Dear valued client,
Markets reached new all-time highs this week buoyed by better-than-expected corporate earnings reports. Companies such as McDonald’s, Chipotle, Eli Lilly, CVS, Caterpillar, GM, and United Rentals posted strong top-line figures and the market responded accordingly. Shares of Disney, for instance, did particularly well after they announced taking a $1.5 billion equity stake in Epic Games, the producer of the Fortnight video game franchise. Corporate earnings continue to roll on next week.
The trial unfolding in the UK High Court featuring Craig Wright, the self-proclaimed Satoshi Nakamoto, represents a watershed moment in the history of cryptocurrency. Wright’s audacious assertion of being the elusive architect of Bitcoin has sparked intense debate and skepticism within the community. Now under the legal microscope, Wright’s claim faces formidable opposition from the Crypto Open Patent Alliance (COPA), determined to debunk his identity for the preservation of Bitcoin’s autonomy. At stake here isn’t just the fate of Wright’s credibility but the very foundation of crypto itself. Should Wright prevail, the implications could be seismic, with the potential to exert authoritarian control over Bitcoin’s technology. The verdict will reverberate across the industry, dictating its trajectory for years to come.
Amid escalating tensions in the Middle East, U.S. Secretary of State Antony Blinken embarked on a crucial diplomatic mission aimed at brokering a cease-fire in Gaza. His diplomatic efforts spanned key regional players including Saudi Arabia, Egypt, Qatar, Israel, and the West Bank. Reports surfaced indicating that Hamas, the militant group controlling Gaza, was carefully considering a proposal that sought a temporary cessation of hostilities coupled with a prisoner exchange. Israeli Prime Minister Benjamin Netanyahu publicly dismissed Hamas’s cease-fire terms as impractical, underscoring the profound disparity in the negotiating positions of the conflicting parties. Concurrently, the United States has intensified its military response against Iran-backed militias, following recent provocations including a fatal drone attack that claimed the lives of three American soldiers in Jordan and ongoing threats to commercial shipping in the Red Sea by Houthi rebels in Yemen. Blinken, while emphasizing that these retaliatory strikes were not indicative of an escalation in the conflict, reiterated the US commitment to restoring stability in the region.
In Canadian news, the federal government has implemented personal sanctions against 11 individuals holding leadership positions within Hamas and its affiliates, including Hamas leader Yahya Sinwar. These sanctions prohibit them from traveling to Canada, conducting banking activities, or engaging in business with Canadians. Ottawa’s decision comes amidst recent actions by the U.S. and the EU targeting Hamas officials and its financial network. This move by Canada may stem from the country being one of the last Western nations where Hamas officials were still technically permitted.
Moreover, evidence obtained by the Globe and Mail regarding the presence of a former Nazi Party member at Parliament Hill in September indicates that Prime Minister Justin Trudeau’s office had prior knowledge of the individual’s attendance and had extended an invitation, thus challenging previous assertions that had attributed responsibility solely to the former Speaker Anthony Rota. This incident was certainly a blight on Canada’s international reputation. Time will tell whether or not the government takes responsibility for, and somehow rectifies this embarrassing occurrence.
“Those who move from power need say very little.” – David R. Hawkins
Have a terrific weekend,
PW
