Global Debt Peaks at $315 Trillion

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BUSINESS & ECONOMY

🌍 Global Debt Hits $315 Trillion This Year

Global debt has surged to $315 trillion, marking the biggest rise since World War II, fueled by the Covid-19 pandemic. China, India, and Mexico drove the increase, reaching $105 trillion. While Mature economies, led by Japan and the U.S., contribute two-thirds of the total. Stubborn inflation and geopolitical tensions pose significant risks, while household debt accounts for $59.1 trillion of the total.  

📈 Consensus Expects Earnings to Rebound Further

A robust earnings outlook is driving optimism for stocks in 2024, with S&P 500 earnings up 6% in Q1. Excluding Bristol Myers-Squibb, the increase is 10%. Future earnings estimates have risen, predicting 11.4% growth in 2024 and 14.2% in 2025. Deutsche Bank's strategist, Binky Chadha, suggests the S&P 500 could reach 6,000 by year-end.

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WORLD

🛡️ Israel Claims Control Over Gaza-Egypt Border in Rafah Offensive

Israel’s military announced it controls Gaza’s entire border with Egypt, including the Philadelphi Corridor, intensifying its offensive in southern Gaza. Heavy fighting occurred in Rafah to cut off smuggling tunnels and defeat Hamas fighters. White House spokesman John Kirby commented, “While we are not confirming the specifics, this action aligns with Israel’s limited ground operations briefed to us.”

🌋 Iceland Volcano Erupts, Lava Reaches Town Walls

A volcano near Mount Hagafell in southwestern Iceland erupted for the fifth time since December, sending massive lava flows toward the town of Grindavík, threatening to cut it off. The eruption, more vigorous than previous ones, began after an earthquake and intense seismic activity. Lava flows have breached defensive walls, prompting evacuations. 

🛡️ NATO Has Just 5% of Needed Eastern Flank Air Defenses

NATO's internal assessments reveal that Europe possesses only 5% of the required air defense to protect its eastern flank. This shortfall is due to the ongoing conflict in Ukraine, which has led to urgent requests for additional systems and rockets from Western allies. NATO foreign ministers will be meeting in Prague to discuss this issue. 

🔒 Hong Kong Convicts Democracy Activists in Major Security Trial

Hong Kong convicted 14 democracy activists, including Benny Tai and Joshua Wong, in the largest national security trial, citing conspiracy to commit subversion for organizing a primary election. Judges appointed by Beijing's leader used the national security law to quash dissent. Ho-fung Hung of Johns Hopkins University stated, "Any opposition activism, even the moderate kind, will no longer be tolerated."

SCIENCE & TECH

📱 Apple Developing TV+ App for Android Phones

Apple is developing its TV+ app for Android, expanding its streaming service to a broader audience featuring TV and sports content it will allow users to watch and discover shows, and will include new, engaging features. This TV+ service is currently available on smart TVs, Roku, Amazon devices, and game consoles.

🚀 Microsoft’s Copilot Launches on Telegram

Microsoft's Copilot, a generative AI tool, is now available on Telegram as an in-app chatbot. Users can interact with it as they would with a friend, asking a wide range of questions from movie recommendations to current events. Access is free by searching @CopilotOfficialBot, and it requires a phone number. 

SPORTS & ENTERTAINMENT

🚨 Mets to Release Jorge López After Glove-Toss Ejection

The New York Mets are set to cut reliever Jorge López after he threw his glove into the stands following an ejection at Citi Field. López was ejected for shouting at the umpire after giving up a home run. Mets manager Carlos Mendoza said the outburst was "not acceptable." López remained unrepentant, stating, "I don't regret it... I'm the way I am."

🗡️ Actor Nick Pasqual Arrested for Stabbing Girlfriend 20 Times While Trying to Flee to Mexico

Actor Nick Pasqual, 34, allegedly broke into his estranged girlfriend Allie Shehorn's home and stabbed her over 20 times on May 23. Shehorn was severely injured and found by her surrogate mother. Pasqual was arrested in Texas while fleeing to Mexico. He faces multiple charges, including attempted murder. Christine White said, “This is not the kind of thing that should happen to anybody.”

OTHER NEWS

👊 Biden: If Black Americans stormed the Capitol, Trump wouldn’t be ‘talking about pardons

President Joe Biden criticized Donald Trump in a Philadelphia speech to Black voters, suggesting Trump wouldn't discuss pardons if Black Americans stormed the Capitol. “What would’ve happened if Black Americans had stormed the Capitol? I don’t think he’d be talking about pardons,” 

🗳️ Elon Musk might be Trump's  policy adviser if he wins

Elon Musk could receive an advisory role in the White House if former President Trump wins the November election, according to The Wall Street Journal. The Tesla CEO and Trump have discussed Musk's potential influence on economic and border security policies. Additionally, Musk and investor Nelson Peltz proposed a project to combat voter fraud and sway elite business leaders against supporting Biden.

⚡️ Prolonged Power Outages Expected in Storm-Hit Texas

Power cuts in Texas could last for days following severe storms that caused extensive damage and disruption. Hundreds of thousands of homes and businesses remain without power as Dallas County Judge Clay Jenkins stated, "This unfortunately will be a multi-day power outage situation." 

THIS DAY THAT YEAR

On May 30th, 1814, the Treaty of Paris was signed, marking the conclusion of the conflict between France and the Sixth Coalition within the broader context of the Napoleonic Wars. This pivotal moment came after an armistice was brokered on April 23rd between Charles, Count of Artois, and the allied forces.

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