Earth's Rotation Slowing!

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BUSINESS & ECONOMY

📈 Inflation Decline Boosts Consumer Sentiment to Highest in Over 2 Years

U.S. consumer sentiment in March soared to a 32-month high of 79.4, signaling optimism towards easing inflation and financial relief, according to the University of Michigan. This peak, the highest since July 2021, reflects improved views on the current economy. Joanne Hsu remarked, "Consumers exhibited confidence that inflation will continue to soften," amidst a strong stock market influencing sentiment, particularly among significant investors.

📈 US Economic Growth Revised Up to 3.4% Annual Rate for Last Quarter

The U.S. economy grew at an upgraded rate of 3.4% in Q4, slowing from Q3's 4.9% but showcasing resilience with solid consumer spending and investment amid higher interest rates. The annual GDP for 2023 increased to 2.5%. Inflation showed signs of easing, with core inflation steady. Despite the Federal Reserve's rate hikes to tackle inflation, the economy's continued growth and job creation suggest potential for a "soft landing" without leading to a recession.

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WORLD

🌍 World Court Demands Israel End Gaza Famine

The World Court ordered Israel to halt the famine in Gaza by ensuring adequate food supplies, emphasizing that "famine is setting in." Stemming from accusations of genocide by South Africa, the court requires Israel to report on compliance within a month. Amidst this, the UN Security Council, with the U.S. abstaining, demanded an immediate ceasefire and hostage release.

🧼 Pope Francis Washes Only Women's Feet, Breaking Tradition

Pope Francis made history by washing the feet of 12 women inmates at Rebibbia prison in Rome on Holy Thursday, emphasizing "service and humility," making this the first-ever women-exclusive foot-washing ritual by a pope underscoring his commitment to inclusivity. Despite health challenges, the 87-year-old pontiff personally led the ceremony, demonstrating a significant deviation from traditional Vatican practices.

🚫 Russia Halts UN North Korea Sanctions Watch Panel Renewal

In vetoing the extension of the UN panel tasked with overseeing North Korea's sanction compliance, Russia faces international criticism, notably from South Korea, which compares the move to "destroying a CCTV to avoid being caught red-handed." This action, amid allegations of North Korea's arms supplies to Moscow, undermines efforts to maintain global security, leaving the sanctions intact but ending the panel's mandate to uncover violations on April 30.

SCIENCE & TECH

🌍 Satellite Data Reveals Earth's Rotation Slows from Melting Ice

Recent satellite data indicates Earth's rotation is decelerating, mainly due to ice melt in regions like Greenland and Antarctica, affecting global timekeeping. Since 1972, 27 leap seconds have been added to maintain Coordinated Universal Time (UTC), but the trend might reverse due to mass redistribution and the moon's effects. Author Duncan Carr Agnew points out that substantial modifications to Coordinated Universal Time (UTC) might be required by 2029.

👓 Meta Integrates AI into Ray-Ban Smart Glasses Next Month

Next month, Meta's Ray-Ban Smart Glasses will introduce AI capabilities to its Ray-Ban Smart Glasses, offering features like translation and object identification, reports The New York Times. While innovative, the tech faces challenges with accuracy for distant subjects. Available in the US on early access, the initiative, as the NYT states, "offers a glimpse at how well Meta’s AI works," blending fashion with functional AI.

SPORTS & ENTERTAINMENT

🏦 Kim Kardashian Faces Lawsuit Over Alleged Counterfeit Furniture

The Donald Judd Foundation is suing Kim Kardashian, accusing her of falsely claiming her furniture was designed by Donald Judd, as reported by The New York Times. Efforts to amicably resolve allegations of copyright infringement by Clements Design failed. The foundation's lawyer, Megan Bannigan, emphasized, "We don’t want to be mixed up with Kim Kardashian... but we don’t want to be involved with this." 

🔔 MLB Owners Greenlight Orioles Sale to David Rubenstein

David Rubenstein's acquisition of the Baltimore Orioles for $1.725 billion, including notable investors like Cal Ripken Jr., was unanimously approved by MLB owners. Commissioner Manfred praised Rubenstein, a Baltimore native, as "uniquely suited to lead" the team. This transition from the Angelos family, owners since 1993, marks the Orioles' "Next Chapter" as they start their 2024 season.

OTHER NEWS

💰 1%'s Wealth Reaches Record $44 Trillion

The U.S. top 1%'s wealth soared to $44.6 trillion, propelled by stock market gains, underscoring consumer spending via the "wealth effect." Mark Zandi, chief economist of Moody's Analytics notes, highlights the economy's susceptibility, noting, "This highlights a vulnerability of the economy if the stock market were to falter." This surge also illuminates the significant stock ownership disparity, spotlighting the unequal benefits across different socioeconomic tiers.

🌊 East Coast Faces Increased Flood Threat from Strengthening Storm

The East Coast faces heavy rain, causing flood watches across the eastern Mid-Atlantic and New England, with warnings of "excessive runoff" leading to potential urban and riverine flooding. Some areas may receive over 2 inches of rain, complicating cleanup efforts and affecting sports schedules, including MLB home openers. The National Weather Service highlights the risk of flooding in already saturated regions.

🔒 Sam Bankman-Fried Gets 25-Year Sentence Over FTX Collaps

Sam Bankman-Fried was sentenced to 25 years for defrauding FTX customers, causing an $11 billion deficit. Judge Kaplan, calling Bankman-Fried "extremely smart," noted his reputation is now "mud." Despite a lesser sentence than the prosecution's request, Judge Kaplan remarked on the necessity of the sentence, highlighting, "There is a risk that this man will be in position to do something very bad in the future," 

🚨 Biden, Obama, Clinton's $25M NY Fundraiser Halted by Protesters

During a New York fundraiser for Biden's reelection, which raised $25M, protests broke out criticizing Biden's support for Israel in the Gaza conflict. Amidst the event, featuring Obama and Clinton, a protester shouted, "Shame on you, Joe Biden!" Obama addressed the interruptions, emphasizing the complexity of presidential decisions on Israel and Palestine, stating, "It's a lonely seat."

THIS DAY THAT YEAR

On 29 March 1867, through the enactment of the British North America Act, the British colonies of Nova Scotia, New Brunswick, and Canada were consolidated, forming the Dominion of Canada. Additionally, the province of Canada was partitioned into Quebec and Ontario.

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