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Time Is Money

Aug 20, 2023 • 5 min read

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Hurricane Hilary
AI Art Ruling

Week Recap:

The Russian ruble has depreciated significantly, currently standing at 100 rubles per US dollar, marking its weakest point in 18 months. Since the onset of the year, it has declined by 30% against the dollar.
PayPal has named Alex Chriss, currently an executive at Intuit, as its new President and CEO, succeeding Dan Schulman, who will stay on the company's board until next May. Chriss has the full backing of PayPal's board and is viewed as a seasoned tech business leader.
In a significant security operation, over 3,600 members of Ecuador's police and military forces transferred the notorious gang leader, José Adolfo Macías Villamar, commonly known as "Fito," from a low-security prison, to a maximum-security facility. "Fito" is recognized as the leader of the Ecuadorian gang "Los Choneros." This move comes shortly after the assassination of Fernando Villavicencio, who had publicly mentioned that he had received death threats from "Fito."
Europe has launched its first spot bitcoin ETF, named the Jacobi FT Wilshere Bitcoin ETF. It complies with the Guernsey Financial Services Commission (GFSC) and is listed on Euronext Amsterdam. While the U.S. has had multiple Spot Bitcoin ETF applications, Europe's official launch marks the first.
During Argentina's recent primary elections, Javier Milei, a candidate with a strong libertarian and anti-establishment stance, emerged as a leading figure by securing 31% of the total votes. Since 2018, the nation has been embroiled in an economic crisis, with inflation rates passing 100%.
Private equity firm Apax Partners has agreed to acquire Bazooka Candy Brands for roughly $700 million. Prior to this, Madison Dearborn Partners and Torante had arranged to secure the company through a SPAC deal valued at $1.3 billion, which also encompassed the Topps trading cards segment.
The Italian government is proposing a regulation that would cap the price of airfares to Sicily and Sardinia at only 200% above their yearly average. Several airlines have voiced strong opposition, suggesting that the proposed cap may contradict European Union regulations. The debate on the legality and feasibility of this proposal continues.
Apple is launching the production of its latest iPhone 15 in Tamil Nadu, South India, marking a significant step in its strategy to reduce dependency on China's supply chain.
Norway's sovereign wealth fund, valued at $1.4 trillion, reported a gain of 1,501 billion crowns ($143 billion) in the first half of the year. A significant factor behind this increase was the success of U.S. tech companies, especially with their strides in artificial intelligence (AI).
Mortgage rates have reached a 20-year peak of 7.09%. This increase has deterred potential buyers from entering the market and made current homeowners hesitant to sell, fearing the costs of new, higher-rate loans.
In the aftermath of the wildfires that swept through Maui, 111 lives were lost, and over 1,000 individuals remain unaccounted for. Hawaii Electric is facing numerous lawsuits, with locals alleging that the company was ill-prepared for the known wildfire risk.
Lamborghini has revealed its first all-electric vehicle, the Lamborghini Lanzador EV. The Lanzador EV introduces a GT design with 2+2 seating and promises an unmatched on-board experience that aligns with Lamborghini's brand essence while also hinting at its future direction.

Hurricane Hilary:

California is on high alert as Hurricane Hilary approaches. An unprecedented tropical storm warning is in effect for areas from the California-Mexico border to Point Mugu, including Catalina Island. Officials, already observing rainfall in Southern California, have advised residents in parts of San Bernardino County and visitors on Catalina Island to evacuate.
Gov. Gavin Newsom has declared a state of emergency, mobilizing thousands of first responders. The National Weather Service has emphasized the danger of lashing winds and torrential rains, especially along the beaches, leading officials to advise vulnerable residents to evacuate due to potential utility outages.
Meteorologists have highlighted the rarity of such storm warnings on the U.S. West Coast. Historically, when tropical storms reach the southwestern U.S., they've typically dissipated. Hurricane Hilary, downgraded from a Category 4 to a Category 2, poses a major flooding risk, especially around inland deserts and mountains.

AI Art Ruling:

A recent federal ruling has determined that art created solely by artificial intelligence (AI) cannot be copyrighted. The US Copyright Office and a judge emphasize the essential role of human involvement in granting copyright protection. The contentious art piece, "A Recent Entrance to Parade," made purely by an AI algorithm, was at the center of this case.
After the Copyright Office denied its copyright due to the lack of human participation, a lawsuit followed, aiming to overturn this decision. This verdict, although directly concerning physical art, has caught the eyes of Hollywood studio executives. The ongoing writers' and actors' strikes highlight the increasing use of AI in scriptwriting and acting. If such AI contributions lack copyright protection, it could lead to significant implications for the industry.
Furthermore, AI's intersection with copyright has been a heated topic, with artists alleging that AI generators, including Stability Diffusion, Midjourney, and DreamUP, use copyrighted content without permission. Notably, comedian Sarah Silverman and authors Richard Kadrey and Christopher Golden have filed lawsuits against these companies, accusing them of using their works without consent to train AI tools.

Statistic:

Legal drinking age:
🇨🇫 Central African Republic: 15
🇲🇱 Mali: 15
🇦🇹 Austria: 16
🇧🇪 Belgium: 16
🇩🇪 Germany: 16
🇱🇺 Luxembourg: 16
🇨🇭 Switzerland: 16
🇲🇹 Malta: 17
🇦🇷 Argentina: 18
🇦🇺 Australia: 18
🇧🇷 Brazil: 18
🇫🇷 France: 18
🇳🇬 Nigeria: 18
🇷🇺 Russia: 18
🇹🇷 Türkiye: 18
🇬🇧 United Kingdom: 18
🇻🇳 Vietnam: 18
🇨🇦 Canada: 18-19
🇦🇪 UAE: 18-21
🇮🇳 India: 18-21
🇶🇦 Qatar: 19
🇰🇷 South Korea: 19
🇮🇸 Iceland: 20
🇯🇵 Japan: 20
🇹🇭 Thailand: 20
🇺🇿 Uzbekistan: 20
🇧🇭 Bahrain: 21
🇪🇬 Egypt: 21
🇮🇩 Indonesia: 21
🇺🇸 United States: 21
🇪🇷 Eritrea: 25
🇦🇫 Afghanistan: illegal
🇮🇷 Iran: illegal
🇰🇼 Kuwait: illegal
🇱🇾 Libya: illegal
🇲🇻 Maldives: illegal (besides tourist islands)
🇵🇰 Pakistan: illegal
🇸🇦 Saudi Arabia: illegal
🇸🇴 Somalia: illegal
🇧🇫 Burkina Faso: no age limit
🇬🇼 Guinea-Bissau: no age limit
🇹🇱 Timor-Leste: no age limit
🇹🇬 Togo: no age limit
🇪🇭 Western Sahara: no age limit

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