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March 28 – According to the Wall Street Journal, Israel has begun limiting the use of its most advanced missile interceptors due to depleted stockpiles caused by ongoing Iranian attacks, forcing the IDF to increasingly rely on upgraded but less capable interceptor systems. Recently, two Iranian missiles struck the southern cities of Dimona and Arad after a failed interception attempt using a modified, lower-level system. Israels air defense system has long been considered one of the most advanced in the world, but has so far relied heavily on the Arrow system to counter long-range ballistic missile threats. However, officials are now limiting the use of these high-end interceptors, turning instead to upgraded versions of the Davids Sling (Israels medium- and long-range air defense system) and even the Iron Dome system, which were not originally designed to deal with such threats.On March 28, Iraqi Electricity Ministry spokesman Ahmed Abadi stated that Iran had halted natural gas supplies to southern Iraq since the evening of March 27, after a previous daily supply of 10 million cubic meters. Abadi added that Iran is also currently limiting its natural gas supplies to central Iraq to 10 million cubic meters per day. He noted that the ongoing instability in the region is impacting oil extraction, production, and exports within Iraq. The Iraqi Electricity Ministry is closely monitoring the situation to ensure that Irans restrictions do not affect the fuel supply needed by power plants in Iraq.On March 28, the Yemeni government issued a statement condemning Iran for dragging Yemen into the regional conflict through its supported armed forces. The statement pointed out that Iran, with the help of the Houthi rebels and other forces, is interfering in regional affairs, undermining national sovereignty, and threatening regional security. The Yemeni government believes that the Houthi actions serve Irans regional strategy. The statement warned that such actions will exacerbate Yemens humanitarian crisis and impact food and energy supplies. The government emphasized that the right to decide on war and peace belongs to the state, and any illegal military action must bear the consequences. The Yemeni government called on the people to refuse mobilization for war and urged the international community to increase pressure on the Houthi rebels and support the restoration of national power, stability, and development. Iran has not yet responded to this statement.On March 28, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that, as part of Operation Honest Commitment 4, the IRGC Navy and Space Force conducted strikes against multiple heavy industrial targets in the United States and Israel using missiles and drones in the 85th wave of attacks. The statement indicated that this operation was in retaliation for previous attacks by US and Israeli forces against Iranian civilian industrial facilities. During the operation, Iranian armed forces launched saturation attacks on heavy industrial centers in Israel and other regions, destroying some targets. The IRGC emphasized that if the US and Israel continue to attack Iranian industrial systems, the scale of Irans subsequent retaliation will "exceed their expectations." In addition, during the interception and counterattack operations, Iranian air defense systems shot down a US-made MQ-9 drone over Shiraz. A US F-16 fighter jet was hit in southern Fars province and subsequently crashed while en route to an emergency landing at a base in Saudi Arabia.March 28 (Wall Street Journal) – Energy analysts warn that the oil market could face even greater turmoil if the Houthi rebels in Yemen resume attacks on Red Sea shipping. A renewed attack could cut significant amounts of oil from global supply and drive up prices. Saudi Arabia has been diverting as much crude oil as possible from the Persian Gulf to its Red Sea port of Yanbu, from where cargoes are primarily destined for Asia. While this hasnt fully offset the amount of oil unable to pass through the Strait of Hormuz, it has helped limit the rise in global oil prices. Analysts say that if Houthi attacks make it too dangerous for tankers to approach Yanbu, millions of barrels of crude oil could be stranded daily in the Middle East. In that case, Saudi Arabia might be forced to cut production along with Kuwait and Iraq.

Elon Musk Resigns from the Twitter Board of Directors in a Dramatic U-turn

Haiden Holmes

Apr 12, 2022 09:56

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Musk requested a board position on Twitter weeks before the social media firm agreed to the arrangement, sources told Reuters at the time.


Musk and Twitter made no mention of the reversal. Musk said in a regulatory filing on Monday that he now has the option of increasing his 9.1 percent interest in Twitter or pressuring the firm to pursue deals, despite the fact that he currently has no such intentions.


There was no indication that Twitter was concerned about a hostile proposal from Musk. Twitter made no mention of a shareholder rights plan, dubbed a "poison pill," that would require dilution if Musk attempted to increase his ownership over a particular level.


However, Twitter CEO Parag Agrawal cautioned staff on Sunday about "distractions coming," an apparent allusion to Musk's criticism of the firm through Twitter. He continued by saying he felt Musk's exit was "for the best."


A representative for Twitter did not reply to a request for comment.


Twitter's stock was up 2.6 percent to $47.48 in New York afternoon trade on Monday. They have increased by more than 20% after Musk announced his Twitter ownership on April 4. According to Wall Street experts, Musk's engagement drew tens of thousands of ordinary investors to the stock.


Securities experts have noted that by delaying and mischaracterizing the announcement of his Twitter investment, Musk was able to purchase the shares at a discount, saving him an estimated $143 million. It is unknown if Musk, whose Forbes-estimated net wealth is $274 billion, would contemplate this.


Musk was unavailable for comment.


Musk removed a large number of tweets he sent over the weekend against the social media network on Monday. It was not immediately obvious what precipitated the move. The tweets varied from a plea to ban advertising from Twitter to a suggestion that the social media business omit the letter "w" from its name.


Jacob Frenkel, a former SEC enforcement attorney, said Musk's turnaround was unusual but did not seem to break any regulations.


"Merely being presented with an invitation to join the offer to board, considering it, and declining is not a breach of securities regulations," Frenkel said.


The SEC's spokeswoman refused to comment.


Others noted that Musk's public criticism of Twitter would have been difficult to reconcile with his fiduciary responsibilities as a board member.


"Once on the board of directors, the majority of individuals, even activist shareholders, generally refrain from speaking publicly," Gregory Taxin, managing director of activist investor advice company Spotlight Advisors, said.

'FINANCES SECURED'

This is hardly Musk's first high-profile U-turn. He tweeted in 2018 that he had "got finance" for a $72-billion plan to take Tesla (NASDAQ:TSLA) private, but did not proceed with the offer.


Musk and Tesla each paid $20 million in civil penalties, and Musk resigned as chairman of Tesla to address SEC allegations that Musk deceived investors. Musk has subsequently contested an arrangement he made with the SEC to have some of his tweets evaluated by a lawyer.


Securities professionals have also raised concerns about Musk's compliance with the terms of his settlement with the SEC. Musk said on Twitter in early November that he would sell 10% of his Tesla shareholding if people agreed. A majority agreed, and the vote sent Tesla stock plunging. Since then, Musk has sold $16.4 billion worth of Tesla shares.


Following Musk's appointment to the board of directors last week, several Twitter workers expressed concern about the social media platform's capacity to filter material, according to company sources.


According to Charles Elson, founding director of the Weinberg Center for Corporate Governance, Musk was already very busy with Tesla, an electric vehicle manufacturer, and SpaceX, a space rocket company, and he would have had little time to contribute substantially to Twitter as a board director.


"Tesla's shareholders should be very worried about his engagement here because it diverts time and attention away from Tesla's principal endeavor," Elson added.


Tesla's public relations department did not reply to a request for comment.



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