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Time Is Money

Dec 17, 2023 • 6 min read

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Red Sea Tensions
Netflix Releases Viewer Data

Week Recap:

Hong Kong's stock market, valued at $4.6 trillion, is experiencing a significant downturn, leading to the closure of many local brokerages. In 2022, a record 49 brokerages shut down, and this year, 30 more have followed suit. This decline is concurrent with layoffs at major Wall Street banks, attributed to a significant drop in initial public offerings. The Hang Seng Index is on track for its fourth consecutive year of losses, marking its longest streak of decline. This year's IPO market is the slowest since 2001.
TikTok, the short-form video app, has reached an unprecedented milestone in the mobile app world. As the first non-game app to achieve over $10 billion in consumer spending, TikTok has set a new record, surpassing even the most successful mobile games. This achievement underscores the app's massive global popularity and its unique monetization strategy. Throughout 2023, TikTok witnessed a remarkable surge in consumer spending, adding an impressive $3.8 billion to its already substantial revenue.
The FDA has approved two new gene therapies to treat sickle cell disease, a significant advancement for about 100,000 American patients in the U.S. Previous treatments could only reduce symptoms or were limited to rare bone marrow transplants from matched siblings. The first therapy, Casgevy, is a groundbreaking treatment and the first of its kind in the U.S. to use CRISPR/Cas9 technology. It works by reactivating the production of fetal hemoglobin (HbF), which is usually turned off after birth. The second therapy, Lyfgenia, employs a different method. It uses a Lentiviral vector to insert genes for a modified hemoglobin that helps prevent sickling of red blood cells.
The Consumer Price Index (CPI) for November 2023 showed headline inflation at 3.1%, aligning with forecasts and marking a slight decline from the previous month's 3.2%. The core CPI, which excludes food and energy, increased by 0.3% over the month and recorded an annual rate of 4%. The federal funds rate, the benchmark interest rate set by the Fed, is currently in the range of 5.25% to 5.5%.
Oracle reported a revenue of $12.9 billion, showing a 5% increase but falling short of the expected $13.1 billion. Despite this, Oracle has shown resilience through its expansion in cloud services and competitive positioning in a market dominated by tech giants.
Tucker Carlson has launched a new streaming service, The Tucker Carlson Network, available from Monday at $9 per month. This move follows his departure from Fox News five months ago, where he was averaging 3 million viewers per episode. Since then, shifting his show to X as 'Tucker on X,' he has seen a significant increase in audience, reaching hundreds of millions of views.
The Federal Reserve, during its recent meeting, decided to maintain the current federal funds rate at 5.25% to 5.5%. This decision marks the third consecutive time the key interest rate has been held steady, with unanimous agreement from the Federal Open Market Committee (FOMC) members.
ARIA, the UK's version of DARPA, is embarking on an ambitious project to explore weather control and climate geoengineering. In a detailed document titled "Managing our climate and weather through responsible engineering," ARIA's Program Director Mark Symes outlines potential strategies for manipulating weather patterns and mitigating climate change impacts. This includes methods like Solar Radiation Management, which involves reflecting sunlight back into space, and Cirrus Cloud Thinning, aimed at increasing the escape of longwave radiation to space.
The U.S. House of Representatives has passed the National Defense Authorization Act (NDAA), allocating a historic $886 billion for military spending. This bipartisan decision, with a 310 to 118 vote, demonstrates strong cross-party support. The NDAA is key legislation that shapes U.S. defense policy, including troop welfare and military equipment procurement. This year's NDAA, a comprehensive document of nearly 3,100 pages, focuses on policies including aid to Ukraine and measures to counter China's influence in the Indo-Pacific.
Argentina's new President Javier Milei, addressing the country's economic crisis, has announced significant financial reforms. Economy Minister Luis Caputo declared a 50% devaluation of the Argentine peso, now 800 pesos to the U.S. dollar. This move comes as Argentina grapples with 143% annual inflation and widespread poverty. The reforms also include reductions in energy and transportation subsidies, though specifics were not detailed.
The German Air Force, known as the Luftwaffe, has initiated a project (through Airbus) to transform some of its Eurofighter Typhoon fighters into specialized electronic attack aircraft, dubbed Typhoon-EK. This initiative, costing approximately 384 million euros, is aimed at replacing the aging Tornado ECR electronic attack jets. The Typhoon-EK's role includes locating and neutralizing enemy radars using advanced electronic warfare techniques.
Costco, known for bulk sales, recently found success in selling gold bars, with $100 million worth sold in the recent quarter. Amid economic uncertainty, Costco started offering 1oz 24-karat gold bars online in September, available exclusively to its 72 million members. These gold bars typically sell out within hours. While prices are member-exclusive, they're reportedly just under $2,000, slightly lower than the market rate.

Red Sea Tensions:

Yemen's Houthi rebels, supported by Iran, have escalated their assault on commercial ships in the Red Sea, particularly around the Bab al-Mandab strait. This increase in missile and drone attacks is a response to Israel's actions in Gaza and the support Israel receives from the United States. Consequently, prominent shipping companies like Maersk and Hapag-Lloyd have ceased their operations in these troubled waters. Following their lead, two other leading firms, the Mediterranean Shipping Company and CMA CGM, also suspended their Red Sea routes, citing the heightened risks posed by the Houthi attacks.
The tension in the Middle East continues to escalate, primarily involving militant groups like Hamas, the Houthis, and Hezbollah. These groups have been actively engaged in conflicts with Israel. In a recent incident, the USS Carney, a U.S. Arleigh Burke-class guided missile destroyer operating in the Red Sea, engaged and successfully neutralized 14 unmanned aerial systems. These drones, launched from Houthi-controlled areas in Yemen, were identified as one-way attack drones. The prompt action of the USS Carney averted potential damages and injuries, underscoring the volatile security situation in the region.

Netflix Releases Viewer Data:

Netflix, for the first time, has disclosed viewership data, revealing the number of hours its titles were watched. This move towards transparency comes amid pressure from stakeholders and industry professionals. The released data encompasses streaming figures for 18,000 titles from January to June 2023.
Notably, 9 out of the 10 most-watched titles were Netflix's own productions. Topping the list was the series "The Night Agent," released in March, while the most popular movie was "The Mother," a Netflix original featuring Jennifer. This report marks a significant shift in Netflix's approach to sharing viewership information.

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