🚘️Tesla Unveils 'Cybercab' Robotaxi And Robovan

☀️Good morning. It's Friday, Oct. 11, and we're covering, Berkshire Hathaway Raises $1.9 Billion In Yen Bonds To Boost Japanese Economy, Tesla Unveils 'Cybercab' Robotaxi And Robovan, Florida Struggles To Recover After Hurricane Milton, 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 $2.12 Trillion, a 0.37% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $69.7B, which makes a 6.17% increase.

• The total volume in Defi is currently $4.42B, 6.34% of the total crypto market 24-hours.

• The volume of all stablecoins is now $63.79B, which is 91.52% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.58%, a decrease of 0.01% over the day.

Bitcoin Drops Below $59K On Thursday As Inflation Concerns And Regulatory Crackdown

Bitcoin fell sharply on Thursday, dropping 4% to under $59,000, as renewed inflation worries and regulatory actions shook the crypto market. The slide comes after a re-acceleration of inflation in September, according to the U.S. Consumer Price Index (CPI), which has raised doubts about future interest rate cuts by the Federal Reserve. (Read Deeper)

BUSINESS & FINANCE

Berkshire Hathaway Raises $1.9 Billion In Yen Bonds To Boost Japanese Economy

Berkshire Hathaway has raised 281.8 billion yen (approximately $1.9 billion) in a yen-denominated bond offering, marking its largest bond sale in five years. Warren Buffett intended to increase exposure to Japanese assets, following previous equity stakes in the country's top five trading houses. The funds from the bond issuance will be used for general corporate purposes, with the company having raised its stake in Japanese firms to around 9% each.

Takeaway: The bond deal reflects optimism about the potential for Japanese stocks, particularly in value sectors like banks and insurers. The Nikkei index has reached record highs this year, rising 17.7% in 2024, partly due to Buffett's positive outlook attracting foreign investors. The latest bond issuance included various maturities, with the largest tranche being a 3-year bond raising 155.4 billion yen. Final prices for the bonds were set at the lower to middle end of revised guidance. (Read Deeper)

Bank of Korea Makes First Rate Cut, With Cautious Policy Shift

The Bank of Korea (BOK) has lowered its key policy rate by 25 basis points to 3.25%, a decision that aligns with predictions from most economists. Despite this move, Governor Changyong Rhee indicated that further rate cuts are unlikely soon, with several board members expecting the rate to remain stable for at least three months. The BOK maintained a higher rate of 3.5% for over 18 months to mitigate risks in the housing market and ensure financial stability.

Why It Matters: The decision reflects a global trend among central banks to ease monetary policy in response to declining inflation and slow economic growth. While the BOK noted improvements in inflation stabilization and household debt, it remains vigilant about future cuts, indicating that any further easing will depend on economic conditions. (Read Deeper)

TECHNOLOGY & SCIENCE

Tesla Unveils 'Cybercab' Robotaxi And Robovan

Tesla's CEO Elon Musk unveiled a futuristic two-door Cybercab robotaxi at the "We, Robot" event in California, featuring gull-wing doors and no steering wheel or pedals. The Cybercab, priced under $30,000, is expected to enter production by 2026 and will use inductive charging, eliminating the need for plugs. Musk also revealed the Robovan, a larger self-driving vehicle capable of carrying up to 20 people. These vehicles rely solely on AI and cameras, unlike competitors that use more expensive hardware like lidar.

Why It Matters: Musk's vision involves a fleet of self-driving Tesla robotaxis that users can hail through an app, allowing individual Tesla owners to profit by listing their vehicles as robotaxis. However, investors and analysts attending the event expressed disappointment over the lack of detailed timelines and business strategies for rolling out the robotaxis and securing regulatory approval. (Read Deeper)

ByteDance's TikTok Lays Off Hundreds Of Employees

TikTok, owned by ByteDance, is laying off hundreds of employees globally, particularly in Malaysia, as it shifts towards greater use of artificial intelligence in content moderation. Initial reports suggested over 700 jobs were cut in Malaysia, but TikTok later clarified that fewer than 500 were affected. Most of those laid off worked in content moderation and were notified via email.

Takeaway: The company stated that several hundred employees worldwide would be impacted as part of a broader strategy to enable moderation operations. TikTok currently uses a mix of automated detection and human moderators to review content and plans further layoffs next month to consolidate regional operations. The layoffs coincide with increasing regulatory pressure in Malaysia, where the government has required social media operators to apply for operating licenses to combat cyber offenses. (Read Deeper)

AROUND DE WORLD & POLITICS

Florida Struggles To Recover After Hurricane Milton: 11 Dead And Millions Without Power

Hurricane Milton struck Florida on Thursday, causing significant destruction and resulting in at least 11 fatalities. The storm made landfall as a Category 3 hurricane, generating 120 mph winds and tornadoes that contributed to widespread damage. Nearly 2.9 million homes and businesses lost power, with flooding and destroyed homes reported across the state. Fatalities were confirmed in several counties, including St. Petersburg and St. Lucie County.

Takeaway: Governor Ron DeSantis noted that while the storm was severe, the impact was less catastrophic than initially feared due to the hurricane weakening before landfall. Tampa experienced a reverse storm surge that helped mitigate flooding. The Florida Division of Emergency Management warned residents about the dangers of receding waters. The devastation follows closely on the heels of Hurricane Helene, which impacted Florida just two weeks prior. (Read Deeper)

Hezbollah Frustrated In Lebanon As Israeli Widening Invasion

Israel’s military offensive in Lebanon escalates, and anger is growing not only against Israel but also against Hezbollah. With over 1,400 Lebanese dead and more than 1 million displaced, frustration is mounting over Hezbollah's role in sparking the conflict. Critics argue that the Iran-backed group dragged Lebanon into a war with Israel, serving Iran’s interests rather than those of the Lebanese people.

Takeaway: Hezbollah joined the fighting after Hamas attacked Israel, leading to extensive Israeli airstrikes across Hezbollah-controlled areas. Despite Hezbollah's initial assumption that Israel wouldn't engage in a full-scale war, Israeli forces have ramped up their operations, resulting in heavy casualties and destruction. (Read Deeper)

ENTERTAINMENT & SPORTS

Rafael Nadal, The Beating Heart Of Tennis, Announces Retirement

Rafael Nadal, the iconic 38-year-old tennis player and first man to win 22 Grand Slam titles, has announced his retirement from professional tennis, effective at the end of 2024. His final event will be the Davis Cup in November, representing Spain. Nadal reflected on the difficulties of the past few years, stating, "I don’t think I have been able to play without limitations." He expressed gratitude for his successful career, which began in 2001 when he turned pro at just 14 years old. Known for his exceptional skill on clay, Nadal holds the record for 14 French Open titles and has won a total of 131 tournament finals throughout his career. (Read Deeper)

Sean Combs’s Sex Trafficking Trial Scheduled For May 5 In New York

Sean Combs, the music mogul, is set to stand trial on May 5 in New York on charges including racketeering conspiracy, sex trafficking, and transportation to engage in prostitution. Federal Judge Arun Subramanian, who recently took over the case, scheduled the trial during a hearing where Combs, 54, appeared in tan jail clothes after being held in a federal detention center in Brooklyn for the past three weeks. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• A deep dive into index investing with a focus more on the psychology aspect. (Listen)

EXTRA BREVITI

• Japanese payments company Infcurion is planning an initial public offering (IPO) in Tokyo for 2025. (Read More)

• Two DeepMind researchers, CEO Demis Hassabis and senior scientist John Jumper, won the 2024 Nobel Prize in Chemistry alongside University of Washington professor David Baker. (Read More)

• Warren Buffett's Berkshire Hathaway has reduced its stake in Bank of America Corp. to 9.99%, falling below the 10% regulatory threshold that requires rapid trade disclosures. (Read More)

• China’s once-thriving financial sector, known for high salaries and elite status, is now struggling as government crackdowns target the industry. (Read Deeper)