In Defense of the Rat discusses the misconceptions people have about rats and argues they are less pestilent than believed. While rats were blamed for spreading the Black Death, evidence suggests they were likely not responsible, and human fleas may have been the primary carriers. Modern research finds rats can play games and show empathy and problem-solving skills. Though rats can transmit diseases, many studies find that few urban rats actually carry illness. Harsh rat control methods may increase disease risks by weakening immune systems. Rats form social bonds and stay within small territories, enjoying play like tickling. While rats have been a pest on farms and ships historically, changing practices have lessened their impacts. Scientists now understand rats experience complex emotions and cognition, challenging the view of them as simple vectors of filth and disease. In Defense of the Rat makes a case for reconsidering how humans interact with and perceive rats.
https://www.theblock.co/post/253755/coinbase-granted-full-license-in-singapore
Coinbase has been granted a Major Payment Institution license by the Monetary Authority of Singapore (MAS). This license allows Coinbase’s Singapore entity to offer a wider range of digital payment token services in the region. The company’s country director said this regulatory clarity contrasts with what is happening in the US, where Coinbase is facing a lawsuit from the SEC. Singapore is seen as relatively crypto-friendly compared to other jurisdictions. However, the MAS’s stance has been tested by the recent failures of crypto companies linked to Singapore. Coinbase joins over a dozen other crypto operators that have been granted full licenses in Singapore, highlighting MAS’s willingness to regulate the industry. Overall, the licensing signals Coinbase’s commitment to the Asian market and Singapore’s progressive stance on cryptocurrency regulation.
Robinhood expects to incur a $100 million charge in the third quarter to resolve pending legal and regulatory issues previously disclosed. The trading app has faced scrutiny from regulators regarding several matters, including its role in the meme stock trading frenzy of early 2021. However, economic uncertainty last year dampened retail trading activity among Robinhood’s primary customer base. The company exceeded revenue forecasts in the second quarter and reported its first profit as a public company in August. Robinhood’s shares were unchanged in after-hours trading following the announcement of additional costs tied to ongoing regulatory proceedings. While facing headwinds, Robinhood has shown potential for profitability, and its recent financial results beat Wall Street estimates. It remains to be seen how the expected $100 million charge will impact the company’s future performance.
Rising tensions between Western nations and China are significantly impacting global markets. Decoupling of supply chains could increase inflation as countries bring manufacturing home. The US is pushing “friendshoring” to replace China with allies like Vietnam and Mexico. India is seen as able to compete with China in manufacturing due to its large workforce and growing middle class. Semiconductor companies are benefiting from US subsidies, but tech stocks could fall if China retaliates. European luxury brands face risks as China cracks down on corruption and its economy slows. Investors are divided on whether to increase or reduce exposure to China, given its economic troubles and tensions with the West.
Ad fraud is projected to cost companies $84 billion in lost ad spending in 2023, according to a Juniper Research report. This figure is expected to rise dramatically to $172 billion by 2028. Currently, 22% of all online ad spending is lost to ad fraud, and an even higher 30% of mobile ad spending is fraudulent. The report analyzed digital advertising data from 45 countries and found that fraud mitigation platforms could help recover $23 billion per year in lost ad spending. However, platforms like Facebook and Google may provide an incomplete view of campaign success by not accurately distinguishing legitimate user interactions from fraudulent bot activity. In total, the Juniper Research report estimates that ad fraud costs will more than double within the next 5 years if companies do not implement better fraud prevention solutions.
The article discusses Morgan Stanley analyst Edward Stanley’s research on the outlook for unicorn startups valued at over $1 billion. Stanley notes that over half of unicorns were last valued when interest rates were below 1%, and 90% were valued below current rates. Many unicorns are now failing to meet growth and profitability benchmarks. Job cuts and shutdowns of startups have been increasing steadily since 2019. Visibility into valuations is also poor, as few companies disclose post-money valuation figures. If US unicorns were marked to current secondary market prices, their aggregate valuation would fall 44%. Widespread write-downs appear inevitable according to Stanley, which could eliminate around 300 unicorns and wipe out over $1.1 trillion in value within the next year if cash runway and market conditions persist. In the most severe downside scenario, valuations taking a 90% haircut could leave just 37 unicorns remaining.