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Time Is Money

Oct 8, 2023 • 6 min read

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Israel vs Hamas
MGM Hack Aftermath

Week Recap:

Visa has declared its intention to invest $100 million in companies focused on generative AI, which they believe will redefine commerce and payment systems. This investment initiative is led by Visa Ventures, the company's corporate investment wing that has been active for 16 years.
The U.S. House made an unprecedented move by voting out its highest-ranking official, Speaker Kevin McCarthy from California. This marks the first instance in U.S. history where a sitting speaker was removed. The action was initiated by a faction of representatives led by Florida's Matt Gaetz.
The trial of Sam Bankman-Fried has begun. Previously a billionaire, Bankman-Fried faces significant prison time due to allegations of one of the largest financial frauds in U.S. history. He used to lead one of the top cryptocurrency exchanges (FTX) and is accused of defrauding billions from stakeholders. SBF has pleaded not guilty and denies these allegations.
Intel's CEO, Pat Gelsinger, has initiated the spin-off of its programmable chip division as part of a larger company restructuring effort. These reprogrammable chips, will operate as a separate entity starting January 1, with plans for an initial public offering in the next two to three years. The move aims to focus on Intel's main business while allowing the division to grow independently.
Meta is gearing up to introduce paid subscriptions for Instagram and Facebook to its European Union users. About 98% of Meta's revenue comes from targeted ads. However, since the EU's introduction of a significant digital privacy regulation in 2018, ad targeting within the EU has become challenging for Meta.
BlackBerry revealed plans to separate its Internet of Things (IoT) and cybersecurity business, aiming for a seperate initial public offering next year. This move aligns with other corporations like Intel that are dividing their branches to optimize corporate structure. Notably, Kellogg Co, Johnson & Johnson, and General Electric have also made similar spin-offs recently.
A U.S. F-16 jet intercepted and shot down a Turkish drone flying near American troops at the Tal Baydar base in northeast Syria. The drone, owned by Turkey and armed with missiles, was perceived as a threat. Prior to this event, aerial systems were seen executing airstrikes close to the American forces, prompting them to take shelter. When the drone re-entered the restricted zone, it was taken down by the U.S.
The parent entity of Toys "R" Us revealed intentions to launch as many as 24 outlets across the U.S. Founded in 1957, Toys "R" Us rapidly rose to prominence in the retail sector. However, due to challenges in transitioning to the digital marketplace and mounting debts, the company filed for bankruptcy in 2017.
In a widespread human trafficking crackdown named "Operation Buyer's Remorse," 160 individuals were detained by Ohio authorities. Over the span of a week, a collaboration of more than 100 Ohio-based law enforcement bodies and nonprofits carried out this operation. Of those apprehended, 149 were taken into custody for attempting to pay for sexual services. Notable among the detainees were a sixth-grade teacher aged 29, an officer from the U.S. Air Force, and an Indiana University math professor.
The Biden administration has approved the development of a 20-mile barrier wall along the border. While the Trump era saw the construction of numerous border barriers, Biden had previously committed to not building any more.

Israel vs Hamas:

Yesterday, Hamas initiated a substantial attack on Israel, marking one of the most significant assaults on the nation in the past 50 years. This unexpected offensive, which occurred during a Jewish holiday, resulted in the deaths of 250 Israelis and left over 1,590 injured, according to Israel's health ministry. On the Palestinian side, in the wake of Israel's retaliation, at least 230 have been reported dead with another 1,610 injured in Gaza.
The intensity of this conflict is evident in the ongoing battles in southern Israel, where Hamas militants made incursions. Reports also suggest a discrepancy in the number of rockets fired by Hamas, with figures ranging from 2,500 to 5,000. In response, Israeli Prime Minister, Benjamin Netanyahu, announced the beginning of a prolonged war and advised Gazans to evacuate.
He also declared a halt to the supply of essentials to Gaza and proposed the establishment of a unity government to effectively manage the crisis. Internationally, the situation is drawing significant attention. Palestinian President Mahmoud Abbas, on the other hand, underscored the historical political issues driving the conflict.
Diplomatic interventions are in full swing with entities like the UN Security Council, Egypt, Saudi Arabia, and the UK either engaged in mediation efforts or issuing statements. Furthermore, the conflict's implications are felt beyond the immediate region, with increased police activity in places like London due to related incidents. The event underscores the fragile state of Israeli-Palestinian relations and the potential for rapid escalation.

MGM Hack Aftermath:

Last month, MGM experienced a significant cyber breach. Hackers infiltrated their system, obtaining a range of customer data. Despite the threat, MGM refrained from paying the ransom. According to subsequent disclosures by the company, the stolen data encompassed customer names, contact details, birth dates, driver’s license numbers, social security, and passport numbers.
The exact scale of the number of victims remains unspecified by MGM. As reported by The Wall Street Journal, the hack had tangible operational repercussions: several MGM properties faced disruptions, causing check-in delays for numerous guests, including the FTC chair Lina Kahn, who was in town for a high-profile merger meeting.
As a remedial measure, the company has initiated communication with affected customers, offering complimentary credit monitoring and identity theft protection services. The financial impact of this breach on MGM is two-fold: while the immediate costs, covering technology consulting, legal fees, and third-party advisory, were under $10 million, MGM anticipates an overall loss approaching $100 million due to the breach.

Statistic:

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