Hi friend!

We're glad to have you back for the newsletter that goes from Abu Dhabi to Europe!

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The Weekly Fun Fact 🤔

🎨 Abu Dhabi's investment in Sotheby's: In an agreement worth $1 billion, Abu Dhabi's sovereign wealth fund, is scheduled to purchase a minority interest in the world renowned auction house Sotheby's, with the goal of lowering leverage and fostering expansion. This investment demonstrates the Gulf growing interest in the world's luxury and art industries.

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Onto this week’s topics 🚦

🔴 Pavel Durov the founder of Telegram has been arrested in France 👮🏼

Pavel Durov charges include, but are not limited to, refusal to cooperate with authorities and fraudsters complicity. With a millionaire bail (more than 5M) Durov was presented to court and his passports confiscated.

Telegram has 900 M monthly active users and supposedly one of the most private and secure messaging app.

Durov defenders (including Elon Musk) heavily criticised the French government for imposing limits on free speech. If Durov answers in court for Telegram users illicit activities, it may open a precedent for charging other heads of social media platforms and maximalists of free speech (let’s say Elon is a good contestant for 2nd arrest)!

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🟡 Highlights of the Monterey Car Week Auction 🚘

The yearly Monterey Car Week ended with a mixed bag of sales, grossing $371 million. Even though this is an 8% decrease from the prior year, certain exceptional cars managed to steer high prices. The most valuable car on the list, a 1960 Ferrari 250 GT SWB California Spider, sold for more than $17 million, demonstrating the timeless appeal of rare and classic vehicles. 

The sell-through rate increased despite a minor decline in the average price per lot, suggesting that collector vehicle buyers are still interested in the market despite broader economic worries.

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🟢 Homeowners Relieved by Euribor's Decline 🏠

Families throughout Europe can rejoice as a result of the current market turbulence, which has caused an enormous decline in Euribor rates—the biggest monthly decline in more than ten years. Property owners with variable-rate mortgages may see a reduction in their monthly payments of up to 80 euros beginning in September, as central banks are expected to lower interest rates. 

As the European Central Bank (ECB) and the U.S. Federal Reserve consider additional rate cuts to boost the economy, this trend is expected to continue.

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🎬 Although privacy focused platforms are under scrutiny, we can expect better loan rates!