📃Hamas Attacks: A Breakdown

Welcome to the Thursday Newsletter, where we cover top industry news stories to keep you in the know.

Good morning. No, your TV isn’t broken. You may have experienced glitchy broadcasts while watching Disney owned channels this week. Don’t worry, that’s only because Disney’s satellite aligned between the Sun and the Moon for a few days. Luckily these “sun outages” shouldn’t impede on your College football plans this Saturday as the satellite will pass through the alignment in time for kickoff.

_{-Bailey Hepler, Mikael Hall}

WORLD

Hamas Attacks: A Breakdown

Who is Hamas? Hamas stands for Harakat al-Muqawama al-Islamiya ("Islamic Resistance Movement"). It’s one of two major political parties in the Palestinian territories and is widely viewed as a terrorist organization.

The attacks, which began on Saturday, saw militants using paragliders and breaching security fences on the Israel-Gaza border, leading to the death of over 700 individuals and the capture of hundreds of civilians and military personnel.

Main Reasons for Attacking.

1. Exploiting Regional Instability: Hamas aimed to capitalize on regional disturbances. Contrary to the values of the Muslim beliefs, Hamas said their attacks were caused by Israeli citizens entering the third holiest site in Jerusalem, the Al-Aqsa Mosque.

2. Derailing Israel-Saudi Arabia Talks: The attacks could be an attempt to disrupt significant negotiations, supported by the US, aimed at normalizing Israel's relations with Saudi Arabia. Historically, Saudi Arabia has not recognized Israel's legitimacy, with tensions tracing back to the 1948 Arab-Israeli war.

3. Political Turmoil in Israel: Israel's Prime Minister, Benjamin Netanyahu, has been trying to limit the power of Israel's Supreme Court following investigations into corruption allegations against him, leading to widespread protests. James Stavridis, a former NATO commander, mentioned that there's a perception among Israel's adversaries that the nation is more divided and weaker than ever before.

Biden’s Pledge to Israel.

President Joe Biden emphasized the U.S.'s support for Israel, stating, "We stand with Israel." He highlighted the brutality of the Hamas attack, which resulted in the death of hundreds of Israeli civilians and left thousands wounded.

He says the U.S. will ensure Israel has the necessary resources to protect its citizens, defend itself, and respond to the Hamas attack. The U.S. is flowing military supplies to Israel, including ammunition and interceptors to replenish the Iron Dome, Israel's missile defense system.

The U.S. has strengthened military Presence in the region. The USS Gerald R. Ford Carrier Strike Group has been moved to the eastern Mediterranean, and there's an increased fighter aircraft presence in the region.

CRYPTO

Caroline Ellison shakes up the SBF trial

🧂Ellison shook it up. Caroline Ellison took the stand this week in the SBF trial. The former CEO of Alameda absolutely shook up the trial when she admitted to committing crimes under SBF’s order.

Ellison's testimony was expected to be significant. When asked by the prosecution if she committed any crimes while working at Alameda, Ellison responded, "yes, we did." She further stated that SBF directed her to commit these crimes.

It was also revealed that on November 11^th, the same day the exchange declared bankruptcy, unidentified thieves stole more than $400 million of its remaining crypto funds.

🎨Character Depositions.

Ellison shared some character insights on SBF.

• She mentioned a quote where Bankman-Fried once allegedly told her that he thought he had a 5% chance of becoming the president of the United States.

• The prosecution focused on the details of Ellison's spreadsheets, emphasizing how Bankman-Fried and Ellison took for granted that customer deposits from FTX would be used to assist Alameda.

• The prosecution used Caroline Ellison’s memos and spreadsheets to highlight the risks Bankman-Fried was willing to take. They discussed a scenario where Bankman-Fried wanted to invest $3 billion, but Ellison's analysis showed that such an investment would put Alameda at extreme risk.

Big-Picture.

Ellison’s insights this week painted the picture of her professional relationship with SBF, portraying him as overly ambitious and that he would make high-risk investment decisions that jeopardized the company.

She affirmed the allegations of misuse of funds that FTX customer deposits were misused to assist Alameda. She admitted to crimes at Alameda and claimed Bankman-Fried directed her, which could be damaging to his defense.

The case became more complex as over $400 million were stolen as the crypto-market crashed. The culprit remains a mystery.

REAL ESTATE

Mortgage rates are at their highest since 2000

Ever thought of buying a house in 2023? You might have a better chance of finding a unicorn in your backyard. Thanks to soaring interest rates, the journey to homeownership has become a steep uphill battle. According to a recent report by CNBC, mortgage demand has dipped to a dramatic low - the lowest since 1996.

Why All the Fuss About Rates?

Mortgage interest rates are a key determinant of housing affordability. When rates are low, monthly payments are more manageable, even if home prices are high. However, the current landscape sees both rising home prices and interest rates, making the dream of owning a home more challenging.

According to the report on CNBC, the average contract interest rate for a 30-year fixed-rate mortgage with conforming loan balances jumped significantly. This uptick alone led to a sharp decline in overall mortgage application volume, with potential buyers balking at the increased costs.

Market Implications: The Quick Rundown

• Potential Home Sales Slowdown: Fewer mortgage applications could mean slower home sales. Silver lining? A potential drop in home prices.

• Renting Becomes the New Vogue: If buying's out of the question, renting's in. But watch out, increased rental demand might just spike up those monthly rents.

• Refinancing Declines: The report also noted a decline in homeowners looking to refinance their existing mortgages. With rates as they are, refinancing may not offer the cost-saving benefits it once did.

SPORTS

College Football Playoffs & Boomin’ NHL

🏈College Football Playoffs. The college football season is in full swing and for the first time in a handful of years there is no prohibitive favorite to win the national title, even with two-time defending champion, and current number one team, the University of Georgia Bulldogs looking to be the first 3 peat since 1880. With a wide-open field, many look forward to next year being the first of the expanded playoff that will include 12 teams instead of the usual 4.

As the anticipation builds, the sports properties for the expanded playoff is becoming one of the most coveted sports properties in the entire media industry with CBS Warner Bros and Discovery, along with more likelier options of ESPN and FOX making their best cases to land the first round of the expanded playoff. When it comes to college football broadcasting, ESPN and Fox will continue to look to maintain their strong presence and the appearance of a duopoly over college football while traditional and linear networks like NBC and CBS as well as streaming giants Amazon and Apple looking to make their respective cases at CFP board presentations. Industry experts estimate the CFP could be worth 2.2 billion annually due to the sheer volume of bidders.

🏒NHL is so back. Tuesday night was a record-breaking opening night for the National Hockey League with 1.43 million viewers tuning in to watch the Chicago Blackhawks vs the Pittsburgh Penguins, making this the most-watched regular season game in NHL history, excluding the Winter Classic. The large bump in viewership can be attributed to what many in hockey believe to be the sport's next biggest thing in Connor Bedard. The 18-year-old debut represented a 92% increase in viewership over last year’s season-opening game between the New York Rangers and the Tampa Bay Lightning and after being awarded the number one in the NHL draft the Chicago Blackhawks sold 5.3 million dollars of season ticket packages within 12 hours of securing the pick via the draft lottery. The budding superstar was able to produce immediately in his debut by recording an assist on the night of the win.

_{-Written by Mikael Hall}

THURSDAY SHORTS

• 📷Photo of the Week: Migrants, mostly from Venezuela, and a dog climb on a freight train that had stopped in the Chihuahuan desert, via The Guardian.

• 104 year old woman, Dorothy Hoffner, aims to break the record as the oldest ever certified skydiver.

• High-school teacher gets fired for using OnlyFans to supplement her teacher salary.

• An emotional support alligator was denied entry to an MLB game.

• A Danish artist was court-ordered to repay a museum after a check was written for empty frames.

  TRIVA QUESTION: Which is the fastest growing startup in 2023?

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