Deficit Soars to Record High

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BUSINESS & ECONOMY

📈 Retail Sales Inch Up 0.1% in May Despite High Inflation

Retail sales in the U.S. rose a modest 0.1% in May from April, as high inflation and interest rates curbed spending, according to the Commerce Department. Excluding gas sales, retail sales increased by 0.3%. Falling gas prices influenced these figures, with gas station sales dropping 2.2%. Jeffrey Roach chief economist for LPL Financial stated "Consumer spending is cooling in a fairly orderly fashion."

📉 2024 Federal Budget Deficit Soars to Nearly $2 Trillion 

The Congressional Budget Office projects the 2024 federal budget deficit will reach $1.9 trillion, $400 billion more than earlier estimates. Contributing factors include $95 billion in aid, increased Medicaid spending, and Biden's student loan policies adding $145 billion. The 2017 tax cuts also impact the deficit.  Maya MacGuineas, president of the Committee stated, "Leadership is needed to address growing debt." 

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WORLD

🚨 North Korea Urges Immediate Military Aid Clause in Putin-Kim Deal

North Korean leader Kim Jong Un and Russian President Vladimir Putin have agreed on a new treaty requiring immediate military assistance in the event of war, according to North Korean state media. The agreement mandates deploying “all means at its disposal” for defense. Kim called it their "strongest-ever treaty," and Putin hailed it as a “breakthrough document.” 

🚨 Hezbollah warns of war with Cyprus over Israel's support

Hezbollah leader Hassan Nasrallah threatened war against Cyprus if it allows Israel to use its territory for military operations against Lebanon. In a Wednesday address, he stated, “Opening Cypriot airports and bases to the Israeli enemy to target Lebanon would mean that the Cypriot government is part of the war,” warning of severe retaliation. 

🔫 Sudan Accuses UAE of Fueling Civil War with Arms

Sudan accused the UAE of arming the Rapid Support Forces (RSF) in its 14-month civil war, leading to a confrontation at the UN Security Council. Sudan's UN ambassador claimed the UAE supplied weapons to the RSF, while the UAE dismissed the accusation as a distraction. The UN warned of ethnic atrocities in Darfur. UN Assistant Secretary-General Martha Pobee stated, “We must prevent further atrocities and protect civilians.” 

SCIENCE & TECH

🚀 OpenAI's ex-chief scientist launches new AI firm

OpenAI’s co-founder and former chief scientist Ilya Sutskever launches Safe Superintelligence Inc. (SSI), an AI startup focused on creating a safe and powerful AI system. SSI aims to combine safety and capabilities without the distraction of commercial pressures. Sutskever stated, “Our business model means safety, security, and progress are all insulated from short-term commercial pressures.” 

🌍 95% of Earth's Soil Set to Degrade by 2050 

95% of Earth's soil may be degraded due to intensive farming by 2050 according to Save Soil and UN-backed maps, reducing water retention and increasing vulnerability to droughts and wildfires. With a growing global population, this could lead to food crises and displacement, highlighting the need for regenerative agricultural practices to maintain soil health. 

SPORTS & ENTERTAINMENT

🎵 Sony Music to Acquire Queen Catalog for £1 Billion

Sony Music is set to acquire the Queen music catalog for £1 billion ($1.27 billion). The deal includes most rights, excluding live performance revenue, which will remain with band members Brian May and Roger Taylor. Another bidder offered $900 million but fell short. The catalog, featuring hits like "Bohemian Rhapsody," remains one of rock's most valuable. 

OTHER NEWS

🔥 Millions Alerted as Record Heat Wave Sweeps Eastern U.S.

Record heat waves are affecting the Midwest to the Northeast, setting or tying temperature records and leaving over 91 million people under heat alerts. Emergency operations are active in several states, including New York and Boston. The National Weather Service warns of continued record-breaking heat, urging those without air conditioning to seek cooling options.

🔟 Louisiana mandates Ten Commandments display in classrooms

Louisiana law now mandates public schools display the Ten Commandments in all classrooms, signed by Governor Jeff Landry. House Bill 71 requires poster-size displays with readable fonts. Critics argue it violates the First Amendment's establishment clause, while supporters cite historical significance. Landry remarked, "If you want to respect the rule of law, you gotta start from the original law."

📱 Flip phone sales surge as users seek focused connection

Flip phone sales are soaring as people seek to reduce distractions and reclaim their time from smartphones. The surge, driven by Gen Z and Millennials, stems from burnout with constant connectivity and social media. Influencers and a desire for a simpler, more present lifestyle contribute to the trend, making flip phones a popular choice for those wanting to focus on real-life interactions and mental well-being.

🚨 Victims' families demand $24 billion fine for Boeing over 'deadliest corporate crime in US history'

Boeing, accused of committing the "deadliest corporate crime in US history," is being urged by families of 737 Max crash victims to be fined $24 billion. The families demand the Justice Department aggressively prosecute Boeing and former CEO Dennis Muilenburg for safety lapses leading to 346 deaths in crashes in Indonesia in 2018 and Ethiopia in 2019. 

THIS DAY THAT YEAR

On June 20th, 1837, following the death of William IV, Victoria ascended to the throne as Queen of the United Kingdom, ushering in an era during which the nation emerged as the world's most powerful empire.

BRAIN TEASER

I have a little house in which I live all alone. It has no doors or windows, and if I want to go out I must break through the wall. What am I?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what yesterday’s teaser was:

Spelled forward, I’m what you do every day; spelled backward, I’m something you hate. What am I?

The answer is: Live

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