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Time Is Money

Nov 12, 2023 • 6 min read

Trending:

U.S. Drone Defense
Lockbit Hacker Group

Week Recap:

South Korea has reinstated a ban on short-selling stocks until June to create equal opportunities for individual and professional investors. The restriction, which was partially lifted in 2021 for some large-cap stocks, will now apply to all shares. Short-selling occurs when investors borrow shares to sell them, aiming to repurchase them at a lower price later. This strategy profits from the decline in the asset's price.
BYD, a leading Chinese electric car maker, intends to establish its inaugural European production plant in Hungary. Hungarian Prime Minister Viktor Orban, who recently visited BYD's headquarters in Shenzhen and met with BYD's top executive Wang Chuanfu, might have influenced the decision.
Ace Hardware has faced a significant cyberattack, which has impacted 1,202 of its devices, including 196 critical servers. This disruption has led to difficulties in ordering and operational processes at its 5,700 stores worldwide. The company, with an extensive network and $9 billion in annual revenue, has been working tirelessly to resolve the issue.
In Japan, the first successful activation of the JT-60SA, the biggest fusion reactor of its type, has made a significant step forward. By achieving the initial plasma state, they've created a hot gas needed for fusion, which is the process that powers the sun. This is an important first step in fusion research, showing that the reactor can handle the extreme conditions for fusion to happen.
The United Nations disclosed that following the Taliban's ban outlawing poppy cultivation last April, Afghanistan's opium production has plummeted by 95%. This is a significant reversal for a country that, just a year prior, dominated the global opium market, contributing to 80% of the supply.
Over 10,000 lives have been lost in Gaza, including a staggering 4,104 children, leading the United Nations to describe the region as a "children's graveyard." The death toll follows continued Israeli strikes, despite growing international calls for a ceasefire between Israel and Hamas. The two parties remain at an impasse, with Israel demanding the release of hostages taken by Hamas in an early October attack, and Hamas refusing to cease fire or release hostages while under attack.
The New York Federal Reserve has revealed a surge in American credit card use, with debt reaching an all-time high by September's end. From July through September, credit card debt soared to $1.08 trillion, a rise of $48 billion or 4.6% from the second quarter.
A company called Prophetic is developing a headband named Halo that could let people control their dreams. The headband is supposed to work by telling wearers when they are in REM sleep, which is the stage where dreaming usually happens. They plan to release Halo by 2025 and are using new technologies like ultrasound to make it work.
The U.S. military's X-37B spaceplane is scheduled to launch on a SpaceX Falcon Heavy rocket on December 7, marking the first time it will use a heavy-lift rocket rather than the smaller Atlas V or Falcon 9 rockets used in the past. The mission, designated USSF-52, will carry out undisclosed tests from the Kennedy Space Center.
Last week, Google released its November 2023 security updates for Android, fixing 37 vulnerabilities, including a critical one that could expose sensitive information. The update includes patches for issues within Android's Framework, System components, and elements specific to hardware from Arm, MediaTek, and Qualcomm.
The International Organization of Vine and Wine (OIV) reported that the world's wine production has dropped to its lowest since 1961, attributing the decline to adverse weather conditions. Italy, which led global wine production last year, followed by France, Spain, the U.S., and Australia, has seen a 7% decrease in production globally.
Amazon is expanding into the healthcare sector by integrating medical services through One Medical, a provider of both in-person and telehealth services. Amazon is now offering Prime members a discounted annual subscription to One Medical. The new rate for Prime members is set at $99 per year, which is $100 less than the standard annual fee for One Medical.
Israel has initiated a policy of daily "humanitarian pauses," lasting four hours, in response to international pressure, notably from the Biden administration in the United States. These pauses, announced three hours in advance, are designed to provide civilians a window to evacuate areas of intense conflict.

U.S. Drone Defense:

The U.S. Army has acquired a new anti-drone technology, named Leonidas, which uses microwave radiation to neutralize drones. This system, developed by defense contractor Epirus, is designed to target multiple drones simultaneously, effectively neutralizing drone swarms by causing them to fall from the sky. The Rapid Capabilities and Critical Technologies Office of the Army is overseeing this project, with plans to test and refine the technology against various unmanned aerial systems.
Leonidas differs from traditional anti-drone measures, which often involve single-target weapons like guns or lasers. Its design resembles the AN/MPQ-65 radar used in the Patriot missile defense system and operates by emitting a wide beam of microwave radiation. This beam can disable drones' onboard systems, leading to their immediate downfall. The system's software allows operators to adjust the beam's focus and intensity, providing flexibility between targeting individual drones or a swarm.
This development comes as drones increasingly influence modern warfare, as seen in conflicts like those in Ukraine and the Middle East. The ability to counter drone swarms, which can be effective even if only one drone penetrates defenses, represents a significant advancement in military technology. Leonidas, likened to an electromagnetic flamethrower, showcases an innovative approach to modern defense challenges.

Lockbit Hacker Group:

Lockbit, a cybercriminal group, has been in the spotlight for hacking major global organizations including the Industrial and Commercial Bank of China (ICBC) and Boeing. Originating in 2020 from Russian-language cybercrime forums, Lockbit is believed to be based in Russia, although it claims to operate from the Netherlands and remains politically neutral, focused solely on financial gains. Recognized by U.S. officials as a leading ransomware threat, Lockbit has targeted over 1,700 American organizations across various sectors.
Notable breaches include those of Boeing and the financial-trading services group ION, affecting major banks and financial institutions. Lockbit primarily uses ransomware to encrypt an organization's data, then demands payment, typically in cryptocurrency, to decrypt it. Failure to pay results in the public release of sensitive data on Lockbit's dark web blog, which features a list of victims and countdowns for ransom deadlines.
Efforts to counter Lockbit involve international cooperation, and sharing intelligence on cryptocurrency wallets used by these criminals. The group operates with the help of 'affiliates,' other criminal entities that use Lockbit’s tools for their attacks. This decentralized structure makes tracking and combating their activities challenging. Behind-the-scenes negotiations between victims and hackers, often facilitated by cybersecurity firms, are common but usually remain confidential.

Statistic:

World's highest-paid athletes in 2023: