Weekend News Digest
US NEWS
Severe Weather Hits Southern States: At least 15 people have died as a result of severe weather, including tornadoes and storms, which have ravaged parts of Texas, Oklahoma, and Arkansas. The destruction is part of a series of deadly weather events in the region this month.
Smithsonian Honors Indigenous Service Members: The National Museum of the American Indian is holding a series of events to honor indigenous U.S. military personnel on Memorial Day. The commemoration includes various activities highlighting the contributions and sacrifices of indigenous service members.
Average U.S. Vehicle Age Hits Record High: The average age of vehicles on U.S. roads has reached a record 12.6 years. High prices for new cars are forcing people to keep their vehicles longer, reflecting broader economic trends and consumer behavior.
New Brain Network Discovery: Scientists at IIT have discovered a new brain circuit critical for understanding social interactions. This breakthrough could lead to advanced therapeutic strategies for social and emotional disorders.
Ozempic Overdose Concerns: The rising popularity of weight-loss drugs Ozempic and Wegovy has led to increasing concerns over semaglutide overdoses. Experts highlight the risks associated with these medications, particularly when compounded.
GLOBAL NEWS AND WORLD EVENTS
Ukraine Accuses Russia of Sabotage in Nova Kakhovka Dam Explosion: Ukraine has accused Russia of intentionally destroying the Nova Kakhovka dam, causing extensive flooding and prompting mass evacuations. This incident marks a significant escalation in the ongoing conflict, with both sides blaming each other for the destruction that threatens agricultural lands and civilian areas.
Ecuador Declares State of Emergency Following Deadly Earthquake: Ecuador has declared a state of emergency after a powerful earthquake struck the country, resulting in significant casualties and widespread damage. Rescue operations are underway as officials assess the full extent of the devastation and work to provide aid to affected communities.
Saudi Arabia and Iran to Reopen Embassies After Seven-Year Rift: In a historic move, Saudi Arabia and Iran have agreed to reopen their embassies and restore diplomatic relations after seven years of hostility. This agreement, brokered by China, aims to reduce tensions and foster cooperation in the Middle East.
South Africa's Economic Growth Slows Amid Power Crisis: South Africa's economy continues to struggle, with growth forecasts revised down due to ongoing power shortages and structural issues. The country faces challenges in its electricity and logistics sectors, impacting key industries like manufacturing and mining.
Myanmar Military Continues Crackdown as Civil Unrest Grows: The military regime in Myanmar has intensified its crackdown on pro-democracy protesters, leading to increasing international condemnation. The UN has called for an end to the violence and urged the restoration of civilian rule.
Severe Drought Threatens Food Security in East Africa: East Africa is facing a severe drought that has put millions at risk of hunger. The lack of rain has devastated crops and livestock, prompting calls for immediate international aid to prevent a humanitarian crisis.
BUSINESS AND FINANCE
Snap Shares Soar 25%: Snap Inc.'s stock surged by 25% after the company issued a second-quarter sales forecast that exceeded expectations. This boost is attributed to Snap's successful efforts in attracting more users and bolstering its advertising business, which has resulted in higher-than-anticipated sales projections. The company’s strategic initiatives appear to be paying off, contributing to the positive market response.
IRS Extends RMD Relief to 2024: The IRS has extended relief on required minimum distributions (RMDs) from retirement accounts through 2024. This extension follows earlier reliefs provided in response to regulatory changes and ongoing taxpayer challenges. The decision offers continued flexibility, allowing taxpayers additional time to comply with RMD requirements without facing penalties.
SEC Shuts Down BF Borgers CPA Firm: The Securities and Exchange Commission (SEC) has imposed a $14 million fine on the auditing firm BF Borgers for fraudulent activities involving over 1,500 filings. This enforcement action highlights the SEC's efforts to combat financial fraud and uphold corporate transparency standards, ensuring the integrity of financial reporting.
Retail Sales and Wages Increase: March saw an increase in both retail sales and wages, reflecting a resilient consumer sector. The rise in retail sales suggests strong consumer spending, which is a positive indicator for the overall economy. This trend persists despite inflationary pressures, highlighting the robust demand within the market.
Tesla to Launch RoboTaxi Service: Tesla has announced the launch of its RoboTaxi service on August 8, 2024. This initiative represents a significant advancement in autonomous vehicle technology and could revolutionize urban transportation. The RoboTaxi service aims to provide an efficient, self-driving transportation option for urban areas.
Public Service Loan Forgiveness Program Paused: The Public Service Loan Forgiveness program is set to undergo a partial pause to address procedural and administrative issues. This pause is intended to streamline the application process and improve access to loan forgiveness for eligible borrowers, ensuring that the program operates more effectively in the future.
POLITICS
Trump Pledges to Commute Sentence of Ross Ulbricht: Former President Donald Trump promised to commute the sentence of Silk Road founder Ross Ulbricht if re-elected. This announcement came during his speech at the Libertarian National Convention, which saw mixed reactions from the audience.
Senator Bob Menendez's Corruption Trial Begins: U.S. Senator Bob Menendez pleaded not guilty to federal corruption charges. The trial, which includes accusations of accepting bribes in the form of cash, gold bars, and luxury items, commenced with Menendez and his lawyers facing several dozen prospective jurors.
Biden Calls for 'Constant Vigilance' in West Point Speech: President Joe Biden emphasized the importance of maintaining democracy in his commencement address at West Point. Without directly naming Trump, Biden's speech highlighted the need for continued vigilance to protect democratic institutions.
Libertarian Convention Turns Chaotic Before Trump's Visit: The Libertarian National Convention descended into chaos with fighting and obscenities as former President Trump prepared to address the party. This unrest underscored the deep divisions within the Libertarian ranks.
Congress's $3 Billion Secret Project: Reports have emerged about a secret $3 billion project undertaken by Congress. Details are sparse, but the revelation has sparked discussions about transparency and accountability in government spending.
Debate Over Presidential Age Limits Intensifies: The question of whether to impose age limits on presidential candidates has gained traction. This debate, driven by the advancing ages of many current leaders, has seen bipartisan support, though implementing such a change would require a constitutional amendment.
Biden's Feud with The New York Times: Tensions between President Biden's administration and The New York Times have escalated. Biden's team accuses the newspaper of unrealistic expectations, while The Times critiques the administration's handling of media relations.
SPORTS
Ronald Acuña Jr. Injured: Atlanta Braves star Ronald Acuña Jr. left Sunday's game against the Pittsburgh Pirates with left knee soreness, the same knee he injured in 2018. He will undergo an MRI to determine the extent of the injury but is expected to miss significant time, potentially affecting both the Braves and fantasy baseball managers
Coca-Cola 600 Highlights: The NASCAR Coca-Cola 600 took place at Charlotte Motor Speedway, marking the longest race of the season. Christopher Bell emerged as the winner, with notable performances from Brad Keselowski and William Byron, who led several laps. The race featured multiple lead changes and caution flags, adding to the excitement of the event.
Bryce Harper's Heroics: Bryce Harper hit a three-run homer in the ninth inning, leading the Philadelphia Phillies to a dramatic 8-4 victory over the Colorado Rockies. This comeback win marked the Phillies' 17th come-from-behind victory of the season, showcasing their resilience and Harper's clutch performance.
Trea Turner’s Injury Update: Philadelphia Phillies shortstop Trea Turner is dealing with hamstring soreness and has been pulled back in his rehab process. Phillies manager Rob Thomson indicated that Turner will need more time to recover and will likely require a rehab assignment before returning to the lineup.
Indianapolis 500 and Coca-Cola 600 Double Attempt: Kyle Larson attempted the grueling Indianapolis 500-Coca-Cola 600 double, aiming to compete in both iconic races on the same day. Despite the physical and logistical challenges, Larson's endeavor highlights the endurance and determination required for such a feat in motorsports.
ENTERTAINMENT
Slow Memorial Day Box Office: The Memorial Day weekend box office saw its slowest period in two decades, with Furiosa and Garfield leading the chart. Furiosa, a prequel to Mad Max, topped the box office with $25.6 million.
Bruce Springsteen Cancels Shows Due to Health Issues: Bruce Springsteen has canceled several shows after doctors advised him to rest his voice. The legendary musician announced the cancellations via Instagram, affecting concerts in Marseille, Prague, and Milan. Fans are hoping for a swift recovery so he can resume his tour.
Millie Bobby Brown Marries Jake Bongiovi: Stranger Things star Millie Bobby Brown and Jake Bongiovi, son of rock legend Jon Bon Jovi, have tied the knot. The couple's wedding was a star-studded event, and they shared their joy with fans on social media, showcasing stunning photos from their big day..
Monaco Grand Prix Attracts Celebrities: The 2024 Monaco Grand Prix saw a host of celebrities in attendance, including Joe Jonas, Anya Taylor-Joy, and Emily Ratajkowski. The event, known for its glamorous atmosphere, provided a perfect backdrop for these stars to showcase their style.
TV Premiere Dates Announced for May and June: Several major TV shows have announced their premiere dates for the upcoming weeks. Highlights include Bridgerton Season 3 on Netflix, House of the Dragon Season 2 on HBO, and The Bear Season 3 on FX. Fans are eagerly anticipating the return of these popular series.
Cher's Romantic Appearance at Cannes: Cher made a public appearance with her boyfriend Alexander Edwards at the Cannes Film Festival, where the couple was seen engaging in PDA. Their appearance on the red carpet was one of the highlights of the festival, drawing significant media attention.
