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BUSINESS & ECONOMY

🏦 US Major Banks Face Surplus of Bad Property Debt Over Reserves

U.S. banks face a surge in delinquent commercial real estate loans, with a nearly tripled debt to $9.3bn and reserves dropping sharply. The Federal Reserve's Michael Barr emphasized the focus on banks' CRE lending risk management. The industry's loan loss reserves are at a seven-year low, prompting warnings from experts like Bill Moreland of BankRegData and Richard Barkham of CBRE about the need for increased allowances and the potential for $60bn in losses over five years.

📈 US Consumer Sentiment Climbs, Ending a Tumultuous Week for the Economy

In February, U.S. consumer optimism continued its upward trend for the third month, with the University of Michigan's sentiment index reaching 79.6. Joanne Hsu noted a 30% increase in sentiment since November, amidst signs of inflation pressures. Yet, consumer confidence remains high due to positive inflation and labor market expectations. Despite economic uncertainties, stock market records and investor optimism reflect a resilient economic outlook.

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WORLD

📉 Gaza Health Ministry reports over 29,000 Palestinians dead in Israel-Hamas conflict

Israel's offensive in Gaza since October 7 has killed over 29,000 Palestinians, prompting Prime Minister Netanyahu to vow "total victory" against Hamas. U.S.-led ceasefire efforts are stalled, while tensions with Hezbollah and international relations, notably with Brazil, intensify. The conflict has displaced 80% of Gaza's population, with Netanyahu urging Qatar to influence Hamas for hostage releases, amidst widespread devastation and humanitarian crises.

🇺🇸 US Calls for Israel to Halt Rafah Ground Attack Plans

The US proposes a UN resolution for a temporary ceasefire in Gaza, aiming to prevent a Israeli offensive on Rafah. This marks the first US explicit support for a ceasefire in the Israel-Hamas conflict, offering an alternative to an Algerian proposal. The resolution condemns Hamas for violence since October 7 and calls for civilian protection, with UK Foreign Secretary David Cameron also advocating for an immediate halt to hostilities.

📉 China Hits Lowest Foreign Direct Investment Since 1993

Foreign direct investment into China in 2023 fell to $33 billion, the lowest since the early 1990s, down 82% from 2022, as Covid lockdowns and geopolitical tensions deterred overseas funds. Investment from Japanese, Taiwanese, and South Korean firms significantly declined, while German companies bucked the trend, investing a record €12 billion. This downturn challenges Beijing's efforts to rejuvenate its economy with foreign capital.

SCIENCE & TECH

📱 iPhone 16 Leak Reveals Vertical Camera Design

A leaked mold suggests the iPhone 16 may feature a vertical camera setup, enabling Spatial Video, a nod to the iPhone X's design. It also introduces a smaller Action Button and a pressure-sensitive Capture Button. As shared by Majin Bu on X, the reliability of this leak is uncertain, and the final design could change.

📱 Apple's Wet Phone Guide Excludes Rice Trick

Apple warns against the popular internet myth of drying wet iPhones with uncooked rice, cautioning, "Don’t put your iPhone in a bag of rice. Doing so could allow small particles of rice to damage your iPhone." Instead, they recommend tapping the device to remove water and letting it air dry, debunking the misconception that rice aids in the drying process.

SPORTS & ENTERTAINMENT

🎬 Kagney Linn Karter, 36, Adult Film Star, Passes Away from Suicide

Kagney Linn Karter, a 36-year-old adult film star, tragically ended her life in Ohio. Described as a "beautiful soul" on a GoFundMe page for her funeral, she was celebrated for her roles as a performer, entrepreneur, and friend. Despite her struggles with mental health, she founded a unique pole studio in Akron and deeply impacted her community.

🏈 NFL 2024 Free Agency, Complete List of Players with Voided Contracts, Including Baker Mayfield

The 2024 NFL free agency, starting March 11, will feature 38 players, including Baker Mayfield and Mike Evans, becoming free agents as their contracts void.  Teams race against a deadline to renegotiate and manage salary-cap charges. Among these, Marcus Davenport's contract stands out for its renegotiated void date, aligning with the free agency start. As of early Monday, Nelson Agholor is the only player to have finalized a new agreement.

🚀 Bridgit Mendler, Ex-Disney Star, Starts Satellite Venture

Bridgit Mendler, known for "Good Luck Charlie," co-founds Northwood Space to streamline data transmission between Earth and satellites, introducing "teleports." Launching with $6 million, Mendler humorously contrasts the venture to lockdown hobbies: "While everybody else was making their sourdough starters, we were building antennas." She aims to simplify space communication, acting as CEO with her husband.

OTHER NEWS

👶 Alabama Supreme Court Declares Frozen Embryos as Children

The Alabama Supreme Court ruled that frozen embryos are considered children under state law, impacting wrongful death legislation. This decision, from a case involving destroyed IVF embryos, holds that the Wrongful Death of a Minor Act applies to all unborn children, regardless of location. Justice Jay Mitchell, leading the majority, asserted that discussions on policy should be reserved for the Legislature. In contrast, Justice Greg Cook, dissenting, called for explicit legislative guidance.

🌡️ US Warmest Winter Predicted, Natural Gas Prices Drop

U.S. natural gas prices have dropped to a near-30-year low due to the country's warmest winter on record and record production levels, plunging over 50% since mid-January to $1.61 per mn Btu. Matt Rogers from Commodity Weather Group described the situation as "just nuts... something very unusual." The surplus has forced producers to scale back, with inventories 11% higher than last year.

🎰 US Man Sues Lottery Over $340M Win Error Claim

John Cheeks is suing Powerball and DC Lottery for $340m after a technical glitch falsely indicated he won the jackpot. His lawsuit, emphasizing lottery integrity, claims damages for the mistake. Cheeks aims to use potential winnings to help aspiring homeowners. His lawyer stressed the case's significance on the reliability of lottery institutions. A hearing is set for February 23.

THIS DAY THAT YEAR

On 20 February, 1962, John H. Glenn, Jr., distinguished as the oldest among the seven astronauts chosen by NASA for Project Mercury's spaceflight training (and who would later serve as a U.S. senator), achieved a historic milestone by becoming the first American to orbit Earth. During this momentous mission, he circled the globe three times.

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