-match unbeaten streak in the Premier League, but a busy fixture schedule raises concerns about player injuries. Manager Enzo Maresca faces challenges with key players sidelined as the team prepares for upcoming matches in the Carabao Cup, Premier League, and Conference League. The Blues' busy calendar begins with a Carabao Cup tie against League Two leaders Barrow, followed by crucial home matches against Brighton in the Premier League and Gent in the Conference League. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• What should financial mutants be doing if the market seems to be on the brink of a recession? (Listen)

EXTRA BREVITI

• OpenAI’s official press account on X (formerly Twitter) was hacked late Monday afternoon, with cybercriminals posting a fraudulent announcement. (Read More)

• A major hurricane, soon to be named Helene, is expected to make landfall along Florida’s Gulf Coast on Thursday. ( Read More )

• Safaricom, Kenya's leading mobile operator, has doubled the speeds of its fiber internet packages in response to Starlink's growing presence in the Kenyan market.(Read More)