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Good morning readers. Yesterday, the Royal Palace released a photo of Princess Catherine and her children that should have stopped all the rumors surrounding her health and whereabouts. But the exact opposite happened. Major media outlets noticed inaccuracies in the photo citing concerns that someone may have tampered with the photo. Turns out, the photo was tampered with. And by the princess herself. Catherine issued an apology late Monday taking responsibility for the confusion stating “Like many amateur photographers, I do occasionally experiment with editing. I wanted to express my apologies for any confusion the family photograph we shared yesterday caused.”

Let’s jump into today’s storylines.

In today’s digest:

• Intelligence leaders testify on the current state of cyber threats against the US

• Headline Hustle: India implements controversial citizenship bill that excludes Muslims, EQT is buying back Equitrans Midstream in all stock deal, healthcare providers are losing up to $1B a day after cyberattacks

• Amtrak is trying to revive the Texas Central train project

• Pulse Points: What’s Trending

CYBERSECURITY

US intelligence leaders gave their most recent (and frank) assessment of global cyber threats

In a world where your toaster can go online, it seems the list of threats to the U.S. now includes everything but the kitchen sink, from cyberattacks and regional conflicts to TikTok. According to the latest insights from the U.S. intelligence community, the digital age has ushered in a plethora of new challenges, painting a complex picture of the threats facing the nation.

The U.S. government's intelligence agencies, in an annual ritual of transparency, have shared their concerns ranging from the misuse of commercial spyware by governments worldwide to the growing dangers of ransomware attacks on American soil. The backdrop to these discussions? An unclassified Senate Intelligence Committee hearing that puts the digital and technological threats front and center.

A lot of countries are using spy tools to monitor people…and other countries

Central to the intelligence community's warnings is the global spyware market, highlighting that at least 74 countries have turned to commercial firms for tools that can spy on pretty much anyone. This figure, mirroring findings from a Carnegie Endowment for International Peace report, points to the dual-use nature of these technologies, which can serve legitimate purposes for law enforcement or be weaponized against political opponents.

The threat of ransomware was also a big talking point, with the U.S. grappling to counter cybercriminals who have honed their techniques to disrupt public services and extort companies for massive ransoms. The international reach of this threat, with agents often operating from countries like Russia that turn a blind eye, complicates efforts to combat these digital blackmailers.

Adding to the cyber conundrum is the introduction of AI in influence operations, with tools like generative AI lowering the threshold for creating convincing misinformation campaigns. From deepfakes on the battlefield to TikTok accounts meddling in U.S. elections, the digital domain is becoming an increasingly contested space.

But perhaps most unsettling is the revelation that U.S. spy agencies can and do purchase Americans' data from data brokers, sidestepping traditional legal safeguards. This practice, spotlighted in a Senate hearing, raises some serious questions about privacy and oversight in the digital age.

Looking ahead…as technology continues to race ahead, it's time for policy and protections to catch up. The conversation sparked by the U.S. intelligence community's report isn't just a wake-up call—it's a roadmap for action.

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IN THE KNOW

Headline Hustle

🇮🇳 India moves to implement controversial citizenship bill that excludes Muslims. India unveils rules for a contentious citizenship bill favoring non-Muslim immigrants from neighboring countries, igniting debate ahead of Prime Minister Narendra Modi's bid for a third term. The Citizenship (Amendment) Act, long-awaited since 2019, promises expedited citizenship for religious minorities from Afghanistan, Bangladesh, and Pakistan, except Muslims. Critics condemn the move as promoting Hindu nationalism and alienating the Muslim community.

☁️ EQT is buying back Equitrans Midstream in all stock deal. EQT Corp. has struck a significant deal, agreeing to acquire its former unit Equitrans Midstream in a move aimed at establishing a major, vertically integrated natural gas provider. Under the terms, each Equitrans share will be exchanged for 0.3504 share of EQT stock, valuing Equitrans at $12.50 per share. This all-stock transaction, valued at approximately $5.5 billion, aims to create a company with a combined value exceeding $35 billion, including debt. The deal points to a trend in the energy sector toward consolidation and cost efficiency amidst market volatility.

📉 Healthcare providers are losing up to $1B a day after cyberattack. The cyberattack on Change Healthcare is causing massive disruptions in the healthcare industry, with losses estimated at up to $1 billion per day. The attack, which took down payment systems crucial for healthcare operations, is expected to significantly impact first-quarter earnings for providers. While efforts are underway to restore systems, the fallout includes delayed claims processing and increased administrative burdens for hospitals, pharmacies, and other healthcare entities.

TRAVEL

The U.S. might see it’s first ever bullet train

Just when you thought cross-country travel was doomed to the same old, companies like Amtrak have stepped in promising to zip us between cities faster than you can say "are we there yet?"

The company’s latest project, dubbed Texas Central, aims to connect the fourth and fifth largest economies in the country (North Texas and Greater Houston) in less than 90 minutes via a high-speed passenger train, with one stop in the Brazos Valley.

A first of its kind

The United States has been flirting with the idea of high-speed rail since 1987, yet somehow, we’re still waiting at the station. Texas Central is the latest in a line of ambitious projects hoping to make the dream a reality, proposing a bullet train service that could turn a four-hour drive into a 90-minute breeze. The promise is big: cut travel times, ease road congestion, and boost safety.

But the path to making high speed rail a reality isn’t an easy task. The Texas Central project has hit its fair share of snags, from environmental reviews to landowner lawsuits. Add to that the eye-watering estimated cost of $33.6 billion, and you've got a hefty dose of skepticism to deal with.

Despite these hurdles, there's significant backing for the project.

• Japanese firms and the U.S. government have thrown their support behind it, with investments and grants aimed at getting the project on track.

• The Biden administration's pledge of $66 billion for passenger rail highlights a broader federal push for high-speed transport, although projects like California's have shown just how bumpy the ride can be.

Looking ahead…critics question whether these grand plans will ever leave the station, citing economic concerns and potential disruptions to existing infrastructures. The resistance from rural communities and doubts over passenger demand add further complications to the project.

SNIPPETS

Pulse Points

• The Federal Reserve closed the Bank Term Lending Program (BTLP) on Monday, a program whose aim was to ensure banks could meet the needs of depositors after the collapse of Silicon Valley Bank and it’s making Wall Street nervous.

• Donald Trump criticized efforts to ban TikTok in the U.S., arguing it would benefit Meta's Facebook.

• Jamie Dimon, CEO of JPMorgan, advised the Federal Reserve to delay interest rate cuts beyond June to enhance its credibility in combating inflation.

• Deadspin laid off its entire staff following the sale of the site to a startup, known for its unique sports commentary and analysis.

• OpenAI discredited Elon Musk's claims to its success in a legal filing, describing his lawsuit as "frivolous" and "fictional" after he left the company in 2018.

• Apple is planning on opening a new store in Shanghai despite falling iPhone sales.

• Elon Musk's startup xAI plans to open-source Grok, a chatbot competing with OpenAI's ChatGPT, according to the entrepreneur.

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