Borrowings Leading to Debt Crisis

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BUSINESS & ECONOMY

🏠 U.S. Mortgage Applications Rise in February, NY Fed Says

Mortgage applications in the U.S. rose to 5.6% despite higher rejection rates, with the overall credit application rate at 43.4%, a peak since October 2022, per the New York Fed. As the Fed's interest rate hikes to combat inflation made borrowing pricier, recent declines in inflation are leading toward rate cuts, easing mortgage costs. 

🚨 Top Central Banker: Cut Borrowing to Avoid Debt Crisis

Agustin Carstens, of the Bank for International Settlements, cautions against "relentless" government borrowing, warning it could lead to a global debt crisis. He advocates for fiscal consolidation, referencing the fallout from Liz Truss's mini-budget. Emphasizing the need for disciplined fiscal policy in the U.S., Carstens stresses the importance of maintaining high-interest rates to manage inflation, declaring, "Muddling through is not enough."

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WORLD

🇯🇵 Japan Abandons Negative Interest Rates After 17 Years

After years of combating deflation, Japan ended its negative interest rate policy, a major shift. The Bank of Japan slightly raised rates, signaling ongoing economic growth with inflation above 2% through 2024. Morgan Stanley noted, "The Bank of Japan has today ended an era of exceptional monetary policy accommodation." Despite the hike, the BOJ maintains accommodative conditions, with the yen weakening post-announcement.

🌋 Iceland Volcano Eruption Triggers Orange Sky and Evacuations

In southwestern Iceland, a fourth eruption in three months led to evacuations in Grindavik and the closure of the Blue Lagoon spa. The eruption, starting with minimal warning, formed a 1.8-mile fissure. Stability has since been noted, but the situation remains under watch. Freysteinn Sigmundsson, a geophysicist highlighted the significant initial threat, saying, "The initial vigour of the eruption was large, so the hazard to people was high."

🇬🇧 UK Advances Rwanda Migrant Deportation Plan Amid Legal Hurdles

Amidst scrutiny over human rights, the UK's initiative to send migrants to Rwanda, driven by Prime Minister Rishi Sunak, navigates through legal and parliamentary obstacles. The "Safety of Rwanda Bill" is central to Sunak's commitment to stem unauthorized migration, despite facing a $470 million financial commitment and contentious debates, encapsulated in Sunak emphasizes the need for clear illegal migration consequences, stating, "if you come here illegally, you won’t be able to stay."

SCIENCE & TECH

🎮 PS5 Pro Specifications Surface Online

Sony's PlayStation 5 Pro, set for a late 2024 launch, has leaked specs showcasing a 3.85GHz CPU and a GPU of 33.5 teraflops, enhancing performance significantly over the current PS5. With advanced features like Spectral Super Resolution Upscaling, the anticipation grows for GTA 6 in 2025. Amid financial adjustments and workforce reductions, Sony's strategy focuses on revitalizing the PS5 market. Details remain unconfirmed by Sony.

🍏 Apple Unveils MM1 AI Model, Potentially Fueling Siri 2.0 Upgrade

Apple's MM1, a breakthrough multimodal model, promises to revolutionize Siri by employing AI-generated data for faster model training. Despite its relatively small size of 30 billion parameters, MM1 matches leading benchmarks by enhancing efficiency. It's designed to improve user interaction with minimal effort, indicating a future where Siri offers advanced prompt understanding and reduced need for user prompts.

SPORTS & ENTERTAINMENT

🎥 MrBeast's $5M Game Show on Prime Video Aims to Outdo Netflix's Squid Game

MrBeast, aka Jimmy Donaldson, collaborated with Prime Video for "Beast Games," a reality show with a $5 million prize for 1,000 contestants, setting a record in TV and streaming history. As executive producer and host, Donaldson seeks creative freedom, stating, "I can just make good content." The show will broadcast in over 240 countries on Prime Video.

🌟 Drag Star Shangela Allegedly Involved in Sexual Assault Cases

Darius Pierce, aka Shangela, faces sexual assault allegations by several individuals in a Rolling Stone report. Pierce's lawyer states he "adamantly denies ever engaging in nonconsensual sex." The accusations cover a period from 2012 to 2018, involving claims of leveraging celebrity status for sexual advances, amid a broader context of anti-LGBTQ+ legislation.

🚀 Ariana Grande's "We Can't Be Friends" Hits No. 1 on Billboard Global Charts

Ariana Grande's "We Can’t Be Friends (Wait for Your Love)" debuts at No. 1 on both Billboard Global 200 and Global Excl. U.S. charts, her fourth and third chart-toppers respectively, from her album "Eternal Sunshine." With 97.5 million streams, she ties with Bad Bunny and Taylor Swift for soloist leaders, second only to BTS in chart dominance.

OTHER NEWS

🚫 Supreme Court Continues to Halt Texas Migrant Arrest Law

The U.S. Supreme Court halted a Texas law for arresting illegal immigrants, highlighting state-federal tensions. The law, reminiscent of an Arizona precedent, addresses alleged gaps in federal border enforcement. The legal clash, part of broader disputes over immigration control, intensifies as the U.S. faces record asylum seeker arrivals, spotlighting immigration in the upcoming 2024 election.

📈 US Abortion Rate Hits Decade High, Fueled by Medication Procedures

Abortions in the U.S. increased to over 1 million in 2023, the highest in a decade, despite bans in 14 states. The Guttmacher Institute reports a 10% national rise, with medication abortions becoming predominant. The surge, particularly in states where it's legal, reflects improved telehealth access. The report emphasizes, that "everyone seeking an abortion should have access to the full range of safe, effective options."

THIS DAY THAT YEAR

On 19 March 2003, U.S. President George W. Bush ordered air strikes on Baghdad, initiating the Iraq War with the goal of ousting dictator Saddam Hussein, under the belief (later proven to be incorrect) that Iraq was manufacturing weapons of mass destruction.

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