Newsletter May 17, 2023

Quick Six

Biden postpones Australia trip to deal with debt ceiling crisis
An unfolding crisis over the U.S. debt ceiling prompted President Joe Biden on Tuesday to postpone plans to visit Australia, cutting short an upcoming Asia trip so he can return to Washington for negotiations. Biden will leave today en route to Japan to attend a three-day G7 summit. Afterward, he was set to be the first sitting president to visit Papua New Guinea. The Treasury Department has estimated that the US will go into a crippling default as early as June 1 if Congress does not act to lift the debt ceiling.
WHAT WOULD A DEFAULT MEAN FOR THE US ECONOMY?

US retail sales, industrial production see growth in April
Retail sales in the US returned to growth in April, fueled by a rebound in motor vehicle sales, data released Tuesday showed, but not by as much as many expected. The Federal Reserve has hiked interest rates 10 times since last year in a bid to suppress demand and slow inflation. The 0.4% increase in sales, up from a 0.7% decline in March, suggests the policy is having an impact.
SEE THE IMPACT OF A RISE IN INDUSTRIAL PRODUCTION

FTC blocks Amgen's $28B takeover of pharm giant Horizon
US regulators filed a lawsuit Tuesday to block biopharmaceutical firm Amgen's proposed $28 billion takeover of drug maker Horizon Therapeutics, saying the transaction would harm consumers. In a suit filed in federal court, the FTC said the deal would allow Amgen to entrench the monopoly positions of Horizon medications to treat thyroid eye disease and chronic refractory gout.
SEE AMGEN'S REACTION TO THE FTC'S HORIZON RULING

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Markets

DJIA	33,012.14	-1.01%
S&P 500	4,109.90	-0.64%
Nasdaq Composite	12,343.05	-0.18%
Japan: Nikkei 225	29,842.99	0.73%
UK: FTSE 100	7,751.08	-0.34%
Crude Oil Futures	70.64	-0.31%
Gold Futures	1,993.40	0.02%
Yen	136.39	0.01%
Euro	1.09	-0.03%
* As of market close

ChatGPT's Altman calls for regulation of AI

Sam Altman, the chief executive of ChatGPT's OpenAI, told lawmakers on Tuesday that regulating artificial intelligence was essential, after his chatbot stunned the world. Altman urged Congress to impose new rules on big tech, despite deep political divisions that for years have blocked legislation aimed at regulating the internet. But governments worldwide are under pressure to move quickly after the release of ChatGPT, a bot that can churn out human-like content in an instant.

SEE LAWMAKERS' REACTION TO THE HIDDEN DANGERS OF AI

CIA video seeks to recruit Russian spies

The Kremlin said on Tuesday its agencies were tracking Western spy activity after the U.S. Central Intelligence Agency published a video encouraging Russians to make contact via a secure internet channel. The video in Russian included text saying the agency wanted to hear from military officers, intelligence specialists, diplomats, scientists and anyone with information about Russia's economy and its leadership.

SEE PUTIN'S RESPONSE TO CIA'S INTELLIGENCE RECRUITMENT

Martha Stewart makes waves on cover of SI

Martha Stewart is getting praise on social media over her posing on the cover of Sports Illustrated's Swimsuit edition. The 81-year-old lifestyle guru is one of the four cover stars of the 2023 issue, along with Megan Fox, Kim Petras and Brooks Nader. Some Twitter users criticized Stewart's cover photo, claiming that it was heavily edited. But many more showered Stewart with praise and described her as inspirational.

SEE SOCIAL MEDIA'S REACTION TO STEWART'S COVER PHOTO

Extra point

Who broke Pele's record for the most goals scored in World Cup history?

Tuesday's answer: Lionel Messi surpassed Pele's record for career goals in World Cup play during the recently held 2022 Qatar tournament.