Good morning readers. I wanted to share some personal news…I’ll be heading to Europe for the next couple of weeks with my beautiful girlfriend backpacking through Germany, Czech Republic and the Netherlands. This means today’s edition will be the last until October 16^th . I wanted to thank you all for the love, support, and engagement thus far…it means the world to me.

On another note, some readers have reached out letting us know that the daily email gets sent to their junk from time to time. I wanted to share this blog post on how to whitelist our newsletter and ensure it hits your inbox every morning.

Until we meet in your inbox again, take care and be well.

Let’s jump into today’s storylines.

In today’s digest:

• FTC sues Amazon on antitrust charges

• Headline Hustle: Update on Google vs. US, Senators unveil bipartisan funding deal, Target to close stores due to shoplifting

• Turbulent times at Binance

• Pulse Points: What’s Trending

TECHNOLOGY

FTC sues Amazon on antitrust charges

Oh, how the mighty could fall. On a recent not-so-sunny-for-Amazon Tuesday, the Federal Trade Commission (FTC), backed by a squad of 17 states, threw a legal fastball at the retail behemoth for allegedly playing monopoly, but not the fun kind with little top hats and tiny metal dogs. Filed in the Seattle federal court, the lawsuit accuses Amazon of not playing fair; hiking prices, handcuffing sellers to its platform, and pushing competitors to the edge of the cliff through some less-than-sporting practices.

This legal entanglement is not just a random jab but signifies a broader narrative under the Biden administration's agenda, where FTC’s Chair Lina Khan, Amazon's not-so-secret admirer, is steering the antitrust ship towards unchartered waters. The agenda? Hit ‘em where it hurts and bring them down a notch, starting with tech behemoths like Amazon, though past disputes with Meta Platforms and Microsoft were more of a swing and a miss than a home run.

What's the endgame? The FTC's swinging for the fences, hoping to clip Amazon's alleged rogue wings and stir up some competition. Whispers of an Amazon breakup swirl, though no one's dropped that bomb...yet. But this legal battle is more than just a moment—it's a turning point. If the FTC comes out on top, the tech world might just get a new rulebook. And if history's any guide, when the U.S. makes a move, the world watches—and often follows.

Headline Hustle

👨🏼‍⚖️ Update on Google vs. US trial. The Google trial continued in Washington DC and revealed the tech giant’s hardball tactics to secure its position as the default search engine on global smartphones, notably with tech titans Apple and Samsung. The nitty-gritty details emerging from the trial show how Google's contracts, some dating back to 2001, leveraged its dominant search position to influence partner decisions. Apple, once considering a dance with Yahoo, was swiftly corralled back by Google's revenue-sharing allure. Amidst the unfolding courtroom drama, questions about market monopoly versus consumer choice take center stage. The saga continues, with both industry giants and underdogs watching closely.

🇺🇸 Senators unveil bipartisan funding deal to avert government shutdown. Tuesday's Senate session was a fiscal tug-of-war as it green-lit a government funding extension to November 17, tossing in $6 billion each for Ukraine and disaster relief. But House Speaker Kevin McCarthy volleyed back with a condition – tighten border security, and cut the Kyiv cash to keep his crew cohesive. While the Senate's bipartisan olive branch seems to be cracking under the weight of domestic versus international priorities, McCarthy now tiptoes on a tightrope between appeasing border hawks and averting a governmental gridlock.

🎯 Target closes 9 stores due to shoplifting. Target takes aim at "retail crime" by shutting doors of nine stores across four US cities, marking its new defensive strategy amid a thieving spree. Unlike its peer Walmart, Target squarely blames rising theft and ensuing safety hazards for this retreat. This closure, albeit a speck on Target’s 1,900-strong store map, underscores a retail underbelly grappling with emboldened shoplifters and shying shoppers. While sales slump amidst consumers tightening belts, Target's anti-theft investments have sadly missed the mark, leaving it to count the cost of crime on its bottom line. Amid a shoplifting saga and contrary market winds, even retail giants are finding it tough to hold the fort.

CRYPTO

Turbulent times at Binance

Cracks are appearing in the titan of cryptocurrency trading, Binance, as U.S. regulatory clampdowns trigger an exodus of senior executives and send 1,500 employees packing. The heavyweight exchange, once reigning over 70% of all crypto trades, now sees its dominion shrink to about 50%. With a potential SEC lawsuit and a U.S. Justice Department investigation looming, co-founder Changpeng Zhao might have to brace for criminal charges and hefty fines.

A balancing act

At the core of this fiasco are allegations of unlawful operations in the U.S. and misappropriation of customer funds, with a side dish of possible sanctions violations on Russia. The aftershocks are felt far and wide—Europe and the U.S. are tightening the regulatory noose, with some regions blocking Binance outright.

Adding fuel to the fire are internal spats on tackling regulatory roadblocks, casting doubts over Zhao's captaincy. The storm brewing at Binance could send shockwaves across the crypto world, potentially squeezing liquidity and crypto valuations in the near term.

Zoom out: This saga accentuates the paramount need for crypto exchanges to toe the line of international law and standards. Binance's tribulations might just be the canary in the coalmine for the crypto industry, encouraging exchanges to beef up their compliance toolkits. As Binance navigates these murky waters, its journey could chart the course for addressing legal and regulatory hurdles in the digital currency world, reshaping the operational playbook of crypto mainstays.

SNIPPETS

Pulse Points

Speaker of the House Anthony Rota stepped down on Tuesday following criticism for honoring Yaroslav Hunka, who was later identified by Jewish advocacy groups as a former Nazi soldier.

A New York judge ruled on Tuesday that Donald Trump and his family business committed fraud through false and misleading real-estate valuations, inflating his annual net worth by as much as $3.6 billion between 2011 and 2021.

OpenAI is discussing a share sale with investors that could value the artificial-intelligence startup between $80 billion to $90 billion, nearly tripling its earlier valuation this year.

Uber has entered into a multiyear partnership with Los Angeles Yellow Cab and five other taxi fleets in Southern California to provide taxi drivers with Uber trip referrals.

YouTube updated its advertiser-friendly guidelines to relax rules on controversial issues, enabling creators to monetize videos on topics like sexual and domestic abuse, abortions, and eating disorders under certain circumstances, provided they avoid graphic detail.

Airbnb is offering a weekend stay at Shrek’s Swamp…here’s how to book.

Was this email forwarded to you? Feel free to sign up using the following link: https://www.pulseofprogress.info/