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Time Is Money

Oct 13, 2024 • 5 min read

Trending:

Boeing To Cut 17,000 Jobs
Marriott Settles for $52m For Cyberattacks

Week Recap:

Data from the National Health and Nutrition Examination Survey (NHANES) shows that adult obesity rates in the U.S. dropped by 2% between 2020 and 2023, largely due to increased health awareness and the use of weight-loss drugs like Ozempic.
Comcast revealed that a ransomware attack on its former debt collection partner, FBCS, compromised the personal data of over 230,000 customers, including Social Security numbers and Comcast account details.
The Elk Fire in Wyoming has grown to over 75,000 acres since its start on September 27, 2024, with firefighters managing to contain 10% of it despite dry conditions and strong winds.
On October 7, 2024, SpaceX launched the European Space Agency’s Hera mission to study the impact of NASA’s DART mission, sending spacecraft to analyze the collision with the asteroid Dimorphos.
The FBI charged 18 individuals and companies in a widespread cryptocurrency fraud scheme, uncovered through the “Token Mirrors” operation in which the agency created a fake token and exposed wash trading and fraudulent projects.
Hurricane Milton caused significant destruction in Florida after making landfall on October 9, 2024, with storm surges, flooding, and tornadoes affecting coastal areas, leading to loss of life and widespread power outages.
A cyberattack in August 2024 exposed the personal information of over 77,000 Fidelity Investments customers, with attackers gaining unauthorized access through newly created accounts.
The U.S. imposed new sanctions on Iran following missile attacks on Israel, targeting the country’s oil and petrochemical sectors and blacklisting entities involved in bypassing sanctions.
TD Bank pleaded guilty to criminal charges related to money laundering, agreeing to pay $3.09 billion in penalties for failing to prevent the movement of over $670 million in illegal funds between 2019 and 2023.

Boeing To Cut 17,000 Jobs:

Boeing Co. has announced it will cut 10% of its global workforce, amounting to roughly 17,000 jobs, as it faces financial struggles worsened by an ongoing labor strike. The company has also delayed the launch of its 777X jetliner, as it grapples with stabilizing its financial outlook. In its defense sector, Boeing is under mounting pressure due to delays in key military contracts, such as the KC-46 tanker and MQ-25 refueling drone, which have frustrated its military clients.
These setbacks come at a critical time when Boeing is competing with other aerospace companies for defense-related contracts. The delays in production and development have further compounded the company’s financial challenges and strained its relationships with government clients. Adding to Boeing’s difficulties are multiple legal challenges, including ongoing litigation related to the 737 Max crashes.
The company continues to face lawsuits and regulatory scrutiny, which have severely impacted its reputation and created additional financial burdens. These legal battles, combined with the operational delays, have weighed heavily on the company’s ability to rebound and regain investor confidence. As Boeing attempts to restructure and streamline its operations, its focus remains on balancing both commercial operations and defense contracts.

Marriott Settles for $52m For Cyberattacks:

Marriott International has settled for $52 million with the U.S. states over data breaches that affected over 334 million customers from 2014 to 2020. The breaches stemmed from weak security practices at Marriott and Starwood Hotels, which Marriott acquired in 2016. Stolen customer data included names, addresses, passport numbers, and some payment information, with one 2020 breach involving 20GB of sensitive data. The settlement, led by state attorneys general, found Marriott failed to detect hackers in Starwood’s systems for years.
Beyond the financial penalties, Marriott must improve its cybersecurity, including stronger encryption, password controls, and a comprehensive data security program. They must also allow customers to request data deletion and improve vendor oversight. Marriott is also required to undergo independent security assessments and adopt data minimization practices. This settlement highlights the need for advanced cybersecurity measures and continued cyber threat awareness.

Statistic:

Top 20 banks and bank holding companies by market cap:

🇺🇸 JPMorgan Chase: $632.45B

🇺🇸 Bank of America: $325.51B

🇨🇳 ICBC: $290.92B

🇨🇳 Agricultural Bank of China: $232.70B

🇺🇸 Wells Fargo: $207.59B

🇨🇳 China Construction Bank: $197.31B

🇨🇳 Bank of China: $189.87B

🇺🇸 Morgan Stanley: $178.70B

🇨🇦 Royal Bank Of Canada: $175.59B

🇺🇸 Goldman Sachs: $163.04B