Weekly Digest (5–11 June 2023)

Unveiling the Thrilling Stories Shaping Our World

Welcome, avid news enthusiasts, to our weekly roundup of the most captivating stories from around the globe! This week has been nothing short of sensational, with news that will make your heart race, your mind ponder, and your imagination soar.

From groundbreaking discoveries to awe-inspiring adventures, we have handpicked the most intriguing headlines to keep you informed and entertained. So fasten your seatbelts and join us as we unveil the thrilling tales that have shaped our world in the past week!

Monzo Hits Monthly Profitability for the First Time

British digital bank Monzo has hit monthly profitability for the first time, a major milestone for the company. Monzo reported revenue of £355.6 million for the year ending February 2023, up from £154.2 million in the previous year. The company also added 1.6 million new customers, bringing its total customer base to 7.4 million.

Monzo’s profitability was driven by a number of factors, including increased lending activity and subscription revenue. The company’s lending book grew by 382% to £164.2 million, while subscription revenue increased by 132% to £110.4 million.

Monzo’s CEO, TS Anil, said that the company’s profitability was a “remarkable achievement” and that it was “a testament to the hard work and dedication of our team.” He added that Monzo was “on track” to achieve full-year profitability by the end of 2024.

Monzo’s success is a sign of the growing popularity of digital banks. These banks offer a number of advantages over traditional banks, including convenience, transparency, and lower fees. As a result, digital banks are attracting a growing number of customers, and Monzo is one of the leading players in this space.

SEC files lawsuits against Binance and Coinbase

On June 6, 2023, the SEC sued Binance, alleging that the exchange engaged in a number of illegal activities, including operating an unregistered securities exchange, failing to register as a broker-dealer, and failing to register as a transfer agent. The SEC also alleged that Binance commingled billions of dollars of customer funds, engaged in wash trading, and failed to adequately protect customer data.

On June 7, 2023, the SEC sued Coinbase, alleging that the exchange operated an unregistered securities exchange and failed to register as a broker-dealer. The SEC also alleged that Coinbase failed to adequately protect customer data.

Centralized Crypto Exchange delists Crypto Tokens

Robinhood, Coinbase, and Binance have all delisted tokens in the wake of recent lawsuits from the U.S. Securities and Exchange Commission (SEC):

• Robinhood announced on Friday that it would be delisting Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27.
• Coinbase announced on Monday that it would be delisting five tokens: Basic Attention Token (BAT), Chiliz (CHZ), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT).
• Binance announced on Thursday that it would be delisting 9 tokens: EOS, TRON, Tether (USDT), USD Coin (USDC), TrueUSD (TUSD), Binance USD (BUSD), Paxos Standard (PAX), Gemini Dollar (GUSD), and Binance Coin (BNB).

The SEC has argued that these tokens are securities, which means that they are subject to the same regulations as stocks and bonds. The exchanges have said that they are complying with the SEC’s orders, but they have also expressed concerns about the impact of the delistings on the crypto market.

The delistings have had a significant impact on the prices of the affected tokens. ADA, MATIC, and SOL have all fallen by more than 20% since Robinhood’s announcement. BAT, CHZ, MANA, FIL, and LPT have all fallen by more than 10% since Coinbase’s announcement. EOS, TRON, USDT, USDC, TUSD, BUSD, PAX, GUSD, and BNB have all fallen by more than 5% since Binance’s announcement.

The delistings are a sign of the growing regulatory scrutiny of the crypto market. The SEC has been increasingly aggressive in its enforcement of securities laws, and it is likely that we will see more delistings in the future.

Tesla Charging Network adds New Automakers

General Motors (GM) and Ford Motor Company (Ford) have both announced plans to join Tesla’s charging network. The agreements are a major step forward for the electric vehicle (EV) industry, as they will make it easier for EV owners to charge their vehicles on the go.

Under the agreements, GM and Ford will adopt Tesla’s charging connector, which is currently the most widely used connector in the US. This will allow EV owners from both companies to use Tesla’s Supercharger network, which currently has over 17,000 stations in the US.

The agreements are also a sign of the growing cooperation between Tesla and other automakers. Tesla has long been criticized for its closed-off approach to the EV industry, but the company has made a number of moves in recent years to open up its technology. This includes the launch of the Tesla Charging Connector Patent Pledge, which allows other automakers to use Tesla’s charging connector technology without paying royalties.

Increase in Institution Holding in Lemonade

A number of institutions have recently bought Lemonade stock. According to Nasdaq, the top 10 institutional owners of Lemonade stock as of March 31, 2023 are:

1. SoftBank Group Corp.
2. Baillie Gifford & Co.
3. Vanguard Group Inc.
4. BlackRock Inc.
5. SSgA Funds Management, Inc.
6. Citadel Advisors LLC
7. State Street Corp.
8. Geode Capital Management LLC
9. Schwab Charles Investment Management Inc.
10. Dimensional Fund Advisors LP

These institutions collectively own over 37 million shares of Lemonade stock, which represents a significant portion of the company’s outstanding shares. The recent purchases by these institutions suggest that they believe Lemonade is a good investment and that the company has a bright future.

China’s Economic Data Misses Expectations

China’s official manufacturing purchasing managers’ index (PMI) dropped to 48.8 in May from 49.2 in April, deeper into contraction territory and reaching the lowest point since December, according to the National Bureau of Statistics.

China’s youth unemployment rate hit an all-time high of 20.4 per cent in April, and it could keep rising as 11.58 million fresh university graduates enter the labour market this summer