Newsletter Sep 27, 2022

3 things you must know

Oil giants halt production in Gulf as Hurricane Ian bears down
Oil giants BP and Chevron have shut down production at offshore oil platforms in the Gulf of Mexico, as a powerful Hurricane Ian bore down on the top U.S. offshore production region. The Category 2 storm was in the Caribbean and forecast to become a major hurricane within two days. It was packing 100 mph winds and is expected to rapidly intensify as it crosses the Gulf's warm waters toward the Florida west coast. The storm is the first this year to disrupt oil and gas production in the Gulf of Mexico, which accounts for about 15% of the nation's crude oil and 5% of dry natural gas.
FIND OUT HOW HURRICANE IAN COULD IMPACT GAS PRICES

Growing profit warnings send cold chills through Wall Street
Recent profit warnings from bellwether companies like Ford Motor Company may signal more challenges ahead for corporate America, increasing wariness for investors as the stock market deepens its sell-off. Stocks fell in Monday trading, continuing a trend after the Federal Reserve raised interest rates Wednesday in its ongoing campaign to combat inflation. However, some financial analysts think the aggressive hikes could tip the economy into recession.
WHY ANALYSTS ARE CONCERNED ABOUT LOWER EARNINGS

Truss comes under fire for economy as pound sinks to new low
New British Prime Minister Liz Truss came under pressure Monday after the pound hit a record low against the dollar following last week's huge tax-cutting budget. The main opposition Labour party lambasted Truss for the massive spending plans, with one leader comparing the new PM and chancellor of the exchequer Kwasi Kwarteng to "desperate gamblers in a casino chasing a losing run".
FIND OUT WHY THE POUND IS FALLING AGAINST THE DOLLAR

Markets

DJIA	29,260.81	-1.11%
S&P 500	3,655.04	-1.03%
Nasdaq Composite	10,802.92	-0.60%
Japan: Nikkei 225	26,571.87	0.53%
UK: FTSE 100	6,993.82	-0.39%
Crude Oil Futures	77.92	1.58%
Gold Futures	1,641.30	0.48%
Yen	144.42	-0.22%
Euro	0.96	0.11%
* As of market close

NASA hits a bullseye with DART spacecraft

It's official. NASA's DART (Double Asteroid Redirection Test) spacecraft has successfully impacted its target asteroid, and the world has witnessed the historic event. Mission control announced the successful impact at 7.14 p.m. ET Monday. In a video shared by NASA, the spacecraft slowly approaches the asteroid, with the mission team excitedly waiting for the collision, and grows closer and closer until the impact was confirmed. The vending machine-sized spacecraft hit the asteroid Dimorphos, which is the size of a football stadium and poses no threat to Earth, the agency wrote.

HOW THE DART SYSTEM COULD SAVE EARTH FROM AN IMPACT

TikTok faces $29M fine in UK over child data

Regulators in the U.K. issued a notice to video-sharing platform TikTok on Monday after an investigation into its privacy policies regarding data collection. The Information Commissioner's Office said TikTok may have breached data protection laws and could face a fine of up to $29 million, or Â£27 million. The ICO claims TikTok failed to acquire parental consent before accessing the data of children under 13, did not make its policies accessible to kids, and used sensitive information without legal consent..

SEE HOW TIKTOK IS COMING UNDER FIRE FOR DATA PRACTICES

Criticize Tesla's Autopilot system, earn $100

Want to make a quick $100 for slamming a man who has made billions? In an effort to highlight the dangers of distracted driving, a filmmaker is calling for 75 to 100 people to criticize Tesla CEO Elon Musk and the risks of the automaker's Autopilot system. Selected actors will receive $100 for their roles in the film "Man Vs Musk" in hopes of "making automakers more accountable for the safety of their automobiles and drivers."

FIND OUT HOW YOU CAN BE A PART IN THE FILM 'MAN VS MUSK'

Fast and curious

What former presidential candidate wrote "Unsafe At Any Speed", which led to many advances in automobile safety? What year was it published?

Monday's answer: The halftime show has come a long way since Super Bowl I, when the University of Arizona marching band was the headliner.