Corporate Debt Defaults Jumped 80%

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BUSINESS & ECONOMY

📈 Corporate Debt Defaults Jumped 80% in 2023, S&P Predicts Continued High Rates

In 2023, U.S. corporate debt defaults surged 80% to 153, with low-rated firms most affected, says S&P Global Ratings. Facing a $13.7 trillion debt, companies anticipate more credit issues in 2024, especially for those rated 'B-' or lower. A "corporate debt cliff" looms due to maturing debts amid slow growth and high costs, affecting multiple sectors. Despite potential Fed rate cuts, challenges persist.

📉 U.S. Economy Faces Challenges as Empire State Index Hits Post-Pandemic Low

In January, the New York Federal Reserve's Empire State business-conditions index drastically fell to -43.7, the second-lowest in history, signaling potential issues for the U.S. economy. The sharp decline, mainly due to a decrease in new orders, exceeded the lows of the 2007-09 recession. Richard Deitz commented, "January was a difficult month for New York manufacturers," while Ian Shepherdson described the drop as "startling but not definitive."

WORLD

🏛️ White House Plans to Renew Houthi Rebel Terrorist Designation

The Biden administration plans to re-designate Yemen's Houthi rebels as a global terrorist group, reversing a 2021 decision amid their Red Sea attacks. President Biden labeled them terrorists, aligning with U.S.-led airstrikes in Yemen. The move affects humanitarian aid delivery and follows U.S. strikes in response to Houthi assaults, including on a U.S. ship. Iran's alleged support for Houthis, highlighted by seized weapons, intensifies the conflict.

🚫 Pakistan Slams Iranian Missile Strike as Unprovoked Aggression

Pakistan condemned Iran's airstrike inside its territory, calling it an "unprovoked violation of airspace," killing two children. Iran claimed precision strikes against Jaish al-Adl in Balochistan, intensifying Middle East tensions. The incident followed Iran's attacks in Iraq and Syria against alleged Israeli targets. Pakistan warned of "serious consequences," lodging a strong protest and holding Iran responsible for the aftermath.

SCIENCE & TECH

🍏 Apple Achieves Record Smartphone Market Share, Claims Top Spot in 2023

In 2023, Apple clinched the top smartphone market spot with a record 20.1% share, surpassing Samsung and others. Despite higher prices, with its iPhone 14 Pro Max leading at $1,100, Apple's rise signifies a market shift towards premium devices. IDC's Nabila Popal attributes this to the "increasing trend of premium devices" and consumer-friendly financing, marking a pivotal industry change.

🔍 Google Revamps Chrome Incognito Tab Message Amid Lawsuit

After settling a $5 billion privacy lawsuit, Google revised Chrome's incognito mode message, clarifying that user data can still be collected by websites, including Google. The Verge reports this update, highlighting unchanged visibility aspects to others like ISPs. Google's José Castañeda says, “Incognito mode...will continue to give people the choice to browse...without their activity being saved to their browser or device.”

🎮 Rockstar Games' Owner Battles Remedy Entertainment Over New 'R' Logo Dispute

Remedy Entertainment faces a trademark dispute with Take-Two Interactive over its "R" logo, resembling Rockstar Games'. Take-Two, objecting to Remedy's filings in the UK, EU, and US, cited potential "confusion on the part of the public." Legal proceedings are delayed until September 2025, with a settlement possible due to Remedy's historical ties to Take-Two.

SPORTS & ENTERTAINMENT

🎭 'All My Children' Star Alec Musser Passes Away, Confirmed Suicide by Medical Examiner

Alec Musser, 50, of "All My Children," died from a self-inflicted gunshot. His fiancée, Paige Press, suspects COVID affected his mental health, although no contributing conditions were found him in their Del Mar home. Press plans a memorial, highlighting Musser's profound impact and widespread love.

🎶 No Doubt Reunites, Joins Lana Del Rey, Tyler The Creator & Doja Cat as Coachella 2024 Headliners

Coachella 2024, set for April 12-14 and 19-21, reunites No Doubt after nearly a decade, alongside headliners Lana Del Rey, Tyler the Creator, and Doja Cat. A diverse lineup awaits, with ticket presales starting January 19 from $499. Highlighting the festival's accessibility, YouTube will live stream the event, ensuring a global audience for this much-anticipated music and arts extravaganza.

OTHER NEWS

👮‍♂️ Three Officers in Manuel Ellis Case Receive $500,000 Each for Leaving Tacoma Police

Three Washington state police officers cleared in Manuel Ellis' 2020 death will receive $500,000 each to exit Tacoma Police. Despite video evidence contradicting their account, they were acquitted of manslaughter and murder charges. The case highlights racial justice issues and police use-of-force policies. Attorney Anne Bremner remarked, "It’s a shame Tacoma is losing [these excellent officers]." Ellis' family settled a wrongful death suit for $4 million.

🍏 Study Links Weight Gain in Children and Adults to 100% Fruit Juice Consumption

Recent studies reveal that drinking a glass or more of 100% fruit juice daily can slightly increase weight in children and adults. Experts like Dr. Walter Willett and Dr. Tamara Hannon advise against overconsumption due to quick calorie intake and lack of fibers compared to whole fruits. The American Academy of Pediatrics recommends limiting juice for children, emphasizing whole fruits for better health.

🏛️ Congress Acts to Avert Government Shutdown Ahead of Weekend Deadline

To avert a government shutdown, Congress, under tight deadlines of March 1 and 8, is pressured to pass long-term funding. Senate Majority Leader Schumer’s extension faces internal GOP disputes, risking the $1.66 trillion deal. With Biden's State of the Union address imminent, reliance on Democratic votes grows amidst GOP discord, reflecting deep challenges in managing government finances and party dynamics.

THIS DAY THAT YEAR

On January 17, 1893, a committee led by Sanford Ballard Dole, acting on behalf of Hawaiian sugar interests and their American allies, successfully overthrew the Hawaiian monarchy, deposing Queen Liliuokalani, and subsequently installed a provisional government with Dole assuming the role of president.

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