Newsletter Apr 26, 2023

Quick Six

Biden makes reelection bid official; Trump showdown looms
President Joe Biden launched his re-election bid on Tuesday with a promise to protect American liberties from "extremists" linked to former President Donald Trump, who he beat in 2020 and might face in 2024. Biden made his announcement in a video released by his new campaign team that featured the Jan. 6 attack on the Capitol. He called GOP platforms threats to freedoms, vowed to fight for women's healthcare and blasted "MAGA extremists."
ODDS OF A BIDEN-TRUMP REMATCH GROW MORE LIKELY

Consumer giants report strong earnings despite inflation
Consumer-facing companies like McDonald's, Nestle and General Motors posted steady first-quarter results built on higher prices, showing consumers are still spending despite slowed economic activity. Shoppers have absorbed price hikes for soda, appliances and other goods, bolstering company profits. However, sales volumes declined, raising investor concerns that consumers are starting to balk at increased costs as the economic outlook dims.
ANALYSTS WEIGH IN ON HOW LONG SPENDING WILL LAST

FDA approves new Biogen drug for the treatment of ALS
The Food and Drug Administration on Tuesday approved Biogen Inc's drug for treating a form of ALS, making it the first available treatment for the genetic cause of the disease. The drug, Qalsody, got a green light under the FDA's accelerated approval pathway. Biogen must provide more data on the drug's effectiveness for it to remain on the market and to receive traditional FDA approval.
SEE HOW QALSODY OFFERS NEW HOPE TO ALS PATIENTS

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Markets

DJIA	33,530.83	-1.02%
S&P 500	4,071.63	-1.58%
Nasdaq Composite	11,799.16	-1.98%
Japan: Nikkei 225	28,620.07	0.09%
UK: FTSE 100	7,891.13	-0.27%
Crude Oil Futures	77.21	0.18%
Gold Futures	2,007.90	0.17%
Yen	133.74	0.02%
Euro	1.10	0.01%
* As of market close

House GOP push bill tying cuts to debt limit

House Republicans hope to muster the votes needed to adopt a plan to slash spending and raise the government's $31.4 trillion debt ceiling, despite signs of growing opposition within their ranks. House Speaker Kevin McCarthy plans to pass the bill, which would raise the borrowing limit by $1.5 trillion. But the proposal has little chance of passing the Democratic-controlled Senate, and the White House said Tuesday that President Joe Biden would veto the bill if it reached his desk.

WHY BIDEN OPPOSES TYING SPENDING CUTS TO DEBT CEILING

Twitter changes benefit China, Russia, Iran

The recent changes made to Twitter by newly-appointed CEO Elon Musk are seemingly becoming advantageous to accounts controlled by governments of Russia, Iran and China on the social media platform. The changes reportedly facilitate the acquisition of new followers and amplification of the dissemination of propaganda and disinformation to a broader audience for these governments with state-controlled media.

HOW COUNTRIES USE TWITTER TO SPREAD DISINFORMATION

Actor, singer, activist Belafonte dead at 96

Harry Belafonte, the superstar entertainer who introduced a Caribbean flair to mainstream U.S. music and became well known for his deep personal investment in civil rights, died Tuesday in Manhattan. Best known for his music and movie roles, Belafonte took on a trailblazing role in the civil rights movement. He became a confidant of Martin Luther King Jr. and personally opened his wallet to fund the cause.

SEE TRIBUTES FROM AROUND THE WORLD FOR BELAFONTE

Worth the wait

Harry Belafonte waited longer than any other EGOT winner between his first and fourth award. How long, and what award completed the feat?

Tuesday's answer: Before launching his successful solo musical career, Marvin Gaye was a member of the Motown boy band The Moonglows?

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