The U.S. Securities and Exchange Commission (SEC) has given the green light to 11 investment companies to offer "spot bitcoin" exchange-traded funds (ETFs), marking a significant development for the cryptocurrency industry. Major financial firms, including BlackRock, Fidelity, Hashdex, and Grayscale, are among the companies approved to launch Bitcoin ETFs.
Some of the approved spot bitcoin exchange-traded funds (ETFs) are expected to begin trading as early as Thursday. Bitcoin, with a current market cap of approximately $900 billion, has been trading above $45,000 leading up to the SEC's decision.
The decision follows a false start on Tuesday when a fake post on the SEC's social media account claimed approval for spot bitcoin ETFs, leading to market confusion.
Global GDP Growth
The World Bank's latest Global Economic report projects that the global economy is on track to witness its slowest half-decade of GDP growth in 30 years by the end of 2024. Global growth is anticipated to decelerate for the third consecutive year, dropping from 2.6% in 2023 to 2.4% in 2024—almost three-quarters of a percentage point below the 2010s average.
Developing economies are expected to bear the brunt of the slowdown, with growth projected at 3.9% in 2024—more than 1 percentage point below the average of the previous decade. By the end of 2024, people in about one out of every four developing countries and about 40% of low-income countries will still be poorer than they were on the eve of the COVID-19 pandemic in 2019.
Global slowdown, tight monetary policies, supply chain disruptions, high debt, limited fiscal space, inequality, and climate change hinder developing countries' recovery. It emphasized that without a "major course correction," the 2020s could be remembered as "a decade of wasted opportunity."
Americans Face Growing Credit Card Debt
56 million Americans are experiencing credit card debt for at least a year according to a recent report by Bankrate. 49% of credit card holders carry debt from month to month, up from 46% the previous year. Total credit card balances in the U.S. have reached $1.08 trillion, a 40% increase over the past two years.
High credit card interest rates, averaging over 20%, are a major reason for the long-lasting cycle of debt for many people. Emergency expenses (43%) and day-to-day expenses (26%) were identified as primary reasons for carrying credit card debt.
Generation X (55%) most likely to carry credit card debt, followed by millennials (51%), Gen Z (48%), and baby boomers (44%). Women (52%) are more likely than men (45%) to carry credit card debt.
Mobile App Spending Hits Record $171 Billion in 2023.
In 2023, global mobile users spent $171 billion on mobile apps. This represents a 3% increase from the previous year, signaling a resurgence after a 2% decline in 2022.
The report by data.ai reveals that App downloads remained flat in 2023, with a minimal 1% increase totaling 257 billion. Consumer spending on non-game apps witnessed an 11% year-over-year growth, reaching $64 billion. Mobile gaming spending was down 2% year-over-year to $107 billion in 2023.
The mobile ad spending alone reached $362 billion, showing an 8% year-on-year increase. More than 4,000 apps added the word "chatbot" to their descriptions, and over 3,500 added "gpt" in 2023. Users spent 5.1 trillion hours on mobile apps, up 6% year-over-year.
France's New Prime Minister
French President Emmanuel Macron has appointed Gabriel Attal, 34, as the country's youngest-ever prime minister. Attal, who is also France's first openly gay premier, inherits the role amid a challenging political landscape. A protege of Macron, Attal's political journey began after Macron's 2017 election victory when he became a member of parliament. His track record includes serving as a member of parliament, education minister, and government spokesman.
Things to Know:
Walmart's drone delivery service will now reach an additional 1.8 million households across more than 30 towns and municipalities in the DFW (Dallas-Fort Worth) metroplex. The deliveries will be powered by on-demand drone delivery providers, Wing (a subsidiary of Google's Alphabet) and Zipline. Both companies have received FAA approval for BVLOS operations. Walmart's drone delivery promises swift service, with items reaching customers in 30 minutes or less, and some deliveries taking as little as 10 minutes.
OpenAI has introduced the GPT Store, a marketplace that allows users to explore and create customized GPTs (Generative Pre-trained Transformers) for various tasks. The store will initially be available to paid ChatGPT plans, with plans to add monetization options for GPT creators in the coming months. The delay in the launch came after the company announced the GPT Builder program in November, with over 3 million bots (GPTs) created by users since then.
Ferrara Candy, the owner of the iconic gum brand Fruit Stripe, has announced the discontinuation of the beloved striped treat that has been a candy aisle mainstay since the 1960s. The decision to sunset this product was revealed by a Ferrara representative who cited various factors, including consumer preferences, purchasing patterns, and overall brand trends for Fruit Stripe Gum.
Starbucks has been accused by a consumer advocacy group that has filed a lawsuit against Starbucks, accusing the coffee giant of false advertising regarding its coffee and tea sourcing. The lawsuit alleges that despite Starbucks' claims of "100% ethical" sourcing, the company knowingly procures coffee and tea from farms with documented human rights and labor abuses.
The global music industry surpassed 4 trillion on-demand audio song streams, marking a 22.3% increase from the previous year. The U.S. accounted for just over a quarter of the total, with 1.2 trillion streams. R&B/hip-hop continued its dominance, representing over 25% of total U.S. streams, followed by rock at nearly 20% and pop at 12%. Taylor Swift made up 1.79% of the U.S. market, translating to 1 in every 78 U.S. on-demand audio streams. Spanish audio content became the second most popular language in the U.S., constituting 8% of total audio streams. The fastest-growing genres in 2023 among U.S. listeners were country (23.7%), Latin (24.1%), and world (26.2%).