When the Supreme Court weakened the Voting Rights Act of 1965 last week, Republicans saw new political opportunities across the South. Congressional districts that were considered strongholds for Democrats, often with majority Black populations, could be redrawn for the first time in decades.

Among Southern states, Tennessee was the first to redo its map, which Gov. Bill Lee signed into law on Thursday. The new map breaks the Ninth Congressional District — a longtime Democratic base encompassing Memphis — into three Republican-leaning districts.

The new map divides areas of Memphis where most of the population is Black among three districts with overwhelmingly white populations, eliminating the state’s sole majority Black district in the process.

Note: Circle size is proportional to the difference in the share of the largest racial group. Voting-age population includes only citizens.

The decision to split up Memphis was not a question of race, the state’s Republican leaders said, but of politics — wanting the entire congressional delegation to be in Republican hands. In recent years, the Supreme Court has increasingly let partisan redistricting stand.

The Voting Rights Act had not only required some states to draw districts where minority residents made up most of the population, but offered a way for minority voters to challenge certain districts as undermining their political power. The new ruling, which said Louisiana’s congressional map was an illegal racial gerrymander, made it much harder to argue that a map illegally diluted Black voting power.

As such, Republicans in other Southern states are also making changes to their congressional maps that could swiftly upend political power and racial representation in sharply partisan ways. Democratic leaders in other states have also begun exploring changes to counter Republican efforts.

After the ruling deemed Louisiana’s map unconstitutional, the governor delayed the state’s primaries for the U.S. House of Representatives, and officials began preparing a new map that they said would strengthen Republican control. Those changes are expected to effectively carve up at least one of two majority Black districts before the midterms.

Several other states, including some led by Democrats, have already muscled through new partisan maps of their own after President Trump’s call last year to reshape Congress.

In late April, Virginia’s voters approved an aggressive new map that could hand Democrats as many as four more seats, as the national party tries to take control of the House. Days later, the Florida Legislature, led by Republicans, voted to use a new map, which was then signed into law, that they hope will deliver a similar advantage.

A closer look at Memphis

As the core of the only Democratic House district in Tennessee, Memphis was an obvious target for Republicans looking to pick up a seat through a redrawn map after the Supreme Court ruling.

The district was one of about at least a dozen nationally, most of them in the South, with a majority-Black population. Only two Black lawmakers from Tennessee have ever served in the U.S. House; both were Democrats who represented Memphis. Representative Steve Cohen, a white Democrat, has held the Ninth District seat since 2007.

The district was a successful example of Black representation, State Senator Raumesh Akbari, a Memphis Democrat, said because it assured that “a collection of Black people” could elect their preferred candidate.

The new map will indeed split apart a dense cluster of Democratic voters in the Ninth District — which supported Vice President Kamala Harris in 2024 by a wide margin — into three Republican-leaning districts. On Thursday, the N.A.A.C.P. Tennessee State Conference filed a lawsuit challenging the map. The state’s primaries are scheduled for Aug. 6.

Memphis

Note: Circle size is proportional to the size of the 2024 presidential vote margin.

Cameron Sexton, speaker of the Tennessee House of Representatives, said on Wednesday that the new map was “based on population and politics,” and that “no racial data was used.”

While Tennessee voted for Mr. Trump by 64 percent in 2024, Shelby County backed Ms. Harris by nearly the same share.

Nashville as a precursor

It was not the first time in recent years that Tennessee’s Republican supermajority had weakened the voting power of a Democratic-leaning city. In 2022, the district enveloping Nashville was also broken up, its voters split among three Republican-leaning, more rural districts.

The redrawing of Nashville’s district to the advantage of Republicans was widely viewed as based on politics, not race. The district was majority white, and Black voters make up a smaller share of the population in the city than in Memphis.

Nashville

Note: Circle size is proportional to the difference in the share of the largest racial group (voting-age map) and to the size of the 2024 presidential vote margin (vote margin map).

“We’ve seen exactly how problematic it can be when you lose your congressional representation,” Mayor Freddie O’Connell of Nashville, a Democrat, said.

Under the new map, Nashville remains divided among three districts. But some residents will now have a new representative, as one of the districts it had been split among no longer includes a part of the city.

India is set to shelve the bids it received for a majority stake in its state-owned IDBI Bank , as the amounts were below the minimum price sought, Bloomberg ‌News reported ⁠on ⁠Friday, citing people with knowledge of the matter.

Reuters ​could not immediately verify the report.

IDBI Bank and ​India’s finance ministry didn’t immediately respond to a Reuters request for comment outside regular business ​hours.

The Indian government and ⁠state-owned Life ‌Insurance Corporation of India plan ​to ​sell 60.7% of the lender as ⁠part of a broader government privatisation ​programme.

India’s government owns 45.48% of ​IDBI Bank, while LIC holds 49.24%.

This development brings a halt to the sale process, Bloomberg reported, adding that the people familiar with the matter declined to ‌quantify the bids, the government’s so-called reserve price, or the bidders.

Earlier in February, Reuters reported that ⁠the planned sale of IDBI Bank had attracted bids from Canadian investment group Fairfax Financial, Emirates NBD, and Kotak Mahindra Bank.

Kotak Mahindra Bank subsequently said in February that it had not submitted a financial bid for IDBI Bank.

While buying interest in Ethereum may be losing momentum, the staking ecosystem has been experiencing significant growth over the past few months. Following a period of steady rise, the quantity of ETH locked away in staking contracts has reached a critical landmark that could impact its market outlook.

Over Half Of All Ethereum Now Staked

Ethereum’s price has fallen below the $2,000 mark once again as Wednesday drew to a close. During the waning price action, the network seems to have reached a historical inflection point, as shown by the massive staking ecosystem growth.

In an X thread, Everstake, a leading and responsible validator, has outlined a crucial landmark for ETH, which could play a role in shaping its future. ETH staking activity just exploded, with more than half of the entire supply being locked away in staking, marking the first time in its history. With the switch to proof-of-stake, Ethereum’s staking participation has increased steadily. However, its economic design enters a new phase when it surpasses the 50% of all supply.

Everstake’s report is solely derived from data from Santiment, a popular on-chain data analytics platform. Data from the platform shows that the proof-of-stake contract on Ethereum now controls 50.18% of the total historical ETH issuance. Beyond just being a remarkable figure, it represents a key milestone in the project’s 11 history. In other words, this implies that the majority of ETH is no longer circulating or active in the market.

When over 50% of the supply is being locked away in staking contracts, the liquid supply reduces, and fewer coins become available for trading. Such patterns often ignite sentiment as they decrease selling pressure and create a market sensitivity to new demand. At the same time, the development indicates conviction from long-term holders. 

Users are determined to secure the network rather than carry out trades in short-term volatility. Everstake remains confident that this is a structural shift for Ethereum. It’s reducing supply coupled with steady or growing demand points to robust price dynamics for ETH over time. “It doesn’t guarantee an immediate pump, but it changes the foundation the price is built on,” the firm stated.

A Market That Has Fallen Into Cold Levels

After an analysis of the MVRV Z-Score, RVT, and NUPL, Alphractal disclosed that the Ethereum market temperature is near cold levels. Specifically, this key metric measures whether the market is overheated or oversold, providing insights into risk-elevated periods and when asymmetry favors long-term positioning. 

When it gets close to zero or falls below, it indicates that the market has calmed down. Historically, readings below 0 typically precede a phase where risk and speculative are flushed, increasing the potential for long-term accumulation even as price declines. 

These zones underscore periods of reduced unrealized profits, triggering a balanced valuation and removing emotional excess from the market. In the past, major expansion phases have been preceded by extended positions in cold temperature zones, as weaker participants gradually exit and stronger hands progressively accumulate.

Featured image from Pixabay, chart from Tradingview.com

But now, workers are so frustrated with toxic workplaces they’re ditching jobs without any warning or resignation letter—or rather, “revenge quitting.” 

Unfortunately, it’s not just young new hires who are leaving their employers high and dry without any formal notice or so much as a heads up that they won’t be at their desks the next day: According to the job board, Monster’s revenge quitting report, nearly half of U.S. workers say they’ve done it. 

The majority were in their post for over 2 years before deciding to silently walk out of their job. 

“Sudden resignations aren’t just individual exits, they’re warning signals flashing across workplace culture,” says Monster’s career expert Vicki Salemi. “When workers walk out without notice, it’s often because they’ve lost trust in leadership or feel their voices aren’t heard.”

Why employees revenge quit: Toxic workplaces and management

Perhaps surprisingly, it’s not about money. Monster’s survey shows the main triggers for revenge quitting are toxic workplaces, poor management, and feeling undervalued. Low pay or the lack of benefits actually accounts for only 4% of silent exits. 

Lack of career growth opportunities ranks even lower, proving that culture and management drives loyalty—or its collapse.

And of course, it has a ripple effect on those left behind. Nearly 60% of workers have seen a colleague walk out without notice, and the impact on teams is immediate. Projects stall, remaining employees scramble to fill the gaps, and overall morale takes a hit. Up to a third of workers have seen four or more peers abruptly quit without a word.

Worse yet, it may even inspire your next revenge quitter. Despite seeing the disruption it causes, around 90% of workers report that revenge quitting is justified in a poor work environment, meanwhile, half say it’s a valid form of protest.

How to reduce revenge quitting at your firm

The antidote isn’t just raises or perks—it’s proactive leadership. Employees told Monster that a healthier workplace culture (63%), recognition for their contributions (47%), and even a new boss (46%) could have kept them from walking out abruptly.

Clear career paths matter too. Workers want to feel their time and effort are investments in growth, not just a way to keep the office running. Without visible opportunities for advancement, paired with not feeling listened to, frustration builds—and loyalty erodes.

The researchers suggest that employers who want to reduce turnover should focus on four things:

• Creating safe, respectful work environments
• Training managers to lead with empathy and clarity
• Recognizing and rewarding contributions
• Offering competitive pay and clear career paths

“In today’s competitive job market, addressing these issues proactively could mean the difference between losing talent suddenly—or building a loyal, long-term workforce,” the report concludes.

A new contender has entered the conversation about institutional Bitcoin adoption, and it’s not from Silicon Valley. London-listed Satsuma Technology, formerly TAO Alpha, has completed a massive £163.6 million ($218 million) convertible note financing round, but with an unexpected twist: nearly 60% of it was settled in BTC. 

According to a recent announcement, a total of 1,097 BTC, valued at around £96.9 million at the time of the transaction, is now sitting on the company’s books.

Satsuma Settles Convertible Noted In Bitcoin

This event, which closed on July 28, marks the first known large-scale Bitcoin-denominated capital raise by a publicly listed company in London. With the move, Satsuma’s total Bitcoin holdings now stand at 1,126 BTC, worth over $128 million at current rates, and the BTC is held by Satsuma Pte, the company’s Singapore-registered subsidiary.

According to data from BitcoinTreasuries.NET, Satsuma is the second-largest corporate holder of Bitcoin in the UK behind The Smarter Web Company. Its BTC holdings were bought at an average cost basis of $115,149. 

Henry K. Elder, CEO of Satsuma Technology, noted that the proceeds will be used to grow its decentralized AI infrastructure and bolster its digital asset reserves. It also noted transparency and that regular reporting on its BTC holdings will be part of its operational structure moving forward.

Stepping Into MicroStrategy’s Shadow

The scale and structure of Satsuma’s BTC acquisition can be compared to that of MicroStrategy. Under the leadership of its co-founder, Michael Saylor, the US intelligence and software firm has famously transformed itself into a quasi-Bitcoin ETF. MicroStrategy started its Bitcoin acquisition trend in 2020 with the acquisition of 21,454 BTC worth $250 million at the time. Since then, MicroStrategy has accumulated over 628,791 BTC with a total cost of $33.139 billion.

Satsuma may still be in the early stages of its Bitcoin journey, but the nature of its financing, taking in BTC directly rather than converting fiat post-raise, is a strategy that even MicroStrategy has not employed. 

MicroStrategy typically raises funds through bond offerings or stock sales and later deploys the capital into BTC. Satsuma, on the other hand, is accepting Bitcoin at the funding stage. The most recent fundraising round, which was led by ParaFi Capital, attracted support from major crypto companies such as Pantera Capital, Digital Currency Group (DCG), and Kraken.com. It also brought in backing from leading UK equity market participants managing a combined £300 billion in assets under management.

Satsuma’s move comes at a time when regulatory attitudes in the UK are beginning to show signs of softening toward digital assets. If successful, the move could open the door for other publicly traded companies in Europe and beyond to begin incorporating Bitcoin into their balance sheets. At the time of writing, 3,658 BTC are being held by publicly listed companies in the UK, while 88 BTC are being held by private companies.

Featured image from Pixabay, chart from Tradingview.com

Fair trade regulator Competition Commission on Tuesday cleared homegrown private equity major ChrysCapital’s proposal to acquire a majority stake in Mumbai-based bakery chain Theobroma.

ChrysCapital is acquiring the stake in Theobroma through its affiliates, Infinity Partners, Aqua Investments Ltd and Atreides Investments BV.

“The proposed combination relates to the acquisition of certain equity shareholding of Theobroma Foods Pvt Ltd (Theobroma) by Infinity Partners, Aqua Investments Limited and Atreides Investments BV,” the Competition Commission of India (CCI) said in a release.

Theobroma is engaged in the business of manufacturing and sale of bakery and confectionery products, food and beverages through its patisseries and stores present in over 30 cities in India and via its online platform and other online sales channels.

“CCI approves acquisition of certain equity shareholding of Theobroma Foods Pvt Ltd by Infinity Partners, Aqua Investments Ltd and Atreides Investments BV,” the regulator said in a post on X.

According to reports, ChrysCapital is set to acquire a 90 per cent stake in Theobroma Foods for an estimated Rs 2,410 crore. ChrysCapital signed a deal to acquire a majority stake in Theobroma from its promoters and the current existing investor ICICI Venture, as per reports. However, the founders will retain around 10 per cent holding in the company. ICICI Venture owns nearly a 42 per cent stake in Theobroma. It had invested nearly USD 20 million in 2017.

Theobroma was founded in 2004 by sisters Kainaz Messman Harchandrai and Tina Messman Wykes.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

New Delhi, Ahmedabad-based Torrent Pharmaceuticals has sought fair trade regulator CCI’s clearance to acquire a majority stake in in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal.

After the completion of the deal, Torrent Pharmaceuticals will become India’s second most valued pharma company.

The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal.

“The proposed combination relates to acquisition of shareholding by the acquirer (Torrent Pharmaceuticals Ltd) in the target (J B Chemicals & Pharmaceuticals Ltd) and the subsequent amalgamation of the target with the acquirer,” according to a notice filed with the Competition Commission of India (CCI).

Torrent Pharmaceuticals is the flagship company of the Torrent group and is engaged in the business of manufacturing and sale of pharmaceutical formulations (FDFs) across therapeutic segments.

J B Chemicals & Pharmaceuticals is engaged in business of manufacturing and marketing of diverse range of FDFs and APIs (Active Pharmaceutical Ingredients) and also provides CDMO (Contract Development and Manufacturing Organisation) services as well. The parties (Torrent Pharma and J B Chemicals) said that their activities exhibit horizontal overlaps in certain relevant markets for the manufacturing and sale of FDFs in India. In June, Torrent said it will acquire 46.39 per cent stake from promoters Tau Investment Holdings Pte Ltd, an affiliate of global investment firm KKR, for about Rs 11,917 crore. It would additionally buy another 2.80 per cent from certain employees of JB Chemicals at the same acquisition price of Rs 1,600 per share (totaling Rs 719 crore).

Post this, it would make an open offer for buying 26 per cent from open market, as per listing norms, at a price of Rs 1,639.18 per share (totaling Rs 6,842.8 crore).

This will be the second biggest deal in the pharma sector ever, behind Sun Pharmaceutical Industries’ 2015 acquisition of Ranbaxy Laboratories. Post share purchase, JB Pharma will merge into Torrent.

In 2020, KKR had bought a 65 per cent stake in JB Chemicals & Pharmaceuticals. In March this year, KKR divested a 5.8 per cent stake in JB Pharma for Rs 1,460 crore through open market transactions.

Established in 1976, JB Pharma produces a range of pharmaceuticals in areas such as gastroenterology, dermatology and diabetes, etc.

Torrent Pharma, with annual revenues of more than Rs 11,500 crore, is the flagship company of the Torrent Group, with group revenues of Rs 45,000 crore.

In April 2014, Sun Pharma had announced it would acquire troubled rival Ranbaxy in an all-stock transaction worth USD 4 billion that includes USD 800 million debt. The merger was ‘consummated’ following receipt of requisite approvals a year later in March 2015.

In another big deal, Mankind Pharma last year completed the transaction to acquire Bharat Serums and Vaccines for a consideration of Rs 13,768 crore.