The Trader Who Lost $36 Billion in One Week

Bill Hwang, founder of Archegos Capital Management, was convicted of fraud and other charges.

A Manhattan jury found Hwang guilty on 10 of 11 counts, including market manipulation and racketeering. His CFO, Patrick Halligan, was found guilty on all three of his charges.

The trial focused on the 2021 collapse of Archegos, which caused $36 billion in losses in one week for global banks and investors. Hwang was accused of lying to banks to secure billions in loans, which he used to artificially inflate stock prices.

Hwang and Halligan now face up to 20 years in prison for each count. Their sentencing is set for October 28.

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Citigroup Fined $136 Million for Regulatory Failures

Citigroup faces $136 million in fines from US regulators for slow progress in fixing data management and risk control issues identified in 2020.

In 2020, Citi was fined $400 million for similar deficiencies. Despite efforts, a recent Fed review found "ongoing deficiencies" and "ineffective controls."

Citi's transformation plans remain insufficient, according to the Office of the Comptroller of the Currency (OCC).

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Tesla's Market Share Dips Below 50%

For the first time, Tesla's market share fell below 50% in the second quarter of 2024. Despite this, overall electric vehicle sales in the US hit a record high.

Tesla's share dropped to 49.7%, down from 59.3% the previous year. The company faced increased competition from General Motors, Ford, Hyundai, and Kia.

Historically, Tesla led the market since the introduction of the Model S in 2012.

Meanwhile, Tesla's second-quarter sales hit 444,000, exceeding Wall Street expectations. This boosted investor confidence, leading to a 50% spike in Tesla’s stock price.

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How Drones are Changing Warfare

Drones are now at the forefront of defense strategies.

Firstly, drones provide significant cost savings. Unlike traditional manned aircraft, drones are cheaper to produce and maintain. Additionally, they reduce the risk to human pilots.

Secondly, drones offer unparalleled surveillance capabilities. They can infiltrate enemy lines and provide real-time data.

These autonomous drones can execute missions with little to no human intervention, increasing efficiency and reducing human error.

However, drones are hard to detect and intercept. This makes them appealing for both nations and non-state actors, raising security concerns.

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