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Feds seize $400,000 worth of counterfeit Apple products
Wednesday, August 23, 2023 12:02 pm
Federal law enforcement officers seized nearly $400,000 worth of counterfeit Apple products found in shipments from Hong Kong at the Los Angeles/Long Beach Seaport complex and at Ontario International Airport, authorities said Tuesday.
NBC Los Angeles:
The counterfeit items, which included phony Apple watches and wireless earphones, were “concealed in generic packaging,” according to Jaime Ruiz of U.S. Customs and Border Protection.
The items included 220 “wrist wearable devices” and 1,200 pairs of wireless headphones, Ruiz said.
“If genuine, the seized products would have had an estimated manufacturer’s suggested retail price of $396,812,” Ruiz said.
The illicit products, arriving in six individual shipments via air cargo, were seized in a one-week period in mid-July.
MacDailyNews Note: Anyone with information about illegal trade or other suspicious activities can call U.S. Customs and Border Protection at 800-BE-ALERT.
https://macdailynews.com/2023/08/23/feds-seize-400000-worth-of-counterfeit-apple-products/
Crypto This Tuesday: Coinbase Buys Part of Circle, Phantom Introduces Simplified Solana Login, and More
August 22 2023 - 04:04PM
IH Market News
Coinbase acquires Circle stake, overhauls USDC governance
Coinbase (NASDAQ:COIN) announces the acquisition of an equity interest in Circle (COIN:USDCUSD) and the end of the Center Consortium, co-manager of USDC. With the regulatory evolution of stablecoins, the need for Center has reduced. Circle will have full control of USDC, which will expand to six more blockchains. Both companies will continue to profit from USDC interest and will split these earnings equally.
Federal judge sanctions Tornado Cash linked to Coinbase
A federal judge has dismissed the challenge by Coinbase-backed investors and developers against sanctions imposed on Tornado Cash by the US Treasury Department. The decision highlighted that Tornado Cash, used by North Korea for cryptocurrency laundering, had a Decentralized Autonomous Organization (DAO) that could be sanctioned. The ruling sets a precedent for how DAOs can be dealt with in court.
EDX Markets announces partnership with Anchorage Digital for custody
EDX Markets, an institutional cryptocurrency exchange launched in 2023, has joined forces with Anchorage Digital for custody in its new division, EDX Clearing. Aiming to combine traditional financial structures with digital assets, the partnership celebrates the security and compliance of Anchorage, a crypto bank recognized by the US government. Both entities aim to improve efficiency and security in digital asset settlement operations.
Tether expands Lugano’s blockchain infrastructure in new partnership
Tether (COIN:USDTUSD), the issuer of the USDT stablecoin, has partnered with the Swiss city of Lugano to strengthen the city’s blockchain infrastructure. This collaboration includes managing a validator node with 3Achain from Lugano, which underpins the local stablecoin LVGA. The joint initiative, called Plan ?, seeks to expand the use of blockchain technology in Lugano, from everyday transactions to payments for municipal services, solidifying the city as the region’s blockchain capital.
World Mobile expands decentralized mobile internet service
World Mobile (COIN:WMTUST), a decentralized mobile internet provider, has expanded its availability to Android devices in countries including the US, UK, Canada and Australia. Using blockchain and other technologies, it aims to offer low-cost internet access. The application, which allows the conversion of coins into WMT tokens and operates on the Cardano blockchain, also announced a partnership with SingularityNET to leverage artificial intelligence solutions in customer service.
Starkware releases cryptographic software tool for Ethereum blockchain
Starkware, developer of the Ethereum StarkNet blockchain, has announced that it will make public the code of its cryptographic tool, formerly known as STARK Prover and now renamed Stone, on August 31. The tool, essential for compressing transactions and generating cryptographic proofs, aims to optimize the Ethereum blockchain. By making the code available, Starkware hopes to improve quality, increase transparency, and allow for community detections and optimizations.
Elusiv launches private trading in Solana
The Elusiv protocol introduced a “private token swaps” feature in Solana, allowing crypto exchanges without revealing public wallet addresses. Through the Elusiv app, users deposit funds into a private balance before transactions, using zero-knowledge proofs. Anatoly Yakovenko, co-founder of Solana, highlighted the platform’s combination of privacy and efficiency: “ Elusiv Privacy represents the future of blockchain transactions – achieving a perfect combination of zero-knowledge privacy, efficiency and instant settlement ”.
Phantom launches simplified authentication with “Sign In With Solana”
Popular Crypto and NFT wallet app Phantom has introduced a “Sign In With Solana” (SIWS) feature, offering users easier and more secure authentication with a single click. This method aims to eliminate cumbersome authentication and improve the user experience by addressing concerns about inconsistent authentication processes across different applications. The initiative was developed in collaboration with Solana Labs.
Mantle bets 40,000 ETH on Lido after governance decision
Tier 2 network Mantle has staked 40,000 ETH on the Lido staking protocol, valued at around $66 million, following a governance vote on the management of its treasury. With a treasure valued at more than $3.2 billion, the community now has the autonomy to decide on treasure strategies. Mantle has recently introduced its mainnet technology, looking to compete with competitors such as Arbitrum and Optimism.
Friend.tech privacy breach exposes user data
Friend.tech was the victim of a breach that exposed information on over 101,000 users. Banteg, contributor to the DeFi Yearn Finance project, revealed details including wallet addresses and Twitter usernames. The loophole revealed that users could have allowed the platform to post under their names. Although Friend.tech argues that the data was already public, privacy concerns are growing, especially as the platform has gained prominence, accumulating expressive fees recently.
FTX founder defends himself against fraud allegations
Sam Bankman-Fried, founder of FTX, has pleaded not guilty in Manhattan court to charges of fraud, conspiracy and misuse of client funds. The allegations include siphoning off billions to cover losses in his hedge fund and fund political contributions. While Bankman-Fried’s defense pursues a strategy based on “legal advice”, the trial is scheduled for October, with the cryptocurrency industry watching closely.
Thailand threatens to shut down Facebook operations over fraudulent cryptocurrency ads
Thai authorities have warned Facebook about fraudulent cryptocurrency ads, threatening to shut down its court operations in the country. Thailand’s Ministry of Economy and Digital Society has asked Meta (NASDAQ:META), which owns Facebook, to block more than 5,301 misleading ads and pages. The government criticized Facebook for allowing fake ads and stressed that the platform must show accountability. Despite Meta detection measures using AI, scams continue to proliferate.
Former Chinese official sentenced to life in prison for corruption linked to cryptocurrency mining
Yi Xiao, a former official from Jiangxi province, was sentenced to life imprisonment after being accused of abusing his power in activities related to cryptocurrency mining and accepting bribes of more than $17.1 million. During his tenure in Fuzhou, Xiao assisted mining companies, causing substantial losses to public property.
Oman boosts digital economy with new mining hub
Oman opened its second $150 million digital assets mining facility in the Salalah Free Trade Zone, seeking to diversify its oil-based economy. Operated in partnership with Exahertz and Woonwalk Systems, the center will use technology from Bitmain and plans to expand its capacity in the coming months. This step is part of Oman’s efforts to become a blockchain hub, reflecting investment trends across the Middle East region.
Maple Finance to expand into Asia after $5M investment
Blockchain-based lending platform Maple Finance has raised $5 million for expansion in the Asia-Pacific region. Led by BlockTower Capital and Tioga Capital, the round was attended by Cherry Ventures, GSR Ventures and others. Sidney Powell, CEO of Maple, highlighted plans to leverage the company’s technology at APAC, focusing on markets such as Singapore and Japan. This decision highlights Asia’s growing role in the digital asset industry, particularly given regulatory developments in the region.
Binance Labs invests $2.2 million in Delphinus Lab for ZK development
Binance Labs, the venture capital arm of Binance, invested $2.2 million in Delphinus Lab to support the development of its zkWASM Hub platform. The platform, part of ZK-proof technology, will facilitate decentralized application development by combining Web2 robustness with Web3 decentralized features. This infrastructure will help developers to launch WASM-enabled applications, enhancing application security and privacy in a multi-chain environment.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/91874950/crypto-this-tuesday-coinbase-buys-part-of-circle
Apple in talks to invest in Arm’s IPO in chip influence tug of war
Wednesday, August 23, 2023 8:55 am
Arm Holdings Ltd’s clients are angling to snap up shares in its initial public offering (IPO), putting the semiconductor designer’s adherence to not picking sides in the chip industry to the test. Customers of Arm that have held talks about taking a piece of the IPO include Apple, Amazon, Intel, Nvidia, Alphabet, Microsoft, Samsung Electronics, and TSMC.
Milana Vinn, Anirban Sen, and Stephen Nellis for Reuters:
Arm is hoping for a valuation of up to $70 billion in the IPO, which will launch on the Nasdaq next month.
These companies’ interest is fueled by a desire to expand their commercial relationship with Arm, and make sure that their rivals do not gain an edge, according to people familiar with the discussions.
This is because Arm’s customers view its semiconductor designs as an indispensable resource. They are used by more than 260 technology companies to make over 30 billion chips annually, powering 99% of the world’s smartphones and everything from the tiniest of sensors to the most powerful supercomputers.
While an IPO investment would not come with a seat on Arm’s board or ability to dictate strategy, it could strengthen ties with each participating company and make it harder for a competitor to acquire Arm later, according to the sources.
Arm and its owner SoftBank Group have set aside 10% of the shares to be sold in the IPO for its clients, the sources said… The details of the IPO discussions between Arm and its clients, which have not been previously reported, illustrate how the company’s neutral status as “the Switzerland of chips” remains a flash point.
[One] of Arm’s major customers in talks to invest in the IPO is Apple. It was part of a consortium that founded Arm in 1990, and has been using its technology for chips that power its iPhones and Mac computers. Its close relationship with Arm has helped it design chips that curbed its reliance on Intel as a supplier.
MacDailyNews Take: We trust Apple will do whatever need to be done to maintain, if not strengthen, its influence in regard to Arm.
?
A $70 billion valuation would put Arm at No.115 on the list of the largest public listed companies in the S&P 500 index ranked by market value, just ahead of Northrop Grumman.
Related
Apple, other leading chipmakers to invest in Arm as it eyes September IPO
Tuesday, August 8, 2023
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SoftBank kills sale of Arm Ltd. to Nvidia over regulatory hurdles; will IPO instead
Tuesday, February 8, 2022
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SoftBank hires Goldman Sachs to explore sale of Arm Holdings
Monday, July 13, 2020
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https://macdailynews.com/2023/08/23/apple-in-talks-to-invest-in-arms-ipo-in-chip-influence-tug-of-war/
Apple stock now officially in technical correction
Monday, August 21, 2023 12:07 pm
Apple stock has now officially entered a technical correction which is defined as a decline of at least 10% in a stock price or market from a peak. Apple shares are down about 11% from its July 31st high of $196.45.
Brian Sozzi for Yahoo Finance:
First and foremost is the increasing economic pressure in China that unfolded in August.
Fears on the health of over-leveraged property developers, a slow-to-act Chinese government on the yawning crisis, and a sagging stock market have clouded the outlook for Apple product demand.
Wall Street analysts currently expect sales in Greater China to increase nearly 16% in Apple’s new fiscal year on the back of brisk demand for the iPhone 15.
But CEO Tim Cook appeared to tamp down expectations on China by signing off on a cautious September quarter financial outlook when it reported results earlier this month.
MacDailyNews Take: Apple’s September quarter is likely to contain just a few days of iPhone 15 sales, if that.
https://macdailynews.com/2023/08/21/apple-stock-now-officially-in-technical-correction/
Coinbase Announces Early Tender Results and an Increase in Consideration in Connection with Cash Tender Offer for Up to $150.0 Million Aggregate Purchase Price of its Outstanding 3.625% Senior Notes Due 2031
August 21 2023 - 09:00AM
Business Wire
Coinbase Global, Inc. (the “Company” or “Coinbase”) today announced the early tender results of its previously announced offer to purchase for cash (the “Tender Offer”) up to $150.0 million in aggregate purchase price (the “Maximum Tender Amount”), excluding accrued and unpaid interest, of its 3.625% Senior Notes due 2031 (the “Notes”).
The Company also announced that it has amended the terms of the Tender Offer to increase each of the Total Consideration and the Tender Consideration (as each term is defined in the Company’s offer to purchase, dated August 7, 2023 (the “Offer to Purchase”)) per $1,000 principal amount of Notes tendered and accepted for purchase pursuant to the Offer to Purchase to $675.00 (the “Amended Consideration”), which increase applies to all Notes that have been, or will be, tendered (and not validly withdrawn) and accepted for purchase (and, accordingly, to eliminate the Early Tender Premium (as defined in the Offer to Purchase)).
Certain information regarding the Notes and the Tender Offer, including (i) the Amended Consideration and (ii) the aggregate principal amount of Notes that was validly tendered as of 5:00 p.m., New York City time, on August 18, 2023 (the “Early Tender Time”), according to Global Bondholder Services Corporation, the tender and information agent for the Tender Offer (the “Tender and Information Agent”), is set forth in the table below:
Issuer
Title of Security
CUSIP Number/ ISIN (1)
Aggregate Principal Amount Outstanding (2)
Aggregate Principal Amount Tendered (2)
Aggregate Principal Amount Expected to be Accepted for Purchase (3)
Aggregate Amount to be Paid (4)
Amended Consideration (5)
Coinbase Global, Inc.
3.625% Senior Notes Due 2031
144A CUSIP/ISIN: 19260Q AD9 / US19260QAD97 Regulation S CUSIP/ISIN: U19328 AB6 / USU19328AB62
$1,000,000,000
$50,034,000
$50,034,000
$34,483,329
$675.00
(1) CUSIP information is provided for the convenience of Holders (as defined below). No representation is made as to the correctness or accuracy of such numbers.
(2) As of the Early Tender Time.
(3) Subject to satisfaction or waiver of the conditions set forth in the Offer to Purchase (as defined below), the Company anticipates that Notes tendered as of the Early Tender Time will be accepted for purchase in accordance with the terms of the Tender Offer, as amended, on August 22, 2023 (the “Early Settlement Date”). However, there can be no assurance that the conditions set forth in the Offer to Purchase will be satisfied or waived.
(4) With respect to Notes accepted for purchase on the Early Settlement Date and inclusive of accrued and unpaid interest.
(5) Per $1,000 principal amount of Notes validly tendered and accepted.
Withdrawal rights for the Tender Offer expired at 5:00 p.m., New York City time, on August 18, 2023. The Tender Offer will expire at 11:59 p.m., New York City time, on September 1, 2023 (such date, as may be extended, the “Expiration Time”).
Holders of Notes (“Holders”) who validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Time are eligible to receive the Amended Consideration for the Notes accepted for purchase. Holders of Notes will also receive accrued and unpaid interest on their Notes validly tendered and accepted for purchase from the most recent interest payment date for the Notes up to, but not including, the Early Settlement Date.
The Company expects to pay for the Notes that were validly tendered at or prior to the Early Tender Time and that are accepted for purchase on the Early Settlement Date. No further action is required to be taken by Holders who have already validly tendered and not validly withdrawn their Notes in order to receive the Amended Consideration, plus accrued and unpaid interest, on the Early Settlement Date.
The amount of Notes that may be purchased in the Tender Offer is subject to the Maximum Tender Amount. Subject to the remaining capacity under the Maximum Tender Amount, and proration if applicable, Holders who validly tender Notes after the Early Tender Time but prior to or at the Expiration Time, and whose Notes are accepted for purchase, will be eligible to receive the Amended Consideration, plus accrued and unpaid interest. No tenders will be valid if submitted after the Expiration Time. Payment for the Notes that are validly tendered prior to or at the Expiration Time and that are accepted for purchase will be made on a date promptly following the Expiration Time, which is currently anticipated to be September 6, 2023, the second business day after the Expiration Time.
Except as described herein, other terms of the previously announced Tender Offer remain unchanged. Holders of Notes should read carefully and in its entirety the Offer to Purchase before deciding to tender or withdraw their Notes, as applicable.
The Company has engaged Citigroup Global Markets Inc. to serve as Dealer Manager for the Tender Offer. Questions regarding the Tender Offer should be directed to Citigroup Global Markets Inc. at (800) 558-3745 (U.S. toll-free) and (212) 723-6106 (New York). Copies of documents relating to the Tender Offer may be obtained from the Tender and Information Agent at http://www.gbsc-usa.com/coin, or by telephone at (855) 654-2015 or (212) 430-3774.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. This press release does not describe all the material terms of the Tender Offer, and no decision should be made by any Holder on the basis of this press release. The Offer to Purchase contains important information which should be read carefully before any decision is made with respect to the Tender Offer.
Disclaimer
None of the Company, the Dealer Manager, the Tender and Information Agent or the trustee for the Notes, or any of their respective affiliates, is making any recommendation as to whether Holders should or should not tender any Notes in response to the Tender Offer or expressing any opinion as to whether the terms of the Tender Offer are fair to any Holder. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes to tender. Please refer to the Offer to Purchase for a description of the offer terms, conditions, disclaimers and other information applicable to the Tender Offer.
About Coinbase
Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. The Company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” including, among other things, statements relating to the anticipated cash expenditure to consummate the Tender Offer, as well as the completion, timing and size of the Tender Offer. Statements containing words such as “could,” “believe,” “expect,” “intend,” “will,” or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those described in such forward-looking statements, including those described in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and other filings with the Securities and Exchange Commission. New risks and uncertainties emerge from time to time and it is not possible for the Company to predict all risks that could have an impact on any forward-looking statements contained herein. Forward-looking statements in this press release are based on the Company’s beliefs and assumptions and on information available to the Company’s management as of the date they are made. Investors should not place undue reliance on any such forward-looking statements. Except as may be required by law, the Company undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230821941024/en/
Press: press@coinbase.com
Investors: investor@coinbase.com
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/91862688/coinbase-announces-early-tender-results-and-an-inc
Apple, other American firms protest India tech import curbs
Friday, August 18, 2023 12:50 pm
Apple, along with a broad coalition of America’s largest businesses, protested the abrupt way in which India introduced tech import restrictions this month, saying the surprise move will damage the country’s ambitions to become a global manufacturing hub while harming consumers.
Sankalp Phartiyal for Bloomberg News:
In a letter to US officials this week, eight American trade groups comprising the biggest players in technology and manufacturing asked the Department of Commerce, US Trade Representative and government more broadly to urge India to reconsider the policy. The South Asian nation plans to impose a new license requirement for tech imports from Nov. 1, spanning everything from laptops and tablets to servers and components for datacenters.
The move “could significantly disrupt trade, hamper efforts to more closely integrate India into global supply chains, and harm businesses and consumers in both countries,” the trade groups said in a joint memo reviewed by Bloomberg News. The licensing regime was initially implemented with immediate effect earlier this month, before authorities allowed a three-month reprieve to let companies obtain the required licensing.
US industry groups including the Information Technology Industry Council, the National Association of Manufacturers and the Semiconductor Industry Association raised several objections to the planned licensing rules. Any barrier to trade could affect the shipment of US-made computers and electronics into India, which in turn could complicate the ability of businesses in the country, whether American or Indian, to run and expand their operations.
MacDailyNews Take: As we wrote earlier this month, “Apple is all in on India and we can see the company being granted exemptions or expedited licensing given that the company’s current push to diversify beyond China strongly involves significant manufacturing and assembly investments in India by Apple and their assemblers.”
Related
Apple trying to make a foothold in India, despite roadblocks
Monday, March 20, 2017
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India mandates licensing for MacBook, iPad, other laptop, tablet imports in ‘Make in India’ push
Thursday, August 3, 2023
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Apple may offer iPad buyback programs in India
Tuesday, December 3, 2013
In "News"
https://macdailynews.com/2023/08/18/apple-other-american-firms-protest-india-tech-import-curbs/
I missed this positive endorsement of JASMY article: Economist Henrik Zeberg Predicts Exponential Rally in Ethereum-Based Altcoin Amid Coming ‘Super Euphoria’ of 2023
Daily Hodl Staff May 7, 2023 ALTCOINS, TRADING
Closely followed economist and Bitcoin (BTC) bull Henrik Zeberg is calling for a mega bullish finish to this year for the crypto markets, and currently has his eye on one particular altcoin project based on Ethereum (ETH).
Zeberg tells his 110,000 Twitter followers that Internet of things (IoT) project Jasmy (JASMY), has the ability rally over 100x from its current price levels.
Jasmy, a Japanese crypto project, aims to combine blockchain and IoT technology to create and infrastructure that allows anyone use data safely and securely. It is currently trading at $0.007, about 99.8% down from its all-time high.
Zeberg’s JASMY call is in line with his outlook that crypto is about to enter a euphoric stage that outdoes the bull market of 2021. He shares a chart that suggests the total crypto market cap could explode rather quickly to the $4.4 trillion level.
“If you liked the Crypto Euphoria in markets in late 2021, you are going to LOVE the coming SUPER EUPHORIA in late 2023.”
Contrary to popular belief that the US economy is either in or entering into a recession, Zeberg is of the viewpoint that the macro situation is actually bullish based on a number of ecomomic points. He says the Federal Reserve has finished raising interest rates, and that risk assets like crypto are now in for a boost.
“Economy is 100% NOT in Recession.
Inflation down strongly – and moving lower.
Fed is DONE!
GOLDILOCKS ZONE
Blow-off top developing.”
The popular analyst has previously called for a major uptrend to begin for Bitcoin and the rest of the crypto markets.
https://dailyhodl.com/2023/05/07/economist-henrik-zeberg-predicts-exponential-rally-in-ethereum-based-altcoin-amid-coming-super-euphoria-of-2023/
Apple co-founder Mike Markkula sells 14,000-acre Carmel Valley ranch for $35 million to environmental group
Friday, August 18, 2023 10:30 am
Apple co-founder, first chairman, and second CEO Mike Markkula has sold his 14,000-acre ranch — the largest landholding in Carmel Valley, California — for $35 million to an environmental group that plans to turn the property into a nature preserve.
David Caraccio for The Scaramento Bee:
Known as Rana Creek Ranch, the Monterey County property had been off market since December 2018 after previously listing for $59.95 million in 2013 and for $45 million in 2016. The last asking price was $37.5 million.
The working cattle ranch consists of a private lake, riding arena, two barns, 2,900-foot airplane landing strip and an understated 5,413-square-foot main house with a swimming pool
The main residence includes one bedroom and one full and two half bathrooms. There’s a covered walkway connecting to a two-bedroom guest wing. The ranch, which has offices and homes for its manager and staff, also contains a separate two-bedroom guesthouse.
The coastal compound is being sold to The Wildlands Conservancy with the environmental group planning to turn the 14,000-acre property into a nature preserve, according to Hall and Hall.
A mix of private and public funds went into the land purchase, including $24 million from the California Wildlife Conservation Board — the largest grant for acquisition the state agency has made in 2023 — and $2 million from the State Coastal Conservancy. The Wildlands Conservancy is contributing $2.5 million, and another $6.5 million comes via a loan provided by Markkula, Monterey County Weekly reported.
MacDailyNews Take: Of course, a sale like this comes with its own video:
https://macdailynews.com/2023/08/18/apple-co-founder-mike-markkula-sells-14000-acre-carmel-valley-ranch-for-35-million-to-environmental-group/
Apple Card tops J.D. Power customer satisfaction study
Thursday, August 17, 2023 5:30 pm
Apple Card has been named the Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee in the J.D. Power 2023 U.S. Credit Card Satisfaction Study, marking the third consecutive year Apple Card and issuer Goldman Sachs have been recognized by J.D. Power with a No. 1 ranking in their segment in the U.S. Credit Card Satisfaction Study.
“Since the start, we’ve been committed to delivering tools and services that help users live healthier financial lives, and it’s been rewarding to see customers using and finding value in the benefits of Apple Card. We are honored that Apple Card has been recognized as a leader in customer satisfaction,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in a statement. “In partnership with Goldman Sachs, we are continuously working to expand the value users receive from Apple Card, most recently with the launch of Savings, and we look forward to continuing to develop tools and services that put our users and their financial health first.”
Introduced in 2019, Apple Card was built with users’ financial health in mind. With absolutely no fees, it was designed to offer an easy and secure way to track purchases, manage spending, and quickly calculate potential interest charges all within Wallet, while offering up to 3 percent Daily Cash on every purchase.
“With Apple Card, we have had a shared focus on delivering a great experience and providing value to our customers since the beginning,” said Liz Martin, Goldman Sachs’s head of Enterprise Partnerships, in a statement. “As we have brought new offerings and benefits to customers, we are honored to once again be recognized by them and J.D. Power.”
Most recently, Apple unveiled a Savings account from Goldman Sachs for Apple Card users that has since reached over $10 billion in deposits.3 Savings allows users to get even more value from their Daily Cash rewards, and comes with no fees, no minimum deposits, and no minimum balance requirements, while also allowing users to transfer additional funds from a linked bank account.
MacDailyNews Note: More information about Apple Card is available at apple.com/apple-card.
Related
Apple Card shines bright in J.D. Power U.S. Credit Card Satisfaction Study
Thursday, August 19, 2021
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Apple Card ranks No.1 in J.D. Power credit card satisfaction for second consecutive year
Thursday, August 18, 2022
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Apple Card wins first ever J.D. Power Award for customer satisfaction
Friday, August 20, 2021
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https://macdailynews.com/2023/08/17/apple-card-tops-j-d-power-customer-satisfaction-study/
Apple is the most under-owned stock right now – Jefferies
Wednesday, August 16, 2023 4:02 pm
Apple tops Jefferies’ list of the most under-owned stocks by U.S. long-only funds right now. Up 36% for 2023 so far, Apple topped Jefferies’ list that published Wednesday of the top 20 stocks by U.S. long-only funds.
Barbara Kollmeyer for MarketWatch:
Warren Buffett’s Berkshire Hathaway was the fifth most under-owned on that list.
Jefferies offered a separate breakdown for the most under-owned stocks among global hedge funds, with Tesla and Apple again at the top, along with Ford and Exxon.
As for over-owned stocks, Alphabet, and Meta Platforms were at the top of a list of 20 names among U.S. long-only funds, with Netflix also in the top five. Among global hedge funds, Microsoft, Meta, and Nvidia were the top three over-owned names, followed by Amazon.com and Activision Blizzard
MacDailyNews Note: Here’s Jeffries’ Top 20 under-owned companies by U.S. long-only funds:
https://macdailynews.com/2023/08/16/apple-is-the-most-under-owned-stock-right-now-jefferies/
Thank you! I bought more SHIB,🙂 In addition to JASMY. i am not sure if this article below got posted about SHIB, but it seems to have some reasonable warnings...
AMAKA NWAOKOCHA
8 HOURS AGO
Shibarium executive issues strong warning about exploitation risks
Shiba Inu’s marketing strategist Lucie has offered instructions to help users reduce the risk of encountering phishing links and fraudulent schemes when using Shibarium.
https://cointelegraph.com/news/shibarium-executive-issues-strong-warning-against-exploitation-risks
From the U.S. to Japan, regulators are beginning to embrace crypto
ANDREW SINGER
AUG 16, 2023
Switzerland, Singapore and the EU have taken the early regulatory lead, but Japan and the UAE are coming on now. Even the U.S. may be awakening.
When it comes to cryptocurrency/blockchain regulation, considerable attention has been focused, this past year, on the United States' action (or inaction). But the U.S. is not the world, just one important player, and crypto, from its beginnings, has been a global enterprise.
Perhaps, then, it makes sense to step back and ask: What is going on with crypto regulation when viewed through a global lens?
For instance, how do geographic regions such as Europe, Asia and North America compare in terms of crypto legislation, rules and enforcement? Is there any single country or jurisdiction that could serve as an exemplar for regulation? How is the developing world dealing with all this variation? And finally, are there reasons to be hopeful about the way regulatory trends are now unfolding?
If one focuses solely on the negative — the tide of crypto-related collapses, bankruptcies and enforcement actions in the United States this past year — a skewed picture can emerge. Progress in places like Europe might be overlooked, like the European Union’s recent adoption of its Markets in Crypto-Assets (MiCA) regulatory framework.
“Through MiCA, the European Union has been a global model by offering the much needed regulatory clarity that crypto businesses of varying sizes and business models would need,” Caroline Malcolm, vice president of global Policy at Chainalysis, told Cointelegraph, adding:
“Regulatory clarity and consistent implementation of rules will allow businesses to devise their operational program.”
Nor is Europe necessarily alone in pursuing a forward-looking path. “There is massive momentum on achieving regulatory clarity for digital assets across the world, whether that be in the U.S., Singapore, the UAE or others,” Malcolm said.
A fragmented world
Despite some promising trends, global crypto regulation — laws, rules, enforcement, taxation, etc. — remains a mixed bag.
“There's a lot of fragmentation when it comes to regulation depending on the jurisdictions and geographical areas,” Bertrand Perez, CEO of the Web3 Foundation, told Cointelegraph in an interview earlier this week.
“In the U.S. we know, we know what's happening or what is not happening over there,” continued Perez, who earlier served as chief operations officer at the Diem Association (formerly Libra, Facebook’s high-profile but ultimately failed stablecoin experiment).
Europe’s MiCA regulations, by comparison, focus on stablecoins. Indeed, MiCA is the EU’s “answer to the Libra project,” Perez said.
Significantly, the Europeans recognize that one can’t have a single regulatory framework for everything crypto, he added. MiCA is step one, “but then they've been slicing the use cases.” There will eventually be another regulatory framework for nonfungible tokens and another for metaverse-related use cases.
The EU doesn’t hold a monopoly on progressive thinking either. Switzerland, which is not an EU member, was the first country to develop a clear crypto framework back in 2018.
The Swiss regulatory scheme separates tokens into three categories: security (a.k.a. “asset”) tokens, utility tokens and payment tokens, and also provides a number of licensing schemes dependent on the project's structure.
In the U.S., by comparison, the Securities and Exchange Commission appears to have categorized all digital tokens — with the possible exception of Bitcoin — as security tokens. But in Switzerland, according to Perez:
“If you are a utility token and or if you're a security token, the rules of the road are completely different from the regulation perspective.”
The legal certainty that Switzerland has offered for several years now is the reason that so many crypto-related foundations and companies are based there and the reason so much Web3 innovation comes out of that country, he said. The Web3 Foundation, creator of the Polkadot protocol, is based in Zug, Switzerland.
Historically, Singapore followed Switzerland’s lead, and for a while, those two venues stood alone in terms of crypto rule-making clarity. “In 2019, when we announced Libra, there were those two choices, either Switzerland or Singapore, in terms of regulation,” Perez recalled. “The two countries were clearly leading the pack and having clear frameworks that were well defined.”
The evolving case of Japan
Today, there are more approaches. “In Asia as a geographical area, every country is having a different approach” to regulation, Perez continued.
However, Japan is one jurisdiction that is attracting more attention than the others. Japan was formerly the home of Mt. Gox, which was the subject of crypto’s first mega scandal. When that cryptocurrency exchange collapsed in 2014, it arguably made Japan crypto-wary. But if so, the island nation seems to be emerging from its isolation now — at least based on discussions Perez and others have held there recently.
“Japan is still a land of many innovations,” he reported. Indeed, at the WebX conference held in Tokyo in late July, Japanese Prime Minister Fumio Kishida announced, “Web3 is part of the new form of capitalism,” adding that it would be a vital element of Japan's economic strategy, centered on growth, innovation, wealth distribution, digital transformation and the support of startups.
“The Prime Minister announced that basically he is welcoming Web3 to Japan, where a year ago or even a few months ago it wasn’t clear if they were supportive or not,” Perez told Cointelegraph. “Now it's clear and the rules are going to be as business friendly as possible.”
Japan wanted to develop and implement clear and well-defined rules of the road for cryptocurrencies before it opened its gates again after Mt. Gox, Perez suggested, and they have those now. As he further noted:
“Japan’s crypto exchanges are the safest in the world now because the regulation is very strong. And now they are broadening their reach and welcoming broader [crypto] use cases.”
The most progressive G7 nation?
Elsewhere, China has been in the process of launching its digital yuan, becoming “the first country to have a central bank digital currency at scale,” according to Perez. Meanwhile, Dubai, the most populous city in the United Arab Emirates, is now “really pushing hard” in the crypto sphere “to attract not only capital but also skills from all around the world,” said Perez.
Asked to rank the largest Western countries in terms of regulatory crypto foresightedness, Perez put the European countries ahead of Japan, with the U.S. bringing up the rear. Within the EU, he would place his native France at the forefront, given that it is “the first European country to clearly implement the MiCA framework ahead of the law being enforced in the European Union.”
France has also done a good job at defining the rules of the road “in a way that is usable from a business perspective.” The U.K., no longer in the EU, is also “beginning to shift and see the value” in crypto and blockchain technology, he added.
Perez even detects “a different tone” among U.S. regulators and legislators; they now seem less likely to view the cryptoverse as a place inhabited chiefly by drug dealers and money launderers. He also observed that cryptocurrency reform is being spearheaded by legislators “on both sides of the aisles” within the most recent U.S. Congress.
What about low- and moderate-income countries — where do they stand with regard to crypto regulation?
“Most of those countries are basically waiting for the big players like the U.S., the European Union and Japan,” Perez said. They will watch to see which frameworks work best and can be adapted to their particular circumstances.
Which regulatory elements would he especially like to see duplicated globally? “If I had to recommend one framework, I would choose a combination of the Swiss token framework and parts of the EU’s stablecoin framework,” Perez answered.
These would offer some flexibility and encourage innovation. Within the EU framework, there is even room now for a token to be reclassified over time. A token might begin its “life” as a security token, but later evolve into a utility token. As the Web3 Foundation’s chief legal officer, Daniel Schoenberger, explained to Cointelegraph in May:
“A token can be used initially as a fundraising instrument. If a token is used for fundraising purposes, it should be subject to all applicable laws and regulations. However, over time that same token may serve a functional purpose devoid of speculative investment. This is part of the nature and innovation of blockchain technology.”
When asked whether he viewed the global regulatory glass as half empty or half full, Perez noted that this past year was generally a difficult one for the crypto sector amid scandals and bankruptcies like FTX and Celsius.
However, “I think we've passed through the worst,” Perez said. Some harsh criticism was heaped upon the industry, but that in turn may have led to “a bit more transparency” as well as reinforcing the need to build projects that last. Perez continued:
“So from that perspective, I’m very optimistic in terms of regulation. I'm also optimistic regarding U.S. policymakers. People are really starting to get it.”
https://cointelegraph.com/news/from-the-u-s-to-japan-regulators-are-beginning-to-embrace-crypto
From the U.S. to Japan, regulators are beginning to embrace crypto
ANDREW SINGER
AUG 16, 2023
Switzerland, Singapore and the EU have taken the early regulatory lead, but Japan and the UAE are coming on now. Even the U.S. may be awakening.
When it comes to cryptocurrency/blockchain regulation, considerable attention has been focused, this past year, on the United States' action (or inaction). But the U.S. is not the world, just one important player, and crypto, from its beginnings, has been a global enterprise.
Perhaps, then, it makes sense to step back and ask: What is going on with crypto regulation when viewed through a global lens?
For instance, how do geographic regions such as Europe, Asia and North America compare in terms of crypto legislation, rules and enforcement? Is there any single country or jurisdiction that could serve as an exemplar for regulation? How is the developing world dealing with all this variation? And finally, are there reasons to be hopeful about the way regulatory trends are now unfolding?
If one focuses solely on the negative — the tide of crypto-related collapses, bankruptcies and enforcement actions in the United States this past year — a skewed picture can emerge. Progress in places like Europe might be overlooked, like the European Union’s recent adoption of its Markets in Crypto-Assets (MiCA) regulatory framework.
“Through MiCA, the European Union has been a global model by offering the much needed regulatory clarity that crypto businesses of varying sizes and business models would need,” Caroline Malcolm, vice president of global Policy at Chainalysis, told Cointelegraph, adding:
“Regulatory clarity and consistent implementation of rules will allow businesses to devise their operational program.”
Nor is Europe necessarily alone in pursuing a forward-looking path. “There is massive momentum on achieving regulatory clarity for digital assets across the world, whether that be in the U.S., Singapore, the UAE or others,” Malcolm said.
A fragmented world
Despite some promising trends, global crypto regulation — laws, rules, enforcement, taxation, etc. — remains a mixed bag.
“There's a lot of fragmentation when it comes to regulation depending on the jurisdictions and geographical areas,” Bertrand Perez, CEO of the Web3 Foundation, told Cointelegraph in an interview earlier this week.
“In the U.S. we know, we know what's happening or what is not happening over there,” continued Perez, who earlier served as chief operations officer at the Diem Association (formerly Libra, Facebook’s high-profile but ultimately failed stablecoin experiment).
Europe’s MiCA regulations, by comparison, focus on stablecoins. Indeed, MiCA is the EU’s “answer to the Libra project,” Perez said.
Significantly, the Europeans recognize that one can’t have a single regulatory framework for everything crypto, he added. MiCA is step one, “but then they've been slicing the use cases.” There will eventually be another regulatory framework for nonfungible tokens and another for metaverse-related use cases.
The EU doesn’t hold a monopoly on progressive thinking either. Switzerland, which is not an EU member, was the first country to develop a clear crypto framework back in 2018.
The Swiss regulatory scheme separates tokens into three categories: security (a.k.a. “asset”) tokens, utility tokens and payment tokens, and also provides a number of licensing schemes dependent on the project's structure.
In the U.S., by comparison, the Securities and Exchange Commission appears to have categorized all digital tokens — with the possible exception of Bitcoin — as security tokens. But in Switzerland, according to Perez:
“If you are a utility token and or if you're a security token, the rules of the road are completely different from the regulation perspective.”
The legal certainty that Switzerland has offered for several years now is the reason that so many crypto-related foundations and companies are based there and the reason so much Web3 innovation comes out of that country, he said. The Web3 Foundation, creator of the Polkadot protocol, is based in Zug, Switzerland.
Historically, Singapore followed Switzerland’s lead, and for a while, those two venues stood alone in terms of crypto rule-making clarity. “In 2019, when we announced Libra, there were those two choices, either Switzerland or Singapore, in terms of regulation,” Perez recalled. “The two countries were clearly leading the pack and having clear frameworks that were well defined.”
The evolving case of Japan
Today, there are more approaches. “In Asia as a geographical area, every country is having a different approach” to regulation, Perez continued.
However, Japan is one jurisdiction that is attracting more attention than the others. Japan was formerly the home of Mt. Gox, which was the subject of crypto’s first mega scandal. When that cryptocurrency exchange collapsed in 2014, it arguably made Japan crypto-wary. But if so, the island nation seems to be emerging from its isolation now — at least based on discussions Perez and others have held there recently.
“Japan is still a land of many innovations,” he reported. Indeed, at the WebX conference held in Tokyo in late July, Japanese Prime Minister Fumio Kishida announced, “Web3 is part of the new form of capitalism,” adding that it would be a vital element of Japan's economic strategy, centered on growth, innovation, wealth distribution, digital transformation and the support of startups.
“The Prime Minister announced that basically he is welcoming Web3 to Japan, where a year ago or even a few months ago it wasn’t clear if they were supportive or not,” Perez told Cointelegraph. “Now it's clear and the rules are going to be as business friendly as possible.”
Japan wanted to develop and implement clear and well-defined rules of the road for cryptocurrencies before it opened its gates again after Mt. Gox, Perez suggested, and they have those now. As he further noted:
“Japan’s crypto exchanges are the safest in the world now because the regulation is very strong. And now they are broadening their reach and welcoming broader [crypto] use cases.”
The most progressive G7 nation?
Elsewhere, China has been in the process of launching its digital yuan, becoming “the first country to have a central bank digital currency at scale,” according to Perez. Meanwhile, Dubai, the most populous city in the United Arab Emirates, is now “really pushing hard” in the crypto sphere “to attract not only capital but also skills from all around the world,” said Perez.
Asked to rank the largest Western countries in terms of regulatory crypto foresightedness, Perez put the European countries ahead of Japan, with the U.S. bringing up the rear. Within the EU, he would place his native France at the forefront, given that it is “the first European country to clearly implement the MiCA framework ahead of the law being enforced in the European Union.”
France has also done a good job at defining the rules of the road “in a way that is usable from a business perspective.” The U.K., no longer in the EU, is also “beginning to shift and see the value” in crypto and blockchain technology, he added.
Perez even detects “a different tone” among U.S. regulators and legislators; they now seem less likely to view the cryptoverse as a place inhabited chiefly by drug dealers and money launderers. He also observed that cryptocurrency reform is being spearheaded by legislators “on both sides of the aisles” within the most recent U.S. Congress.
What about low- and moderate-income countries — where do they stand with regard to crypto regulation?
“Most of those countries are basically waiting for the big players like the U.S., the European Union and Japan,” Perez said. They will watch to see which frameworks work best and can be adapted to their particular circumstances.
Which regulatory elements would he especially like to see duplicated globally? “If I had to recommend one framework, I would choose a combination of the Swiss token framework and parts of the EU’s stablecoin framework,” Perez answered.
These would offer some flexibility and encourage innovation. Within the EU framework, there is even room now for a token to be reclassified over time. A token might begin its “life” as a security token, but later evolve into a utility token. As the Web3 Foundation’s chief legal officer, Daniel Schoenberger, explained to Cointelegraph in May:
“A token can be used initially as a fundraising instrument. If a token is used for fundraising purposes, it should be subject to all applicable laws and regulations. However, over time that same token may serve a functional purpose devoid of speculative investment. This is part of the nature and innovation of blockchain technology.”
When asked whether he viewed the global regulatory glass as half empty or half full, Perez noted that this past year was generally a difficult one for the crypto sector amid scandals and bankruptcies like FTX and Celsius.
However, “I think we've passed through the worst,” Perez said. Some harsh criticism was heaped upon the industry, but that in turn may have led to “a bit more transparency” as well as reinforcing the need to build projects that last. Perez continued:
“So from that perspective, I’m very optimistic in terms of regulation. I'm also optimistic regarding U.S. policymakers. People are really starting to get it.”
https://cointelegraph.com/news/from-the-u-s-to-japan-regulators-are-beginning-to-embrace-crypto
Crypto This Wednesday: Coinbase to Trade Crypto Futures, Ledger Integrates with PayPal, and More
August 16 2023 - 01:22PM
Coinbase gets approval for cryptocurrency futures, boosts its shares
Coinbase Global (NASDAQ:COIN) gained approval from the National Futures Association to offer cryptocurrency futures contracts to U.S. retail customers, leading to a 5% increase in its stock ahead of the market open. This approval comes as Coinbase is in litigation with the SEC, which alleges that the company operates as an unregistered exchange. The central debate is whether crypto assets are considered securities or commodities. Coinbase has already seen a 123% increase in its shares this year and previously acquired FairX, a regulated futures exchange. The company plans to expand its cryptocurrency derivatives services in the coming months.
Binance shuts down Binance Connect
A Binance spokesperson confirmed that Binance Connect will be shut down on August 16. This decision follows the announcement by Biswap, a decentralized exchange, about the deactivation of the Binance Connect card payments service. This move is part of Binance’s strategy to focus on its core activities. The company says it constantly revises its services to align with market trends. Launched in 2022, Bifinity (now Binance Connect) was a fiat-to-crypto payment platform.
Ledger announces integration with PayPal for direct purchases of cryptocurrencies
On August 16, Ledger, a manufacturer of hardware wallets, announced the integration of its Ledger Live software with PayPal (NASDAQ:PYPL). This partnership allows Americans with verified PayPal accounts to purchase cryptocurrencies such as Bitcoin (COIN:BTCUSD), Ether (COIN:ETHUSD), Bitcoin Cash (COIN:BCHUSD) and Litecoin (COIN:LTCUSD) directly via Ledger Live. What’s new is that when buying crypto through PayPal, the funds immediately go to the Ledger wallet, with no additional steps. Ledger CEO Pascal Gauthier highlighted that this combination aims to simplify cryptographic transactions while maintaining security.
PayPal suspends buying cryptocurrencies in the UK due to regulation
To comply with financial regulations in the UK, PayPal (NASDAQ:PYPL), is temporarily pausing the purchase of cryptocurrencies by its British users. The interruption stems from new Financial Conduct Authority (FCA) guidelines. Existing customers can still hold and sell their cryptocurrencies. This suspension is expected to last until early 2024. Recently, the FCA gave notice that crypto companies need to align their marketing strategies with the UK financial promotional regime by October 2023.
Vitalik Buterin reviews X’s “Community Notes” feature
Vitalik Buterin, founder of Ethereum, analyzed the “Community Notes” feature of platform X (formerly Twitter) from a cryptographic perspective. Launched in 2021 as “Birdwatch”, this feature allows users to add context and fact checks to tweets. The algorithm scores the notes based on peer reviews, favoring those that are non-partisan. Buterin suggests that, although susceptible to manipulation, the feature represents an advance towards decentralized governance. He also sees potential for decentralized moderation in future platforms, highlighting the importance of transparent, consensus-driven algorithms.
Donald Trump is an Ethereum Whale
Recent documents reveal that former US President Donald Trump owns $2.8 million worth of Ethereum (COIN:ETHUSD), demonstrating a departure from his former critical view on cryptocurrencies. In addition, Trump earned $4.86 million from non-fungible tokens (NFTs) through a licensing agreement between his company, CIC Digital LLC, and NFT INT LLC. While his related NFT collections have attracted attention, they are not linked to political campaigns and are not directly managed by Trump or his companies.
Shiba Inu announces release of Shibarium for tomorrow
Shiba Inu (COIN:SHIBUSD), with its philosophy based on decentralization and community development, is on the Ethereum blockchain, boasting a massive supply of 1 quadrillion tokens. Besides being a meme currency, it has a robust ecosystem with protocols like ShibaSwap and exploits in the NFT world and metaverse. The project announced Shibarium, a Layer 2 solution, seeking to solve scalability issues and high fees in Ethereum. The launch is scheduled for August 17th. This innovation promises faster and cheaper transactions, boosting blockchain adoption and bolstering Shiba Inu’s position in the DeFi landscape.
ConsenSys introduces Ethereum Linea sizing rollup with broad support
ConsenSys launched the Linea Ethereum scaling rollup, integrating over 150 partners and mobilizing over $26 million in Ether (COIN:ETHUSD). Launched in July 2023, Linea allows the migration of decentralized applications (DApps) to its platform, offering lower costs and better performance. Declan Fox, senior product manager at Linea, emphasized Ethereum co-founder Vitalik Buterin’s support for zero-knowledge accumulation technologies. He highlighted that Linea is ideal for DeFi protocols and offers integration with the MetaMask wallet, expanding the reach to millions of users.
Stellar Development Foundation buys stake in MoneyGram
The Stellar Development Foundation (SDF) acquired a minority stake in MoneyGram. Denelle Dixon, CEO of SDF, unveiled the investment on Aug. 15, using reserved funds from the foundation instead of Stellar’s Enterprise Fund. While financial terms were not disclosed, the SDF now has a seat on MoneyGram’s board. Dixon hopes the investment will help MoneyGram advance digital business and blockchain technology. SDF and MoneyGram have been collaborating since 2019 and made their partnership official in 2021. Recently, MoneyGram has launched new digital and blockchain services. The value of Stellar (COIN:XLMUSD) is down more than 2% at press time.
Nova Labs launches $5 phone plan focused on Miami
Startup Nova Labs launched a phone plan for $5 a month, initially available only to Miami residents or guests. Founded in 2013 with a focus on the “Internet of Things”, the company shifted its focus to cryptocurrency in 2018. Formerly called Helium, it faced criticism and raised $250 million. The new plan will use individual and corporate 5G hotspots. The company cites dissatisfaction with traditional carriers, while noting market competition such as T-Mobile (NASDAQ:TMUS). Nova Labs has partnered with T-Mobile for a smooth transition between networks. CEO Haleem recognizes the importance of this partnership, admitting limitations in Nova Labs’ current network.
Bittrex Global repositions after SEC settlement
Following a settlement with the US Securities and Exchange Commission (SEC) over allegations of unregistered trading, Bittrex Global seeks to win over investors concerned about regulatory uncertainty in the US. Bittrex CEO Oliver Linch has assured support for anyone wishing to trade without US regulatory ties. Surprisingly, Bittrex Global will not pay for the deal. While the US segment of Bittrex will pay $24 million in the deal, it faces bankruptcy and holds between $500 million and $1 billion in assets and liabilities. SEC charged Bittrex and its co-founder with regulatory violations and tampering with token communications. Bittrex’s market presence in the US has dropped significantly since 2018.
WhiteBIT and Justin Sun under scrutiny for high-yield offer
Justin Sun-linked exchange WhiteBIT raised eyebrows by announcing a 24.8% Annual Percentage Yield (APY) for Tether (COIN:USDTUSD) deposits for one year. This rate is unusually high compared to market averages. Sun, well known in the crypto industry, has a history of promoting high returns on questionable stablecoins. WhiteBIT’s “lending” platform and its connection to Sun raise the alarm. WhiteBIT offers over 150 cryptocurrency pairs and access to fiat currencies from Ukraine and Kazakhstan, but has challenges with licenses and banking relationships, making its legitimacy suspect.
Three Arrows Capital founders fined for breaches in Dubai
Three Arrows Capital founders Kyle Davies and Su Zhu have been fined by the Dubai Virtual Assets Regulatory Authority (VARA) for violations at OPNX exchange. On Aug. 16, VARA fined the exchange approximately $2.7 million and OPNX leaders around $54,000 for flouting Dubai’s advertising laws. The leaders have already paid their fines, but the exchange’s fine remains pending. The VARA may impose further penalties or refer the case to legal enforcement.
RocketSwap committed to 471 ETH loss and suspicious coin creation
RocketSwap, a Base Layer 2 decentralized exchange, was compromised, resulting in the loss of 471 ETH ($870,000). According to PeckShield, the flaw arose from multiple errors, including offline signatures and improper storage of private keys. While some accuse the RocketSwap team of internal manipulation, they blame an external hacker. Subsequently, the hacker transferred the funds to Ethereum, creating and profiting from a new coin, LoveRCKT, whose value skyrocketed and then crashed.
SwirlLend accused of Rug Pull
The SwirlLend project, active on Ethereum Layer 2, is accused of performing a rug pull resulting in the loss of $460,000 in deposits. Cybersecurity firm PeckShield has reported suspicious withdrawals from the Base and Linea networks. SwirlLend’s deposits have dropped dramatically and their social media accounts have been wiped. This term, “rug pull,” refers to developers running off with user funds. It’s yet another notable incident on the Base network, a reminder of the risks of the decentralized financial (DeFi) ecosystem and the need for caution.
Sora Summit gathers blockchain experts in Taipei
Sora Ventures will hold its Sora Summit in Taipei on December 16, concluding Taipei Blockchain Week. This event, which started in Macau in 2018, will have more than 100 experts, including co-founders of Paxos and leaders of CryptoSlate, debating Web3 topics for an estimated audience of 1000 people. Discussions will focus on Bitcoin, DeSci, NFTs, DeFi and more. Sora, a VC company focused on Web3 innovations, chose Taipei for the event, in line with its headquarters and the city’s strategic position in connecting blockchain communities.
El Salvador sees rise in bonds after bitcoin adoption
After adopting Bitcoin as legal tender in 2021, El Salvador saw a 70% increase in its bonds in 2023, attracting giants such as JP Morgan (NYSE:JPM) and UBS Group (NYSE:UBS). President Nayib Bukele celebrated, saying, “I told you so.” Contrary to initial criticisms of BTC adoption, El Salvador paid off its $800 million debt on time, boosting investor confidence. The country has also introduced crypto legislation and plans for Bitcoin-backed securities (COIN:BTCUSD), demonstrating resilience and attracting institutional interest.
Chinese court judges mining company for pyramid scheme
A court in Pingnan, Guangxi, China, tries Filecoin mining company Shenzhen Shikongyun Technology, accused of creating an $83.2 million pyramid scheme. Four company executives are under scrutiny for allegedly misleading clients with promises of high mining profits. They encouraged customers to recruit more people and invest in storage servers, disrupting the economic order.
Between March and May, FBI confiscated around $1.7 million worth of cryptocurrencies
Between March and May, FBI confiscated around $1.7 million worth of cryptocurrencies, including Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD). The largest seizure was 428.5 ETH in the Eastern District of Virginia. The FBI indicated that these arrests were due to violations of federal law. In addition to cryptocurrencies, items such as luxury cars and handbags were also seized. The agency warned the community about scams in the NFT space and fake cryptocurrency job advertisements.
Digital Power Council created to represent cryptocurrency miners in the US
The Digital Energy Council was created on Aug. 15 to represent cryptocurrency miners to alleviate concerns about the sustainability of mining and promote its growth in the US. This movement aims to modify the negative view of recent legislation against the industry. Thomas Mapes, the group’s founder and former head of the US energy industry, sees mining companies as “the energy companies of the future”. Despite global criticism, especially after the Chinese ban, Mapes ensures that his group includes important cryptocurrency companies.
ZetaChain raises $27 million
ZetaChain, a Tier 1 network, has raised $27 million to underpin its autonomous chain platform, with notable investors such as Blockchain.com and Jane Street Capital. Created in 2021, the protocol facilitates the interaction between blockchains and the decentralized financial ecosystem, allowing smart contracts to be used in networks without this technology, such as Bitcoin (COIN:BTCUSD). The platform already has more than 27,000 DApp contracts for various applications. Industry notables such as Ankur Nandwani have joined the team, who highlight the effectiveness of their interconnected smart contracts.
BitGo raises $100 million
Despite the turmoil in the US crypto market, BitGo, a cryptocurrency custody company, is expected to reveal that it has raised $100 million, valued at $1.75 billion, according to Bloomberg. BitGo, which protects cryptocurrency private keys, acts as a custodian for several clients, including bankrupt FTX. CEO Mike Belshe attributes the company’s success to its focus on regulation. The California-based company secured the new investment from global sponsors, and plans to use some of the funds for strategic acquisitions. The round had investors from the US and Asia, some outside the crypto business. In 2023, BitGo saw a 60% increase in customers and 40x in staked assets. After failed acquisition attempts in previous years, BitGo now focuses on meeting the global demand for custody solutions.
Linera raised $6 million in funding round led by Borderless Capital
Linera, a tier one blockchain focused on solving scalability challenges through “microchains,” has raised $6 million in a funding round led by Borderless Capital. Founded by former Meta Novi engineer Mathieu Baudet, the company has raised a total of $12 million. The new funding will be used to expand the team, launch development and test networks, and strengthen its presence in the APAC region. Linera innovates by using microchains to tackle bottlenecks in traditional blockchains, allowing users to interact with Web3 applications directly from their wallets. Investors in this round include Laser Digital Ventures, Flow Traders and Eterna Capital.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/91834747/crypto-this-wednesday-coinbase-to-trade-crypto-fu
David Tepper’s Appaloosa picks up 480,000 Apple shares
Tuesday, August 15, 2023 1:06 pm
David Tepper’s global hedge fund Appaloosa purchased 480,000 shares of Apple it revealed in a Securities and Exchange Commission filing late Monday.
Appaloosa’s assets under management were US$14 billion as of December 2022.
Wallace Witkowski for MarketWatch:
In the quarterly filing, Appaloosa reported a new 2.3 million-share position in Advanced Micro Devices Inc. and a 480,000-share position in Apple Inc. Tepper also increased his stake in Nvidia Corp. by 580% to just over 1 million shares and more than doubled his stake in Meta Platforms Inc. to 1.5 million shares.
Meanwhile, Appaloosa increased its stake in Amazon.com Inc. by 58% to 3.2 million shares and hiked its stake in Microsoft Corp. by more than 375% to 1.2 million shares, while dumping stakes in Salesforce Inc. and Tesla Inc.
MacDailyNews Take: A vote of confidence for Apple.
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https://macdailynews.com/2023/08/15/david-teppers-appaloosa-picks-up-480000-apple-shares/
Jasmy acquires a technology patent for creating information abstracted from personal information and providing it using blockchain
Jasmy Co., Ltd.
August 10, 2023 15:00
Jasmy Co., Ltd. (Headquarters: Minato-ku, Tokyo, Representative Director: Kazumasa Sato, hereinafter: Jasmy), which provides platforms and solutions for IoT, abstracts personal information and uses blockchain technology to provide and manage it to the other party. We are pleased to inform you that we obtained a technical patent on July 14, 2014 regarding a method of changing the display on the application based on the reliability of the information.
Patent number: [7313642]
Title of invention: [Terminal device, information processing system and program]
Registration date: July 14, 2023
Inventor: [Kazumasa Sato, Takashi Hagiwara, Manabu Sakamoto, Hiroshi Yasutomi, Toshikazu Minoshima]
¦ Development background
Jasmy's mission is to bring personal data back to the hands of the individual who should have it, and to realize "data democratization" in which it is managed in a secure and decentralized manner. In order to fulfill that mission, we have been working on building a platform that allows users to manage their own personal data provided to companies, national governments, local governments, etc.
By using the patented technology acquired this time, we will be able to realize our philosophy of "managing your own information by yourself".
¦ New technology details
In a system using this technology, if it is necessary to disclose the user's personal information (hereinafter referred to as "first personal identification information") to the other party (company, national government, local government, etc.), It is possible to create only information with low specificity (*) (hereinafter referred to as “secondary personal identification information”) and provide it to the other party using blockchain technology.
(*) Decreasing specificity means increasing abstraction and anonymity of information.
For example, if the user has registered the user's address as "1-2-3 Kita-Aoyama, Minato-ku, Tokyo" as the first personal identification information on his/her terminal, the user's address is "Tokyo", "Tokyo Minato-ku, Tokyo”, “Kita-Aoyama, Minato-ku, Tokyo”, or “1-chome Kita-Aoyama, Minato-ku, Tokyo” is indicated as second personal identification information.
By utilizing blockchain technology when providing second personal identification information to a third party, it is possible to prevent falsification of information and at the same time ensure traceability, enabling safe transmission and reception of information.
In addition to the above technologies, by dividing the display area within the application and changing the color and size of the characters according to the destination and reliability of information preset by the user, it is possible to prevent spoofing and fake news. Allows for an easy-to-understand display method. In addition, we have acquired a technology patent that realizes a mechanism that alerts the user according to the reliability level when entering information.
By using an application that utilizes this technology (hereinafter referred to as "this application"), users will be able to provide the following various services.
* You can collect second personal identification information with this application, investigate what kind of people are gathered in which area (divided by age
group, hobby, etc.), and share that information.
* When you use the App to make restaurant or accommodation reservations, you may provide only Second Personally Identifiable Information for secure service.
* By sharing second personal identification information within this application, such as sports teams and hobby communities, you will have more opportunities to
interact with fans and friends.
* By registering product information in this application, you can receive support services by providing only the second personal identification information required
when contacting the manufacturer.
¦ About Jasmy Corporation
Jasmy Corporation is a company that develops and provides IoT platforms. When all kinds of things are connected to the Internet, "clothing, food, housing, and movement", which are closely related to people's lives, will change greatly. Jasmy's mission is to create and provide a system (platform) that allows anyone to use things easily, safely, and with peace of mind. Today, important data generated from our daily lives tends to be occupied by a limited number of companies. One of the purposes of the Jasmy Platform is to restore data sovereignty to the original owner and to use individual data safely and securely. For that reason, Jasmy will combine IoT with blockchain technology and prepare a platform that can be widely used beyond the boundaries of industries and industries based on unprecedented ideas.
Jasmy's team consists of members with diverse and rich experience in electronics, mechanics, communications, devices, system integrators, designers, etc., and we will provide the best IoT platform for each customer around the world.
·Company names and product/service names mentioned are registered trademarks or trademarks of their respective companies.
https://prtimes.jp/main/html/rd/p/000000055.000025296.html
Thank you for sharing. I see that that website writes about whether or not to sell many crypto investments. I appreciated the dip in price, so I bought more JASMY! 😘
Apple to begin payments to iPhone users in $500 million ‘Batterygate’ iPhone throttling settlement
Monday, August 14, 2023 6:50 pm
Apple will soon begin paying $65 to owners of older iPhone models after a judge cleared way for payments in class-action lawsuit over iPhone throttling, otherwise know as “Batterygate.” The company agreed in 2020 to pay up to $500 million to settle lawsuit alleging it secretly slowed down phones to address issues with older batteries.
The iPhones models applicable in this case were iPhone 6, 6 Plus, 6s, 6s Plus, and SE devices running operating systems iOS 10.2.1 or later prior to December 21, 2017, and iPhone 7 and 7 Plus phones running iOS 11.2 or later prior to that same date.
Ethan Baron for The Mercury News:
This week, two iPhone owners who objected to the settlement lost their appeal in the 9th U.S. Circuit Court of Appeals over its terms, removing the final obstacle to the deal.
Under the agreement, Apple was to provide the claims administrator with names and contact information for everyone owning or leasing an eligible iPhone. The claims deadline was Oct. 6, 2020.
About 3 million claims were received, and the latest estimate puts compensation at about $65 per claim, said Tyson Redenbarger, a lawyer who represented iPhone customers in the case.
Apple, while denying wrongdoing, agreed to pay $310 million to $500 million. How much the company pays, and exactly how much each claimant receives, will depend on the number of claim approvals, and some are still under assessment, Redenbarger said.
MacDailyNews Take: There won’t be another iPhone Batterygate because Apple wants, and needs, previously-owned iPhones to known for reliability as the secondary market is key for Apple to grow their iPhone users base, which in turn feeds Apple’s Services business and provides a halo for other products such as iPads, Apple Watches, Macs, Apple TVs, HomePods, etc.
?
You can see why some think that Apple wanted to keep what they were doing a secret. If people knew that a $79 battery replacement would give them an iPhone that performed like it did on day one, a meaningful percentage would take that option versus buying a new iPhone. Now that it’s just $29 this year, that percentage will naturally increase.
?
Then again, as Hanlon’s razor states: “Never attribute to malice that which is adequately explained by stupidity.”
?
Apple’s made up of people. People are imperfect. We’ll take Apple’s word for it that they “always wanted… customers to be able to use their iPhones as long as possible” and that they “have never — and would never — do anything to intentionally shorten the life of any Apple product, or degrade the user experience to drive customer upgrades.” — MacDailyNews, January 3, 2018
Again, it’s Apple’s lack of communication that is the problem here. If Apple had clearly explained what was going on in the software, we’d know to recommend a battery replacement when users complained their older iPhones were getting “slow.” As it was, we were pretty much left to assume that the processor/RAM wasn’t up to par with demands of newer iOS releases and we’d naturally recommend getting a new iPhone.
?
Just yesterday, we had a friend complain that his iPhone 6 was acting “slow” and we knew to recommend a battery replacement (even though he instead opted to get himself an iPhone X on our strong recommendation). — MacDailyNews, December 29, 2017
As has almost always been the case with Apple, unfortunately, transparency comes later, not sooner, and usually as a reaction to negative publicity. A simple Knowledge Base article would have preempted all of this Reddit sleuthing and the attendant handwringing and erroneous presumptions. — MacDailyNews, December 20, 2017
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https://macdailynews.com/2023/08/14/apple-to-begin-payments-to-iphone-users-in500-million-batterygate-iphone-throttling-settlement/
Thank You! FEATURE: Former Sony execs laying down data security gambit to tech giants
By Yuki Yamaguchi, KYODO NEWS - Aug 9, 2023 - 15:35 | All, Feature, Japan
TOKYO-When Kazumasa Sato was assigned to Sony Corp.'s information technology section as a fresh economics graduate in 1980, he was baffled.
Maintaining an information system using IBM mainframe computers was not precisely what he envisioned doing at one of the country's most famous tech companies known for innovative products such as the iconic Walkman cassette player and Trinitron TV.
But about 40 years later, Sato says that experience set the course for his career. His fascination with networks eventually led him to set up a data security venture utilizing blockchain technology with other former Sony innovators, including former president Kunitake Ando.
Jasmy Inc., established in 2016, aims to create a world where people can have control over their personal data at a time when big tech firms such as Google LLC and Apple Inc. have obtained an unfathomable amount of personal information from customers across the globe.
"There could be a network that is more secure and safe," Sato, the 66-year-old president of the venture, said in an interview. "We are from Sony so we love to take a shot at doing things that other people can't do."
The ambition resulted in a service called "Personal Data Locker," a platform where people can safely manage their data and decide how much they want to disclose to businesses or services they wish to use.
Unlike the conventional, centralized data management system in which personal data are stored in a particular server, the service employs the blockchain to store data in a decentralized way, without depending on dedicated physical servers.
That prevents falsification and loss of data as the blockchain, an encoded digital ledger stored across a network of computers, does not allow data to be modified or deleted by a single actor. It also helps users identify and trace unintended use of their data by a third party as it is inherently trackable on the ledger, the company said.
The service has already been adopted by Nippon Travel Agency Co., which uses it to manage customer information. Witz Corp., a Nagoya-based company that helps manage logistics at large events, also uses it to handle personal information such as with infections due to the coronavirus. Jasmy said it is looking to expand its customer base further.
The venture has also created its own cryptocurrency, JasmyCoin, with an eye to using it in the future as a reward to those who shared their information. The virtual currency, which was first listed in Japan in 2021 and now held by more than 50,000 people, has a market capitalization of about $200 million as of the end of July.
Ever since being initially shocked by the emerging concept of the internet in the early years of his career, Sato always had a passion for network-related businesses, he said.
"The internet was a concept that had been non-existent before," said Sato, who later helped launch internet service provider businesses at Sony and served as president of Sony's e-commerce unit. "It threw common sense out the window. It was extremely attractive."
He left Sony in 2010 to pursue other opportunities, but as he saw the need for a safe internet rise on the back of increasing misinformation, online abuse, and concerns over the use of personal data, he decided to launch a venture to help create a network everyone can use more safely.
Sato's idea attracted like-minded risk-takers from Sony.
Takashi Hagiwara, a long-time engineer in charge of the development of the Vaio PC, quit the tech giant in 2020 with less than one year left before reaching the company's retirement age to join Jasmy.
"There is a sort of joy that is similar to solving a puzzle when we try to bring our ideas into reality," said Hagiwara, who oversees software development at the venture. "That's what I felt at Sony and what I continue to feel here, too."
Hidehiko Kakinuma, who has a wealth of experience launching new businesses, including Sony Bank Inc., now serves as executive officer in charge of marketing at Jasmy.
"The emergence of blockchain (technology) is a really important factor," the 56-year-old executive said. "With that, we can create a system that gives back to users" when dealing with personal data.
With various options under consideration, Sato says his ultimate goal is to combine its technology with artificial intelligence.
While interest in generative AI such as ChatGPT is booming, he said there is always a risk that if one enters sensitive information, it can be absorbed into the system and lead to an unintended data leak.
The combination of Jasmy's data security technology and AI could create a kind of AI optimized for personal use without worrying about data security.
Such an AI could be installed into various devices such as cars and smart speakers, among other things, he added.
"If people feel threatened by exposing their personal data, they become reluctant to utilize data," he said. "But if we are able to manage our data on our own, it will surely make the world more fun and convenient."
Sato compared his company's service to making real-life decisions such as how much personal information you wish to disclose when meeting new people or if you offer your name card when greeting someone in a business setting.
"This is what everybody does in real life," Sato said. "You don't necessarily have to lie, but you don't really have to expose everything, either."
https://english.kyodonews.net/news/2023/08/c985203b1f62-feature-former-sony-execs-laying-down-data-security-gambit-to-tech-giants.html
Coinbase Accelerates International Expansion with Official Launch in Canada
August 14 2023 - 06:00AM
Business Wire
Integration of Interac e-Transfers makes cryptocurrencies easily accessible to millions of Canadian customers
Today, Coinbase announced its Canadian expansion with a series of new offerings that demonstrate its commitment to Canada as a priority Go Deep market.
Through its partnership with Peoples Trust Company, part of Peoples Group, Coinbase is now providing access to Interac e-Transfers® * to 100% of Canadian Coinbase users, making it secure and simpler than ever to move money in and out of your account. This will make cryptocurrencies more accessible to millions of Canadians.
Interac availability was the most requested feature by Canadian users, and today’s news demonstrates Coinbase’s plan to build a platform that is for Canadians, by Canadians. Depositing funds to Coinbase using Interac is free and almost instant. In the last month, over 50% of deposits have been made through Interac e-transfer.
Starting today, Canadian Coinbase users can also maximize the full potential of crypto with the best of Coinbase through membership with Coinbase One. Free for all users for 30 days, Canadians now have access to zero trading fees, boosted staking rewards, priority 24/7 support, and more.
“Canada is well positioned to be a global leader in the cryptoeconomy thanks to the high levels of crypto awareness, a passionate local tech ecosystem, and the progress towards a strong regulatory framework,” said Nana Murugesan, Vice President, International and Business Development, Coinbase. “As Coinbase’s next Go Deep Market, we are making significant investments to help Canadians access the benefits of cryptocurrency.”
Coinbase sees Canada as its next Go Deep Market. Canada is the second-most crypto-aware country across Coinbase’s international markets, and an Ontario Securities Commission survey found that over 30 per cent of Canadians said they will buy cryptocurrency within the year, more than double those who say they currently own crypto assets. This presents a significant opportunity for growth in the Canadian market.
These announcements are the latest of several commitments Coinbase has made to grow in Canada.
* In March, Coinbase signed an enhanced Pre-Registration Undertaking (PRU), and continues working with regulators and policymakers on a strong digital
currency regulatory framework for Canadians.
* Hired Lucas Matheson as Coinbase’s Canadian Country Director. Lucas is passionate about the potential of cryptocurrencies to transform the financial
landscape and wants to help make cryptocurrencies more accessible in Canada.
* Built a tech hub with almost 200 full-time employees who are helping build Coinbase products. This makes Canada Coinbase's largest tech hub outside the
U.S. Coinbase is also one of Canada’s largest crypto employers.
* Coinbase Ventures has been active across Canada, investing in several Canadian start-ups to promote local innovation and entrepreneurship, and develop
technology that will advance the global crypto economy. Canadian portfolio companies include Dapper Labs, Minerva AI, Axelar, Horizon Blockchain Games,
and Zapper.
“At Coinbase, our mission is to update the financial system and bring greater economic freedom to the world,” said Lucas Matheson, Canada Country Director, Coinbase. “We’re thrilled to be leading this push and helping drive innovation in Canada’s financial system.”
Supporting Quote From Peoples Group
“Peoples Group is pleased to partner with industry leader Coinbase, to enable this money movement tool for their Canadian customers and expand payment possibilities,” said David Furlong, Chief Operating Officer of Peoples Group.
About Coinbase
Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. Coinbase started in 2012 with the radical idea that anyone, anywhere, should be able to send and receive Bitcoin easily and securely. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.
About Peoples Group
Peoples Group has been providing a tailored suite of financial solutions and delivering world-class customer interactions, since 1985. We have grown substantial market share in the insured commercial lending space and are the leading issuer of prepaid payment cards as well as an innovative merchant acquirer. We are an entrepreneurial organization that excels at customizing solutions to fit the needs of our clients. As a trusted partner of many FinTechs, we have a proven track record of giving them the tools and guidance to realize their success.
For more information, please visit peoplesgroup.com
* Interac e-Transfer is a registered trademark of Interac Corp. Used under license.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230814475027/en/
For media inquiries please contact
Amit Shilton, Senior Director, Corporate and Technology
Agnostic
ashilton@thinkagnostic.com
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/91805945/coinbase-accelerates-international-expansion-with:
How Apple lost the K-12 education market to Google
Thursday, August 10, 2023 5:11 pm
Apple’s share of the K-12 education market has been eroding since at least 2017, when cheap Windows computers and Google Chromebooks began to take over the market. These days, Chromebooks dominate in schools, according to market-research firm Canalys.
Business Insider columnist Michael Gartenberg talked to several school principals and superintendents who told him that Google’s support for collaboration and Chromebooks’ multiuser capabilities make it the clear choice for institutions that are already under budget constraints.
Michael Gartenberg for Business Insider:
Apple once worked hard to position the iPad as its offering for education… But as one principal of a relatively affluent private school pointed out to me, the cost of an iPad — along with a Magic Keyboard (cover folio keyboards did not meet their needs), plus an Apple pencil — was the equivalent of at least three comparable Chromebooks that could be used by more than one student. Chromebooks are also much easier to repair or replace and log back in. There’s no need for the complex restore process that Apple uses, particularly for iOS devices.
Chromebooks’ affordability, classroom-specific features, and compatibility with Google’s suite of educational tools make them an ideal choice for institutions looking for a device that can meet the specific needs of the classroom.
But maybe more importantly, Google now owns the K-12 market because Apple appears to be uninterested in it.
MacDailyNews Take: The problem isn’t Apple, it’s the U.S. public education system. In general, it focuses on test-taking. So, Google makes cheap test-taking netbooks to cater to that market. Apple doesn’t make cheap test-taking netbooks.
??? ?
What U.S. public schools have been prioritizing, test-taking over creative solutions for learning, is wrong. Generating a bunch of people adept at memorization, but unable to think creatively and who can learn in myriad ways, is a recipe for failure. – MacDailyNews, March 28, 2018?
???? ?
See also:
• Apple CEO Steve Jobs blasts teacher unions, says US schools are ‘unionized in the worst possible way’ – February 16, 2007
Related
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https://macdailynews.com/2023/08/10/how-apple-lost-the-k-12-education-market-to-google/
Ford taps former Apple exec Stern to shepherd autonomous driving business
Monday, August 14, 2023 11:05 am
Ford Motor Company on Monday named former Apple executive Peter Stern as the president of its newly-formed integrated services unit to help build its autonomous driving business.
Stern previously oversaw Apple TV+, iCloud, and Apple News+, will focus at Ford on integrating hardware, software and services across Ford Blue, Model e and Ford Pro.
Reuters:
Ford is looking to intensify its focus on connected vehicles, as the auto industry leans more towards subscription-based revenue from highly complex cars and trucks, though some scepticism remains around self-driving technology.
“The basis for differentiation is shifting from the vehicles alone to the integration of hardware, software and services,” Stern said.
Stern starts work at Ford on Monday and will report to CEO Jim Farley.
MacDailyNews Note: Early this year it was reported that Apple was reorganizing its services unit and Stern’s responsibilities were to be be split into three separate divisions.
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https://macdailynews.com/2023/08/14/ford-taps-former-apple-exec-stern-to-shepherd-autonomous-driving-business/
Will Apple ever do live keynote addresses again?
Wednesday, August 9, 2023 5:49 pm
We get it. The wild overreaction to COVID-19 — blanket lockdowns, useless cloth masks (safe not to use when eating (smirk)), plexiglass partitions that did absolutely nothing, abjectly stupid “6-feet apart” stickers on floors, etc., etc., etc. — necessitated the suspension of live presentations at Apple events.
Yet, it’s 2023 now and even China — which very likely engineered and let loose COVID-19, partially funded by the U.S. National Institutes of Health, no less — has finally exhausted its prodigious authoritarian inclinations and largely resumed normal life. Regardless, Apple plans to continue doing canned keynotes.
Mark Gurman via ??:
Not that there was any doubt, but Sept 12 event is being prepared as an in-person launch. So recorded video + people watching at the Apple campus + hands on afterwards. Same as the iPhone 14.
José Adorno for BGR:
As a journalist, I covered press conferences in the most diverse places with different styles of keynotes and executives. Still, none of them offered the same experience as an Apple event. In 2019, I covered the last in-person WWDC in San Jose, California.
Being surrounded by developers from all over the world, international media, and Apple staff was indeed a once-in-a-lifetime experience. During the keynote, I saw developers cheering about the latest software updates and gasping when Apple introduced the all-new Mac Pro and the Pro Display XDR.
But it seems Apple prefers to move on from Steve Jobs-like keynotes to error-proof presentations that only a recorded video can bring. The events are faster, but they lose that special Apple touch only a live keynote could have.
MacDailyNews Take: As we wrote back in September 2022:
It’s highly likely that Apple’s pre-taped, edited special event videos are with us for the foreseeable future due to the significant reduction on demand on executive presenters’ time alone. The hands-on area and access to Apple executives at these events are easily strong enough draws for the media to attend in person: Watch the movie, then play with — or at least see — and photograph the actual tech afterwards with an executive Q&A. It obviously works.
If Apple ever again gets a dynamic, charismatic CEO who’s mastered on-stage live presentations, we may return to such events, but, for now, enjoy the videos!
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https://macdailynews.com/2023/08/09/will-apple-ever-do-live-keynote-addresses-again/
Coinbase celebrates art, music and gaming with a three-week blockchain event
SERKAN KESKIN
7 HOURS AGO
One of the largest cryptocurrency exchanges to hold a multi-week event on blockchain where the community celebrates art, music, gaming and more.
The inclusive nature and global reach of cryptocurrencies and blockchain technology have given rise to a diverse community of individuals from various nationalities, cultures, backgrounds and socioeconomic statuses. The influence of crypto and blockchain expands beyond financial technologies, and the community reflects that by spanning across different sectors, including health care, gaming, retail, social and political domains.
For this vast network of enthusiasts, estimated to surpass 420 million people worldwide in 2023, touching base and socializing about common interests is crucial. This is why the crypto and blockchain ecosystem is never short of conferences, festivals and summits — events that play a pivotal role in fostering unity, collaboration and shared excitement within the crypto space.
The community will get a chance to celebrate art, culture, gaming, music and more at a multiweek event named Onchain Summer. Presented by Coinbase, Onchain Summer is an online event slated to take place from Aug. 9 to Aug. 31 and aimed at showcasing the next wave of on-chain utility.
Powered by Base, the layer-2 network incubated by Coinbase, Onchain Summer is bringing industry-leading brands, builders, artists and creators together with the global crypto and blockchain community.
Direct support for artists and creators
Onchain Summer will benefit from crypto and its underlying blockchain technology to build and distribute art, music, games and social experiences. Attendees will get a chance to participate in on-chain mints, where ownable content will be made available to mint daily.
By simply joining the celebration, crypto and blockchain enthusiasts will be able to support the contributing artists and musicians directly. Onchain Summer features renowned brands and organizations, including the next-gen social network Friends with Benefits, soft drink giant Coca-Cola, the sci-fi card game Parallel, and the art and culture platform Highlight.
Global access via blockchain
Users can attend Onchain Summer from anywhere worldwide by visiting onchainsummer.xyz in their browsers. While a compatible Ethereum wallet is required to enter Onchain Summer, the seamless integration between the Coinbase Wallet and the Base network makes it fast and easy for Coinbase users to join the Base network. To make any purchases during the event, including art, music or other content, users need to transfer Ether to the Base network.
Base is a layer-2 network on the Ethereum blockchain that provides low-cost transaction fees. During the event, builders will have the chance to experience Base’s fast, efficient and inexpensive development environment by building, creating and growing on-chain.
The integration between Coinbase and the Base network will make it easy for visitors to join the three-week-long on-chain celebration, where they can play games, trade ideas, socialize with each other and collect their favorite creators’ content.
Events and festivals serve as powerful catalysts for uniting communities worldwide. With events like Onchain Summer, the global crypto and blockchain community can come together to embrace the limitless possibilities of on-chain art, music and gaming and discover new horizons for their passion.
https://cointelegraph.com/news/coinbase-celebrates-art-music-and-gaming-with-a-three-week-blockchain-event
19% of New Yorkers own cryptocurrency: Coinbase report
EZRA REGUERRA
13 HOURS AGO
Coinbase highlighted that there are 692 blockchain organizations and more than 800 founders in New York.
A Coinbase report series highlighting crypto innovation at the state level in the United States has recently published its fourth edition, which features New York. The report highlighted various milestones the state reached regarding crypto adoption.
Within the report, Coinbase noted that 19% of New York residents who participated in the study own cryptocurrencies. Additionally, one in three New Yorkers agreed that crypto makes the financial system fairer and described it as a “worthwhile investment for the future.“
The Coinbase report also highlighted that as New York residents continue to embrace the idea of crypto, the state continues to become a home for blockchain-centered projects. According to the report, 692 blockchain organizations and over 800 founders are based in New York state.
As crypto adoption grows in New York, state regulators are improving their capacity to supervise digital currencies. On Feb. 21, the New York State Department of Financial Services announced it had enhanced its ability to detect crypto-related illegal activities. According to the announcement, the department will have additional capabilities in detecting insider trading, market manipulation and front-running activities...
https://cointelegraph.com/news/new-york-residents-own-cryptocurrency-coinbase-report
China to require all mobile apps to share business details with Chinese Communist Party
Wednesday, August 9, 2023 8:45 am
China’s Ministry of Industry and Information Technology (MIIT) has announced that all mobile app providers in the country will be required to file business details with the government. This is the latest effort by Beijing to tighten its control over the mobile app industry. This is a significant change for the mobile app industry in authoritarian China.
The new rule, which will take effect in March 2024, requires app providers to provide information such as their company name, address, and contact information. They will also need to state the purpose of their app and the data that they collect from users.
Apps that do not comply with the new rule will be punished, but the MIIT has not yet specified what those punishments will be. Experts say that the new rule could potentially restrict the number of apps available in China and make it more difficult for small developers to get their apps on the market.
Josh Ye for Reuters:
You Yunting, a lawyer with Shanghai-based DeBund Law Offices, said the order is effectively requiring approvals from the ministry.
Rich Bishop, co-founder of app publishing firm AppInChina, said the new rule is also likely to affect foreign-based developers which have been able to publish their apps easily through Apple’s App Store without showing any documentation to the Chinese government.
Bishop said that in order to comply with the new rules, app developers now must either have a company in China or work with a local publisher.
[Apple] pulled over a hundred artificial intelligence (AI) apps from its App Store last week to comply with regulations after China introduced a new licensing regime for generative AI apps for the country.
The ministry’s notice also said entities “engaged in internet information services through apps in such fields as news, publishing, education, film and television and religion should also submit relevant documents.”
The requirement could affect the availability of popular social media apps such as X, Facebook and Instagram. Use of such apps are not allowed in China, but they can be still downloaded from app stores, enabling Chinese to use them when traveling overseas.
MacDailyNews Take: As Potter Stewart said so well, “Censorship reflects a society’s lack of confidence in itself.”
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https://macdailynews.com/2023/08/09/china-to-require-all-mobile-apps-to-share-business-details-with-chinese-communist-party/
TSMC to build $11 billion chip plant in Germany with other chipmakers
Tuesday, August 8, 2023 4:09 pm
Taiwan Semiconductor Manufacturing Co. (TSMC) has agreed to build a €10 billion ($11 billion) plant in Germany in partnership with Infineon Technologies AG, NXP Semiconductors NV, and Robert Bosch GmbH.
Debby Wu and Aggi Cantrill for Bloomberg News:
The planned fab will be 70% owned by TSMC, which will operate the facility in the city of Dresden, with Infineon, NXP and Bosch each holding a 10% equity stake, subject to regulatory approval, the companies said Tuesday in a joint statement.
Slated to begin production by the end of 2027, it will provide chips for the automotive and industrial sectors and is a first step for TSMC in establishing a major European presence to counter risks from escalating US-Chinese tensions.
It’s also another coup for Chancellor Olaf Scholz’s ruling coalition, which has agreed €10 billion in aid for a new Intel Corp. plant in Magdeburg in a push to shore up the country’s tech sector and secure supplies of critical components. The government will provide as much as €5 billion in subsidies for TSMC’s Dresden factory, Bloomberg has reported.
The Taiwanese company said in a separate statement that it will contribute €3.5 billion to the project, dubbed European Semiconductor Manufacturing Company GmbH. Total investment is expected to amount to more than €10 billion, including “strong support from the European Union and the German government,” and it will create about 2,000 direct high-tech jobs, the companies said.
MacDailyNews Note: More info in the companies’ press release here.
https://macdailynews.com/2023/08/08/tsmc-to-build-11-billion-chip-plant-in-germany-with-other-chipmakers/#google_vignette
Apple stock buybacks are still in full swing, benefitting Warren Buffett’s bottom line
Tuesday, August 8, 2023 9:27 am
For many years now, Apple has made good on its history-making buyback program, investing more than $573 billion on share repurchases since 2012. In its most recent quarter, Apple invested another $18 billion on buybacks, which have benefited Warren Buffett’s bottom line for Berkshire Hathaway.
Alexandra Garfinkle for Yahoo Finance:
“At Apple and Amex, repurchases increased Berkshire’s ownership a bit without any cost to us,” Buffett wrote in Berkshire’s annual shareholders letter this year. “The math isn’t complicated: When the share count goes down, your interest in our many businesses goes up. Every small bit helps if repurchases are made at value-accretive prices. Just as surely, when a company overpays for repurchases, the continuing shareholders lose.”
A staggering 46% of Buffett’s portfolio is concentrated in Apple stock, which Buffett’s Berkshire first bought in 2016.
Buffett even penned a fervent defense of buybacks in his annual letter.
“When you are told that all repurchases are harmful to shareholders or to the country, or particularly beneficial to CEOs, you are listening to either an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive),” he wrote.
MacDailyNews Note: In May, Apple’s board of directors authorized an additional buyback program to repurchase up to $90 billion of the company’s common stock (AAPL).
https://macdailynews.com/2023/08/08/apple-stock-buybacks-are-still-in-full-swing-benefitting-warren-buffetts-bottom-line/
U.S. Supreme Court denies Epic Games request to allow Apple App Store order take effect
Wednesday, August 9, 2023 12:26 pm
In a victory for Apple, The U.S. Supreme Court on Wednesday denied Fortnite-maker Epic Games’ request to lift a decision by the 9th U.S. Circuit Court of Appeals that delayed implementing a lower court injunction against Apple. The injunction would have forced Apple to change payment practices in its App Store.
The 9th Circuit had upheld the injunction in April, but put it on hold in July to give Apple time to appeal to the Supreme Court. The Supreme Court’s decision on Wednesday means that the injunction will remain on hold for now, and Apple will not be forced to change its payment practices.
MacDailyNews Take: Well, at least Epic is really good at one thing: losing.
As we wrote in July:
Epic is nuts. They want all of the benefits of Apple’s App Store for free. That isn’t how any of this works. Hopefully, SCOTUS will [eventually] correct the 9th Circuit judge’s foolishness which is akin to a judge issuing an injunction that forces Best Buy and Target to place signs next to each product that advertise lower prices for the same items at Walmart.
Regardless, even if the Supreme Court [ultimately] rules against Apple, if developers like Epic Games want to advertise lower prices using Apple’s App Store, Apple should simply begin charging an In-Store Advertising fee, because that’s exactly what it would be.
Related
Epic Games asks U.S. Supreme Court let Apple App Store order take effect
Thursday, July 27, 2023
In "News"
Apple to ask U.S. Supreme Court to quash App Store order in Epic Games case
Wednesday, July 5, 2023
In "News"
Apple wins appeal in Epic Case; App Store changes put on hold
Wednesday, December 8, 2021
In "News"
https://macdailynews.com/2023/08/09/u-s-supreme-court-denies-epic-games-request-to-allow-apple-app-store-order-take-effect/
Jasmy develops an authentication solution that eliminates the need to enter IDs and passwords
Jasmy Co., Ltd.
July 31, 2023 15:00
1
Jasmy Co., Ltd. (Headquarters: Minato-ku, Tokyo, Representative Director: Kazumasa Sato, hereinafter referred to as Jasmy), which provides platforms and solutions for IoT, is an authentication that does not require the entry of IDs and passwords that rely on personal memories and unique terminals. We are pleased to inform you that we have developed a solution.
This solution is based on the authentication function of the distributed ID "Jasmy Personal Data Locker (hereinafter referred to as PDL)" provided by our company. No.>" will be introduced to achieve strong security through passwordless authentication.
In addition, by incorporating this authentication solution into smartphone applications and wearable devices through joint development with partner companies, it can be used not only for authentication on the Internet but also for various IoT devices. Furthermore, by introducing biometric authentication, we will provide stronger security.
¦ Development background
In today's Internet world, ID and password management has reached its limits due to the diversification of digital services. In addition, digital services managed independently by companies and organizations store personal information everywhere, increasing the risk of leaks of not only IDs and passwords but also personal data.
Therefore, at our company, we have utilized the "Secondary Key Security Technology (Patent No. 7250288)" to develop a secure authentication solution not only for online but also for IoT devices.
¦ New technology details
Designate a smartphone application or device (hereinafter referred to as [AD]: Authentication Device) that uses this authentication solution, and transfer [AD] information and various services to the blockchain platform (hereinafter referred to as authentication PF) including PDL provided by our company. Register the ID and password information to be used for . At that time, it will be possible to automatically generate a secure password. In addition, between the [AD] and the authentication PF, a patented key generation method is used to realize secure exchanges of the public key method.
When using biometric information, biometric information can be registered, but the biometric information is recorded in [AD] and is not registered in the authentication PF (see Figure 1)...
https://prtimes.jp/main/html/rd/p/000000054.000025296.html
Crypto this Tuesday: Coinbase’s Millionaire Bond Buyback, Binance Gets License in El Salvador, and More
August 08 2023 - 02:09PM
IH Market News
Coinbase celebrates high with millionaire bond buyback managed by Citigroup
After robust Q2 performance, Coinbase (NASDAQ:COIN) has proposed to buy back up to $150 million of its $1 billion bond, due in 2031. Investors who sell bonds by Aug. 18 will receive $645 for $1,000 of the face value; after that date and through September 1, they will receive $615. Offer is premium over pre-announced price. Such a decision follows Coinbase’s higher-than-expected profit and bitcoin’s rise in 2023. The buyback is managed by Citigroup Global Markets (NYSE:C).
Binance shines in El Salvador: license obtained and proper bookings confirmed
Binance has been licensed to serve residents of El Salvador, as approved by the Central Reserve Bank and the National Digital Assets Commission. The license allows the exchange to offer specific crypto products in the country. Min Lin, head of Binance for Latin America, stated that the licensing process took months. In 2021, El Salvador adopted Bitcoin as legal tender, driven by President Nayib Bukele. In other news, Binance released its latest proof of reserves (PoRs) on Aug. 1, evidencing the adequacy of its crypto reserves. However, the movement of its stablecoin, USDC, after the Silvergate incident sparked debate on X (formerly Twitter). The audit revealed that Binance holds more assets than necessary to cover user balances. But after the fall of Silvergate, Binance has converted much of its USDC into Bitcoin and Ether, causing speculation. The demand for transparency grew in the crypto market after the FTX collapse in 2022.
Bitstamp is not for sale and aims to expand and trade derivatives with help from Galaxy Digital
Bitstamp, the oldest cryptocurrency exchange in the world, is seeking new funding to expand its services, according to its CEO, Jean-Baptiste Graftieaux. Galaxy Digital Holdings is acting as a funding consultant. Graftieaux emphasized that Bitstamp is not for sale and is looking to accelerate growth, with plans to launch derivatives trading in Europe in 2024.
Blockchain.com secures Singapore MAS license
Blockchain.com brokerage has obtained a license from the Monetary Authority of Singapore (MAS) to offer digital payment token services. After receiving initial approval from MAS the previous year, the company now solidifies its presence in Singapore, a strategic hub for its Asian operations. Other crypto companies have also received similar licenses recently.
Circle: 70% adoption of USDC outside the US and web3 innovations
Jeremy Allaire, CEO of Circle, revealed on X (formerly Twitter) that around 70% of the adoption of USD Coin (COIN:USDCUSD), takes place outside the US, with accelerated growth in emerging markets such as Asia, LATAM and Africa. In the August 3 transparency report, Circle stated that 93% of its Circle Reserve Fund was allocated to short-term US Treasuries, overnight repurchase agreements and liquidity. According to the company, the remaining 7% are in bank reserves. In addition, Circle launched a web3 programmable wallet platform that allows companies to integrate customizable wallets into applications, facilitating payments with digital assets. The platform is already in beta on the Ethereum, Avalanche and Polygon networks, with plans to expand to other blockchains.
Paxos expands high-trust PYUSD stablecoin partnerships
Walter Hessert of Paxos Trust reported that more stablecoin projects similar to PayPal’s PYUSD (NASDAQ:PYPL) are in the works. While he didn’t confirm conversations with Elon Musk and X, Hessert did emphasize collaboration with big tech and financial companies. PYUSD, regulated and protected, raises confidence in the digital asset industry. Paxos is also seeking partnerships to drive mass adoption of blockchain products.
Brazil embraces the digital future with “Drex”
The Central Bank of Brazil presented the official brand for its digital currency, named “Drex”. The acronym stands for “Electronic Digital Real” with an ‘x’ symbolizing modernity and DLT technology. The design, with arrows and color transition, reflects the evolution of the real thing to its digital form and successful transactions.
Mango Markets liquidity dilemmas
After an alleged $100 million hack by Avi Eisenberg, Mango Markets faces rising legal expenses and internal tensions. Mango Labs, responsible for the platform, sought approval from the Mango DAO for an additional $2 million in funding, but was met with resistance. With most of Mango DAO’s assets in MNGO tokens (COIN:MNGOUSD), liquidity is a challenge. Mango Labs founder Daffy Durairaj reiterates the need for more funds to deal with legal costs. The company’s future and impact on the crypto industry remain uncertain.
Cypher Protocol freezes contract after $1 Million exploit
Solana-based DEX Cypher Protocol stopped a smart contract after an exploit of around $1 million. The team is investigating and has frozen the contract, inviting the attacker to negotiate the return of funds. Analyzes point to a possible recovery of assets. The incident occurred during a Cypher event.
Ecology and Bitcoin hand in hand: sustainable mining by Trust Machines
Bitcoin (COIN:BTCUSD) mining, often criticized for its environmental impact due to energy consumption, is evolving. Trust Machines’ Rena Shah highlighted green solutions including harnessing flare gas and nuclear power. Flare gas turns waste into energy for mining. Nuclear energy, a constant and clean source, is being exploited by miners. Along with other renewable solutions, the industry is looking to reduce its carbon footprint and encourage more activity on the Bitcoin blockchain, aiming for a greener future.
Bitmain and Anchorage make move after Core Scientific bankruptcy and reorganization
Bitcoin mining giant Bitmain and platform Anchorage Digital plan to acquire shares in miner Core Scientific after its bankruptcy. Core Scientific’s reorganization plan is pending a vote. The company will buy equipment from Bitmain for US$ 77.1 million, paying part of it in shares. This will likely be the first time that Bitmain will have a stake in a publicly listed miner. Other companies may convert their loans into equity or secured debt at Core Scientific. The mining company also negotiates stock offers and agreements with other creditors and suppliers.
CoinGecko leads with “Top Alleged Securities Coins”: reflection of the new regulatory landscape
CoinGecko, a cryptocurrency data aggregator, has launched a new category listing crypto assets designated as securities by the US SEC. Created in response to the uncertain regulatory landscape, the category, named “Top Alleged Securities Coins”, ranks tokens by market capitalization, with Binance Coin (COIN:BNBUSD) leading the way. The SEC has identified 68 cryptocurrencies as securities, but CoinGecko lists 24. Other platforms such as CoinMarketCap have also adopted similar categories. Ripple’s XRP (COIN:XRPUSD) has been delisted following a legal verdict. These categories are intended to help investors understand the regulatory implications in the crypto market.
yPredict raises $3.4 million in funding
yPredict, an AI platform specializing in cryptocurrency analysis, raised $3.4 million in funding. AyPredict aims to offer analysis for traders, combining market patterns, sentiments and technical indicators. With tools like pattern recognition and sentiment analysis, yPredict aims to provide complete market insights. The YPRED token gives access to staking tools and rewards. Its Marketplace connects developers and traders, enabling the monetization of quantitative models. Offering analytics and forecasting solutions, yPredict aspires to democratize algorithmic trading, supporting more informed crypto trading.
https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/91762385/crypto-this-tuesday-coinbase-s-millionaire-bond
Gene Munster: Investors should focus on Apple’s growing installed active base of over 2 billion active devices
Monday, August 7, 2023 11:29 am
Gene Munster, Deepwater Asset Management managing partner, joins CNBC’s “Squawk Box” to discuss the takeaways from Apple and other Big Tech earnings, the health of the mega-cap stocks, and that Apple’s growing installed active base of over 2 billion active devices is where investors should be focusing, meaning Apple Services, not just on the company’s hardware sales.
Video at link below:
Apple’s installed base reached an all-time high across all geographic segments, driven by a June quarter record for iPhone switchers and high new-to rates in Mac, iPad and Watch, coupled with very high levels of customer satisfaction and loyalty.
MacDailyNews Take: In Q323, Apple set an all-time revenue record in Services driven by more than one billion paid subscriptions. Apple’s Services revenue reached $21.2 billion and saw a sequential acceleration to an 8% year-over-year increase, better than the company expected. Apple set an all-time revenue record for total services and in a number of categories, including Apple TV+ AppleCare, iCloud, and Apple Card. Apple promises “updates coming later this year to make Services more powerful, more useful, and more fun than ever.”
https://macdailynews.com/2023/08/07/gene-munster-investors-should-focus-on-apples-growing-installed-active-base-of-over-2-billion-active-devices/
AUSTRALIANSUPER HAS SLASHED POSITIONS IN APPLE AND MICROSOFT
Dennis Sellers August 6, 2023
posted on Aug. 06, 2023 at 6:46 pm
AustralianSuper slashed positions in Apple and Microsoft, bought more shares of electric-vehicle maker Tesla, and initiated a position in chip provider Nvidia in the second quarter, reports Barron’s.
AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria. It is an industry super fund, and so operates through a mutual fund structure. AustralianSuper is the largest superannuation fund in Australia and the twentieth largest pension fund in the world.
The stock trades were disclosed in a form it filed with the Securities and Exchange Commission. AustralianSuper declined to comment on the investment changes to Barron’s. However, as of June 30, 2022, it managed $170 billion in assets, making the pension Australia’s biggest, and the world’s 20th largest.
Apple stock soared 49% in the first half of 2023, compared with a 16% rise in the S&P 500 index. So far in the third quarter, shares are down 6% compared with the index’s flat performance.
https://appleworld.today/australiansuper-has-slashed-positions-in-apple-and-microsoft/
MacDailyNews presents live notes from Apple’s Q323 conference call
Thursday, August 3, 2023 4:46 pm
MacDailyNews presents live notes from Apple’s Q323 Conference Call with analysts starting at 2pm PDT / 5pm EDT today, August 3, 2023
This stream is best experienced on an iPhone 7 or later, iPad (5th generation or later), or iPod touch (7th generation) using Safari on iOS 12 or later; or a Mac using Safari on macOS Mojave 10.14 or later. Streaming to your TV requires an AirPlay 2–capable device, or via AirPlay to an Apple TV (2nd generation or later) with the latest Apple TV software or tvOS. Other platforms may also be able to access the stream using recent versions of Chrome, Firefox, or Microsoft Edge (MSE, H.264, and AAC required).
Apple’s live conference call webcast will begin at 2pm PDT / 5pm EDT here.
Apple today posted quarterly revenue of $81.797 billion (vs. $82.959 billion YOY), down 1 percent year over year, and quarterly earnings per diluted share of $1.26 (vs. $1.20 YOY), up 5 percent YoY.
For the quarter, analysts’ consensus estimates (per Refinitiv) called for Apple to report EPS of $1.19 EPS (vs. $1.26 actual) on revenue of $81.700 billion (vs. $81.797 billion actual).
Live notes:
• AAPL After hours: $187.05, -$4.12 (-2.16%) @ 6:02PM EDT
• End of call
• Cook: We just opened two new retail stores in India last quarter
• Cook: Stores are a key part of Apple’s approach and will be very key to the launch of Apple Vision Pro
• Q: Apple Retail Stores?
• Cook: The iPhone compare has a bit of a headwind as iPhone SE was announced last year, but we see iPhone sales accelerating YoY regardless
• Cook: Switching is a huge opportunity for us
• Cook: Switchers set a record in greater China, in particular
• Q: iPhone switchers?
• Cook: We could not be more excited about Apple Vision Pro; I am using the product daily
• Q: Apple Vision Pro?
• AI and ML is absolutely critical; Apple has been doinf research in AI for years, including generative AI; we do not discuss unannounced products
• Cook: We view AI and Machine Learning (ML) as core fundamental tech that are integral to every product that we build
• Artificial Intelligence (AI) strategy?
• Cook: India is the second largest smartphone market in the world; we have a huge opportunity in India
• Cook: We set June quarter record; we continue to build and invest in India
• Prospects for iPhone in India?
• Cook: We could not be happier with MLS Season Pass; Messi in the MLS is a big help
• Cook: Sport is a part of that; it’s the ultimate original story
• Cook: We are focused on original content with Apple TV+
• Q: Live sports?
• Cook: Generally speaking, it would be quite easy to find an iPhone promotion especially if switching services; expect that to continue in September quarter
• Q: U.S. carriers have had programs for iPhone upgrades for years; are these programs in place this year?
• Luca: We try to hedge foreign exchange as best we can; about 60% of Apple business is outside of the U.S.
• Q: foreign exchange?
• France, Italy, The Netherlands, Austria all did well in June quarter
• Luca: Emerging markets in Europe includes India
• Western Europe?
• AirPods continue to be a great success; Wearables, Home and Accessories has become a very big part of Apple’s business
• Wearables install base is growing quickly with 2/3rd of Appel Watch buyer being new to the product
• Luca: Wearables growth very strong in China
• Q: Wearables growth?
By offering better and more content over time, Apple believes it can attract more and more subscribers
• Luca: Customers with multiple Apple devices tend to be more active with Services
• Q: Hardware install base of 2+ billion; Services per device?
• Apple keeps enhancing the ecosystem
• Install base continues to grow
• Services growth shows a high level of engagement
• Many Services categories are showing growth
• Luca: Clearly we’ve seen an improvement in Services; we expect more in September
• Q: Services acceleration this quarter and next, why?
• Luca: We look at the environment and we know it’s an uncertain period, so we deliberately control our spending, hiring; we’re very pleased with expense growth currently
• Q: OpEx?
• Really good signs in most places in the world
• Cook: A challenging smartphone market in the U.S. currently
• Cook: U.S. saw a slight acceleration
• Cook: China went from -3 to +8, it’s an acceleration
• Cook: We did exceptionally well in emerging markets last quarter
• Luca: We continue to take advantage of favorable commodity prices
• Luca: Guidance takes into account the expectation of a better foreign exchange
• Luca: Majority of iPhones (well over 50%) are sold via affordability programs around the world (trade-ins, installment plans, etc.)
• Q: iPhones sold in installment vs. full purchase price?
• Luca: Mac and iPad will decline double digits due to difficult compare; last June Apple had factory shutdowns and Mac and iPad sales were fulfilled in September 2022 quarter
• Q: Guidance color? Seasonality changing?
• Similar gross margin expected for September quarter
• Foreign exchange continues to be a considerable drag
• Commodity environment is favorable to Apple
• Gross margin driven by cost savings and mix shift to Services
• 44.5% for the June quarter is a Q3 record
• Gross margin so high?
• Slight acceleration of iPhone primarily in the U.S.
• iPhone performance set record in India, Indonesia, southeast Asia, Latin America
• Luca: On a geographic basis, great iPhone performance in emerging markets
• Q: Uneven macro environment? iPhone demand on geographic basis?
• The dividend is payable on August 17, 2023 to shareholders of record as of the close of business on August 14, 2023
• Apple’s board of directors has declared a cash dividend of $0.24 per share of the company’s common stock
• Tax rate to be around 16%
• We expect Mac and iPad to decline double digits due to difficult compares
• iPhone and Service expected to accelerate vs June quarter
• 44-45% gross margin expected in September quarter
• Outlook for September quarter: We expect YoY revenue performance to be similar to June quarter
• $57 billion net cash at end of quarter
• total debt $109 billion
• Apple continues to enhance services from Apple Arcade to Apple TV to Apple Card Savings accounts
• Paid subscriptions showed strong growth, over 1 billion paid subscriptions
• Active install base of over 2 billion
• We are very pleased with Services performance
• 2/3rds of Apple Watch buyers were new to Apple Watch
• Over half of iPad buyers during quarter were new to iPad
• Nearly half of Mac buyers during quarter were new to the Mac
• iPhone active install base grew to an all-time high due in part to strong switchers
• iPhone revenue grew YoY on a constant currency basis
• $26.4 billion operating cash flow
• Service gross margin: 70.5%
• Products gross margin: 35.4%
• Gross margin 44.5%, a record level for the June quarter; driven by cost savings and favorable
• Installed base reached all-time high in all geographic segments
• $60.6 billion in products revenue
• Luca: On constant currency basis, Apple’s revenue grew YoY
• Cook: We’ll continue to manage for the long term
• Cook promotes Apple’s efforts in education
• Apple’s goal is to be carbon neutral by 2030 throughout its operations
• Cook touts Apple’s DEI efforts
• Cook touts Apple security and privacy focus
• Cook touts Apple’s commitment to accessibility
• Apple Store Online launched in Vietnam
• Apple Music launched new live music features
• Messi’s arrival in MLS is very exciting for Apple
• Apple TV+ is highly nominated, awarded
• Apple Card high-yield Savings now has over $10 billion in deposits
• Services revenue: $21.213 billion; 8% YoY, better than Appel expected; all-time quarterly record
• Cook touts WWDC 2023 announcements, features
• Wearables, Home and Accessories revenue: $8.284 billion
• iPad revenue: $5.792 billion (down due primarily to a difficult compare YoY)
• Mac revenue: $6.840 billion
• iPhone revenue: $39.669 billion
• Cook touts new Macs, new OSes, and Apple’s introduction to the world of spatial computing with Apple Vision Pro in June, “a marvel of innovation only possible at Apple”
• We grew YoY on a constant currency basis
• Set an all-time quarterly Services revenue record
• Set June quarter records in many countries
• Cook: Apple reported revenue os $81.8 billion, better than our expectations
• Apple CEO Tim Cook to speak first, followed by Apple CFO Luca Maestri, and call will conclude with analysts’ questions
• The analysts’ consensus, per Refinitiv, expected Apple to report revenue of $81.7 billion and EPS of $1.19
• Apple reported quarterly earnings per diluted share of $1.26, up 5 percent YoY
• Apple posted quarterly revenue of $81.8 billion, down 1 percent YoY
https://macdailynews.com/2023/08/03/macdailynews-presents-live-notes-from-apples-q323-conference-call/
Apple’s August 3rd earnings report is especially critical to Wall Street rally
Thursday, August 3, 2023 8:55 am
Results from Apple, and to a lesser extent, Amazon, after Thursday’s closing bell represent the next big hurdle for the market’s tech-fueled rally.
Ryan Vlastelica for Bloomberg News:
Both stocks have been critical to the S&P 500’s advance this year, attracting investors with their relatively durable revenue streams and market dominance. But whether they can fuel further gains is in question, given they trade at lofty multiples, face headwinds in their core businesses, and have limited direct exposure to artificial intelligence — a key driver behind this year’s jump.
Rate sensitive tech stocks suffered a blow on Wednesday after Treasury yields soared in the wake of Fitch’s downgrade of US sovereign debt. A tech-fueled rally has added more than $6 trillion in value to the S&P 500 index this year, but the sector has struggled to advance after coming within 5% of the Nasdaq 100’s all-time high last month…
Apple, whose 48% gain in 2023 has made it the only company valued at more than $3 trillion, will be especially critical if the rally is to get back on track. The stock accounts for nearly 8% of the S&P 500 Index, giving it enormous sway over the benchmark.
MacDailyNews Take: Here’s what the analysts’ consensus, according to FactSet, expects Apple to report:
• Revenue: $81.9 billion
• EPS: $1.19
• iPhone revenue: $40.3 billion
• Services revenue: $20.8 billion
• Wearables, Home and Accessories revenue: $8.3 billion
• Mac revenue: $6.6 billion
• iPad revenue: $6.5 billion
• Americas revenue: $38 billion
• Greater China revenue: $13.6 billion
https://macdailynews.com/2023/08/03/apples-august-3rd-earnings-report-is-especially-critical-to-wall-street-rally/
Apple assembler Foxconn invests $500 million in India in shift from China
Tuesday, August 1, 2023 8:56 am
Apple biggest assembler, Foxconn Technology Group, is planning to invest close to $500 million to build two component factories in India as part of a steady diversification from China.
Sankalp Phartiyal for Bloomberg News:
At least one of the factories that the Taiwanese company plans to construct in the southern Karnataka state will produce Apple parts, including for iPhones, people familiar with the matter said. A formal announcement is expected as early as this week, the people said, declining to be named as the matter is not public.
The exact location of these new plants is yet to be decided.
Separately, Foxconn has also signed an initial agreement with the southern Tamil Nadu government to set up a component plant with an investment of 16 billion rupees ($195 million), the state’s industries ministry said Monday. The project planned at Kancheepuram district is likely to generate about 6,000 jobs.
Apple suppliers such as Foxconn have ramped up business in India over the past few years thanks to Prime Minister Narendra Modi’s incentives to boost local manufacturing. States such as Karnataka have also wooed companies with quick decision making, cutting down on red tape and throwing in subsidies.
MacDailyNews Take: Apple’s Houdini act of slowly extricating itself from a trap of its own making continues unabated.
Related
Apple assembler Foxconn invests $500 million in India business as Apple looks to lessen crippling dependence on China
Friday, December 9, 2022
In "News"
Foxconn in talks to build Apple factories in India to assemble iPhones, iPads, and iPods
Friday, June 12, 2015
In "News"
Apple assembler Foxconn to invest $500 million in India’s Telangana state, create 25,000 jobs
Monday, May 15, 2023
In "News"
https://macdailynews.com/2023/08/01/apple-assembler-foxconn-invests-500-million-in-india-in-shift-from-china/
SEC asked Coinbase to trade only in bitcoin before suing crypto exchange, Financial Times reports
Reuters
July 31, 20237:56 AM EDTUpdated 3 hours ago
July 31 (Reuters) - The U.S. Securities and Exchange Commission (SEC) had asked Coinbase (COIN.O) to stop trading in all cryptocurrencies except bitcoin before suing the cryptocurrency platform in June, the Financial Times reported on Monday, citing CEO Brian Armstrong.
"We really didn't have a choice at that point. Delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the U.S.," Armstrong told the FT.
"It kind of made it an easy choice ... ?let's go to court and find out what the court says," he added.
The SEC had accused Coinbase of operating illegally because it failed to register as an exchange. It also alleged that Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon.
The SEC told the FT that its enforcement division did not make formal requests for "companies to delist crypto assets".
"In the course of an investigation, the staff may share its own view as to what conduct may raise questions for the commission under the securities laws," FT said, citing the SEC.
In response to the FT report, a Coinbase spokesperson said the SEC had never shared a position that all assets other than bitcoin were securities, and that staff don't make formal requests such as the one implied by the article without a vote of the full commission.
"We continue our discussions with the Commission, but believe that transparent and fair rulemaking and Congressional action represent the best path forward for American crypto users and the companies building the cryptoeconomy in the US," the spokesperson added.
The regulator sued Binance in June, with both civil cases part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry.
Gensler has labeled the crypto industry a "Wild West" that has undermined investor trust in the U.S. capital markets. Crypto companies say the SEC rules are unclear, and that the agency is overreaching by trying to regulate them.
The SEC did not immediately respond to a Reuters request for comment on the report.
Reporting by Juby Babu in Bengaluru; additional reporting by Kanjyik Ghosh and Rishabh Jaiswal; Editing by Sonia Cheema, Savio D'Souza and Anil D'Silva
https://www.reuters.com/technology/sec-asked-coinbase-stop-trading-cryptocurrencies-other-than-bitcoin-prior-suing-2023-07-31/
Piper Sandler ups Apple stock price target to $220
Monday, July 31, 2023 11:14 am
Piper Sandler analyst Harsh Kumar in a note to clients on Monday upped the firm’s Apple price target to $220, up from its $200 target set in January 2022.
Malcolm Owen for AppleInsider.:
The June-specific comments has analysts expecting Apple to “slightly miss Street EPS expectations of $1.19 by between $0.02 to $0.04.” Overall revenue is similarly going to miss the street’s $81.7 billion estimate, by being “slightly lower.” “Overall, we feel that Apple will be able to execute in its key segments and markets for the June quarter,” the report states.
Discussing China, Apple’s iPhone is “gaining meaningful share” despite concerns about a potential slowdown. “We beg to differ and believe that the Chinese population is selectively choosing iPhones over Android devices,” Piper Sandler asserts, with “positive momentum” over the last three quarters. “We believe that the concerns about China’s slow-down for iPhone might be at a minimum relatively, if not completely, overblown.”
Piper Sandler estimates “Apple will deliver September assumptions that will match or slightly exceed street expectations” based on China and India success.
MacDailyNews Take: Currently, the analysts’ consensus calls for Apple to report fiscal Q323 revenue of $81.64 billion and EPS of $1.19 on Thursday, August 3rd.
MacDailyNews Note: As always, we’ll have Apple’s results on August 3rd right around 1:30 p.m. PT / 4:30 p.m. ET. followed by live notes from Apple’s conference call beginning at 2:00 p.m. PT / 5:00 p.m. ET.
Related
Piper Sandler ups Apple price target to $175
Thursday, September 9, 2021
In "News"
Piper Sandler ups Apple target price to $130
Wednesday, September 16, 2020
In "News"
Analysts lower Apple estimates due to weakening demand
Tuesday, March 24, 2020
In "News"
https://macdailynews.com/2023/07/31/piper-sandler-ups-apple-stock-price-target-to-220/
Apple and Amazon Earnings In Focus This Week
July 31 2023 - 05:30AM
Finscreener.org
The S&P 500 index continued its upward surge last week, rising 0.85%. In 2023, the S&P 500 index has gained close to 20%, despite a weak macro environment. The equity markets will be impacted by a slew of Q2 earnings which will be reported over the next few days...
Investors will closely watch the earnings of tech giants such as Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) in the upcoming week.
https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/91683960/apple-and-amazon-earnings-in-focus-this-week
Maybe we have a future Green Mountain Coffee!
here is their history:
https://www.company-histories.com/Green-Mountain-Coffee-Inc-Company-History.html