Interest Payments Exceed Defense Spending

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BUSINESS & ECONOMY

📊 US Interest Payments Now Exceed Defense Spending

The U.S. defense budget is nearing $900 billion, but interest payments on national debt are growing faster. In the first seven months of fiscal year 2024, net interest payments totaled $514 billion, surpassing defense spending by $20 billion. This year, interest payments are expected to exceed defense spending for the first time, making interest the third-largest federal expenditure. 

📈 Fed Officials Support Sustained Higher Rates

Federal Reserve officials agreed to keep interest rates higher for longer to address persistent inflation. In the May 1 meeting, they evaluated current policies' effectiveness. The minutes revealed ongoing inflation concerns and officials' readiness to tighten policies if needed. Chair Jerome Powell stated, "We’ll need to be patient and let restrictive policy do its work." 

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WORLD

🌍 Ireland, Spain, Norway Recognize Palestine 

Norway, Ireland, and Spain recognized a Palestinian state on Wednesday, effective May 28, to support a two-state solution, drawing Israeli condemnation and Palestinian celebration. Israel recalled ambassadors from Norway and Ireland and threatened the same with Spain. Norwegian Prime Minister Jonas Gahr Støre stated, "By recognizing a Palestinian state, Norway supports the Arab peace plan."

🇩🇪 Berlin Sees Record Antisemitic Incidents

In 2023, Berlin saw a record 1,270 antisemitic incidents, a nearly 50% increase from the previous year, according to RIAS. Over 60% occurred after October 7, coinciding with the Hamas attack on Israel and the subsequent Gaza crisis. The incidents became more violent, including a synagogue arson. Josef Schuster stated, "It is frustrating to repeatedly point out the consistently high numbers of antisemitic violence in Germany, but it is necessary." 

🔥 Russia Conducts Nuclear Drills Near Ukraine Border

Russia has initiated tactical nuclear drills near the Ukraine border, involving Iskander and Kinzhal missiles, in its Southern Military District to demonstrate readiness and deter Western support for Ukraine. The drills involve missile loading, transport, and preparation, with Belarus participating. Former arms control official Nikolai Sokov stated, “The exercises are, obviously, a signal in response to the discussion of NATO countries’ troops in Ukraine.” 

🇬🇧 UK PM Rishi Sunak Calls Surprise July Election, Faces Ouster 

British Prime Minister Rishi Sunak has called a surprise election for July 4, facing potential removal amid poor polling against the Labour Party. His Conservative Party, in power for 14 years, faces public frustration over economic stagnation and strained public services. Despite controversies, including a plan to deport asylum seekers to Rwanda Sunak stated, "We will stop the chaos."

SCIENCE & TECH

📊 NVIDIA Reports Q1 Fiscal 2025 Financial Results

NVIDIA announced its financial results for Q1 Fiscal 2025, reporting a record revenue of $26 billion, a 262% increase year-over-year. The Data Center segment achieved $22.6 billion in revenue, up 427%. GAAP earnings per share reached $5.98, a 629% increase. NVIDIA also implemented a ten-for-one stock split and increased the quarterly cash dividend by 150% to $0.01 per share post-split.

🚀 SpaceX Begins US Spy Satellite Network Deployment

SpaceX launched the first batch of operational spy satellites on Wednesday for the U.S. National Reconnaissance Office (NRO). The Falcon 9 rocket lifted off from Vandenberg Space Force Base, marking the beginning of a new intelligence network will enhance U.S. surveillance capabilities while providing rapid ground target identification globally. 

SPORTS & ENTERTAINMENT

🎵 Lauryn Hill’s 'Miseducation' Named Apple Music's Greatest Album Ever

Apple Music has crowned Lauryn Hill’s 1998 album, “The Miseducation of Lauryn Hill,” as the greatest album of all time. The album surpasses classics by Beyoncé, The Beatles, Michael Jackson, and more. Featuring hits like "Doo Wop (That Thing)," Hill's debut album is celebrated for its powerful blend of hip-hop, R&B, and social commentary. Hill stated “This is my award, but it’s a rich, deep narrative.”

⚽ Lookman Shines as Atalanta Stun Leverkusen in Europa League Final

Atalanta secured a historic 3-0 victory over Bayer Leverkusen in the Europa League final, propelled by Ademola Lookman's stunning hat-trick at Aviva Stadium. Lookman, who rejuvenated his career in Italy, scored twice in the first half and sealed the win with a brilliant left-footed strike. Lookman stated, "It was an amazing performance from the team. We made history tonight. 

OTHER NEWS

🌪️ Tornadoes in Iowa Kill 5, Injure Dozens Amid Midwest Storms

At least five people were killed and over 35 injured as powerful tornadoes hit Iowa on Tuesday, with Greenfield suffering significant damage. The tornadoes destroyed homes, businesses, and trees, and damaged the local hospital. A woman died in Adams County when her vehicle was blown off the road. Governor Kim Reynolds called the situation "tragic" and emphasized ongoing search and rescue efforts. "

🚗 US Vehicle Age Reaches Record 12.6 Years

U.S. vehicle ages have reached a record average of 12.6 years, according to S&P Global Mobility. This increase is attributed to the high cost of new vehicles, which average just over $45,000. While the average vehicle age increased by approximately two months compared to last year, the rate of this growth is slowing as new vehicle sales rebound from pandemic-related shortages.

🚬 Daily Marijuana Use Surpasses Alcohol in US, Study Reveals

A recent study indicates that daily marijuana use in the U.S. has exceeded daily alcohol consumption for the first time, with 17.7 million individuals using marijuana daily compared to 14.7 million daily drinkers in 2022 following 40 years of changing attitudes and legalization in nearly half of the states. 

THIS DAY THAT YEAR

On May 23rd, 2000, Eminem released his third album, The Marshall Mathers LP. This landmark album debuted at number one on the charts, selling a record-breaking 1.78 million copies in its first week. It set new benchmarks as the fastest-selling hip hop album and the fastest-selling solo album in U.S. history.

BRAIN TEASER

Out of water, I’m white as snow. But when you put me back in water, where I went, you’ll never know. What am I?

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

Here’s what yesterday’s teaser was:

I am black when you get me, red when you use me, and white when you’re all through with me. What am I?

The answer is: Charcoal

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