Tuesday☕️

Aug 15, 2023 • 3 min read

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Markets:

Russian Ruble:

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.
In response, Russia's central bank has suspended foreign currency purchases for the remainder of the year and is convening a crucial meeting to contemplate interest rate adjustments. These measures come amid Russia's economic challenges, accentuated by sanctions from Western nations.

PayPal CEO:

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.
PayPal's stock dropped 37% over the past year. Chriss's role will focus on boosting growth, especially with the upcoming release of PayPal USD, a stablecoin. This introduction reinforces PayPal's confidence in cryptocurrency, marking it as the first major fintech to embrace digital tokens for transactions.

Fito Prison Transfer:

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 where he'd been for 12 years to "La Roca," 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, a strong proponent of law and order and a candidate in the upcoming Ecuadorian elections. Prior to his death, Villavicencio had publicly mentioned that he had received death threats from "Fito."
Despite being incarcerated, it's believed that "Fito" effectively controlled the low-security prison he was in, underscoring the influence he wielded. The decision to transfer him suggests an attempt to curb his power and influence from within the prison system.

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