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Time Is Money

Jan 21, 2024 • 7 min read

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Middle East Escalations
Ford EV Production

Week Recap:

Turkey's defense ministry announced airstrikes conducted in Iraq and Syria, targeting Kurdish militant sites. This military action was a direct response to a recent attack on a Turkish military base in Iraq's Kurdish region, which resulted in the deaths of nine Turkish soldiers. The Turkish airstrikes targeted specific areas in Metina, Hakurk, Gara, and Qandil in northern Iraq. Following these attacks, Turkey reported eliminating a considerable number of militants: 36 in Iraq and 9 in Syria within a 24-hour timeframe. The airstrikes were focused on dismantling militant infrastructure, including caves, bunkers, shelters, and oil facilities.
Citigroup announced a significant workforce reduction aiming to cut 20,000 jobs over the next two years. This decision, part of a broader corporate reorganization to enhance profitability, was revealed following the bank’s report of a substantial loss in its fourth-quarter results. By 2026, Citigroup's employee count is expected to decrease from 240,000 at the end of 2022 to about 180,000, partly due to the planned spinoff of its Mexican subsidiary, Banamex.
U.S. forces have conducted multiple strikes on Houthi targets. On January 13th, at 3:45 AM Sana'a time, the USS Carney (DDG 64) launched a strike against a Houthi radar installation in Yemen using Tomahawk Land Attack Missiles. This operation aimed to diminish the Houthis' ability to conduct maritime attacks, including those targeting commercial ships.
In response to the economic pressures, the Cuban government has decided to significantly raise fuel prices by over 500%. The new price for gasoline will be at a minimum $3.80 per gallon starting February 1st. This substantial increase marks a significant shift for Cuban residents, who have long been accustomed to some of the lowest fuel prices in the world.
At around 1:45 PM Sanaa time, the Houthis fired an anti-ship ballistic missile from their controlled regions in Yemen into the Southern Red Sea's international shipping lanes. The missile struck the M/V Zografia, a Maltese-flagged bulk carrier. Fortunately, the ship was reported to be seaworthy despite the attack and continued its transit through the Red Sea without any injuries reported.
In a strike earlier that day, at about 4:15 AM Sanaa time, U.S. Forces conducted a strike in Yemen, targeting the Houthi militants. This operation successfully destroyed four Houthi anti-ship ballistic missiles that were ready for launch in Houthi-controlled areas. This U.S. military action represents a continued effort to counter the threats posed by the Houthis to international maritime security in the region.
A recent court ruling on January 16th blocked JetBlue's proposed acquisition of Spirit Airlines, a low-cost carrier. The $3.8 billion merger, which JetBlue and Spirit argued would enhance competition against the top four U.S. airlines and potentially lower fares, was disputed by U.S. District Court Judge William Young. Judge Young's decision indicated that the merger would actually reduce competition and lead to higher prices for consumers, particularly those with limited financial means.
Iran recently launched airstrikes in southwestern Pakistan, targeting bases of the militant group Jaish al-Adl, which is recognized as a terrorist organization by Iran, the United States, and other nations. Jaish al-Adl had claimed responsibility for an attack on an Iranian police station last month. These airstrikes are part of Iran's broader military strategy in the Middle East, which also includes recent operations in Syria and Iraq against similar militant targets.
Lockheed Martin is gearing up for a crucial test in the spring, aiming to integrate the U.S. Military's advanced Patriot missile variant, PAC-3 MSE, with the U.S. Navy’s Aegis Combat System. Tom Copeman, the company’s Vice President of Naval Systems, revealed that approximately $100 million has been spent on this project. The PAC-3 MSE missile, currently in production in Camden, Arkansas, is expected to ramp up to 550 units per year.
Hertz, a prominent rental car company, has initiated the sale of one third of its electric vehicle (EV) fleet, which totals around 20,000 vehicles globally. This move is part of the company's strategy to fund the acquisition of new internal combustion engine vehicles, for which demand continues to be strong. Originally, Hertz had set a goal to transition 25% of its fleet to electric vehicles by the end of 2024. However, the company has now indicated that its expansion into EVs will proceed at a slower pace than initially planned.
The data breach notification service Have I Been Pwned (HIBP) has recently incorporated nearly 71 million email addresses linked to compromised accounts from the Naz.API dataset. This massive dataset contains 1 billion credentials gathered from credential stuffing lists and data stolen by information-stealing malware. Credential stuffing lists include username and password combinations taken from previous breaches, used to access accounts on other platforms.
On Friday, Apple opened preorders for its highly anticipated Vision Pro mixed-reality headset, priced at $3,499. Alongside the base model, which includes 256 gigabytes of storage, Apple introduced two additional configurations: a 512-gigabyte version for $3,699 and a premium 1-terabyte model for $3,899. However, the delivery dates for online orders of all three models were quickly pushed back to March 8-15, and the headset sold out for in-store pickup at numerous locations on the first day. This rapid shift in availability indicates either a strong demand, limited supply, or a combination of both factors.

Middle East Escalations:

To safeguard maritime navigation and prevent attacks on vessels, the U.S. Navy maintains a presence in the Red Sea. On January 19th, around 6:45 PM Sanaa time, U.S. Central Command forces identified and neutralized a threat from three Houthi anti-ship missiles located in Houthi-controlled areas of Yemen. These missiles, aimed towards the Southern Red Sea and ready to launch, posed an imminent danger to both merchant and U.S. Navy ships in the region.
In response, U.S. forces carried out defensive strikes, successfully destroying the missiles to ensure the safety and security of international waters. Continuing these protective measures, on January 20th at about 4 AM Sanaa time, U.S. Central Command forces executed airstrikes against another Houthi anti-ship missile in Yemen. This missile, directed towards the Gulf of Aden and prepared for launch, was deemed a threat to merchant and U.S. Navy ships. U.S. forces destroyed the missile, contributing further to the safety of international waters.
Later on January 20th, at approximately 6:30 PM Baghdad time, Iranian-backed militants in Western Iraq targeted the al-Assad Airbase with multiple ballistic missiles and rockets. The airbase's defense systems intercepted most of these missiles, though some impacted the base. Damage assessments are ongoing, with several U.S. personnel being evaluated for traumatic brain injuries and at least one Iraqi service member wounded. These incidents underscore the ongoing tensions in the region and the challenges faced in maintaining security against various threats.

Ford EV Production:

Ford Motor is adjusting its vehicle production, ramping up the manufacturing of the Bronco SUV and Ranger pickup, and scaling back on its electric F-150 Lightning. Announced on Friday, this move aligns with changing customer demand, particularly addressing the lower interest in electric vehicles. The decision to reduce F-150 Lightning production represents a significant change in Ford's strategy.
After earlier reports indicated a plan to cut the pickup's production by about half, Ford confirmed a shift reduction at its Rouge Electric Vehicle Center in Michigan. Effective April 1, the facility will move from two shifts to one, impacting around 1,400 employees. This scaling back is a major shift from Ford's previous expansion of the electric vehicle's production capacity in 2023. To manage this production shift, Ford is reallocating its workforce.
Around half of the affected workers at the Rouge Electric Vehicle Center will be transferred to the Michigan Assembly Plant, responsible for the Bronco and Ranger. Others will move to nearby plants or may opt for the Special Retirement Incentive Program under the 2023 Ford-United Auto Workers contract. While the exact impact on the F-150 Lightning's output remains unspecified, these changes highlight Ford's flexibility in adapting to the evolving automotive market.

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