š Binanceās CZ goes to prison
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Hereās what you need to know
Binanceās founder was sentenced to four months in prison for breaking U.S. anti-money laundering laws. Changpeng Zhao, a.k.a. CZ, previously pleaded guilty to the charges in November 2023, when he agreed to also step down as CEO of the worldās largest cryptocurrency exchange.
Cloud and ad growth boosted Amazonās earnings. The e-commerce giant reported revenue of $143 billion, beating Wall Streetās estimates.
U.S. trade regulators are challenging ājunkā patent listings. Among the more than 300 patent listings being scrutinized by the Federal Trade Commission is Novo Nordiskās Ozempic. Ā
Huawei saw its profits soar 564% year over year. The Chinese smartphone maker is outpacing its rival Apple, and showing its resilience against U.S. sanctions. Meanwhile, Apple is reportedly poaching dozens of AI experts from Google, and artificial intelligence powered big profits at Samsung.
Biden is facing pressure to make gas more expensive
Cheap gas is becoming politically expensive for President Joe Biden in a challenging election year.
Pressure is building on Biden to ramp up sanctions enforcement against Russia, Iran, and Venezuela ā three major oil producers whose supplies have tamped down rising crude prices despite OPEC production cuts and a U.S. production glut. But more sanctions would also mean higher gas prices.
At play are three overarching geopolitical tensions:
- Russiaās invasion of Ukraine
- Iranās retaliation against an Israeli airstrike on its Syrian consulate
- And Venezuelaās refusal to conduct elections the way that the U.S. would like it to
Quartzās Melvin Backman takes a look at what higher gas prices could mean during an election year dominated by inflation concerns.
Quotable: Boeing investors have a Calhoun choice
āShareholders will be sending a clear indication of discontent regarding the Companyās recent oversight and handling of safety issues and safety culture.ā ā Proxy advisor Glass Lewis in a report provided to Quartz yesterday, advising clients to vote against Dave Calhounās reelection to Boeingās board
Boeing CEO Dave Calhoun has already announced plans to step down at the end of the year. As a part of that plan, he said heāll stick around for a little bit as a member of the companyās board. But proxy advisor Glass Lewis doesnāt think thatās a good idea at all ā and wants investors to send a stronger message about the plane manufacturerās recent safety woes.
More from Quartz
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š„µ Weight loss drugs are so hot that Eli Lilly is expecting $2 billion more in sales this year
š MicroStrategy stock plunges after it lost $53 million and plans to buy more Bitcoin
š„¤ Coca-Cola is getting a boost from higher prices
š¤Æ CEO pay is rising twice as fast as everyone elseās
Surprising discoveries
A girl in North Carolina mistook 60,000 bees for a monster in her bedroom. Honestly, that makes sense.
A statue depicting a female ballplayer during ancient Mesoamerica times will be displayed to the public. Itās an incredibly rare find.
Also going on display: a super weird ball-like sculpture used by the Romans called a dodecahedron. The 12-sided object will be presented to the public in Lincolnshire.
Plato critiqued a flute song on his deathbed. The tale was recalled on a papyrus scroll buried under volcanic ash from Mount Vesuvius.
Florida and Texas are getting inundated with new houses. Even though that surging supply is stagnating price growth, that doesnāt mean people are buying.
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Our best wishes for a productive day. Send any news, comments, monster spray, and dodecahedrons toĀ [email protected]. Todayās Daily Brief was brought to you by Morgan Haefner.