Wednesday☕️

Jun 7, 2023 • 4 min read

Trending:

Markets/Economies:

PGA Merge With LIV:

The PGA Tour is merging with its Saudi-backed rival LIV Golf, ending existing litigation between them. This agreement also includes the DP World Tour, also known as the European PGA Tour.
The new, combined entity will be a for-profit company, yet to be named, that will incorporate the commercial businesses and rights of both PGA and LIV Golf. The Saudi Arabia Public Investment Fund (PIF), backing LIV Golf, plans to invest billions into the new organization.
The agreement will allow players to reapply for membership with the PGA or DP World Tour after the 2023 season. This merger follows the recent victory of LIV golfer Brooks Koepka in the PGA Championship.

Crypto Regulation:

In a regulatory action, the U.S. Securities and Exchange Commission (SEC), the leading financial market watchdog, has lodged lawsuits against two of the largest crypto exchanges, Binance and Coinbase.
The U.S. Securities and Exchange Commission (SEC), perceives most cryptocurrencies as a specific class of financial asset termed "security". This categorization puts cryptocurrencies on a similar footing as stocks and bonds, thus necessitating crypto firms to register with the SEC.
Binance, the world's top crypto exchange, came under fire on Monday for allegedly not registering with the SEC. Moreover, the commission accused Binance of redirecting customer funds to another enterprise under its CEO's ownership. Yesterday, Coinbase also faced a lawsuit for its failure to register with the SEC.
Despite these actions, the SEC has yet to provide clear guidelines for the industry, a concern shared by the blockchain industry. They argue that this regulatory ambiguity could stifle blockchain innovation in the US and potentially drive it to other jurisdictions. This concern forms the crux of the exchanges' argument as they press for more defined rules.

Ukrainian Dam Collapse:

The Kakhovka dam, a significant infrastructure along Ukraine's frontline, has catastrophically failed. Located in a region of eastern Ukraine presently under Russian control, the dam's collapse has triggered massive evacuations due to a torrent of water being unleashed.
Notably, the dam served as a vital water source for a nearby nuclear power plant, where it was utilized to cool down the plant's reactors. Officials reassure that there is no immediate threat of a nuclear incident as the plant has a secondary water supply.
Moreover, the dam was a primary water provider for Crimea, a region controversially annexed by Russia in 2014. The dam's destruction has led to a flurry of accusations; Ukraine holds Russia responsible for the blast, while Russia counters that Ukraine orchestrated the dam's collapse to cut off Crimea's water supply.

Statistic: