Sunday☕️

Time Is Money

Aug 13, 2023 • 5 min read

Trending:

Iraq Telegram Ban
Nikola Recall

Week Recap:

A train derailed in southern Pakistan, resulting in the death of at least 30 people and injuring over 100. The train, carrying around 1,000 passengers, was traveling from Karachi to northern Pakistan. The accident occurred near Nawabshah town in Sindh province.
The Telegram messaging app was blocked in Iraq due to national security concerns and issues regarding personal data misuse. The app, extensively used in Iraq for messaging, acquiring news, and sharing content, is alleged to have improperly handled personal data.
The Pentagon deployed over 3,000 US military personnel to the Red Sea in response to Iran's interference with international vessels. The USS Bataan and USS Carter Hall, two American warships, arrived in the area to enhance military capabilities and secure global shipping in the Gulf and Mideast operations.
Payment giant PayPal announced the launch of its own stablecoin named PayPal USD (PYUSD). This stablecoin is pegged to the US dollar and is backed by cash equivalents and short-term treasuries.
The U.S. military spotted 11 Chinese and Russian warships near Alaska's Aleutian Islands. In response, the U.S. sent four destroyers and two warplanes to the region. By international law, nations control seas up to 12 nautical miles from their coast; beyond that is international waters. The U.S. actions showed their commitment to the region's security, leading the Chinese and Russian ships to leave.
U.S. regulators fined Wells Fargo and other firms $549 million for not storing electronic chats. The SEC fined 11 companies $289 million and the CFTC fined four banks $260 million, including Wells Fargo. These fines aim to prevent Wall Street employees from using messaging apps like Signal and WhatsApp for work.
Reed Jobs, son of Apple co-founder Steve Jobs, has launched a venture capital firm named Yosemite to fund innovative cancer treatments after his father died from the disease. The firm has secured $200 million from notable investors, including billionaire venture capitalist John Doerr, Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T.
The U.S. Supreme Court has ruled that Apple can maintain its current app store payment guidelines. This allows Apple to continue charging a 30% tax on all revenue generated through the App Store.
Ecuadorian presidential candidate Fernando Villavicencio was killed as he departed from a political gathering in a school in Quito, just days before the election.
The Biden administration issued an executive order limiting U.S. private equity and venture capital investments in Chinese tech. This move emphasizes the growing concerns about China, especially in tech such as semiconductors, quantum computing, and AI, due to potential U.S. national security threats.
Virgin Galactic successfully completed its first flight with private astronaut customers, almost 20 years after ticket sales began. This flight, termed Galactic 02, was Virgin Galactic's second commercial trip, following the June 29 research journey for the Italian Air Force.
Sam Bankman-Fried has been jailed for tampering with evidence during his trial. The decision came after the prosecutors requested the U.S. District Judge, Lewis Kaplan, to revoke Bankman-Fried's bail, accusing him of trying to intimidate witnesses.
The Maui wildfires have claimed 80 lives, with many still unaccounted for. Survivors from the affected areas, including the historic town of Lahaina, reported a lack of official warnings before the blaze. This has raised concerns, especially as the island's vast warning system failed to trigger sirens.

Iraq Telegram Ban:

Iraq announced it will reinstate the Telegram messaging app after imposing a ban due to concerns over data leaks from state institutions and its citizens. Telegram, popular in Iraq for communication, news, and content sharing, had some channels displaying extensive personal data of Iraqis.
The telecoms ministry announced the decision came after Telegram responded to security requirements, specifically addressing the source of citizens' data leaks. Telegram expressed its willingness to cooperate with the relevant Iraqi authorities on these matters.
In a statement to Reuters, Telegram clarified that while they have removed channels violating their terms by sharing private data, they haven't shared or been asked for any user data. Just a week ago, the ministry criticized Telegram for not addressing requests about data leak platforms.

Nikola Recall:

Nikola is recalling approximately 209 battery-powered commercial trucks, accounting for about 60% of its production over the past year, following concerns over a defective battery part that caused a fire in June. This issue is believed to have originated from a battery component causing a coolant leak.
Despite initial suspicions of foul play, an external investigation deemed it improbable. The recall mainly affects trucks with dealers or in commercial use, and sales of these battery-electric vehicles have been temporarily suspended. Nikola is now focusing on producing hydrogen fuel-cell electric trucks, which are unaffected by the recall.
Nikola’s battery-powered truck, known as the Tre BEV model, was introduced a year ago to boost the company's visibility and gain assembly experience. Recently, Nikola reported a quarterly loss of $217.8 million, and its stock declined almost 29% over a week.
The recall presents a challenge for the new CEO, Steve Girsky. Nikola’s teams found the faulty component and are seeking a solution without recalling all trucks. Nikola has advised truck owners to enable real-time monitoring and consider parking vehicles outside.

Statistic:

Most Nuclear Power Plants:
🇺🇸 United States: 93
🇫🇷 France: 56
🇨🇳 China: 55
🇷🇺 Russia: 37
🇯🇵 Japan: 33
🇰🇷 South Korea: 25
🇮🇳 India: 22
🇨🇦 Canada: 19
🇺🇦 Ukraine: 15
🇬🇧 United Kingdom: 9
🇪🇸 Spain: 7
🇸🇪 Sweden: 6
🇵🇰 Pakistan: 6
🇨🇿 Czechia: 6
🇧🇪 Belgium: 5
🇸🇰 Slovakia: 5
🇫🇮 Finland: 5
🇭🇺 Hungary: 4
🇨🇭 Switzerland: 4
🇦🇪 United Arab Emirates: 3
🇦🇷 Argentina: 3
🇲🇽 Mexico: 2
🇿🇦 South Africa: 2
🇧🇷 Brazil: 2
🇷🇴 Romania: 2
🇧🇾 Belarus: 2
🇹🇼 Taiwan: 2
🇧🇬 Bulgaria: 2

Article Links:

Thanks for reading!

TIME IS MONEY: Your Free Daily Scoop of Markets📈, Business💼, Tech📲🚀, and Global 🌎 News.

The news you need, the time you want.

Any article ideas? Email us!

Support/Suggestions Email: timeismoney@timeismon.com

Sign up for more like this.