RSnake Report 20241031

Table of Contents

• Geopolitical

• Technology

• Cybersecurity

• Business

Hello, and thanks for reading! I hope you are all ready for a big Halloween. I will be dressed as Neegan from The Walking Dead. Yes, the barbed wire on the baseball bat is real. It snags on everything, and everyone wants to touch it. 🤣 🩸 Would not recommend. At least now I know the character’s choice of a leather glove was not just aesthetic.

Let’s start with Ukraine/Russia, where things have taken a severe turn. For the second consecutive week, Russia lost over 10,000 personnel for the second week in a row. This level of attrition has been unmatched since the invasion started, and the trend continues. This may have to do with the many armor losses that have tapered off. It’s doubtful their armor has suddenly gotten better; there’s just less of it and less to protect the meat-waves that Russia keeps sending.

Speaking of shitty situations, Moscow had an unusual infrastructure failure: a sewer system burst into a geyser of human waste in the Russian capital. The “fountain” was so tall you can see it is the same height as the local residential buildings in the foreground. I mean, I knew Moscow was a pretty shitty place to be during the war, but I am sure they didn’t see this crap coming. 💩 

There was a very good super-cut of video of many of the 200 new ground-based systems deployed across various roles, from recon to mine-clearing. One of the ones I thought was more clever was the Sea Baby drone system, which is a fast-boat with tons of rocket-propelled drones that can quickly overwhelm defensive systems. I had long thought something like this should exist, and here it is. The video doesn’t do a great job of showing it off but imagine having to decide to shoot down a dozen or more drones or the one big speed boat heading toward you. That’s a lot of very precise shooting if you want to survive that attack.

I think the fully autonomous battlefield is almost here. It’s just a matter of time and resources to build it all now. The alternative looks like what is happening in Kursk, where US-supplied M2A2 Bradleys are now seen crossing into Kursk Oblast, clashing with Russian forces.

Pentagon updates confirm no new restrictions against using US-made weapons against North Korean forces now training on the Ukrainian front. Yes, North Korea’s in the mix—an estimated 10k-20k (depending on who you listen to) soldiers supporting Russia near Kursk. To think they are there for anything other than war is dangerously naïve, and why the White House is suddenly confused by North Korean and Russian intentions really comes down to optics as they approach election day. But why, then, is the Pentagon now saying they expect the North Koreans to get into combat? Is this the right hand not talking to the left? Either way, the Ukrainians struck what they thought were several buildings that housed some of the North Korean soldiers.

There has been some movement on the Russian side, where they launched a fairly large offensive in Southern Donetsk. But some believe Ukraine has a rather large counter offensive of their own planned. There are some excellent reasons why people think this, including a whole division that hasn’t even been used yet that is largely French supplied.

On a grimmer note, the war’s brutality took a dark turn in Chechnya. Following a Ukrainian drone strike against the Russian Special Forces University, Chechen leader Ramzan Kadyrov called for the execution of Ukrainian prisoners rather than attempting to capture them, effectively adding “war criminal” to his title.

Meanwhile, Ukraine struck a Russian munitions depot in Luhansk and even managed to ignite a fertilizer warehouse in Moscow’s suburbs, showcasing their reach into Russian-held territories. It's not a good look for Russian air defense and reminiscent of Iran’s inability to down even a single Israeli jet, if you ask me.

In Europe, Georgia’s recent elections have stirred the pot, with accusations of fraud coming from opposition leaders and even the Polish president calling for an international probe. Sweden has already cut ties with the Georgian government over election legitimacy issues. We shall see, but it is likely that Georgia will get the full backing of Russia, and any attempts to fix the election rigging will be considered an act of aggression against Putin himself.

In the UK, a fire broke out at the largest nuclear shipyard in the region. How it happened is unclear, but it was where at least four nuclear submarines were being built for deployment by the early 2030s. The BEA facility looks pretty well out of commission by the looks of it, at least for a while.

While the political tensions simmer, Spain faces the wrath of Hurricane Dana, with Valencia suffering through flooding, tornadoes (more here), and now a 62-casualty toll. Winds tore through southern Spain, making it one of the worst weather crises the region has seen in years.

In South East Asia, South Korea is considering shipping arms to Ukraine. However, I think this is unlikely for a while because it weakens South Korea, and I don’t think the Biden administration wants to risk additional retaliation by North Korea at the moment.

In the Middle East, Iran’s “Operation True Promise 3” will soon be underway, but given the historical track record of these promises, this is more about showmanship than serious deterrence. As 80’s icons Naked Eyes once sang, “Promises promises.” If you are familiar with Operation True Promise and Operation True Promise 2, both failed to deliver any meaningful destruction or casualties. Yet, we're on to the third broken promise, I guess.

I suspect it will make for some spectacular propaganda footage and likely not a lot else but an additional follow-up to the planned reprisal strike from Israel if it does happen. More details on how that might play out here. To their word, Iran is now saying that they will increase military spending by 200%, which is likely mostly just the status quo and only covers the cost of inflation, which continues to skyrocket.

Iran is threatening citizen journalists, and even though that activity is abhorrent and the same tactic as the Taliban is using, I still contest that Iran must save face if they want to de-escalate. The IRGC is threatening Iranians with 1-10 years in prison if they send photo or video footage of the Israeli strike to media outside of Iran. That is face-saving, and Iran knows it’s pointless beyond that because the Israelis could release their footage any time they like. Some people are saying that Iran never said that Israel never hit anything. That is not correct. They are calling it a failed attack - listen to their military.

In reality, it may have been more devastating than we previously saw reported. It may have largely destroyed Iran’s long-range strategic air defense capabilities. At a very minimum, even Al Jazeera is saying four soldiers were killed and radar systems hit, which makes it impossible for the claims of total Israeli interception/failure to be feasible. You cannot kill four military combatants and hit radar stations and still be a complete failure. 🤡 

There are more details about the attack here, and the thrust of it is the Israelis made a highway in the sky, clearing out tons of air defense and radar, basically removing the utility of the S-300 and S-400 systems that Russia sold them.

Stateside, there were a few election hiccups, with reports of non-citizen voter purges in Virginia and, on the lighter side, a curious "pre-election results test" showing the Democratic VP candidate leading in Pennsylvania. ABC accidentally aired this during an F1 race, sparking some interesting conspiracy theories.

Meanwhile, the Pentagon faces a shortage of interceptor missiles as demand strains stockpiles, which will undoubtedly press US defense policy in the coming months. We need more. A lot more.

The US also managed to screw over Ukraine by leaking the fact that they wanted to use Tomahawk missiles against Russia. The amount of leaks coming from the Pentagon and White House as of late tells of the increasingly lax security posture, and dangerous hiring practices.

In tech, Google got a laughable fine from Russia—20 decillion rubles, or more than all the world’s currency combined. Closer to home, Boeing’s new CEO has sparked discussions around future divestments as the company scales back on underperforming programs, but no comments yet about hiring policies. China sanctions US Drone manufacturer Skydio for supplying weapons to Ukraine.

Lastly, the Gili Ra’anan model is back in the news, as the alleged information security bribery scheme gets much more scrutiny from the likes of Forbes (original paywalled - un-paywalled here). Will this end up in jail time? Were there crimes committed? Only time will tell, but I wouldn’t want to be the last CISO to try to turn the state’s evidence if it does go that way! 👮‍♂️ 

Okay, onto the articles!

Geopolitical

The US has set a deadline for Israel to improve the flow of humanitarian aid into Gaza, warning it could face cuts to military assistance if it does not comply. Meanwhile, the situation in Gaza has been described as catastrophic, with reports of significant civilian suffering due to military actions and a blockade restricting essential supplies such as food and medicine.

• The US has warned Israel to significantly increase humanitarian aid to Gaza by 12 November.

• Reports indicate that Israel's military actions have resulted in widespread civilian suffering and displacement in Gaza.

[RSnake: I don’t see how Israel can comply and meet it’s mission’s objectives. It’s also unclear what rubric the US uses to determine what “improved” means exactly. Basically, how I read this is Israel has a little time to do the maximum damage possible before relenting for an armistice while humanitarian aid gets pilfered by Hamas if they want to avoid a reduction in aid. I love how we keep telling them we’re behind them all the way. Ah, politics.]

Source: https://www.bbc.com/news/articles/cx2n4x9dlz7o

Vovchansk, a Ukrainian town near the Russian border, has suffered catastrophic destruction due to ongoing bombardments, with 90% of its center flattened and significant casualties reported. The area has become a focal point of intense fighting as Russian forces launched a major offensive, resulting in widespread devastation and the displacement of thousands of residents, leaving the future of the town uncertain amidst the ongoing war. Survivors recount harrowing experiences as they flee their homes, now reduced to rubble, and grapple with the loss of family members amid the chaos.

• Vovchansk, a town in Ukraine, has seen 90% destruction due to Russian bombardments.

• The ongoing offensive by Russian forces has led to significant civilian casualties and displaced thousands.

Source: https://fortune.com/europe/2024/10/31/russia-ukraine-vovchansk/

In California, a contentious battle is unfolding surrounding the Costa-Hawkins Act, which affects rent control laws, as activists push for a repeal in the upcoming ballot. Developers and landlords, backed by financial contributions totaling over $124 million, are opposing the repeal, arguing it could stifle new housing developments. This debate is set against a backdrop of rising housing costs and homelessness, particularly affecting renters in California.

• The Costa-Hawkins Act allows landlords to charge higher rents for new tenants after rent-controlled tenants vacate.

• The upcoming ballot measure seeks to repeal Costa-Hawkins, amidst a financial battle where developers and corporate landlords have significantly outspent the opposing campaign.

[RSnake: Why would you build more rental housing if you knew it could never be adjusted for inflation? This is how the government really misses the mark while seeming to have all the best intentions. You need higher prices to justify building more housing, otherwise you end up in a massive housing shortage. The market will normalize if you let it.]

Source: https://www.aljazeera.com/economy/2024/10/30/rent-control-battle-in-california-heats-up-opposing-investors-pump-money?traffic_source=rss

A brutal civil war in Sudan has led to mass killings, sexual violence, and widespread human suffering, with women being raped by paramilitary fighters and taking their own lives as a result.

• The conflict in Sudan has resulted in tens of thousands of deaths and the displacement of over 11 million people.

• Reports of sexual violence, including mass killings, have been made by the UN, with at least 400 survivors documented as of July 2024.

Source: https://www.bbc.com/news/articles/c8xpqvz0e88o



The humanitarian crisis in northern Gaza is escalating, with reports of widespread starvation and lack of essential supplies due to an ongoing Israeli siege that has lasted for over three weeks. Aid organizations have indicated that approximately 96 percent of Gaza's population is experiencing extreme food shortages, while military actions have resulted in significant civilian casualties and forced displacements.

• Severe food shortages affect 96% of Gaza's population.

• Israeli military operations have led to high civilian casualties and displacement.

[RSnake: Yeah, I am not surprised, given that Hamas shoots at transport jets, as we saw in the last newsletter, and steals food for their troops instead of dispersing it to their vulnerable civilian population. Here is more from Aljazeera claiming the same.]

Source: https://www.aljazeera.com/news/2024/10/27/palestinians-starving-to-death-in-northern-gaza-due-to-israels-siege?traffic_source=rss

Russian forces launched attacks on the residential areas of Kharkiv, injuring multiple civilians and causing significant damage to infrastructure. This incident is part of a larger trend of intensified military operations by Russia targeting urban centers in Ukraine, with nearly 1,100 instances of guided bomb usage reported by Ukrainian officials in a recent week.

• Russia bombed residential areas in Kharkiv, injuring four people.

• Nearly 1,100 instances of guided bomb usage were reported by Ukraine's President.

[RSnake: 1,000 guided bombs pointed at largely civilian infrastructure… sounds like Iran. It’s only been slightly more effective than Iran, too, with almost no forward movement in a year. That should be giving that alliance some food for thought.]

Source: https://euromaidanpress.com/?p=300707

A post-9/11 system of government has created a bureaucratic administrative state without elected officials controlling the apparatus, leading to a constitutional crisis and undermining the democratic process.

• The Patriot Act created a system for continuity of government, which led to the erosion of representative government and the rise of an unelected administrative state.

• The Supreme Court recently reaffirmed the President's immunity from removal, but this does not exempt them from accountability.

• Elected officials are subservient to institutional interests of unelected agency officials, who hold power in the 'new American democracy' framework.

[RSnake: I remember in civics class when we were told laws were created by Congress and ratified by the Senate with Presidential veto power and the Supreme Court oversight. Now, we have unelected people saying whatever they want without any laws. Presidential decrees and government agencies making rulings by fiat, like the regime of taxes, never was and never will be constitutional. Yet, here we are, due to some very odd interpretations.]

Source: https://www.zerohedge.com/political/six-days-sunday-and-continuity-government-last-refuge

The U.S. Navy is facing challenges including underfunding and overstretched resources, while maritime tensions escalate globally with adversaries like China enhancing their naval capabilities. The next presidential administration is expected to prioritize the revitalization of the Navy and may propose an ambitious expansion plan to ensure U.S. maritime strength and security.

• The U.S. Navy is currently underfunded and struggling to maintain readiness amid rising global maritime tensions.

• The next administration may need to implement bold strategies for naval expansion and modernization to counter adversaries.

[RSnake: Yes, we need more Navy and fast. And more air defense. And more drones. And more weaponized AI.]

Source: https://gcaptain.com/?p=216125

Japan's ruling coalition, led by Prime Minister Shigeru Ishiba's Liberal Democratic Party, has lost its parliamentary majority in a recent election, marking a significant defeat as it drops from 279 to 209 seats. The main opposition party, the Constitutional Democratic Party of Japan, has gained seats, indicating a potential shift in political power and increased uncertainty regarding the government's future and economic challenges.

• The ruling coalition has suffered its worst election result in 15 years.

• Political instability may arise as new power-sharing deals are necessary to form a government.

Source: https://www.aljazeera.com/news/2024/10/27/japans-ruling-coalition-loses-majority-in-blow-to-new-pm-ishiba?traffic_source=rss

Georgia recently held parliamentary elections that were contested due to allegations of widespread voter intimidation and fraud. As the ruling Georgian Dream party claims victory, tensions have arisen, with opposition leaders and the pro-Western President rejecting the official results and calling for protests.

• The Georgian Dream party reportedly manipulated election results amid extensive voter intimidation.

• The opposition, led by pro-Western President Salome Zourabichvili, plans to challenge the legitimacy of the election and mobilize public protests.

[RSnake: I am very curious how this shakes out. They likely did cheat. So now what? How do they oust the “elected”?]

Source: https://www.atlanticcouncil.org/?p=803079

Australia is significantly enhancing its missile defense and long-range strike capabilities in response to increased military threats in the Asia Pacific region, particularly following China's recent intercontinental ballistic missile test. The country plans to collaborate with the United States, Japan, and South Korea to bolster regional security and is investing heavily in domestic missile production and defense initiatives.

• Australia is increasing its missile defense capabilities due to security threats from China.

• The country is collaborating with allies and investing in domestic missile manufacturing.

Source: https://www.aljazeera.com/news/2024/10/30/australia-to-boost-missile-production-after-china-tests-icbm-in-pacific?traffic_source=rss

Former Philippine president Rodrigo Duterte admitted to maintaining a 'death squad' during his tenure as mayor, asserting that it targeted criminals amid widespread controversy over his anti-drug campaign that led to thousands of deaths. Duterte's testimony is part of an official investigation into his administration’s brutal drug war, which has drawn international scrutiny and criticism regarding human rights violations.

• Duterte acknowledged the existence of a death squad that targeted criminals during his time as mayor.

• His controversial anti-drug campaign resulted in thousands of deaths and is now under investigation.

[RSnake: Thousands of deaths. Interesting… It reminds me a little of what is happening with Bukele’s military in El Salvador. What sort of abuses might occur beyond taking down baddies remains to be seen.]

Source: https://www.bbc.com/news/articles/cev9g1ez2d2o

The United States has sanctioned a $2 billion arms package to Taiwan, including National Advanced Surface-to-Air Missile Systems (NASAMS) amidst rising tensions with China, which has conducted large-scale military exercises encircling Taiwan. China has condemned the arms sale, arguing that it violates the one-China principle and threatens its sovereignty, while Taiwan's military expresses optimism about enhancing its air defense capabilities with the new technology.

• The U.S. arms package includes NASAMS and advanced radar systems to enhance Taiwan's defense against Chinese military activities.

• China's objections reflect escalating geopolitical tensions in the region as it views the arms sale as a direct challenge to its claims over Taiwan.

[RSnake: This makes sense and is the most recent of many. But at some point, I do have to wonder what the point is. Do we think we can stop China with a dwindling Navy? If so, we will need a lot more than some missile defense. I am not saying we don’t have an edge, but that is a lot of American soldiers who will likely perish to keep Taiwan from China. I’m trying to reconcile how that’s good for the United States. At least the other NATO allies like the UK are starting to up their game given what is happening there.]

Source: https://www.eurasiantimes.com/?p=217398

North Korea has reportedly deployed troops to assist Russia in the conflict in Ukraine, raising alarms among NATO officials regarding the implications for global security. This development follows a series of strategic military actions by Ukraine aimed at reclaiming territory and dividing Russian forces. NATO and U.S. officials have condemned the troop deployment as dangerous and indicative of increasing cooperation between Russia and North Korea, calling for immediate cessation of these actions.

• North Korea is deploying troops to support Russian military operations in Ukraine.

• NATO views this as a threat to global security and is calling for an immediate cease to such actions.

[RSnake: Keep in mind at 10k losses per day on the Russian side, this small number of additional troops won’t likely be a major shift. But time will tell.]

Source: https://www.zerohedge.com/geopolitical/nato-chief-says-north-korean-troops-are-helping-regain-territory-russias-kursk

U.S. entrepreneurs are grappling with the implications of proposed tariffs by Donald Trump during his presidential campaign, as many fear these measures will increase costs and disrupt their businesses. Despite warnings from economists about the negative impact of such trade policies, polls indicate that a significant portion of the electorate supports Trump's protective trade agenda, reflecting a shift in American political priorities regarding globalization and manufacturing jobs.

• Entrepreneurs are considering relocating manufacturing as tariffs are expected to increase costs.

• Polls show support for Trump's trade policies even amidst dire economic predictions from experts.

[RSnake: I have heard both sides of this argument. It likely will be a good long-term solution but it will hurt in the short term.]

Source: https://www.bbc.com/news/articles/c0r8edwj9wlo

Canada has delivered a new batch of Light Armoured Vehicles, specifically ambulance variants, to Ukraine as part of ongoing military aid totaling nearly $4.5 billion since 2022. This shipment follows personnel training in Germany and includes additional military assistance, such as funding for F-16 pilot training and various military equipment, including rocket motors and warheads.

• Canada delivered ambulance variants of Light Armoured Vehicles to Ukraine.

• Canada's military aid to Ukraine exceeds $4.5 billion since 2022, including weapons and training programs.

Source: https://euromaidanpress.com/?p=300652

Technology

A new Android malware called FakeCall reroutes bank calls to attackers, and Microsoft has introduced security defaults to make MFA setup mandatory for Windows users.

• FakeCall malware hijacks outgoing calls from a user to their bank, redirecting them to the attacker's phone number instead.

• The latest version of FakeCall adds Bluetooth listeners and screen state monitors, both without malicious functionality yet, but leverages Android's Accessibility Service to gain extensive control over the user interface.

[RSnake: Unfortunately, most MFAs don’t work that well if the attacker can intercept it and ask the user for it. This is where you need authorization on transactions. “Are you sure you want to send $50,000 to XYZ Bank of Nigeria? If so, here is the code to do that: …”. That is the kind of thing that gives people real pause.]

Source: https://www.bleepingcomputer.com/news/security/android-malware-fakecall-now-reroutes-bank-calls-to-attackers/

The emergence of artificial general intelligence (A.G.I.) in the next four years presents significant challenges and opportunities that will require decisive leadership and global coordination. The upcoming presidential election in the United States is critical as candidates will need to navigate the implications of advanced A.I. on various sectors and establish frameworks for its governance.

• The development of A.G.I. is anticipated to occur within the next four years.

• Leadership and global cooperation will be essential to govern advanced A.I. effectively.

[RSnake: They aren’t the only ones. AGI doesn’t know borders the way we think of them. All leaders, and all people with access to AGI will have to decide. If the AGI even allows that. Therein lies the trouble. More on this.]

Source: https://www.nytimes.com/2024/10/29/opinion/artificial-intelligence-harris-trump-election.html

Tesla is struggling to develop its autonomous driving technology and faces significant challenges in achieving Level 4 automation, a major goal of the company.

• Tesla has been working on automation for almost a decade, but it still lags behind competitors like Waymo and Cruise in terms of Level 4 autonomy.

• The company is relying heavily on cameras instead of lidar and radar sensors, which may simplify the sensor stack but also creates more work on the back end.

[RSnake: It needs to switch back to the more expensive LIDAR and Radar. There’s just no substitute for better depth perception.]

Source: https://techcrunch.com/?p=2905352

OpenAI is developing its own in-house chips in collaboration with Broadcom and TSMC to meet increasing computational demands. This initiative aims to stabilize chip supply and manage rising costs, reflecting broader challenges faced by the tech industry seeking consistent access to advanced processing units.

• OpenAI is assembling a team of chip engineers to design custom chips.

• The new chip initiative follows other tech giants facing challenges with chip supply.

[RSnake: Them and Apple and NVIDA and a bunch of others. The race is on. This is good, especially if they can keep the power requirements down.]

Source: https://fortune.com/2024/10/29/openai-broadcom-tsmc-nvidia-create-ai-chip-tpu/

Cybersecurity

Kremlin-backed hackers have launched a cyberattack on Ukraine, using malware and disinformation to target military recruiters and suppress the country's war efforts.

• Kremlin-backed threat actors are using spoofed versions of legitimate Ukrainian-language tools to deliver malware and disinformation to recruit soldiers in the war against Russia.

• The attack aims to deliver disinformation aimed at suppressing Ukraine's military mobilization effort, with malicious content being sourced from wider pro-Russian social media ecosystems.

[RSnake: I think it can and will work, but they really need to demoralize the public writ large and make them feel that the war is stagnating and they are just losing more good men every day, and Russia doesn’t care and will continue forever.]

Source: https://www.darkreading.com/threat-intelligence/russia-kneecaps-ukraine-army-recruitment-spoofed-civil-defense-app

China has conducted extensive hacking operations against major U.S. telecommunications companies, targeting prominent political figures and government officials. This espionage effort is part of a larger strategy by China to expand its influence and capabilities as a global superpower, with reports suggesting that their hacking program far exceeds that of any other nation.

• Chinese hackers have compromised networks of major telecom companies in the U.S.

• The espionage campaign has targeted high-profile political figures, raising national security concerns.

[RSnake: We talked about this before, but the honest truth is this is happening all the time.]

Source: https://www.dailywire.com/news/china-hacks-u-s-telecom-companies-in-major-espionage-coup-against-u-s

A new prompt-injection technique has emerged that allows individuals to manipulate the GPT-4o language model by encoding instructions in hexadecimal format, enabling the model to bypass security measures and generate malicious code.

• ChatGPT's GPT-4o model can be manipulated to produce exploit code by using prompt-injection techniques.

• There are concerns about the model's contextual understanding, leading to potential security vulnerabilities.

• Competitors such as Anthropic have implemented stronger security measures compared to OpenAI's approach.

[RSnake: I think of this as a standard substitution attack.]

Source: https://www.darkreading.com/application-security/chatgpt-manipulated-hex-code

Public trust in public health was damaged due to the messaging not matching reality during the COVID vaccine era.

• The Biden administration spent almost $1 billion on a propaganda campaign to push Covid vaccines, boosters and masks on the American people, exaggerating mortality risk and downplaying vaccine efficacy.

• The campaign extended beyond vaccine uptake to include mask efficacy and social distancing measures.

[RSnake: I think there will end up being a lot of lawsuits down the road. Many very large class actions against a lot of bad actors involved in this.]

Source: https://www.zerohedge.com/covid-19/most-devastating-covid-report-so-far

Business

Sophos has announced an $859 million acquisition of SecureWorks, aiming to enhance its managed detection and response (MDR) and extended detection and response (XDR) services with SecureWorks' Taegis platform. This move will consolidate capabilities in threat detection, response, and management, targeting both large enterprises and smaller organizations amid growing demand for managed security services.

• Sophos is acquiring SecureWorks to strengthen its security services offerings.

• The acquisition aims to leverage SecureWorks' Taegis platform to enhance threat detection and response capabilities.

Source: https://www.darkreading.com/identity-access-management-security/sophos-secureworks-deal-focuses-on-building-advanced-mdr-xdr-platform

Britain's Labour Party government is preparing to announce a challenging budget that will involve tax increases and spending cuts. Prime Minister Keir Starmer has indicated that the budget will be 'painful' for citizens as the government seeks to reduce debt and increase investment. The Treasury is under pressure to balance campaign promises with fiscal realities, creating a difficult situation for the chancellor of the Exchequer.

• The Labour Party government is facing a challenging financial situation inherited from previous administrations.

• Chancellor Rachel Reeves must navigate tax policy while adhering to Labour's commitments and managing public spending.

[RSnake: Austerity - it’s almost like having a budget is a good idea for your home and your country.]

Source: https://www.nytimes.com/2024/10/28/business/britain-budget-taxes.html

France is experiencing a severe budget deficit, prompting the government to implement significant tax increases and cost-cutting measures, including addressing the issue of absenteeism in the civil service. The absenteeism problem has escalated, costing the economy €15 billion, leading to planned savings and job cuts as part of a broader effort to stabilize the public finances amid concerns over France's credit rating outlook.

• France is facing a €15 billion absenteeism crisis in the public sector that has worsened significantly over recent years.

• The government is introducing tax hikes and cuts to public sector benefits in an attempt to address the budget deficit and save costs.

[RSnake: France is reining it in too. We should follow suit, but taxes will never get us there. Even if you tax every billionaire in the US to 100% of their money it wouldn’t even come close to covering our debt. And then the next year you’d have no billionaires to tax. Spending cuts and tariffs might get us there.]

Source: https://fortune.com/europe/2024/10/29/france-absenteeism-public-sector-tax-budget-deficit/

Mercedes-Benz reported a revenue decline of approximately 7% in the third quarter of 2024, resulting in a profitability gauge of 4.7%, which fell short of its target of 8%. The company's struggles are attributed to weakened demand in China and declining sales of high-end models, prompting plans for increased cost reductions and efficiency improvements.

• Mercedes' third quarter revenue was €34.52 billion, down around 7% year-on-year.

• The company plans to enhance cost reductions due to decreased demand in the luxury vehicle market.

[RSnake: Luxury goods are the first to go in economic hard-times.]

Source: https://www.supplychainbrain.com/articles/40569-mercedes-pledges-cost-cuts-after-china-slump-hits-margin

In Turkey, one in five companies is predicted to face bankruptcy due to rising insolvency rates, which are expected to increase by 20% in 2024. The country's economic challenges are exacerbated by high financing costs, inflation, and a decline in industrial production, all contributing to the instability of businesses and the potential for significant consequences for employees. Additionally, Turkey has suspended bilateral trade with Israel, prompting Israeli importers to seek alternative suppliers for essential goods.

• A significant increase in insolvency rates is projected for Turkish companies.

• Rising financing costs and economic stagnation are major contributing factors to Turkey's financial instability.

[RSnake: Iran will be worse. Russia isn’t far behind. China is propping itself up by hiking interest rates. I think a good chunk of the world’s economy is about to feel a big pinch.]

Source: https://www.jewishpress.com/?p=713093

U.S. stocks are expected to experience significant volatility in the upcoming week due to multiple factors including earnings reports from major technology companies, fluctuations in U.S. debt markets, and the release of monthly jobs data. Additionally, the ongoing contentious presidential election may contribute to market anxiety.

• U.S. stocks are facing potential risks that could lead to significant market movements.

• Key factors include tech earnings, debt market volatility, and important job data.

[RSnake: Yes, all that and the election, obviously.]

Source: https://www.marketwatch.com/story/u-s-stocks-could-face-scariest-week-yet-of-2024-heres-why-fc86345d?mod=mw_rss_topstories

President Biden has announced a $3 billion investment aimed at modernizing U.S. port infrastructure, funded by the Environmental Protection Agency's Clean Ports grants under the Inflation Reduction Act. This initiative will create approximately 40,000 jobs and significantly reduce carbon pollution while enhancing the operations and air quality at ports across the nation.

• A $3 billion investment will modernize and electrify ports across the U.S.

• The funding aims to create job opportunities while addressing environmental impacts.

[RSnake: We do need be very careful about automation. China makes most of that equipment and it is Internet connected.]

Source: https://gcaptain.com/?p=216250

The Nasdaq Composite Index reached a record high, driven by strong earnings reports from major tech companies, particularly Alphabet, which saw significant revenue and profit increases. This surge in tech stocks reflects investor confidence in the sector's ongoing performance, even as some non-tech corporations experienced declines in stock prices.

• The Nasdaq Composite Index rose 0.8 percent, reaching a record high.

• Alphabet reported a 15 percent increase in revenue, contributing to the tech stock surge.

Source: https://www.aljazeera.com/economy/2024/10/30/us-tech-stocks-send-nasdaq-to-hit-record-high-as-alphabet-beats-forecasts?traffic_source=rss

Israel is facing a downturn in its economic growth forecast, now projected at 0.5% due to war expenses and anticipated budget cuts totaling approximately $11 billion. The finance ministry has revised growth figures downward from an earlier 1.1%, indicating a decline in consumer spending and living standards, while challenges remain in meeting budgetary demands amid political negotiations.

• Israel's growth forecast is now at 0.5% due to high war costs.

• Projected budget cuts amount to approximately $11 billion impacting essential services.

[RSnake: Worth every penny - what’s the alternative for them?]

Source: https://www.jewishpress.com/?p=713321

The Washington Post has lost over 250,000 paid subscribers, accounting for about 10% of its total subscriptions, after owner Jeff Bezos decided against endorsing Kamala Harris for president shortly before the election. There are allegations that this decision was influenced by broader political motivations connected to former President Donald Trump, although Bezos has denied any quid pro quo involvement.

• The Washington Post experienced a significant loss in subscribers following a controversial decision by Jeff Bezos.

• Bezos's choice not to endorse a presidential candidate has raised questions about political influence on media outlets.

[RSnake: I am surprised it was that high, but not surprised that it coincided with his political leanings. Jeff has been one of the more outspoken democrats. It is one reason my conservative friends try to stay away from Amazon Web Services, by the way.]

Source: https://gizmodo.com/?p=2000518130

The job market is facing an issue with ghost jobs, where many online job listings do not actually correspond to real openings, complicating the job search for candidates. However, the manufacturing sector is experiencing a genuine labor shortage, with predictions of over two million unfilled positions by 2030 due to a skills gap. Companies are now trying to modernize workplaces and adopt digital transformation strategies to attract talent and improve employee efficiency.

• Many job postings, referred to as ghost jobs, do not exist or are not intended to be filled.

• Manufacturing is experiencing a significant labor shortage, necessitating the creation of modern workplaces to appeal to younger generations.

• Digital transformation and new roles are being implemented to improve efficiency and job satisfaction.

[RSnake: I have heard this happening. It is a way to collect intelligence and PII on potential candidates. Sometimes it’s just for SEO purposes to get backlinks and keywords linking to them. Sometimes they refer the candidates to other companies, etc. Be careful out there.]

Source: https://www.supplychainbrain.com/blogs/1-think-tank/post/40556-killing-the-ghost-jobs-legend-in-manufacturing

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