Telegram Founder, Arrested In France 🤯

Good morning. It's Monday, Aug. 26, and we're covering, Liu Jin, Vice Chairman And President Of The Bank Of China Has resigned, Pavel Durov, Founder of Telegram, Arrested In France, Escalating Conflict: Russia's Airstrike on Ukraine Targets Critical Infrastructure, 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 $2.24 Trillion, a 0.48% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $50.94B, which makes a 13.54% decrease.

• The total volume in Defi is currently $3.21B, 6.30% of the total crypto market 24-hours.

• The volume of all stablecoins is now $46.48B, which is 91.26% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.28%, an increase of 0.10% over the day.

BUSINESS & FINANCE

Liu Jin, Vice Chairman And President Of The Bank Of China Has Resigned

Liu Jin, the President and Vice Chairman of the Bank of China (BOC), has resigned from his position due to personal reasons, effective Sunday, according to a statement from the state-owned lender. The bank's board has approved Chairman Ge Haijiao to step in as acting president. Before this role, he served as president of China Everbright Bank and vice president of China Development Bank. Liu has also worked for the Industrial and Commercial Bank of China, the world's largest lender by assets.

Takeaway: His resignation follows that of former BOC Chairman Liu Liange, who stepped down in March 2023 amid an anti-corruption investigation. Liu Liange later pleaded guilty to accepting bribes worth over 121 million yuan, part of China's intensified anti-graft campaign targeting the $66 trillion financial industry. The Bank of China has not provided further details regarding Liu Jin's resignation. (Read Deeper)

What Went Wrong With Nestle CEO Mark Schneider

Nestlé's recently ousted CEO, Mark Schneider was once lauded as a transformative leader who guided the company through the pandemic, strengthened its margins, and executed a significant reorganization. However, his tenure took a dramatic turn, leading to his dismissal. Although Nestlé has remained tight-lipped about the specifics, several factors contributed to the board's decision to part ways with Schneider.

Takeaway: Schneider’s downfall came as Nestlé's board grew increasingly concerned about the company's stagnating sales growth and a slowdown in product innovation. Despite successfully boosting the company's operating margins from 16.5% to 17.3% during a tumultuous seven-year period, the board was dissatisfied with the lack of volume growth and perceived underinvestment in key areas. (Read Deeper)

TECHNOLOGY & SCIENCE

Pavel Durov, Founder Of Telegram, Arrested In France

Pavel Durov, the billionaire founder of the Telegram messaging app, was arrested in France at Le Bourget airport due to an outstanding arrest warrant tied to allegations that Telegram has allowed illegal activities to flourish due to insufficient moderation. The arrest has sparked international concern, especially from Russia, which views Durov as a political prisoner and demanded access to him. Elon Musk criticized the incident, suggesting it was an attack on free speech in Europe.

Takeaway: Durov’s arrest follows his longstanding resistance to government demands, particularly in Russia, where he refused to grant access to users’ encrypted messages in 2018. Durov and Telegram defended the platform, claiming it complies with EU laws and protects user privacy. (Read Deeper)

Boeing’s Starliner To Return Empty As NASA Opts For SpaceX To Bring Astronauts

NASA has decided to return Boeing's Starliner spacecraft from the International Space Station (ISS) empty, after propulsion system issues raised concerns about the capsule's safety for transporting astronauts. Initially, Starliner was supposed to return NASA astronauts Butch Wilmore and Suni Williams, but the agency now plans to bring them home using SpaceX's Dragon spacecraft, with their return scheduled for February 2025.

Why Its Matters: Starliner's crew flight test, meant to be a milestone for Boeing, has faced delays due to thruster failures during docking. Despite NASA's and Boeing's initial assurances, the decision reflects a cautious approach focused on safety. NASA still supports Boeing and hopes Starliner will eventually be safe for crewed missions. SpaceX is stepping in to ensure the safe return of astronauts and has agreed to accommodate Wilmore and Williams on the Crew-9 mission. (Read Deeper)

AROUND DE WORLD & POLITICS

Israel And Hezbollah Exchange Heavy Fire

Israel and Hezbollah exchanged heavy fire across the Israel-Lebanon border over the weekend. The Israeli military launched pre-emptive strikes on Hezbollah positions in southern Lebanon early Sunday, targeting rocket launchers and drones that the Iran-backed group had reportedly been preparing for an attack on Israel. In retaliation, Hezbollah fired 320 rockets and drones into Israel and the Golan Heights, following the killing of a senior Hezbollah commander by Israel in July.

Takeaway: Israeli Prime Minister Benjamin Netanyahu warned Hezbollah and its ally Iran that Israel's actions were a "further step in changing the situation in the north." Meanwhile, Hezbollah stated it would continue its operations in support of Hamas in Gaza, while Lebanon’s Prime Minister Najib Mikati urged international mediation to de-escalate the conflict. (Read Deeper)

Russian Attacks Across Ukraine Kill 4, Injure 37

Russian forces launched a series of attacks on northern, eastern, and southern Ukraine on Sunday, resulting in at least four deaths and injuring 37 people, the strikes targeted key regions including Chernihiv, Sumy, Kharkiv, and Donetsk. In Sumy, a missile attack killed one person and injured 16 others, including three children. The Kharkiv region reported 13 injuries, including a 4-year-old child, and damage to a gas pipeline and several houses. The city of Kharkiv also experienced damage from the attacks.

Takeaway: Ukraine's air force reported that most missiles failed to reach their targets, with several being intercepted. Among the missiles launched were Iskander-M ballistic and Iskander-K cruise missiles, along with guided air missiles. Additionally, nine attack drones were used, eight of which were shot down by Ukrainian air defenses in the Mykolaiv region. (Read Deeper)

ENTERTAINMENT & SPORTS

Madueke’s First Hat-Trick And Chelsea First Premier League Win

Chelsea secured their first Premier League win of the season in a thrilling 6-2 victory over Wolves at Molineux Stadium, thanks to a remarkable hat-trick by Noni Madueke. The match kicked off with a bang as Chelsea took the lead within two minutes. A corner from Cole Palmer caused chaos in the Wolves defense, leading to Nicolas Jackson heading in at the back post. The early goal energized the home crowd, but Wolves quickly responded. (Read Deeper)

The Death Of Aaliyah, 23 Years Later

Aaliyah Dana Haughton, the iconic singer known for her groundbreaking work in the 1990s, tragically passed away 23 years ago today in a plane crash in the Bahamas. The incident, which occurred on August 25, 2001, claimed the lives of the 22-year-old star and eight others, marking a devastating moment in music history. Aaliyah's career began at a young age, performing alongside her aunt Gladys Knight and quickly rising to fame with her debut album, Age Ain't Nothing But a Number, released when she was just 14. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Two astronauts aboard a Boeing spacecraft have found themselves stranded in space due to mechanical failures, marking another setback in Boeing's troubled space program. (Watch)

EXTRA BREVITI

• Kamala Harris Raises $540 Million Since Launching Presidential Campaign. (Read More)

• Who is Pavel Durov, the founder and CEO of messaging app Telegram? (Read More)

• North Korean leader Kim Jong Un personally oversaw a performance test of domestically developed drones. (Read More)