Newsletter Jun 6, 2023

Quick Six

SEC files charges against crypto exchange Binance, CEO
The SEC filed 13 charges against Binance, the world's largest centralized cryptocurrency exchange platform by trading volume, and its billionaire CEO Changpeng Zhao, which CZ dismissed after news broke out. Binance, its subsidiary Binance.US, and their CEO CZ are accused of offering unregistered securities to the public through Binance Coin, the cryptocurrency issued by the exchange, and BUSD, the stablecoin associated with Binance.
WHAT CHARGES DID THE SEC BRING AGAINST BINANCE?

Airlines expected to deliver record profits of $9.8B in 2023
Airlines will return to profit and fly a near-record 4.35 billion passengers this year, but the sector's post-pandemic recovery is fragile, an industry group said on Monday. The industry is forecast to post net profits totaling $9.8 billion in 2023, or double previous estimates, boosted by the end of Covid restrictions. Also, 2022 losses were half as bad as the previous estimate of $3.6 billion.
WHY AMERICANS ARE EXPECTED TO FLY AT RECORD RATE

Elon Musk says China has plans in place for AI regulation
Top Chinese officials told Elon Musk about plans to launch new regulations on artificial intelligence on his recent trip to the Asian giant, the tech billionaire said Monday after meetings with senior officials in Beijing and employees last week. Musk, whose interests in China have long raised eyebrows in Washington, spoke about the exchange in a live-streamed Twitter discussion.
WHY MUSK APPEARED ALONGSIDE ROBERT KENNEDY JR

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Markets

DJIA	33,562.86	-0.59%
S&P 500	4,273.79	-0.20%
Nasdaq Composite	13,229.43	-0.09%
Japan: Nikkei 225	32,217.43	2.20%
UK: FTSE 100	7,599.99	-0.10%
Crude Oil Futures	71.82	-0.46%
Gold Futures	1,977.00	0.14%
Yen	139.48	-0.08%
Euro	1.07	-0.01%
* As of market close

US accuses China of military aggressiveness

The White House said on Monday that recent dangerous encounters between U.S. and Chinese forces in the Taiwan Strait and South China Sea reflect a growing aggressiveness by Beijing's military that raises the risk of an error in which "somebody gets hurt." The sharply worded warning followed the U.S. Navy's release on Sunday of a video of what it called an "unsafe interaction" in the Taiwan Strait in which a Chinese warship crossed in front of a U.S. destroyer in the sensitive waterway.

US-CHINA'S WAR OF WORDS COULD IMPACT SEVERAL FRONTS

Pence throws hat into crowded GOP race

Republican former vice president Mike Pence launched his challenge to one-time boss Donald Trump for the party's 2024 White House nomination on Monday. Pence filed his nomination papers with the Federal Election Commission ahead of an official declaration to be made by video Wednesday in the early voting state of Iowa -- joining an already crowded primary field. Pence became a pariah in Trumpworld after rejecting his demands that he overturn the 2020 election.

SEE WHAT PENCE IS SAYING ABOUT RUNNING AGAINST TRUMP

'Trump too small' T-shirt goes to SCOTUS

The Supreme Court on Monday agreed to hear a trademark dispute over the phrase "Trump too small" used to mock the former president. The case stems from an attempt by a California lawyer, Steve Elster, to trademark the phrase and print it on T-shirts. Elster's bid to register it was rejected by the Patent and Trademark Office because he did not have Donald Trump's consent. A federal court of appeals disagreed, ruling that it was a violation of Elster's First Amendment rights.

WHY BIDEN ADMINISTRATION BACKED PATENT OFFICE APPEAL

Extra point

What Is the top-selling T-shirt slogan of all-time? When was it designed?

Monday's answer: The Queen of The Sea train crash in Sri Lanka, caused by the Indian Ocean Tsunami in December 2004, was the world's deadliest train disaster, claiming the lives of over 1,700 people.