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Time Is Money

Oct 29, 2023 • 7 min read

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Israel vs Hamas
BP Invests In Tesla Chargers

Week Recap:

Samsung SDI revealed plans to supply Hyundai Motor with electric vehicle (EV) batteries for a span of seven years, beginning in 2026. This collaboration marks the inaugural partnership between the two companies in the EV battery domain. Notably, Samsung SDI, which is already a battery supplier to renowned automotive giants like General Motors, Stellantis, and BMW, will produce these batteries at its Hungarian factory.
The NSA, along with the U.S. Cybersecurity and Infrastructure Security Agency (CISA), pointed out major cybersecurity errors prevalent in big organizations. A primary concern is that many organizations neglect to update default settings when implementing new IT systems, making them easy targets as these defaults are often available online. Devices like cameras and printers are vulnerable to such oversights. Another significant misstep is the broad system access given to standard users.
The cost of an average mortgage in the U.S. has risen to be 52% more than the typical monthly rent. The pandemic saw a significant increase in housing prices, driven in part by historically low 30-year mortgage rates, which led to a boom in home purchases. However, the Federal Reserve, in an attempt to curb rising inflation, decided to raise interest rates.
Mike Johnson, a Republican representative from Louisiana, was chosen as the new Speaker of the House on Wednesday. This decision ended three weeks of inactivity in Congress. Despite being the vice chairman of the House Republican conference, Johnson wasn’t well-known until this week when he became the party's choice for Speaker.
The FBI in Denver is warning about a scam called “The Phantom Hacker,” targeting mainly older people. Scammers pretend to be from tech companies, banks, or the government, telling victims their financial accounts are at risk from foreign hackers. They urge victims to transfer their money to a fake U.S. Government account for protection, but the scammers just steal it, often resulting in the loss of life savings.
In the third quarter, the U.S. economy outperformed expectations, growing at a 4.9% annual rate, showcasing resilience amidst challenges like high interest rates and ongoing inflation. Additionally, while the real GDP growth reflects the economy’s true expansion in goods and services, the current dollar GDP, inclusive of inflation’s impact, increased by 8.5%, totaling $27.62 trillion, highlighting the dual effects of growth and price increases on the economy’s overall value.
After the market closed on Thursday, Amazon shared its Q3 financial results showing sales of $143.1 billion, a 13% increase from the previous year and a faster growth rate than the 11% seen in the June quarter, exceeding expectations. Earnings came in at 94 cents per share, significantly higher than the predicted 58 cents, with a total profit of $9.9 billion, including a $1.1 billion gain from the company’s investment in Rivian Automotive.
President Biden has put China on notice, stating unequivocally that the U.S. stands ready to protect the Philippines in the event of an attack in the South China Sea (SCS). This region has been a hotbed of tension for many years, with China asserting control over more than 90% of the SCS and fortifying its position with military deployments. The Philippines, along with other nations, has challenged China's claims, accusing it of flouting international law.
Researchers have discovered a security flaw in Apple's Safari browser that affects both iOS and macOS devices, potentially allowing hackers to access sensitive information such as passwords and email content. This vulnerability, named iLeakage, exploits a side channel in the A- and M-series CPUs, requiring significant technical expertise but minimal resources to carry out the attack.

Israel vs Hamas:

Israeli troops have expanded their ground operations in the Gaza Strip, escalating the ongoing conflict with Hamas, which began earlier this month. Prime Minister Benjamin Netanyahu declared this move as the second phase of a "long war" and framed the conflict as Israel's "second war of independence." Israeli forces have conducted airstrikes and ground incursions, resulting in the reported death of over 7,700 Palestinians and the displacement of more than 1.4 million people in Gaza.
This escalation came as a response to a significant assault by Hamas that caused the death of over 1,400 people in southern Israel. Amidst this conflict, Hamas released a few of the many Israeli hostages they had taken. The military operation has included ground troops, armor, artillery, and heavy air and sea bombardment.
The Israeli military claims to have neutralized terrorist cells and destroyed a Hamas operational meeting point. In contrast, Hamas has declared the operation a failure, claiming that Israel suffered heavy losses. Communications in Gaza have been severely disrupted due to a near-total outage of internet and phone service, complicating efforts by aid groups and health facilities to respond to the crisis.
The situation has raised international concern, as Gaza is facing severe shortages of essential supplies and hospitals are overwhelmed with patients. More than 230 hostages are still being held in Gaza by Hamas, with the Israeli government committing to their safe return as part of the war's goals. The families of these hostages are demanding clear communication and action from the Israeli government, as the conflict continues to intensify.

BP Invests In Tesla Chargers:

BP, traditionally a petroleum giant, is venturing into the clean energy sphere with a significant investment of $100 million in Tesla’s DC fast-charging equipment for its BP Pulse EV charging network. This marks a historic moment as the first time Tesla’s charging hardware will be incorporated into a third-party network.
With about 28 current fast-charging locations in the U.S., BP Pulse is relatively small compared to other charging networks, but this investment indicates a strong commitment to becoming a major player in the future EV charging landscape. The charging equipment acquired by BP will support the North American Charging Standard (NACS) connector, making it compatible with a wide range of EV models.
Furthermore, BP’s investment is a strategic move to expand its presence in the EV charging market, with plans to invest up to $1 billion in U.S. EV charging infrastructure by 2030. This is a crucial step toward providing more accessible and faster charging options for EV drivers, especially those located near highways. The new charging stations are expected to be deployed at various BP-owned facilities, offering EV drivers convenient and secure charging solutions.
With the integration of Tesla’s adaptable charging technology, even non-Tesla EVs will be able to use the charging stations, ensuring a seamless and efficient charging experience for all. The rollout is set to begin in major cities in 2024, with users being able to locate the nearest station through both the BP Pulse app and Tesla’s in-car UI and apps, fostering a user-friendly environment for EV charging.

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