Newsletter Feb 9, 2023

3 things you must know

US: Chinese balloon is part of a global surveillance program
The U.S. intelligence community believes the recently recovered Chinese spy balloon is part of an extensive surveillance program run by the Chinese military, the Department of Defense said Wednesday. The Pentagon criticized China on Wednesday for its efforts to gather data about American military bases through the program involving a fleet of similar balloons, which hold some advantages over satellites that orbit the earth in regular patterns.
WHAT THE US KNOWS ABOUT CHINESE SPY BALLOONS

Big oil more than doubled its 2022 profits to $219 billion
Major oil companies more than doubled their profits in 2022 to $219 billion, smashing records in a year Russia's invasion of Ukraine reshaped global energy markets. The profit surge allowed oil companies to increase spending on oil and gas projects while showering shareholders with cash, spurring calls for windfall taxes on the industry to help consumers with surging energy costs.
SEE BIDEN'S CALL TO CRACK DOWN ON BIG OIL PROFITS

Disney lays off 7,000 in Iger's first big move since his return
Entertainment giant Disney said Wednesday it was laying off 7,000 employees, in CEO Bob Iger's first major decision since he was asked back to lead the company late last year. The company cited its streaming service's first ever fall in subscribers last quarter as consumers cut back on spending. The layoffs follow similar moves by the U.S. tech giants that have laid off thousands.
DISNEY+ LOST GROUND TO NETFLIX IN Q4, FORCING CUTS

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Markets

DJIA	33,949.01	-0.61%
S&P 500	4,117.86	-1.11%
Nasdaq Composite	11,910.52	-1.68%
Japan: Nikkei 225	27,461.63	-0.52%
UK: FTSE 100	7,885.17	0.26%
Crude Oil Futures	78.45	-0.03%
Gold Futures	1,885.90	-0.25%
Yen	131.35	-0.06%
Euro	1.07	0.04%
* As of market close

Texas Walmart shooter cops to hate crimes

A Texas man accused of targeting Latinos during a 2019 massacre of 23 people at an El Paso Walmart store pleaded guilty on Wednesday to federal hate crimes. Patrick Crusius, 24, changed his plea to guilty during a hearing after federal prosecutors said they would seek life in prison, although he still faces the death penalty on state charges in a pending trial. Attorney General Merrick Garland said that Crusius, a self-described white nationalist, was convicted on 90 total counts.

SEE THE SHOOTER'S CONNECTIONS TO WHITE NATIONALISM

Romney rips Santos at State of the Union

Utah Sen. Mitt Romney lambasted disgraced Rep. George Santos of New York on Tuesday, telling the freshman he did not belong in the House and labeling him "an embarrassment" to reporters. The two crossed paths in the House chamber at Tuesday's State of the Union address. Santos secured a prime seat in the chamber, making himself available to greet lawmakers. In the exchange, Romney appears to tell Santos "you don't belong here" and that he ought to be embarrassed.

WATCH VIDEO OF THE CHAT BETWEEN ROMNEY AND SANTOS

Fox to fetch over $500M in Super Bowl ads

Many Super Bowl viewers are more interested in the commercials than the actual football game. Companies pay an exorbitant price each year so that close to 100 million people can see their advertisement during the season's biggest NFL game. Some 30-second ads were going for more than $7 million, according to AdWeek. Fox is broadcasting Super Bowl LVII between the Philadelphia Eagles and Kansas City Chiefs and is projected to rake in over of a half-billion dollars from Sunday's game.

TAKE A SNEAK PEEK AT SOME OF SUNDAY'S SUPER SPENDERS

Time is money

What was the average cost of a 30-second TV ad for Super Bowl I?

Tuesday's answer: Former President Franklin D. Roosevelt was the first to refer to his speech as the "State of the Union" address in 1934.

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