Weekly Digest Aug 1–7

Starbucks, BlackRock, Spain, and more. Let’s dive in.

BlackRock Institutional Crypto

Hedge fund BlackRock will soon offer its clients access to cryptocurrency investments via Coinbase Prime, which offers access to trading over 200 different assets as well as staking, analytics, and reporting tools. The initial rollout will be limited to Bitcoin trading and risk analysis, with more features added over time. Coinbase’s stock rose nearly 18% following the announcement.

Starbucks NFT

Starbucks is entering the Web3 space with a new coffee-themed NFT collection, which will be officially announced next month in Seattle at its Investor Day event. The perks unlocked by the NFT are still a secret, but speculators believe it will integrate with the existing Starbucks Rewards program, where customers can earn food and drinks for their loyalty.

Lucid Stock Tumbles

Lucid Group, the company behind Tesla competitor Lucid Motors, saw shares drop over 12% on Wednesday. The company cut its production targets for a second time down to only 6,000 units, which is 14,000 less than the original estimate. Lucid is reportedly dealing with serious supply chain issues, which have on multiple occasions forced them to shut down their entire production line. On the bright side, its vehicles have been receiving high praise from critics, even winning the MotorTrend Car of the Year award.

Spain Bans Dropping the AC

Amid increasing emissions, higher energy prices, and even hotter summers, Spain has decided to ban businesses from setting their air conditioning units below 27 degrees Celsius (~80 Fahrenheit). Public places, such as airports, train stations, shops, and bars, will be held accountable if they refuse to follow the new order, while households are only “encouraged” to follow the new order. Surrounding European countries have already established similar policies, where in France businesses will be fined €750 if they leave their doors open while running air conditioning.

Antitrust Lawsuit Against PGA Tour

A group of professional golfers have filed an antitrust lawsuit against the PGA Tour. Led by well-known names such as Phil Mickelson and Bryson DeChambeau, they are protesting against the Tour’s suspension of their player status because they decided to join the LIV tour (a new, international born golf tour that gives players more opportunities and freedom). Last month, it was confirmed that the U.S. DOJ is investigating the PGA Tour for engaging in anticompetitive behavior and how it deals with players. The timing is crucial as the FedEx cup playoffs are just around the corner, where a few players are seeking legal exemptions to play.

Bolt Abandoned

Bolt Mobility has abandoned operations in a handful of its largest cities, which has left equipment such as scooters and bikes stranded. The list of affected cities includes Portland, OR, Richmond, CA, St. Augustine, FL, and many more. City representatives have been unable to reach anyone at the company, asking if and or when service will be resumed. Some counties have started to put time limits on how long the equipment can stay unattended, after which it will be transferred to the ownership of the city.

Fun fact: In Europe, less than 10 percent of households have air conditioning, in contrast to 90 percent in the United States.

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