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🌎 World & Economics

Amazon Withdraws $115 Million Investment in Diamond Sports Group

The NYT

Diamond Sports Group, which operates several regional sports networks and filed for bankruptcy last year, saw its $115 million investment plan from Amazon fall through. Despite generating substantial revenue projections of $2.07 billion against costs of $1.94 billion, Amazon's withdrawal has led to mixed reactions regarding Diamond's future stability. Following an 11-year deal with the NBA and WNBA worth about $1.8 billion annually, analysts suggest Amazon may have deemed its investment in Diamond unnecessary. Meanwhile, Diamond continues to negotiate agreements with the NBA and NHL while facing challenges with MLB teams, as it prepares for an upcoming bankruptcy hearing.

Gold Prices Decline Amid Strengthening Dollar and U.S. Economic Data

CNBC

Gold prices fell approximately 1% on Wednesday, influenced by a stronger U.S. dollar and investor anticipation of upcoming inflation data from the United States, which could affect the Federal Reserve's interest rate decisions. Spot gold settled at $2,502.38 an ounce, down from earlier losses, while U.S. gold futures decreased to $2,537.60. Analysts indicated that profit-taking consolidation was taking place ahead of significant reports, with expectations that lower personal consumption expenditure (PCE) numbers on Friday could support gold prices. Meanwhile, China's net gold imports rose 17% in July, potentially bolstering global demand as investors also watched for Nvidia's quarterly earnings report.

Swiss Court Convicts Executives for $1.8 Billion 1MDB Embezzlement

Alija Zeera

The Swiss Federal Criminal Court sentenced PetroSaudi executives Patrick Mahony and Tarek Obaid to six and seven years in prison, respectively, for their roles in the embezzlement of over $1.8 billion from Malaysia’s state investment fund, 1MDB. The court found that the executives, in collaboration with fugitive financier Jho Low, misled 1MDB's board into establishing a joint venture and used deceit to siphon funds between 2009 and 2011. Prosecutors detailed how the pair laundered money through Swiss bank accounts, funding luxury real estate and personal indulgences, while Malaysian and US investigations estimate that a total of $4.5 billion was stolen from 1MDB following its inception. The board of 1MDB welcomed the convictions and is pursuing the return of the embezzled funds, amid a broader crackdown on individuals linked to the multi-billion-dollar scandal.

 📈 Stocks / Finance

Major Stock Indexes Decline Amid Mixed Earnings Signals

Investors.com

Major stock indexes experienced declines on Wednesday, with the Dow Jones Industrial Average falling 0.8% after a record high, while the S&P 500 and Nasdaq dropped 1% and 1.6%, respectively. The volume on both the New York Stock Exchange and Nasdaq increased compared to the previous day. Berkshire Hathaway reached a market cap milestone of over $1 trillion, joining other major firms in the "Magnificent Seven," although Nvidia faced a decline of 2.7% ahead of its earnings report. Among notable stock movements, Insulet advanced after clearing a trendline entry, while stocks like Li Auto and Neurocrine Biosciences triggered sell signals following disappointing performance.

Bitcoin Support for Trump Grows Amid Increasing Risks

Coin Telegraph

At Bitcoin 2024 in Nashville, Donald Trump captivated a partisan crowd that has shifted significantly toward Republican support within the Bitcoin community. The event featured pro-Trump merchandise and an enthusiastic reception as Trump pledged to dismantle Operation Choke Point 2.0, which has adversely impacted crypto firms' access to banking. This apparent alignment of Bitcoin advocates with the Republican party represents a stark departure from its previously stated political neutrality, especially as many in the industry perceive the current Democratic policies as threats to their businesses and investments. While Trump's newfound favorability among Bitcoin enthusiasts raises questions about the long-term implications for the industry's political alignment, it also prompts a potential reevaluation of the Democratic approach toward cryptocurrency as the 2024 election approaches.