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Your Daily BriefJuly 28th, 2022 |
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In Today’s Brief
- Russia: Biden administration proposes a prisoner exchange for Brittney Griner and Paul Whelan
- Senate: Passes $280 billion bill to boost domestic semiconductor production
- Late Night with Seth Meyers: Canceled this week after Meyers tests positive for Covid-19
- Mega Millions: Jackpot prize tops $1 billion for third time in the lottery’s history
- Hope Solo: Pleads guilty to driving intoxicated with her children in the car
- Top Tips: At least five died in a magnitude 7.0 earthquake in the Philippines, The Fed raises interest rates by 0.75%, Spirit and Frontier Airlines call off merger deal
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Magnitude 7.0 earthquake hits the Philippines
A magnitude 7.0 earthquake struck the northern Philippines yesterday, leaving at least five dead and dozens injured.
According to the Philippines Institute of Volcanology and Seismology, activity in a local fault at a depth of 17 kilometers (10 miles) set off the earthquake. In addition to identifying the epicenter as a mountainous region of the country’s Abra province, the institute also said that it expected damage and more aftershocks in the area. In the hours following the quake, President Ferdinand Marcos, Jr., who took office less than a month ago, planned to travel to Abra to meet with victims and local officials.
Since the Philippines lies along the Pacific “Ring of Fire”–an arc of faults in the Pacific Ocean with regular seismic activity–it is prone to earthquakes, including a magnitude 7.7 quake in 1990 that killed over 1,000 people in the northern part of the country.
Federal Reserve raises interest rates by 75 basis points for the second month in a row
The Federal Reserve raised interest rates by 75 basis points (or 0.75%) at its monetary policymaking meeting yesterday, matching the rate hike it implemented in June.
Yesterday’s rate hike brings the federal funds rate–what banks charge each other for overnight loans–to a target range of 2.25 to 2.5%. In a press release, the Fed wrote that it “seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate.”
According to the press release, all Committee members voted in favor of the 75-basis point increase to curb inflation that “remains elevated” due to pandemic-related supply issues, higher prices for food and energy, and broad price pressures overall.
Spirit Airlines and Frontier terminate merger deal after months of talks
After months of negotiations to reach a potential merger agreement between Spirit and Frontier Airlines, the two companies have terminated the deal.
While it was in talks to merge with Frontier, Spirit encouraged its shareholders to approve the deal, and postponed a shareholder vote on the merger four different times. Yesterday, the two airlines announced the decision to mutually terminate the merger via webcast after Spirit failed to secure enough shareholder support for the deal. Now that the Spirit and Frontier merger is no longer a possibility, Spirit plans to continue exploring JetBlue’s offer to acquire the company in an all-cash deal worth $3.7 billion.
According to Spirit, it will continue its “ongoing discussions with JetBlue as we pursue the best path forward for Spirit and our stockholders.” If JetBlue and Spirit agree to merge, the deal would create the fifth-largest airline in the United States.
Around the Globe
- The Biden administration has reportedly made an offer to exchange convicted Russian arms trafficker Viktor Bout for WNBA player Brittney Griner and Paul Whelan, another American jailed in Russia
- Russian space officials have told NASA that Russia intends to remain a part of the International Space Station until 2028, one day after announcing the decision to leave the ISS after 2024 “has been made”
- About 1 million residents of Wuhan, China have been placed under lockdown after four asymptomatic cases of Covid-19 were detected
On the Homefront
- The Senate passed a $280 billion bill dubbed the Chips and Science Act aimed at boosting semiconductor production in the United States and reducing reliance on China
- President Biden tested negative for Covid-19 and has ended his quarantine as of yesterday, per a report from the White House
- Two former Minneapolis Police officers, J. Alexander Kueng and Tou Thao, were sentenced to 3 years and 3.5 years in prison (respectively) for their role in the fatal arrest of George Floyd
Glitz and Games
- Leave It to Beaver actor Tony Dow dies in hospice care at age 77, one day after his management mistakenly reported his passing
- Mike Trout of the Los Angeles Angels has been diagnosed with a back condition called “costovertebral dysfunction at T5” after originally being diagnosed with back spasms
- NBC’s Late Night with Seth Meyers has been canceled for the rest of the week after Meyers tested positive for Covid-19
Money Moves
- Major indexes in the stock market rebounded after Fed Chair Jerome Powell said the central bank would likely need to slow the rate of increases soon (Dow +1.37%, Nasdaq +4.06%, S&P 500 +2.62%)
- Facebook parent company Meta (NASDAQ: FB) reported its first year-over-year decline in quarterly revenue since it went public and a profit decline of 36% from Q2 of last year; shares fell as much as 3% in after-hours trading
- The Mega Millions jackpot prize topped $1 billion for the third time in its history after no one drew the winning numbers in Tuesday night’s drawing
Tip & Tricks
- Sneak Peek: Check out these exclusive pictures of Ana de Armas as Marilyn Monroe in the upcoming Netflix film Blonde
- Bump This: Megan Thee Stallion and Future have teamed up for the new track “Pressurelicious” - listen on Apple Music and Spotify
- Chow Down: Bust out your oven-safe pan with this recipe for classic ratatouille–the dish, not the movie
- Nerd Out: Read about this electric car that runs on solar power built by a math teacher in India (look out Elon, you may have some competition)
- Say What: “If I wanted to take a six-month break, I don’t have income to cover that. I don’t have someone supporting me, I don’t have anyone I can turn to, to pay my bills or call for help. They don’t pay actors like they used to, and with streamers, you no longer get residuals,” actress Sydney Sweeney said in an interview with The Hollywood Reporter when discussing the trajectory of her career
- Hot Goss: Former U.S. women’s soccer goalkeeper Hope Solo pleaded guilty to driving intoxicated with her 2-year-old twins asleep in the backseat
- Life Hack: When ordering hot tea at a coffee shop, asking for a few ice cubes in your drink will help cool it down and keep it from burning your tongue (you’ll thank us later)
Looking Back…
On July 28th: World War I is sparked when Austria-Hungary declares war on Serbia following the assassination of Austrian archduke Franz Ferdinand (1914); the first feature-length zombie film White Zombie is released, starring Bella Lugosi (1932); over 240,000 people are killed in an earthquake in Tangshan, China (1976); Jacqueline Kennedy Onassis is born (1929).
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