Economy & Global Shakedowns

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BUSINESS & ECONOMY

📉 Fed Maintains Interest Rates as it Predicts 3 Cuts this year

The Federal Reserve has maintained its key interest rate, awaiting further data before considering a cut, despite strong economic indicators. Powell emphasizes a cautious approach: "We can approach that question carefully and let the data speak on that." Meanwhile, projections have adjusted to expect three rate cuts this year, fewer than previously anticipated for 2025 and 2026, with Wall Street predicting the first cut might come in the summer.

📈 Gold Hits Record High, Surpasses $2,200/Ounce Post-Powell Remarks

Gold hit a record above $2,200 an ounce for the first time after the Fed indicated three rate cuts, reflecting a tolerance for recent inflation. This surge, driven by expectations of relaxed U.S. monetary policy and geopolitical risks, was bolstered by significant Chinese purchasing. Chris Weston stated, "The Fed have said that right now they’re tolerant of the inflation that we’ve seen," suggesting a bullish outlook for gold.

🚗 Biden Admin Sets Toughest US Car Emission Limits to Promote EVs

President Joe Biden has announced the U.S.'s strictest vehicle emissions regulations, aiming for 56% of new vehicles to be electric by 2032. This move, expected to cut 7bn tonnes of CO2, is seen as a balance between ambitious climate goals and industry feasibility, amid political and economic tensions. Critics argue it will raise car prices and impact the auto industry, with potential legal challenges looming.

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WORLD

🇻🇳 Vietnam President Vo Van Thuong Resigns During Anticorruption Drive

Amid an aggressive anti-corruption campaign, Vietnam's President Vo Van Thuong resigned, citing "violations" and "shortcomings," a statement that echoes the turmoil within the Communist Party. This resignation, the second in two years, underscores the political upheaval as senior figures face corruption charges. Thuong's departure, anticipated by political rumors, came just before a key parliamentary session.

🇵🇹 Luís Montenegro Named Portugal's PM Following Slim Election Victory

After a narrow victory, Portugal’s President appointed Luís Montenegro of the Democratic Alliance to form a minority government. Montenegro, eschewing a coalition with the far-right Chega, aims for Socialist support to stabilize governance. Montenegro's administration faces hurdles in passing reforms to boost the economy, aiming to balance tax cuts with debt reduction, continuing the country's fiscal focus post-bailout.

🇮🇪 Leo Varadkar Resigns as Irish Prime Minister

Leo Varadkar, Ireland's first gay and biracial prime minister, resigned, citing "both personal and political" reasons and stating, "the time has come to pass on the baton." He aims to improve Fine Gael's electoral chances with new leadership. Varadkar will remain a Dublin West representative, leaving a legacy of significant milestones in Irish politics, with no immediate future plans disclosed.

SCIENCE & TECH

🧠 Neuralink User Says Brain Chip Imperfect but Life-Changing

Elon Musk's Neuralink introduced its brain implant through a video of a 29-year-old quadriplegic man playing chess, marking a leap in brain-computer interface (BCI) technology, also pursued by Synchron, backed by Bezos and Gates. Patient Noland Arbaugh called the surgery "super easy" but noted "it's not perfect." The FDA has cleared Neuralink and Synchron for human trials, signaling a significant advance in neurological treatment.

🔧 Intel Plans $100 Billion Investment in Four US States

Intel plans to invest $100 billion in U.S. factories, spurred by $19.5 billion in CHIPS Act funds, targeting the world's largest AI chip site in Ohio by 2027. CEO Pat Gelsinger's strategy, to regain semiconductor leadership lost to TSMC, hinges on federal support, emphasizing "smart capital" as essential for the U.S.'s re-emergence in semiconductor manufacturing amid global competition.

SPORTS & ENTERTAINMENT

🎤 Snoop Dogg, Eminem, and 50 Cent Celebrate Dr. Dre

Hip-hop legend Dr. Dre received a star on the Hollywood Walk of Fame, celebrated by peers Eminem, 50 Cent, and Snoop Dogg. At the event, Snoop Dogg highlighted Dre's influence, stating, "there would be no Snoop without Dre." This accolade cements Dr. Dre's legacy in the entertainment industry.

🔥 Dodgers Sack Ohtani's Interpreter Over Major Theft Claims

The Los Angeles Dodgers fired Shohei Ohtani's interpreter, Ippei Mizuhara, after $4.5 million in wire transfers intended to cover Mizuhara's gambling debts led to a scandal. Mizuhara, admitting to his sole responsibility for the debts, implicated no involvement from Ohtani. Amidst the unfolding investigation, Ohtani's legal team stated, "Shohei has been the victim of a massive theft," emphasizing their action to involve authorities.

OTHER NEWS

🎰 Mega Millions Jackpot Hits $977M with No Winners in Latest Draw

The Mega Millions jackpot soared to $977 million, with no winners for the $893 million pot. Four people in California, Texas, Virginia, and Florida won $1 million each. This near-billion prize marks a rare event in the game's 22-year history, with only five larger jackpots. Mega Millions, notable for its billion-dollar jackpots, is available in 45 states, D.C., and the U.S. Virgin Islands.

🔨 Georgia Executes Willie Pye for 1993 Alicia Lynn Yarbrough Murder

Georgia resumed capital punishment with the execution of Willie Pye for the 1993 murder of Alicia Lynn Yarbrough, its first since 2020. Pye's appeals, citing an intellectual disability and a pandemic-era agreement, were denied by the U.S. Supreme Court. His execution, following last-minute legal battles, underscoring legal and ethical challenges in capital punishment cases.

👜 Shoppers Sue Hermes as Birkin Bags Too Difficult to Purchase

In California, plaintiffs accuse Hermes of violating U.S. antitrust laws by mandating purchases of other items before allowing customers to buy Birkin bags, described as "deemed worthy" for select buyers. The lawsuit claims this practice forces buyers into unfair sales tactics for these exclusive, high-priced handbags, seeking damages and a change in Hermes' sales approach.

THIS DAY THAT YEAR

On 21st March 1963, the federal prison located on Alcatraz Island in San Francisco Bay, renowned for incarcerating some of the most notorious civilian criminals like Al Capone and Robert Stroud, was officially shut down due to the high costs of operation and maintenance, exacerbated by its isolated location and the saltwater environment causing rapid deterioration.

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