Investors appear unconcerned by the impact of the prospect of a US default on its debts within the next fortnight, despite US Treasury Secretary Janet Yellen warning of a "catastrophic" financial collapse unless Republicans and the ruling Democrats agree a deal on spending and the debt ceiling. However, it is suggested bond investors and traders are less sanguine than their equity counterparts, with warning signs being seen in yields on shorter-term debt bills. Analysts have noted the US stock market's growth has been largely driven by the "mega caps", the biggest technology stocks. The New York "FANG" index, which tracks Facebook's parent, Meta, Apple, Google's Alphabet and Amazon, has surged 52% YTD. Despite this, the cost of US credit default swaps has risen and investors have withdrawn over $24bn from equity funds so far in May.
Australian man Jason Kennison died on his descent from the peak of Mount Everest on 19 May. Kennison was one of 10 people to die on the mountain during the 2017 climbing season. A former heavy vehicle mechanic with permanent spinal injuries sustained in a 2006 accident, Kennison climbed the mountain to raise money for Spinal Cord Injuries Australia.
Singapore’s prime minister tests positive for COVID-19
The Toronto Star
23-05-22 05:49
Singapore Prime Minister Lee Hsien Loong has tested positive for COVID-19 after returning from several work trips to Africa and Asia. The 71-year-old leader was prescribed the antiviral medication Paxlovid due to his age. His last COVID-19 vaccine booster was in November, and he urged Singaporeans to keep up with their vaccinations to reduce the risk of severe illness. Health Minister Ong Ye Kung warned that the nation could become vulnerable to the virus again if fewer seniors continue to keep up with their COVID-19 shots.
A GoFundMe page for the Cho family, who were among eight people killed by a neo-Nazi gunman in Texas earlier this month, raised nearly $2m for their only surviving son. Kyu and Cindy, who were both born in Texas and had moved back home upon starting their family, left behind two sons aged three and six years old respectively. The couple had met in Boston congregation, a church that they both attended, where their supportive relationship had become one of its defining strengths, earning them the title “relationship goals”.
Kyu and Cindy Cho died alongside their son, James, in a recent shopping mall shooting north of Dallas in a case that has disgusted the world. The demented individual who killed the Cho family as well as five others is understood to have a background with white-supremacist and dangerous misogynistic beliefs and writings. The Cho family has set up a fund to support their extended family, following the murder of their children's parents. The family's hope is to allow all of William’s future needs and dreams to be realised and to keep his parents’ legacy alive.
Meta (formerly Facebook) has been given a €1.2bn ($1.34bn) from the Irish Data Protection Commission over violating its rules regarding the transfer of user data to the US. Five months was given to the company to eliminate any future transfer of personal data to the US, while six months was given for the processing of previously sent European citizens’ personal information in the US to cease. Meta President of Global Affairs, Nick Clegg, responded to the ruling by stating it was flawed, unjustified, and praised that it is a dangerous precedent for the various companies that transfer data between the EU and US.
The French Tennis Federation has teamed up with artificial intelligence software provider Bodyguard.ai to filter and block comments on social media deemed toxic or harassing. Players and officials can opt-in to the programme prior to the French Open, which begins later this month, with access staying live for a week afterwards. The software is trained to block derogatory comments on six social media platforms including Twitter and TikTok.
Florida Governor Ron DeSantis is expected to launch a bid for the Republican Party’s presidential nomination this week. While much of the focus around him has been his differences with his predecessor and party leader Donald Trump, DeSantis has gained national attention for his role in what’s called the ‘culture wars.’ This includes his actions in taking over the public liberal arts institution New College and introducing a ‘Don’t Say Gay’ policy in Florida’s public schools. The New York Times Opinion columnist Michelle Goldberg, who has been following the situation in Florida, said that the changes DeSantis made at New College will give an insight into his wider vision of America.
The US should consider ending the reliance on doctors and invest in community-based care systems, according to Eric Reinhart, a political anthropologist, psychoanalyst and physician at Northwestern University. Writing in the New York Times, Reinhart contends that community health workers with basic training could be better placed to carry out basic health functions such as referrals for medical exams, diabetes education, basic mental health assessments and support, and nutrition and exercise counseling. These measures could help the US address its shortage of healthcare providers and help improve the country’s “abysmal population-level outcomes”. Reinhart also notes that doctors are overly involved in women’s reproductive care, and says the over-the-counter availability of the contraceptive pill would benefit women, protect their right to bodily self-determination and improve the population’s health.
Encouraging students to "follow your passions" whilst choosing a college major and career path may perpetuate gender gaps. According to a study of US university students by Sapna Cheryan and Therese Anne Mortejo from the University of Washington, when asked to identify their passions, both men and women tend to cite gender stereotypically feminine and masculine careers. This biases the playing field: in fields like computer science and engineering, where women make up a smaller proportion of workers, gender gaps were wider when students were encouraged to go with their passions. By contrast, when students were nudged into prioritizing money or nurturing and supporting others, these gender gaps were less pronounced.
Meta has been fined a record €1.2bn ($1.3bn) by the European Union, which says the social media firm must stop transferring users' data to the US by October. The decision updates a legal row that started in 2013 when Austrian lawyer and privacy campaigner Max Schrems complained about Facebook's handling of data following revelations by whistleblower Edward Snowden about US electronic surveillance. Meta said it would appeal the punishment and apply for the decision to be put on hold by the courts. The EU's penalty is the largest since the bloc's tough privacy regime became law five years ago.
Bryan Kohberger, a criminology PhD student accused of murdering four University of Idaho students in November 2022, will appear in court on Monday for his arraignment. Kohberger is expected to enter a plea on four counts of first-degree murder and burglary. Following a six-week investigation, Kohberger was arrested on 30 December after his DNA was found on a knife sheath left behind at the crime scene. A white Hyundai Elantra, matching his, was also captured on surveillance footage driving away from the area at the time of the murders.
In a recent report released by NBC Dateline, Kohberger was believed to have broken into the home of a female student and then installed security cameras to spy on her in the weeks before he allegedly killed the four students. Kohberger had allegedly befriended the woman after moving to Pullman, Washington State, to begin a graduate program in criminal justice at Washington State University. He installed a video security system inside her home to allow him to spy on her, as he knew her wifi password and was able to tap into the cameras. NBC Dateline also reported that Kohberger’s sister feared he was involved in the students’ murders because of reasons including his behaviour and the fact that she saw spots of blood on his clothing.
Kohberger became a suspect in the case after six weeks of near-silence from law enforcement in Idaho and Pennsylvania. Law enforcement executed a search warrant at Kohberger’s apartment, where they seized various items, including cell phone records and a disposable glove, stained with blood, according to sources.
Chinese police have advised citizens to look at their children's phones to see whether they have downloaded encrypted messaging programs such as Telegram, which officials say sits in a grey area of the law as it can delete content after it has been read, making it difficult to secure evidence for criminal investigations. Parents have been instructed to take their children to the local police station if they have the app so officers can determine if they have broken the law. Chinese authorities frequently pursue political troublemakers' family members as a means of pressuring them to cease activities judged to be against the state's interests. Telegram played a significant part in organising last year's white paper protests, a series of demonstrations held to express frustration at the country's strict coronavirus policies and hardline censorship of social media content.
Meta hit with record fine by Irish regulator over U.S. data transfers
CBC
23-05-22 12:59
Facebook parent company Meta has been hit with a €1.2bn ($1.75bn) fine by the Irish data protection watchdog over its transfer of user data to the US and given five months to cease these transfers. The fine, which follows the company's breaching of a 2020 EU ruling on data transfer, is the largest European privacy penalty seen, and surpasses Amazon's previous record €746m fine. Facebook, which could be prevented from operating in Europe if it fails to cease data transfers, reiterated its desire to form a new agreement between the US and the EU before the five-month deadline is up.
New York's Genesis House has opened a Korean tea pavilion, where six guests can receive tea ceremonies and learn etiquette of 'darye'. The serene, South Korean-inspired extravaganza includes green, black, white, red, herbal and blue teas, available for purchasing and sampling. The pavilion, open every weekend, is located in the flagship building of the country's namesake auto manufacturer, which also houses a Korean restaurant. Additional culinary offerings include a lavender mille crepe cake from Lady M, an Upper West Side salad, sandwich and soup market by Rick Mast, and a dark and brackish Dashi RDX umami syrup from Noma Projects.
Facebook’s parent company Meta has been fined €1.2bn ($1.4bn) by the European Union for contravening data protection laws regarding the transfer of data to the US. The bloc ruled that Meta’s legal basis for the transfer, known as standardised contractual clauses, was insufficient. It is unlikely to engender much sympathy, due to increasing privacy concerns and a global fear of overseas institutions’ use of citizens’ data. The fine is a record for the EU, but is still only a quarter of the maximum possible financial penalty and amounts to less than 1% of Meta's market capitalisation.
Trump Media & Technology Group (TMTG) has launched a $3.78bn defamation lawsuit against the Washington Post over an article from May 2022 in which the media company accused TMTG of securities fraud. The article’s headline insinuated “that TMTG was involved in shady business dealings,” according to the TMTG-owned Truth Social. Launched in October 2021, Truth Social is an alternative to Facebook and Twitter but has already been subject to a number of financial investigations. This is the latest of a string of defamation-related cases brought by former President Donald Trump.
Protesters at Marineland hold 'memorial' for Kiska the killer whale on Niagara park's opening weekend
CBC
23-05-22 16:17
Animal rights activists have protested against Marineland, a theme park in Canada, due to allegations of animal abuse. For many years the park has kept marine creatures in captivity, and since the death of the last killer whale in March, activists have been clamouring for the animals to be released back into the wild or taken to wildlife sanctuaries. An animal rights campaigner said that whilst she did not believe in shaming people into not visiting the park, she felt that many may not be aware of the park’s history of animal abuse.
Police searching for Madeleine McCann plan to conduct a major search of a remote reservoir in Portugal that suspect Christian Brueckner used to visit. The 45-year-old paedophile is currently jailed near Bremen for raping an American pensioner in 2005, the same resort where Madeleine vanished two years later. A peninsula jutting into the Algarve reservoir where Brueckner is believed to have visited was sealed off on Monday. British police will travel to Portugal to observe the new search, according to reports, while Scotland Yard liaison officers are expected to keep Madeleine’s parents informed of any developments. The searches are expected to take several days to complete.
A Texan man who has been a person of interest in his wife's 25-year-old disappearance has died by suicide. Jim Sweeten, 79, was found in a shed with a self-inflicted gunshot wound two days after police recovered what is believed to be a burn barrel that was noticed to be missing around the same time Peggy Sweeten disappeared. Peggy Sweeten was 52 when she vanished. When she disappeared, Mr Sweeten claimed that she had left him for a lover, but no evidence was found to support this claim.
