RSnake Report 20250101

Hello, and thanks for reading! Happy New Year! I hope your hangover isn’t too bad. I’ll try to type quietly for you. Thank you for putting up with a lack of an RSnake Report on NYE. I did get some shit for it from one of my fans, and his meme was too good not to repost here, but in my defense, I did think it was worth waiting to see what might happen over New Years Eve since that tends to be big places of congregation, and therefore tragic events. Hope for the best prepare for the worst, right?

That said, here’s the meme:

Unfortunately, as I predicted, and in Domestic news, in New Orleans, a car plowed into a crowd before the driver exited and began shooting. The incident left approximately 10 dead and dozens injured. Authorities are investigating it as a terror attack. The attacker appears to have been killed and likely affiliated with Muslim terrorism based on a flag attached to the back of his truck. How did I guess that this would happen? We have been allowing known terrorists into the country and not going after people who openly state that they hope for the destruction of the United States for years now. This type of thing is, unfortunately, inevitable and therefore predictable when you add in the strategic utility, from the perspective of Jihadists, of attacking huge crowds. We owe the families of their innocent victims a huge debt. My thoughts are with them.

Speaking of Islamists - Ford’s official X.com account was hacked, posting inflammatory remarks about Israel before the posts were quickly deleted. The word from Ford is that they are unaware of how it happened but are investigating.

We also saw an interesting interview where Marc Andreessen discussed how the Trump administration is going to make a point of going after companies for illegally hiring based on people’s immutable characteristics - IE, racism. So, I would expect a lot of schools that still have affirmative action rules and companies who don’t drop their DEI initiatives to get seriously made an example of.

Let’s shift to the Ukraine/Russian conflict. Russian troops are finally getting real training. This is the first good training I have seen out of Russia, but it is with shotguns, of all things. The training is designed to help soldiers take down fiber-optic FPVs. Master of Sport Anya Taranosova led the charge. This does seem extremely unlikely to make a meaningful difference to the front-line soldier. However, it does seem that this would have some utility when electronic warfare no longer works due to the increase in fiber optically enabled drones.

If anything, it adds more weight, and if you notice, these aren’t training with full-sized shotguns, not just attachments of some kind. That means they’ll have to pull these things out, which takes time, weight/space, and the chances of it working as a last line of defense are pretty thin. On the other hand, shotguns mounted on drones do seem to serve a decent purpose. They both allow some stand-off and will enable them to get much closer before using them. This is a copycat of what the Ukrainians have been using that we discussed.

In related shotgun news, the Russians have a new anti-FPV ground-based drone that can be technically operated remotely. It has a drum magazine full of shotgun shells. You’d need a lot of these to protect even a small area, so I doubt this will be the right long-term solution. In slightly larger diameter news, there was an interesting video of front-line use of Ukrainian howitzers that was of interest, both in how they use decoys, as well as how they move it in and out of hiding rapidly.

Meanwhile, Ukraine’s GUR military intelligence blew up a military freight train in the Moscow region. Russia’s New Year delivery? Rail is especially vulnerable to attack because it follows such a strict and knowable route.

Same with things like gas stations, and oil depots, and other stationary targets. For instance, there was a gas fire in Grozny. While it’s unclear what caused the fire, this is a great example of the vast array of easy targets for drones and missiles.

Ukraine’s innovative Magura V5 sea drone made history by taking out a Russian Mi-8 helicopter. Radio chatter confirmed the panic as the pilot tried to process how an attack “from the water” downed his aircraft. This is the first reported time of a sea drone destroying an aircraft with a surface to air missile.

New Year’s Eve also kicked off with Ukrainian MLRS targeting Russian positions at the stroke of midnight Moscow time. This really is the death of civility in warfare, if there ever was such a thing. I just think we really have moved about as far away from the Christmas truce story, as is possible, sadly. Not that those wars were any less bloody, but there was some honor nonetheless.

Russia’s Gazprom has purportedly stopped it’s gas supplies through Ukraine to Europe. Expect geopolitical fallout in Transnistria who relies heavily on that gas, not to mention elsewhere in Europe who is woefully underprepared for energy shortages.

In perhaps the worst economic planning move Russia has come up with since the fall of the Soviet Union, the state Duma is now proposing the use of food cards throughout Russia, moving away from currency for food. This is the kind of thing that is extremely likely to lead to food shortages if there aren’t already shortages. 💸 

In European news, Greece has started transferring RIM-7 Sparrow surface-to-air missiles to Ukraine. This could augment their Sea Baby arsenal and give them more kills, similar to the helicopter kill. The quantity is low, but the kill ratio for these systems tends to be pretty high. In much larger quantities, Latvia is transferring 1,000 drones to Ukraine with a more significant monetary commitment for more next year.

In Finland, police discovered that the Russian vessel "Eagle S" dragged its anchor for 100 km, severing critical undersea power and telecommunication cables. Finland’s special forces have since confiscated the ship. I had a conversation with a buddy of mine last night, and his theory is that we will start having to mine the Baltic or escort every Russian vessel going forward. That will more or less act as a blockade of Russia. Russia’s increasing quantity of unconventional attacks is the “boiling frog” theory, where any one attack today would have been unthinkable a few decades ago, and now we have become so accustomed to it that we simply don’t even notice it as out of the norm.

While the US seems to be falling behind in its round production, Germany is ramping up significantly. Right now, Rheinmetall’s capacity is 700,000 rounds a year, with a target of 1.4M! While our own deficiencies are likely true and severe, the US has the advantage of having a huge dormant industrial base that can easily be repurposed for other tasks. Still, we should keep our eye on round production because that will likely be a bigger issue if we don’t get in front of it.

And in Strasbourg, youth gangs rang in the New Year with fireworks aimed at police officers. Nothing rings in the new year quite like a little urban chaos. I don’t think this is that useful to report other than the fact that the spike in Muslim protests is likely triggering other things within the political sphere in France.

That leads us to Middle Eastern news, where France has begun starting to strike former ISIS targets in Syria. For those who have been reading the newsletter religiously, you’ll know that this makes the 6th nuclear capable country that is involved in this conflict in some way or another. US, Turkey, Russia, Israel, China (due to the surface-to-air missiles the Uyghurs have been armed with) and now… France. The replies are notably funny and along the lines of “France should condemn this illegal French aggression on a sovereign nation” and “France has an Airforce?” etc.

The Turks are on the opposite side of this, and are carrying out bombardment campaigns agains the US-backed Kurdish SDF forces in the northeast. So are the Turks and the French at proxy-war or are the Turks keeping their attacks directed towards the north only? This is not a good situation.

The Taliban issued a new decree forbidding women from being visible through windows, among a host of other draconian rules. Cooking near a window, no. They aren’t even allowed to look at men they don’t know - but… how will they know if they know them or not without looking at them? These laws are clearly written by people who don’t have a firm grip on logic. Afghan women are little more than slaves now.

Onto South East Asian news where South Korea is reeling after a Jeju Air flight crashed at Muan International Airport, leaving 23 dead. Authorities are investigating what went wrong, which appears unrelated to the other air disasters we’ve seen lately.

South Korea is working on a new supersonic cruise missile it debuted that will likely be deployed both to Europe and elsewhere in the South Pacific. It is both an air-to-ground and anti-ship missile. I didn’t catch a name for it or a range, but the supersonic cruise aspect will be helpful for evading lots of forms of air defense, especially slow-flying interceptor FPV drones.

On a more ominous note, PLA troops are training with FPV drones for situational awareness and bomb-dropping precision, even operating from moving armored vehicles. The video is worth a watch as it’s the first time I’ve seen any looks into how the PLA is training their troops, and it looks like they are already quite sophisticated.

That shouldn’t come as a huge surprise or anything, they have been focusing heavily on drones, seeing them as a strategic advantage. Shanghai lit up the skies with a massive drone-swarm for New Year’s Eve. Who needs fireworks when you’ve got synchronized tech magic? Imagine someone a thousand years ago seeing this and what they would think.

Onto tech news, where we saw a treasury hack by reportedly Chinese advanced persistent threat (APT) actors. It should be noted that this compromise occurred using a security tool that was compromised: BeyondTrust. When your surface area is only security products, those security products become the risk.

Lastly, a Waymo hit a robotic refrigerator, which was filmed by a self-driving Tesla. Honestly, this is just one of those things that seems unbelievable and so stupid it’s hard to predict, which is exactly how it happened. Autonomous vehicles are great, except when they deal with very small moving objects, apparently. The future will likely be pretty stupid and with that…

Onto the articles!

Russia conducted a missile and drone attack on Ukraine, targeting Kyiv and other regions, resulting in damage to residential areas and infrastructure. In response, Ukraine has been actively engaging in retaliatory strikes against Russian military assets, demonstrating an ongoing and escalating conflict amid shifting political dynamics regarding foreign military support.

• Russia launched an aerial assault on Ukraine, impacting multiple locations including the capital.

• Ukraine is conducting counterattacks, showcasing the intensity of the conflict as political uncertainties arise regarding international military support.

[RSnake: No more honor left… this is the state of things. I think it will be even more rude once AI is doing more of the strategy - cold, heartless attacks.]

Source: https://www.military.com/daily-news/2024/12/31/russian-missile-and-drone-attack-ukraine-hits-multiple-targets-including-kyiv.html

In 2024, climate disasters significantly affected the U.S. and other countries, with FEMA declaring 179 disasters, averaging one every two days. The intensity and frequency of hurricanes, floods, and wildfires have increased, presenting new challenges for emergency responders and media coverage, with technology facilitating quicker dissemination of information.

• FEMA declared 179 disasters in the U.S. in 2024.

• The frequency and intensity of climate-related disasters have increased globally.

[RSnake: I wonder how much of this is “real” vs the amount that gets reported to FEMA vs. being handled within the state itself, which is changing due to an increase in federal funding to FEMA.]

Source: https://www.fastcompany.com/91248679/these-devastating-photos-show-how-climate-disasters-ravaged-the-world-in-2024

Current military assessments indicate that a potential conflict between the US and China could begin with China executing a large-scale missile strike targeting US and allied assets in the Pacific. This tactical approach aims to overwhelm defenses rapidly, particularly focusing on key strategic locations like Taiwan and aircraft carriers.

• China may initiate a conflict with a massive missile barrage targeting US forces and allies.

• The vulnerability of aircraft carriers in such scenarios raises questions about their effectiveness in modern warfare.

[RSnake: Yes, and also hybrid attacks, given the fact that they can shut down a lot of critical infrastructure here at home, leaving us in a state of chaos, unable to mount any kind of genuine defense from here, leaving it up to other means of communication and command and control.]

Source: https://sofrep.com/?post_type=navy&p=211568

The United States will provide nearly $2.5 billion in additional military aid to Ukraine, aimed at bolstering the country's defense against Russia. This includes funds for immediate military supplies and longer-term assistance initiatives as Ukrainian forces continue to engage in conflict with Russian forces.

• The U.S. is increasing military support for Ukraine amid ongoing hostilities with Russia.

• The aid package includes immediate weapons supply and economic assistance for critical government services.

[RSnake: I have seen some people say that this gets Ukraine funded through 2026 with more funding coming from European sources and their own industrial base finally getting up to speed by the the time that funding runs out. So Ukraine might be able to fully finance it’s own war effort, or with minimal external support after 2026, if it does end up going that long.]

Source: https://www.defensenews.com/news/pentagon-congress/2024/12/30/biden-announces-nearly-25-billion-in-military-aid-for-ukraine/

In Sudan, ongoing conflict between the army and the Rapid Support Forces (RSF) has resulted in significant civilian casualties, with over 26,000 reported deaths since April 2023. The worsening humanitarian crisis includes indiscriminate airstrikes, extrajudicial killings, and disruption of humanitarian aid efforts, with civilians increasingly caught in the violence as both warring factions target them. Conditions for relief workers have become perilous as they face threats from both sides, complicating efforts to provide aid to those in need.

• Sudan's war between the army and RSF has resulted in over 26,000 deaths.

• Humanitarian conditions are critical, with both factions obstructing aid efforts.

[RSnake: There are allegations that the RSF is connected to the Wagner group out of Russia. However, they also sided with the Saudis against the Houthis in Yemen. Meanwhile, the Sudan Armed Forces (SAF) are aligned with the Jihadist network Al-Muqawamat ash-Sha'abiyah (Popular Resistance of Sudan). This is one of those situations where I don’t think there is a team I’d root for - this is just a power struggle where both sides will likely be awful if they win.]

Source: https://www.aljazeera.com/features/2024/12/31/fierce-fighting-in-khartoum-endangers-sudanese-civilians?traffic_source=rss

Russia's natural gas exports to Europe have ceased due to Ukraine's refusal to renew a transit deal that expired amid ongoing military conflict. This significant shift marks the end of a key gas route for Europe, with potential financial repercussions for Russia and implications for several countries reliant on this energy supply.

• Ukraine has halted the transit of Russian gas to Europe following the expiration of a five-year deal.

• The shutdown could lead to financial losses for Russia and increased instability in countries like Moldova.

[RSnake: So it begins. These are the real sanctions that can actually really hurt Russia if we’re serious. Think about it: we are now two years into the conflict, and we finally turned off a pipeline that has been running and fueling their economy this whole time. There’s a lot more that we’re letting through, though - like their dark fleet of ships. That said, if Russia really gets boxed in they might have a lot less reservations against attacking NATO.]

Source: https://www.aljazeera.com/news/2025/1/1/russian-gas-supply-to-europe-via-ukraine-halted-after-transit-deal-expires?traffic_source=rss

Thousands of protesters in Dhaka, Bangladesh, are demanding the prosecution of ousted Prime Minister Sheikh Hasina for her alleged role in the deaths of hundreds during a mass uprising last summer. The interim government has issued arrest warrants for Hasina and is seeking international assistance to investigate the killings, while protesters call for a new constitution and a ban on Hasina's Awami League party.

• Protests in Dhaka are demanding justice for hundreds of deaths attributed to the government of Sheikh Hasina.

• The interim government is under pressure to prosecute Hasina and to reform the current constitution.

Source: https://www.aljazeera.com/news/2024/12/31/thousands-march-in-bangladesh-calling-for-prosecution-of-overthrown-pm?traffic_source=rss

The U.S. Department of Health and Human Services has proposed updates to HIPAA to enhance cybersecurity measures for protecting patient data amidst rising healthcare data breaches and ransomware attacks. The updates include requirements for encryption, multifactor authentication, and network segmentation, with significant implementation costs and concerns regarding the safety of critical infrastructure and patient information.

• Proposed HIPAA updates aim to secure health data due to a surge in breaches affecting large numbers of individuals.

• Significant costs are anticipated for healthcare organizations to comply with new cybersecurity rules.

[RSnake: I am not sure how much any of this will help, but it’s a start.]

Source: https://www.bleepingcomputer.com/news/security/massive-healthcare-breaches-prompt-us-cybersecurity-rules-overhaul/

The FBI has seized a record cache of over 150 bombs from a farm in Virginia linked to an individual accused of stockpiling weapons and expressing violent anti-government beliefs. Authorities discovered various explosives, including pipe bombs and a particularly unstable explosive, stored dangerously in a home with children present, leading to ongoing legal proceedings against the suspect.

• The FBI found more than 150 explosive devices at a Virginia farm, marking a historic seizure for the agency.

• The suspect expressed violent political views and had allegedly engaged in dangerous behaviors related to bomb-making.

[RSnake: Those are rookie bomb numbers. Gonna have to up your bomb numbers. 💣️ But no, that guy sounds crazy.]

Source: https://www.bbc.com/news/articles/cp83rp5z0ypo

Critical security flaw found in US military encryption algorithm used for high-frequency radio communication, allowing attackers to recover secret key and perform denial-of-service attacks.

• The HALFLOOP-24 encryption algorithm has a fatal flaw that can be exploited by an attacker to recover the secret key and perform devastating attacks.

• The attack exploits a technique known as differential cryptanalysis, which allows attackers to skip large parts of the encryption process and extract the used secret key.

[RSnake: Lots of radio communications have this issue. It’s one of the reasons I have been told that air traffic doesn’t bother with encryption - they believe it can end up being more of an issue that leads to denial of service than a benefit. The reality is in the middle and solvable, but not by encrypting the entire communication all at once, but more of a streaming cipher.]

Source: https://media.ccc.de/v/38c3-breaking-nato-radio-encryption

Beijing-backed hackers gained access to US Department of Treasury systems by compromising the cybersecurity vendor BeyondTrust, leading to the theft of unclassified data. This incident is classified as a major cybersecurity breach, raising ongoing investigations involving several US agencies.

• Chinese state-backed threat actors breached Treasury systems through a third-party vendor.

• The breach involved the theft of unclassified data from workstations, revealing vulnerabilities in cybersecurity measures.

[RSnake: Yep - I am sure BeyondTrust is beyond embarrassed, but this is to be expected when we shift the attack surface rather than fully removing it. It’s how I see the cloud - it’s not that the attacks don’t exist with cloud-based computing, it’s that the vulnerabilities have shifted.]

Source: https://www.darkreading.com/cyberattacks-data-breaches/chinese-state-hackers-breach-us-treasury-department

Existing vulnerability scoring systems are not effective in evaluating adversarial attacks on Large Language Models due to their limited flexibility and inadequacy in handling context-specific factors.

• Current vulnerability metrics, especially those with rigid values, are limited in evaluating Adversarial Attacks on Large Language Models.

• The study suggests that existing scoring systems yield vulnerability scores with minimal variation across different attacks, indicating a need for more flexible and generalized metrics tailored to such attacks.

[RSnake: I’d go further and say they’ve never worked and never will. The whole idea of risk rating is broken fundamentally and needs serious people to really sit down and come up with better scoring systems. The only adults in the room right now are the Insurance providers, who know that only a very small number of exploits lead to losses. That works okay for business but not government or places where the risk isn’t monetary, like water and power, etc. So even that needs more thought.]

Source: https://arxiv.org/abs/2412.20087

Volkswagen's software company, Cariad, exposed sensitive customer data related to 800,000 electric cars, including precise geo-location information that could potentially track vehicle movements and identify users. This data breach was attributed to misconfiguration in their IT systems, allowing external access to terabytes of information stored on Amazon cloud storage for several months. While Cariad has confirmed no evidence of data misuse beyond the accessing hackers, the incident raises significant concerns regarding data security practices in connected vehicles.

• Exposed data includes precise geo-location of 460,000 cars registered for online services.

• The breach was due to incorrect configuration in Cariad's IT applications, allowing unauthorized access.

[RSnake: Reminds me of Tesla’s lawsuit which I am told is at least partially related to the fact that they were reselling their customer’s data to insurance brokers without their customer’s consent. When you track people you now have the liability of the data you are storing. If you don’t store it, you don’t have that liability.]

Source: https://www.bleepingcomputer.com/news/security/customer-data-from-800-000-electric-cars-and-owners-exposed-online/

A new security vulnerability, assigned CVE-2024-56803, has been discovered in the Ghostty terminal emulator, which can potentially lead to remote code execution (RCE) attacks. This issue arises from the way terminals handle title reporting and in-band signaling, causing unintended command execution when a malicious sequence is sent through a compromised remote system.

• CVE-2024-56803 is a security vulnerability in Ghostty, a terminal emulator.

• The flaw can be exploited via malicious sequences, allowing for remote code execution.

[RSnake: I don’t know anyone who uses this, but if you do, patch up!]

Source: https://dgl.cx/2024/12/ghostty-terminal-title

Azerbaijan Airlines plane crashed in Russian airspace, killing 38 people, with Russia's President Putin apologizing without taking responsibility.

• Russia’s President Vladimir Putin apologized to Azerbaijan over the downing of a commercial airliner in Russian airspace, where 38 people were killed.

• The plane was forced to divert across the Caspian Sea after coming under fire from Russian air defense systems, and its GPS systems were believed to have been affected by electronic jamming.

[RSnake: We talked about this in the last newsletter, but more info here.]

Source: https://www.bbc.com/news/articles/cqx8l1533j5o

Taiwan Semiconductor Manufacturing Company (TSMC) is one of the most critical semiconductor manufacturers globally, producing chips for major companies like Apple and powering advancements in AI technology. Founded by Morris Chang in 1985 as an ITRI spinoff, TSMC has grown significantly, becoming essential for both Taiwan's economy and global technology supply chains. The company's development is pivotal in the rise of fabless semiconductor firms that rely on outsourcing chip manufacturing.

• TSMC is crucial for the global semiconductor supply chain, producing advanced chips for leading tech companies.

• Morris Chang's vision and leadership were instrumental in establishing TSMC as a key player in the semiconductor industry.

[RSnake: A little history lesson if you want to know more about them now that they are opening a fab here in the US.]

Source: https://www.construction-physics.com/p/morris-chang-and-the-origins-of-tsmc

A new architecture called HYDRA has been proposed for deep neural networks (DNNs) to optimize performance on resource-constrained edge devices. This approach achieves significant reductions in power consumption and hardware resource demands, enhancing efficiency and performance in executing DNN computations.

• HYDRA enables hybrid data multiplexing and configurable DNN acceleration.

• The architecture can reduce power consumption by over 90% while improving resource utilization.

[RSnake: I am all about less power and resources. That makes it possible to get good LLMs in the realm of in-home computing.]

Source: https://arxiv.org/abs/2409.04976

Elon Musk has made several ambitious promises regarding Tesla's future products, including affordable electric vehicles, robotaxis, and autonomous driving technology, with some expectations set for production in 2025 or 2026. Despite significant advancements and the current production of vehicles capable of certain levels of autonomy, many past promises have not been fulfilled, leading to skepticism about future timelines and capabilities.

• Musk promises a $25,000 electric vehicle and robotaxis with no manual controls.

• Tesla aims for increased production of autonomous vehicles, though many features still require human oversight.

[RSnake: Yeah, he has been overpromising on the Tesla side for a while now. But there are two things working against him. First, is he got rid of the LIDAR system, which, in my opinion, is a huge mistake. Second self-driving is really… really hard. As we saw with the Waymo accident, the world is very weird. And as much as Waymo has been doing well, it’s also been doing stupid, like getting stuck in endless loops around roundabouts, etc. I am actually glad Tesla isn’t rushing this tech to the world.]

Source: https://techcrunch.com/?p=2938017

India has lifted restrictions on WhatsApp's payments service, allowing it to roll out WhatsApp Pay to all users in the country. This change comes as India looks to address market concentration in its popular UPI payment system, where Google Pay and PhonePe hold significant market shares.

• WhatsApp can now expand its payment service to over 500 million users in India.

• The National Payments Corporation of India has delayed a rule regarding market share concentration on UPI transactions for two years.

[RSnake: I wonder if this is because they want to compete with China’s payment systems without having to adopt them.]

Source: https://techcrunch.com/?p=2937859

Samsung Electronics has acquired a 35% stake in Rainbow Robotics for approximately $181 billion, integrating it as a subsidiary to enhance its robotics division and expedite the development of humanoid robots. The deal allows Rainbow Robotics to leverage Samsung's global reach for market expansion and will lead to the establishment of a Future Robotics Office within Samsung, led by a founding member of Rainbow Robotics.

• Samsung increases its stake in Rainbow Robotics to 35%, becoming the largest shareholder.

• The acquisition aims to strengthen Samsung's robotics department and speed up the development of humanoid robots.

[RSnake: South Korea is currently spending a lot more on robotics. So this isn’t a huge surprise. I think this is a cover for more military applications over the long run. I wouldn’t be surprised if Samsung wanted to get into that market, knowing what will happen if China starts to run blockades around Taiwan.]

Source: https://techcrunch.com/?p=2937833

Data centers' growing presence near homes could disrupt power grids due to volatile energy requirements, potentially causing brownouts, blackouts, and appliance damage.

• Data centers are located near residential areas, leading to potential disruptions in the US power grid.

• The proximity of data centers to homes may cause 'bad harmonics' in electrical power flow, posing risks to appliances and grid stability.

[RSnake: Nothing new here, except for the fact that regulators aren’t paying attention to the increased need. I suspect how this will end up happening is that the data centers will start to invest in their own dedicated power if the governments don’t step up to aid the power companies in growing.]

Source: https://techcrunch.com/?p=2937260

Crypto industry groups sue IRS over new DeFi reporting rules, claim they would infringe on privacy rights and push the industry offshore.

• Crypto industry groups are suing the IRS to block new rules requiring DeFi entities to report customer information.

• The new rules aim to close the information gap with respect to digital assets but the crypto industry claims it would unduly burden online platforms and infringe on privacy rights.

[RSnake: Interesting - I wonder how this will play out with the Trump administration. Frankly, the rules are too obscure and weird as-is, so they have to be simplified. I do wonder if Trump will attempt to tackle these insanely draconian and arcane tax code rules that, as far as I can tell, were largely put in place by non-elected officials.]

Source: https://techcrunch.com/?p=2937256

Boeing ended 2024 with a serious jet crash in South Korea, resulting in the deaths of all but two of the 181 passengers aboard. The company faced significant challenges throughout the year, including a declining stock price and ongoing investigations into safety issues, particularly regarding its 737 Max model. This has contributed to a tarnished reputation and financial losses.

• A passenger plane crash in South Korea resulted in nearly all passengers onboard being killed.

• Boeing has struggled with safety issues and financial losses, including a significant drop in stock price in 2024.

[RSnake: It’s not clear if this was Boeing’s fault or a maintenance issue, but it certainly doesn’t look good.]

Source: https://www.fastcompany.com/91253333/boeing-ends-troubled-year-jet-crash-disaster-south-korea

Global liquefied natural gas (LNG) exports are experiencing the slowest growth since 2015, with a projected increase of only 0.4% in 2024. This is attributed to delays in U.S. projects and sanctions against Russia, maintaining high prices in the market, particularly affecting Europe and Asia. Future relief may come in 2025 as new U.S. and Canadian supply projects are expected to come online.

• Global LNG exports grew at only 0.4% in 2024, marking the slowest rate since 2015.

• Current supply delays and geopolitical factors are affecting prices, particularly in Europe.

• New LNG production from U.S. and Canadian projects is anticipated to alleviate supply issues in 2025.

[RSnake: I am seeing a very different trend potentially forming in the coming years, though…]

Source: https://gcaptain.com/?p=219791

Investigations in Milan have uncovered significant malpractice in the luxury fashion supply chain, revealing that several high-end brands, including Dior and Giorgio Armani, relied on ineffective audits and inspections that failed to identify serious labor and environmental violations. Accusations against subcontractors, such as AZ Operations, include exploiting undocumented workers and maintaining substandard working conditions, prompting legal scrutiny and calls for improved oversight in the industry.

• Luxury brands are facing investigations for labor exploitation and inadequate oversight of their supply chains.

• Ineffective audits have failed to detect serious violations within subcontractors associated with major fashion labels.

[RSnake: I am not at all shocked by this news. The fashion industry has largely been an awful business since the start, the engine of which is typically slaves in third-world countries. You want your cool new shoes, though, right?]

Source: https://www.fastcompany.com/91253708/luxury-fashions-audit-system-is-missing-glaring-environmental-and-social-violations

U.S. ports are facing inefficiencies, with many lagging behind international counterparts in performance and productivity. In 2023, over $2.1 trillion worth of goods passed through American ports, but public ownership has resulted in prolonged delays, high costs, and low global rankings. Advocates for privatization argue it could revolutionize port operations by enhancing competition and investment in infrastructure and technology.

• American ports are struggling with congestion, delays, and rising costs due to public ownership.

• Privatization could improve port efficiency and competitiveness, helping to reduce supply chain disruptions.

[RSnake: Mhmm… and the answer is automation. I’m totally cool with that, but not Chinese-manufactured automation that needs a constant connection to the CCP allied companies to operate. Nope. That dog won’t hunt.]

Source: https://www.zerohedge.com/political/american-ports-need-private-sector-life-raft

The U.S. housing market is experiencing regional differences, with declines in areas like Florida and Texas due to rising inventory and affordability issues, while the Midwest and Northeast regions are seeing price increases. Nationally, home prices are expected to remain flat or decline in certain states, while builders face challenges in moving unsold inventory, potentially leading to discounts. Additionally, rising early-stage mortgage delinquencies could impact the market in 2025.

• Florida and Texas housing markets are facing price declines and increased unsold inventory.

• The Midwest and Northeast are experiencing resilience in home prices due to affordability.

[RSnake: Not a great time to be a seller’s agent.]

Source: https://www.fastcompany.com/91252390/housing-market-builders-a-bit-desperate-to-move-florida-inventory-says-analyst

In 2024, a number of retailers and restaurants have closed locations due to rising bank insolvencies and changing consumer behavior towards essential shopping. Major chains like Macy's, CVS, and Walgreens have announced extensive closures, and many companies, including TGIFridays and Red Lobster, have filed for bankruptcy, signaling a challenging year for the retail and restaurant industries.

• A substantial rise in retail and restaurant bankruptcies has led to widespread closures.

• Consumer spending habits have shifted towards essential goods and lower-cost dining options.

[RSnake: This is the beginning of the debt bubble collapse. Just wait, it’ll get worse unless something drastic changes.]

Source: https://www.fastcompany.com/91251267/retail-apocalypse-list-of-stores-restaurants-chains-closing-locations-2024

Spirit Airlines filed for Chapter 11 bankruptcy due to significant financial struggles, reporting liabilities almost double its assets and ongoing net losses. The company is attempting to reorganize but faces stiff competition and increased operational costs, leading to concerns about its ultra-low-cost business model's viability and potential market impact.

• Spirit Airlines is seeking Chapter 11 bankruptcy protection to restructure its debts.

• The airline's operational model is threatened by competition and rising costs, possibly leading to fewer travel options and higher prices for consumers.

[RSnake: I am sure they’ll come out of it better off. This won’t be the real death of them, but likely a rebrand or new partnerships after they offload the debt. Keep in mind though, someone is caught holding that debt-bag and it is likely the bank, which is part of those insolvencies we’re seeing.]

Source: https://www.zerohedge.com/economics/how-massive-debt-stiff-competition-dashed-spirit-airlines

Employer.com has acquired the accounting startup Bench, which had abruptly shut down, leaving customers locked out just before the tax season. The acquisition aims to restore services for approximately 12,000 customers, allowing them to access their accounts and data while potentially retaining the same bookkeepers they had prior to the shutdown.

• Bench was acquired by Employer.com after an abrupt shutdown that affected thousands of customers.

• Customers can choose to port their data or maintain their service under the new ownership.

[RSnake: That is one way to get your company acquired!]

Source: https://techcrunch.com/?p=2937421

Volocopter, a well-funded electric air taxi startup backed by Mercedes-Benz, has filed for bankruptcy amid financial struggles in the industry. The company plans to continue operations while seeking new investors, following a similar situation with competitor Lilium.

• Volocopter has filed for bankruptcy while attempting to secure new investments.

• The financial difficulties of Volocopter reflect ongoing challenges in the electric air taxi sector.

[RSnake: This will put us further behind the idea of air-taxies which I am not sure are really a feasible idea in the first place. But one thing is for sure, by boyhood Popular Mechanics magazines with the flying cars is once again woefully wrong about what the 21st century would look like.]

Source: https://techcrunch.com/?p=2937348