10.24.2023

 

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Good morning. It's Tuesday, Oct. 24, and we're covering the release of two more hostages held by Hamas, this month's second biggest multibillion-dollar oil deal, and much more. First time reading? Sign up here.

 

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Need To Know
 

Two Israeli Hostages Released

Hamas militants yesterday released two elderly female Israeli hostages, marking the third and fourth civilians freed more than two weeks after Hamas captured a group of people from Israel (see previous write-up). Israel revised the number of confirmed hostages yesterday to 222 people, up from Sunday's figure of 212 people. The husbands of the two elderly freed hostages remain captive.

 

The latest release—confirmed by Israel—is part of mediated efforts led by Qatar and Egypt and comes amid negotiations with Hamas over the possible release of 50 civilian captives who hold dual citizenship. Hamas has reportedly demanded Israel allow fuel deliveries, as well as a steady flow of humanitarian aid, into Gaza in exchange for freeing a larger group of hostages; so far, 54 trucks of aid have entered Gaza. Israel seeks the release of all hostages before permitting fuel to be delivered. 

 

Separately, the US reportedly has sent a Marine three-star general and other US military officers to Israel to help advise the Israeli military about its plans in Gaza ahead of an anticipated ground invasion. 

 

The death toll in Gaza has risen above 5,000, while the death toll in Israel is at least 1,400. Israel said yesterday it had struck more than 320 targets in Gaza since Sunday. See updates on the war here.

 

Chevron Buys Hess

Oil giant Chevron Corp. announced it will purchase Hess Corp. in a $53B all-stock deal, or $171 per share, marking the second major oil deal in a month. The acquisition will expand Chevron's assets, incorporating a significant oil field in Guyana and shale properties in North Dakota's Bakken Formation. Oil prices have risen this year, hovering around $90 per barrel for the last two months.

 

With the acquisition, Chevron gains access to Hess’ 30% stake in Guyana's estimated 11 billion barrels of oil and gas reserves (see overview). The country is expected to become the world's fourth-largest offshore oil producer, anticipated to reach 1.2 million barrels of daily production by 2027. Chevron will also gain 465,000 net acres in the Bakken Formation. Hess CEO John Hess is expected to join Chevron's board of directors.

 

The deal comes less than a month after Exxon Mobil Corp.'s nearly $60B transaction to acquire Pioneer Natural Resources (see previous write-up).

 

NBA Tips Off

The 2023-24 NBA season gets underway tonight, headlined by a pair of marquee matchups featuring three of the past four league champions. The action begins with LeBron James and the Los Angeles Lakers traveling to the defending champion Denver Nuggets (7:30 pm ET, TNT), followed by Steph Curry and the Golden State Warriors hosting the Phoenix Suns (10 pm ET, TNT).

 

Top storylines entering the season include whether Denver star Nikola Jokić will earn his third MVP award in four years, whether James will begin to slow down at age 38, and whether San Antonio Spurs rookie Victor Wembanyama will live up to his generational hype (see previous write-up). 

 

This season will also see the inaugural in-season tournament—a monthlong round-robin competition, which includes all 30 teams and counts toward teams' regular season records. Matches begin Nov. 3, culminating with the first-ever NBA Cup awarded Dec. 9 in Las Vegas.

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In The Know
 

Sports, Entertainment, & Culture

> Texas Rangers advance to World Series after beating defending champs Houston Astros 11-4 in Game 7 of AL Championship Series (More) | Arizona Diamondbacks top Philadelphia Phillies 5-1 to push NL Championship Series to Game 7 (More)

> Netflix signs media titan Tyler Perry to multiyear first-look deal that will see Perry write, produce, and direct eight films for Netflix (More)

> Tasha Butts, Georgetown women's basketball coach, dies at 41 from breast cancer (More) | Olympic gymnastics great Mary Lou Retton recovering at home after spending nearly two weeks in intensive care unit with pneumonia (More)

 

Science & Technology

In partnership with LiquidPiston

> Large-scale study involving 2.3 million people links dysfunction of vestibular system—the inner ear structure that guides the head's spatial positioning—with a doubled risk of developing dementia (More)

> LIGO, an observatory that measures gravitational waves created by events like black hole mergers, achieves new sensitivity limit; "quantum squeezing" will allow measurement of 60% more events than previously observable (More)

> River engineering megaproject, proposed by India's government to address drought-stricken farms, may ultimately reduce rainfall by as much as 12% during monsoon months in water-stressed regions, study finds (More)

From our partners: An investment opportunity 150 years in the making. LiquidPiston has almost reached their $30M funding target, which means there are limited shares remaining. With what could be the biggest engine innovation of the century, they boast up to 10X more power-to-weight and 30% more fuel efficiency than traditional engines. Don’t miss out—join 17k+ and become a LiquidPiston shareholder by midnight tonight.*

 

Business & Markets

> US stock markets close mixed (S&P 500 -0.2%, Dow -0.6%, Nasdaq +0.3%) as 10-year Treasury yield drops after topping 5% for first time since 2007 (More)

> United Auto Workers expands strike as 6,800 union members walk out of Michigan Stellantis (formerly Fiat Chrysler) plant (More)

> Tesla discloses multiple subpoenas from the US Department of Justice in Q3 filing (More)

 

Politics & World Affairs

> House Republicans to vote today on House speaker nominee after holding closed-door candidate forum with eight contenders yesterday evening (More) | House Freedom Caucus urges House to stay in session until a speaker is elected (More)

> Off-duty Alaska Airlines pilot charged with 83 counts of attempted murder and reckless endangerment for allegedly trying to shut off plane engines midflight (More) | Sen. Robert Menendez (D-NJ) pleads not guilty in Manhattan federal court over conspiracy charge alleging he acted as a foreign agent to Egypt (More

> Turkish President Recep Tayyip Erdoğan sends bill approving Sweden's NATO membership bid to parliament for ratification; Turkey and Hungary are last of 31 NATO nations needing to ratify Sweden's membership to the military alliance (More

 

In-Depth

> The Great Crypto Heist

CNBC | Eamon Javers, Paige Tortorelli. The story behind Jimmy Zhong, a hacker who at 22 years old became a billionaire by stealing bitcoin from an illegal dark web marketplace, and how he was eventually caught nearly a decade later. (Read)

 

> The Life of a Movie Extra

Chicago | Kimberly Nelson. A movie extra from Chicago reflects on her sporadic experiences as a movie extra over the years, including movies such as "High Fidelity," "Ocean's Eleven," and "Divergent." (Read)

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Etcetera
 

Scroll through ancient Egyptian mummy portraits

 

... and hear what ancient languages might have sounded like.

 

Bobi, the world's oldest dog, passes away at 31

 

World's largest snake collection may be in Michigan.

 

Ranking every burger topping imaginable.  

 

Netflix drops trailer for "Squid Game: The Challenge." 

 

Cheetos to launch two new snack flavors.

 

US senator seen as office cupid after 20 staff marriages.

 

Clickbait: The great beetle escape—through a frog's belly and out its butt

 

Historybook: Black Thursday US stock market crash, exchange falls 11% in one day (1929); Jackie Robinson dies (1972); Rapper Drake born (1986); Rosa Parks dies (2005); Bloody Friday worldwide stock market crash with most indexes dropping 10% in single day (2008).

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