Wednesday☕️

Trending:
- Libyan Floods
- MGM Cyber Attack
- U.S. vs Google
Markets:
- Yesterday's U.S. stock market:

- Yesterday's commodity market:

- Yesterday's crypto market:

Libyan Floods:
- The Libyan port city of Derna experienced catastrophic flooding after two dams failed. Local officials and the Red Cross estimated over 10,000 people missing, with a confirmed death toll surpassing 5,300. Many bodies were discovered by the sea or left where floodwaters receded, with about 25% of Derna now destroyed or submerged.
- Videos on social media depicted the city's situation, with waters sweeping cars and homes. A resident shared the intense force of the flood, comparing it to the impact of an atomic bomb. This disaster has highlighted the city's lack of preparedness, despite earlier warnings about the potential dam bursts.
- Moreover, debates rage about the failure to evacuate Derna, and the mismanagement of the crisis is seen in the context of Libya's political strife and infrastructural neglect since the 2011 uprising. The Norwegian Refugee Council emphasized the severe impact on impoverished communities, while criticism grew over the insufficient relief efforts and lack of prior warnings.
- An emergency medical supply plane has been dispatched to help flood victims, but the overall situation remains dire. The flooding, attributed to Storm Daniel, not only devastated neighborhoods but also disrupted communication networks. Some experts believe that the tragedy underscores larger issues of governance, corruption, and lack of investment in essential infrastructure in Libya.
MGM Cyberattack:
- MGM Hotels & Casinos experienced a cyberattack that forced the shutdown of its computer systems across several properties. Working with cybersecurity professionals, MGM Resorts International is investigating the incident and has also informed law enforcement.
- Initial reports from guests via social media suggest the attack has affected services like ATMs, slot machines, and digital key access to rooms. While the full scope of the breach is yet to be determined, MGM stated that their primary services are still operational. Affected properties include notable locations in Las Vegas and New York.
- For the time being, guests are encouraged to make reservations by phone. MGM's previous cybersecurity incident in 2019 saw the personal data of 142 million guests leaked on the dark web. The current situation remains under review with the FBI being informed. There has been no official comment from MGM.
U.S. vs Google:
- On Monday, a legal battle commenced against Google. Holding 90% of the search engine market in the U.S., Google faced a lawsuit in 2020. The US government claimed Google compensated companies, including Apple, with billions to set Google Search as their default engine, leading to a monopolistic dominance.
- In response, Google counters by asserting that its search engine stands out due to its superior quality compared to rivals. The company plans to bring forward witnesses, including figures from Apple, to vouch for their decision to partner with Google. This legal action is viewed as the most significant tech antitrust case in the past quarter-century.
Statistic:
Top 50 companies by market cap:
- 🇺🇸 Apple: $2.756T
- 🇺🇸 Microsoft: $2.464T
- 🇸🇦 Saudi Aramco: $2.149T
- 🇺🇸 Alphabet (Google): $1.710T
- 🇺🇸 Amazon: $1.457T
- 🇺🇸 NVIDIA: $1.108T
- 🇺🇸 Tesla: $848.97B
- 🇺🇸 Berkshire Hathaway: $802.53B
- 🇺🇸 Meta Platforms: $776.21B
- 🇺🇸 Eli Lilly: $568.91B
- 🇺🇸 Visa: $514.33B
- 🇹🇼 TSMC: $469.26B
- 🇺🇸 Exxon Mobil: $468.37B
- 🇺🇸 UnitedHealth: $444.53B
- 🇺🇸 Walmart: $442.81B
- 🇩🇰 Novo Nordisk: $440.22B
- 🇺🇸 JPMorgan Chase: $425.27B
- 🇫🇷 LVMH: $413.15B
- 🇨🇳 Tencent: $395.09B
- 🇺🇸 Johnson & Johnson: $393.90B
- 🇺🇸 Mastercard: $392.21B
- 🇺🇸 Procter & Gamble: $358.31B
- 🇰🇷 Samsung: $355.20B
- 🇺🇸 Broadcom: $348.56B
- 🇺🇸 Home Depot: $326.30B
- 🇺🇸 Chevron: $318.20B
- 🇨🇭 Nestlé: $317.01B
- 🇨🇳 Kweichow Moutai: $314.90B
- 🇺🇸 Oracle: $297.51B
- 🇺🇸 Merck: $276.64B
- 🇺🇸 AbbVie: $263.46B
- 🇺🇸 Coca-Cola: $252.10B
- 🇺🇸 Costco: $247.62B
- 🇺🇸 Adobe: $247.13B
- 🇺🇸 Pepsico: $245.40B
- 🇯🇵 Toyota: $245.30B
- 🇳🇱 ASML: $243.43B
- 🇦🇪 International Holding Company: $239.44B
- 🇨🇭 Roche: $232.81B
- 🇫🇷 L'Oréal: $231.80B
- 🇺🇸 Bank of America: $230.20B
- 🇺🇸 Cisco: $229.79B
- 🇨🇳 Alibaba: $227.69B
- 🇺🇸 Salesforce: $215.67B
- 🇬🇧 Shell: $213.34B
- 🇬🇧 AstraZeneca: $212.01B
- 🇨🇳 ICBC: $211.04B
- 🇫🇷 Hermès: $210.77B
- 🇨🇭 Novartis: $208.19B
- 🇺🇸 McDonald: $204.57B
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