HackerNews Summary (2023-05-30 09AM)

Source: Germany’s Solar Power Generation Hit Record High at Weekend

Summary
The business of sports is a multibillion-dollar industry that goes beyond just wins and losses. With changing business owners, the decisions made in media, technology, finance, and real estate have consequences for communities, cities, and countries.

Fact

💰 The global sports industry is worth over $600 billion.

📺 In 2020, sports media rights generated $50 billion in revenue.

🌎 The FIFA World Cup is estimated to have a $14 billion economic impact on the host country.

🏢 The Dallas Cowboys’ AT&T Stadium is the largest domed structure in the world.

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Source: The Timing of Computer Search Warrants When It Takes the Government Several Years To Guess The Password

Summary
The US District Court of California has suppressed the evidence found on an Apple iPhone X seized by the government because it took three years to guess the correct password after the issued warrant had expired. The court has declared the mirroring permitted by the government was a warrantless search that requires suppression of the evidence found on the warrant.

Fact

📱 The US government took three years to guess the correct password of an Apple iPhone X following an extra warrant limit of just a quick forensic search.

🔍 The magistrate judge had added the warrant restriction requiring the government to quickly search the seized computer and ask for extensions if needed to forensically search longer.

👩‍⚖️ Judge Jacqueline Scott Corley ruled that the evidence found on the warrant had to be suppressed as the mirroring of the decrypted device was a warrantless search.

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Source: It’s ‘More Expensive to Live,’ and Workers Are Tapping 401(k)s for Help

Summary
The COVID-19 pandemic has led many Americans to take hardship withdrawals from their retirement accounts. Bank of America reports that this number has increased by 33% from the same period last year and workers are taking out an average of $5,100 each.

Facts

💰 2.4% of 22 million people took hardship withdrawals from Fidelity in Q4 2022, up half a percentage point from the previous year.

💸 2.8% of 5 million people took hardship withdrawals from Vanguard last year, up from 2.1% the previous year.

💸 In Q1 2023, Bank of America found a 33% increase in the number of people taking hardship withdrawals.

💰 The personal savings rate hit nearly 34% in April 2020 due to COVID-19 lockdowns and stimulus payments, but has since fallen to about 5% according to the U.S Bureau of Economic Analysis.

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