Newsletter May 26, 2023

Quick Six

Biden vows debt deal despite lawmakers leaving for holiday
President Joe Biden declared Thursday the US would avoid a disastrous credit default even as lawmakers went on a 10-day break without a deal on raising the nation's debt ceiling. The move comes less than a week until June 1, when the government says it could run out of money to service its debts. Any missed loan repayments would likely spark a recession, roiling world markets. Members of the House went on Memorial Day recess after their final vote Thursday morning and are not due to return until June 4.
BIDEN REMAINS CONFIDENT A DEBT DEAL WILL GET DONE

Five companies announce layoffs amid tech sector drawback
Five more companies, including Disney and Meta, announced layoffs this week, adding to the more than 136,000 Americans who have lost their jobs so far this year. Economic uncertainty and the fallout from the hiring spree during the COVID-19 pandemic continue to plague the economy. Five companies announced workforce reduction schemes to keep their finances in order.
THE DETAILS OF THE FIVE COMPANIES MAKING LAYOFFS

Virgin Galactic spaceflight clears way for commercial tours
Virgin Galactic successfully carried out its first spaceflight in two years Thursday, the company said, after an "enhancement period" to make safety upgrades to its fleet. It was the fifth time the space tourism company brushed the boundary of space, and has been billed as the final test before commercial operations begin in June, with members of Italy's Air Force as the first paying customers.
SEE VIRGIN GALACTIC'S PLAN FOR COMMERCIAL FLIGHTS

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Markets

DeSantis' declaration 'broke the internet'

Despite an inauspicious debut in declaring his 2024 White House run, several Republican lawmakers are backing Florida Gov. Ron DeSantis' candidacy for the GOP presidential nomination. DeSantis announced his 2024 bid via Twitter on Wednesday before joining CEO Elon Musk and tech investor David Sacks. The audio stream of the virtual event crashed repeatedly, making him unintelligible to his real-time listeners. The DeSantis camp made political hay from the glitch, claiming his popularity "broke the internet" while receiving several endorsements.

Chinese hackers target defense of US, allies

Chinese hackers who recently triggered a multi-nation alert have been conducting a cyberespionage campaign against military targets in the US, researchers said. China has rejected assertions that its spies are going after Western targets, calling the joint warning issued by the US and its allies a "collective disinformation campaign". The group -- called "Volt Typhoon" by Microsoft -- triggered an alert issued by cybersecurity and intelligence agencies in the US, Britain and other Western allies.

Search called off in Madeleine McCann case

Police scouring a reservoir in southern Portugal hoping to shed light on the 2007 disappearance of British toddler Madeleine McCann said Thursday they had finished their three-day search. The child was three years old when she went missing from her family's holiday apartment in the Algarve 16 years ago, while her parents were dining at a nearby tapas bar. Despite an international manhunt, no trace of the girl has been found and no one has been charged over her disappearance.

Extra point

What US national monument was dedicated on Memorial Day in 1922?

Thursday's answer: Mick Jaggar, the timeless frontman for The Rolling Stones, credits the late Tina Turner for teaching him is dance moves.