Things we are reading today - June 15th, 2023

Union Minister Rajeev Chandrasekhar has announced that the Indian government plans to ban three types of online games in India. The types of games that will be banned have not been specified. However, the move is aimed at protecting young people from the negative effects of online gaming. The government’s goal is to promote responsible gaming in India while also ensuring that children are not exposed to harmful content. The announcement has caused some concern among gamers and industry experts, who argue that the ban may have unintended consequences and stifle the growth of the online gaming industry in India.

Haiti is currently facing a surge in gang violence and warfare, with rival gangs battling for control of the country’s capital, Port-au-Prince. The violence has escalated to the point where some are calling for foreign intervention to help bring an end to the conflict. The situation has also had a significant impact on the country’s economy and infrastructure, with many businesses and schools forced to close due to the violence. The Haitian government has been criticized for its handling of the crisis, with some accusing officials of being complicit in the violence. The situation in Haiti remains unstable, with many calling for urgent action to address the violence and restore order to the country.

The article provides insights into the state of the startup ecosystem, the challenges that entrepreneurs and investors are facing, and how there has been a significant drop in the rate of vested stock options that employees exercised during the first quarter of 2023.

In 2023, there will likely be over 6,000 millionaires living outside of India, more than twice as many as there were in 2020. Numerous issues, including as political unrest, economic unpredictability, and worries about one’s own security, are the causes for this migration. The trend of wealthy people relocating to other nations and obtaining citizenship or residency cards has also increased during the pandemic. The article expresses concern about how this tendency may affect social inequalities, tax receipts, and India’s economy.

European Commission has launched an antitrust investigation against Google concerning its advertising practices. The focus be on whether Google used its dominating position to drive away competitors in the advertising industry in an effort to engage in anti-competitive behaviour. The European Commission is concerned that this conduct may result in greater costs and fewer options for advertising, which may ultimately hurt consumers. This probe is a component of a bigger initiative by the European Union to control major tech firms and uphold an open and competitive online market.

To address the inequality in income, Patriotic Millionaires, an organization of wealthy people, is calling for increased taxes on the wealthy as well as an increase in the federal minimum wage. According to the group, the country’s existing tax structure is unfair and wealthy people should contribute more to support social programs and services that benefit all Americans. They also think that greater salaries will boost the economy by boosting consumer demand and lowering poverty. To spread their message and urge action on these issues, The Patriotic Millionaires have been contacting voters and decision-makers. They believe that by working together, we can create a more equitable and prosperous society.

Cyber insurance premiums have surged by 50% in response to the increasing frequency and severity of ransomware attacks. Ransomware attacks involve hackers seizing control of an organization’s computer systems and demanding payment in exchange for returning access. As these attacks become more common and sophisticated, insurance companies are raising premiums to cover the increased risk. The article notes that the insurance industry is also implementing stricter underwriting standards and requiring more robust cybersecurity measures from policyholders to reduce the likelihood of successful attacks and minimize damages. This trend highlights the growing importance of cybersecurity in the modern business landscape and underscores the need for organizations to invest in cybersecurity measures and insurance coverage to protect themselves from potential threats.

Coinbase, one of the largest cryptocurrency exchanges in the world, has sent a letter to the US Securities and Exchange Commission (SEC) arguing that decentralized exchanges (DEXs) cannot be regulated as exchanges. The letter highlights that DEXs operate on a fundamentally different basis than centralized exchanges, as they do not hold custody of users’ funds or execute trades on their behalf. In addition, DEXs operate on a peer-to-peer basis and do not rely on a central authority to match orders or set prices. Coinbase’s letter is part of a broader debate within the cryptocurrency industry about how to regulate DEXs, which have become increasingly popular among users seeking greater privacy and control over their assets.