Max Zhang’s Post

Toronto Real Estate Near Collapse Despite Rate Cuts The Greater Toronto Area (GTA) real estate market is facing significant challenges, as recent data reveals a sharp decline in both home prices and sales volumes. In May 2024, the benchmark home price in the GTA fell to $1,117,400, a 3.5% decrease from the previous year. The average home sold for $1,165,691, marking a 2.5% drop year-over-year. Specific property types also saw declines: detached homes averaged $1.51 million (down 3.2%), semi-detached homes $1.17 million (down 2%), freehold townhouses $1.04 million (down 6.9%), and condo apartments $731,000 (down 2.4%). The Building Industry and Land Development Association (BILD) highlighted the severity of the situation, reporting that new home sales in the GTA were 71% lower in May 2024 compared to May 2023, and 71% below the 10-year average for the month. Condo sales were particularly affected, with only 539 units sold, representing a 75% decrease from both the previous year and the 10-year average. # Thank you Sofia Delgado-Cheng for your submission!

Tesla Enters Chinese Government Procurement: A Milestone in Automotive Industry In a significant development for the automotive industry, Tesla has entered the Chinese government procurement list for the first time. The Jiangsu Provincial Government Procurement Network recently disclosed that the Tesla Model Y Rear-Wheel Drive variant has been included in the 2024-2025 New Energy Vehicle Framework Agreement Procurement Directory for party and government offices, institutions, and group organizations. This inclusion marks Tesla’s debut in the government procurement directory. Other vehicles such as the Volvo XC40 Recharge long-range version have also made the list. The announcement followed a series of procurement intentions released by the Jiangsu Provincial Government Procurement Center in April 2024. Tesla proactively applied for inclusion, and after evaluation based on parameters and price, the procurement center granted the Model Y the necessary qualifications. The technical requirements for SUVs in this procurement include a seating capacity of 5-7, a wheelbase of at least 2600mm, a pure electric range of 400km or more, and a fast-charging capability to reach 80% in no more than 0.8 hours. The maximum procurement price was set at 250,000 yuan, and the Tesla Model Y’s specifications and pricing met these criteria. # Thank you Yves Tussaud for your submission!

Robbery in Salento: Criminals Escape with 3 Million Euros from Cash Transport Vehicle In a daring heist that unfolded in Salento, a group of armed criminals managed to steal 3 million Euros from a cash transport vehicle on the morning of July 3, 2024. The incident occurred on the statale 613 highway between Brindisi and Lecce, specifically in the stretch between San Pietro Vernotico and Torchiarolo, creating a scene of chaos and fear for those caught in the crossfire. # Thank you Nikolai Ivanov for your submission!

CoinDCX Expands Globally with Acquisition of BitOasis Indian cryptocurrency exchange CoinDCX has made a significant move by acquiring Dubai-based BitOasis, marking its first step in global expansion. This strategic acquisition, following an earlier investment, is aimed at establishing a strong presence in the Middle East and North Africa (MENA) region. CoinDCX, which achieved the status of India's first crypto unicorn in 2021, is focused on targeting regions with clear regulatory frameworks to pave the way for further growth through mergers and acquisitions. It's worth noting that this acquisition will not impact BitOasis’s brand and leadership. CoinDCX estimates that BitOasis could potentially contribute $30 million to $50 million in annual revenue. This move is particularly significant as Dubai vies with other financial hubs such as Singapore and Hong Kong in attracting cryptocurrency businesses. Furthermore, the acquisition aligns with the resurgence of crypto mergers, acquisitions, and potential IPOs following the recovery in the digital asset sector. # Thank you Sarita Patel for your submission!

**ITER: Challenges and Delays in the World's Largest Fusion Energy Project** The International Thermonuclear Experimental Reactor (ITER), the largest fusion energy project globally, is encountering substantial delays and cost overruns. Initially scheduled to commence testing in 2020 with an estimated cost of $5 billion, ITER is now anticipated to initiate full testing in 2039, marking a four-year delay from the prior estimate of 2035. The budget has escalated significantly, surpassing $22 billion, with additional costs expected to reach about €5 billion. Supply chain disruptions, worsened by the Covid-19 pandemic, have contributed to these setbacks. Pietro Barabaschi, ITER's director general, expressed doubts regarding the ability of private sector fusion projects to meet their ambitious timelines. He noted that even if fusion technology were proven today, commercial deployment by 2040 would be challenging due to unresolved technical issues. These delays raise doubts about whether fusion energy, celebrated as an inexhaustible clean energy source, will be accessible in time to substantially impact climate change and global energy needs. # Thank you Alejandro Rodriguez for your submission!

Charles Hoskinson Responds to Claims of Institutional Decline for ADA and DOT Cardano founder Charles Hoskinson has countered recent assertions by cryptocurrency influencer Ben Armstrong, popularly known as BitBoy. Armstrong suggested that ADA and DOT are losing favor with institutional investors, potentially affecting their investment credibility. While expecting mid-level returns in the ongoing bull market, he expressed concerns about their long-term appeal. In response, Hoskinson emphasized the original purpose of cryptocurrencies, emphasizing their potential to replace traditional institutions rather than seeking their validation. Notably, this is not the first time Armstrong has criticized Cardano, previously asserting its demise in April and unfavorably comparing it to other ecosystems. Despite the critiques, the Cardano community continues to demonstrate unwavering support for Hoskinson's vision. # Thank you Marcelo Rodriguez for your submission!

US Job Market Faces Challenge as Unemployment Claims Rise In recent weeks, the US job market has faced a significant hurdle as the number of unemployment benefit applications has continually increased, marking the longest upward streak since 2018. This trend points to a growing struggle for individuals to secure new employment opportunities, with the number of people receiving benefits reaching 1.86 million in late June, the highest recorded since November 2021. Moreover, new applications for benefits have also escalated, reaching 238,000 last week. The surge in unemployment benefit claims signifies a shrinking demand for workers, likely influenced by the economic pressure stemming from higher interest rates. It also indicates a potential rise in layoffs as companies grapple with cost pressures and a softening economy. Notably, the upcoming monthly employment report is anticipated to reveal a slowdown in hiring, with projected job growth in June reduced to 190,000 from 272,000 in the prior month. # Thank you Sofia Ramos for your submission!

Global Authorities Unite to Dismantle Cybercriminal Operation Global law enforcement agencies, led by Europol, have successfully dismantled hundreds of servers used by cybercriminals in a major international crackdown. This operation, named Operation MORPHEUS, took place from June 24 to 28 and aimed to thwart the malicious use of Cobalt Strike, a tool commonly exploited by hackers. Originally designed to help security professionals test their defenses, Cobalt Strike has been misused by cybercriminals to deploy malware, conduct surveillance, and launch ransomware attacks. Operation MORPHEUS saw the collaboration of law enforcement agencies from 27 countries and several private tech firms. The operation targeted 690 IP addresses, successfully dismantling 593 of them. This achievement marks a significant victory in the ongoing fight against cybercrime, bolstering efforts to secure the digital realm. # Thank you Rafaela Santos for your submission!

German MP Urges Halt to Bitcoin Sales, Backs Legal Tender Status German MP Joana Cotar has expressed concern over the government's Bitcoin sales, deeming the practice "counterproductive." She has urged key officials to reassess their position on Bitcoin, citing its potential for asset diversification, inflation hedging, and countering currency devaluation. Cotar is scheduled to delve deeper into these arguments in an upcoming lecture alongside Bitcoin advocate Samson Mow on October 17. Notably, she previously proposed a bill to establish Bitcoin as legal tender in Germany, drawing inspiration from El Salvador's move. The recent sizable sales of BTC by the German government have been linked to Bitcoin's underperformance, which intensified following the government's acquisition of a significant amount of BTC after cracking down on a piracy website. Today, reports have surfaced indicating that the government has transferred an additional 1.3K BTC to exchanges, amplifying the selling pressure. Cotar's stance underscores the ongoing dialogue on the role of cryptocurrencies in national economies and their potential impact on innovation and economic autonomy. # Thank you Adelina Schmidt for your submission!

Tesla's Stock Surge Inflicts $3.5 Billion Loss on Short Sellers Short sellers betting against Tesla faced a significant setback, losing approximately $3.5 billion in just two days, as reported by S3 Partners. These traders aimed to profit by selling borrowed shares high and repurchasing them at lower prices. However, Tesla's Q2 delivery numbers, although down 4.7% year-over-year, exceeded Wall Street's expectations of 439,000 deliveries, with Tesla reporting 443,956. This unexpected feat led to a remarkable 22% surge in Tesla's stock, catching short sellers off guard. Even with the sales decline, the market reacted positively, bolstering the stock's value. Presently, short interest stands at 105,380,000 shares, representing 3.30% of Tesla's shares. Elon Musk, Tesla's CEO, actively engaged with the news on his social media platform, X, by retweeting videos showcasing Tesla's autopilot capabilities and asserting their technological superiority. He also cautioned short sellers, suggesting they would be "obliterated" once Tesla resolves its autonomy issues and introduces its humanoid robot, Optimus. Musk's comments also alluded to his ongoing rivalry with Bill Gates, who previously held a half-billion-dollar short position on Tesla in 2022. It remains uncertain if Gates still maintains this position. # Thank you Alessandro Rossi for your submission!