Protest Continues In Lagos Despite President Tinubu’s Address 😳

Good morning. It's Monday, Aug. 5, and we're covering, Mars Eyes Acquisition Of Kellanova, OpenAI Cautiously Develops Tool To Detect ChatGPT Generated Text, Noah Lyles Clinches Sensational 100m Gold By 0.005 Seconds, 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 $1.86 Trillion, a 13.85% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $145.75B, which makes a 123.10% increase.

• The total volume in Defi is currently $7.74B, 5.31% of the total crypto market 24-hours.

• The volume of all stablecoins is now $136.52B, which is 93.67% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.29%, an increase of 0.64% over the day.

Bitcoin and Ether Hit Multi-Month Lows Amid Recession Fears

Bitcoin and ether plummeted to multi-month lows on Monday as growing concerns over a potential U.S. recession sparked a rush towards safer assets, leading to a broad selloff in the financial markets. Bitcoin dropped to $53,091, marking its lowest point since late February, before recovering slightly to $54,112. Ether fell to $2,300, its weakest level since mid-January, reflecting a 16% decline. (Read Deeper)

BUSINESS & FINANCE

Mars Eyes Acquisition Of Kellanova

Mars Inc., the maker of Snickers and M&M's, is exploring a potential acquisition of Kellanova, the company behind snacks like Cheez-It and Pringles. This deal could become one of the largest in the packaged food sector, given Kellanova's market value of around $27 billion. While Kellanova's shares have risen since it split from WK Kellogg Co. last October, they remain undervalued compared to competitors like Hershey and Mondelez, making it an attractive target.

Takeaway: The acquisition is not guaranteed, and other potential buyers may emerge. If successful, this would be Mars' biggest acquisition, surpassing its $9.1 billion purchase of veterinary hospital operator VCA in 2017. Regulatory scrutiny is expected, as U.S. antitrust regulators have been cautious about large mergers potentially leading to higher consumer prices. Kellanova, which operates in 21 countries and sells in over 180, was formed after separating from WK Kellogg, which kept the North American cereal business. (Read Deeper)

Berkshire Hathaway Slashes Apple Stake

Berkshire Hathaway, led by Warren Buffett, sold nearly half of its Apple stake in Q2 2024, reducing its position from $140 billion to about $84 billion. This move, during a market rally that saw Apple shares rise 23%, has sparked varied reactions on Wall Street. Analysts urge investors to remain calm, suggesting the sale is more about risk management and balancing Berkshire's portfolio rather than a lack of confidence in Apple's future. Apple remains Berkshire's largest single holding. Concerns about economic downturns and the need for more proof of the success of Apple’s AI investments are also factors influencing investment decisions.

Takeaway: This substantial divestment comes against the backdrop of a bullish stock market, where Apple shares surged by 23% and the S&P 500 reached new highs. Despite the reduction, Apple remains Berkshire’s largest single position. The timing of the sale coincides with a period of renewed revenue growth for Apple, bolstered by the anticipation of new AI features expected to drive future sales. Berkshire Hathaway’s recent actions also include trimming its position in Bank of America, reinforcing the idea that the conglomerate may be preparing for potential market shifts. (Read Deeper)

TECHNOLOGY & SCIENCE

OpenAI Cautiously Develops Tool To Detect ChatGPT Generated Text

OpenAI has developed a text watermarking tool to detect writing generated by ChatGPT, aimed at preventing academic cheating. However, the company is cautious about releasing it due to the potential for misuse and negative impacts on certain groups, like non-English speakers. This method would embed subtle, detectable changes in text generated by ChatGPT, making it distinguishable from human writing.

Why It Matters: OpenAI acknowledges that the watermarking could be circumvented through techniques like paraphrasing or translation. The company continues to explore alternatives and is taking a measured approach to address these concerns before any release. This approach differs from previous, largely ineffective efforts to identify AI-generated text. OpenAI itself discontinued an earlier AI text detection tool due to its low accuracy. (Read Deeper)

Neuralink Successfully Implants Second Patient With Brain Chip

Neuralink, the brain-computer interface company founded by Elon Musk, has successfully implanted its device in a second patient. The device is designed to help paralyzed individuals use digital devices through thought alone. This second patient, like the first, has a spinal cord injury. Musk shared that the implant's 400 electrodes are functioning well and that the initial patient, Noland Arbaugh, has shown remarkable progress. Arbaugh can now control a computer using his thoughts, which increasing his independence.

Takeway: Despite initial challenges with the implant's wires retracting, Neuralink made adjustments to restore functionality. Musk indicated that the company plans to provide implants to eight more patients this year as part of ongoing clinical trials. The successful implantation marks a step forward in Neuralink's mission to enhance the lives of individuals with severe disabilities. (Read Deeper)

AROUND DE WORLD & POLITICS

Protest Continues In Lagos Despite President Tinubu’s Address

The organizers of the ‘End Hunger’ protest in Lagos have announced that demonstrations will continue at Gani Fawehinmi Freedom Park, Ojota, on Monday, August 5, 2024. This decision comes despite President Bola Tinubu’s recent address to the nation, where he acknowledged the protesters' concerns and urged them to end their demonstrations in favor of dialogue. The organizers criticized the President’s approach, stating that offering dialogue while demanding an end to protests was contradictory. They also condemned recent violence against protesters, including attacks by thugs during a Sunday morning worship session and an incident where a protester was struck on live television.

Takeaway: They condemned recent violence against protesters and called on Nigerian youth and various organizations to join their cause. The protests have been marked by clashes between protesters and hoodlums, although initially described as peaceful by the Lagos State government. (Read Deeper)

Rioters Attack Hotels Housing Asylum Seekers

Rioters attacked hotels housing asylum seekers in northern England on Sunday, marking the worst social unrest in the UK in years. The violence erupted after the stabbing of three young girls in Southport, which far-right groups falsely linked to immigrants, fueling anti-Muslim and anti-immigrant protests. The suspect, however, was British-born. Protesters vandalized and set fire to two Holiday Inns in Tamworth and Rotherham. In Tamworth, they threw projectiles, smashed windows, and started fires, injuring a police officer. In Rotherham, they used wooden planks, fire extinguishers, and set fires, terrifying residents and staff.

Takeaway: Prime Minister Keir Starmer condemned the violence, labeling it "far-right thuggery" and warning that those involved would face legal consequences. He emphasized that such rioters do not represent the country. The Home Office announced new emergency security measures for mosques in response to recent attacks, ensuring rapid deployment of protection to allow communities to return to worship quickly. The unrest, the worst since the 2011 riots, shows the tensions and challenges facing the UK as it grapples with issues of immigration, and misinformation. (Read Deeper)

ENTERTAINMENT & SPORTS

Noah Lyles Clinches Sensational 100m Gold By 0.005 Seconds

US sprint star Noah Lyles secured the Olympic 100m title in a dramatic photo finish at Paris 2024, edging out Jamaica's Kishane Thompson by just five-thousandths of a second. Lyles clocked a personal best of 9.79 seconds, the same time as Thompson, but his spectacular finish clinched the gold. Lyles, known for his showmanship, surged past his rivals in the second half of the race to begin his quest for potentially four golds at these Games. Former world champion Fred Kerley of the United States claimed bronze with a time of 9.81 seconds, narrowly beating South Africa's Akani Simbine for a podium spot. (Read Deeper)

Haaland Hat-Trick Leads Manchester City to 4-2 Victory Over Chelsea

Erling Haaland scored a sensational hat-trick to propel Manchester City to a 4-2 win over Chelsea. The Norwegian striker's clinical performance was the highlight of a game marred by defensive errors from the London side. Haaland struck twice in the opening five minutes, capitalizing on two costly mistakes by Chelsea. His first goal came from a fourth-minute penalty after Tosin Adarabioyo’s loose pass led to a foul by Levi Colwill. Haaland converted the re-take and quickly added a second, intercepting a misdirected pass from Moises Caicedo. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• There’s a fine line between pitching in to help your team and taking on too much at the expense of your mental health and performance. ( Listen )

EXTRA BREVITI

• Tinubu’s Lifeline for Dangote and Other Local Refineries ( Read More )

• HashKey's OTC Trading Unit Awarded Singapore's Payment License. ( Read More )

• China Evergrande Group's electric vehicle (EV) division is set to enter bankruptcy and reorganization proceedings ( Read More )