Newsletter Jun 21, 2023

Quick Six

Hunter Biden strikes plea agreement for tax, gun charges
U.S. President Joe Biden's son Hunter has reached a plea deal on minor tax and gun charges, concluding a five-year probe that involved persistent Republican allegations that major crimes were being covered up. Hunter Biden has agreed to plead guilty to two counts of failure to pay federal income tax and admitted to illegally possessing a gun despite being a drug user. The deal with the Delaware U.S. Attorney's Office is unlikely to result in prison time.
REPUBLICANS AREN'T HAPPY WITH HUNTER BIDEN DEAL

Op-ed: Rising interest rates won't push US into a recession
The Federal Reserve sent a clear and loud message to markets last week: Fighting inflation isn't done. Interest rate hikes will continue for the rest of the year until inflation reaches the official goal of 2%. Interest rate hikes are usually bad news for the economy and financial markets. Still, the Fed's interest rate hiking cycles are different due to the context -- the conditions and circumstances -- meaning that there are exemptions to the rule.
HOW US CAN EVADE A RECESSION DESPITE RATE HIKES

Great Plains, New England states lead US in employment
South Dakota, Nebraska and New Hampshire reported the lowest unemployment in May, with a jobless rate of 1.9%, reflecting the strong job markets in these states. They were closely followed by North Dakota and Vermont with a jobless rate of 2.1% each. Those with the highest unemployment figures include Nevada (5.4%), the District of Columbia (5.1%) and California (4.5%).
FIND OUT WHERE YOUR STATE RANKS IN UNEMPLOYMENT

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Markets

DJIA	34,053.87	-0.72%
S&P 500	4,388.71	-0.47%
Nasdaq Composite	13,667.29	-0.16%
Japan: Nikkei 225	33,575.14	0.56%
UK: FTSE 100	7,562.58	-0.09%
Crude Oil Futures	71.46	0.38%
Gold Futures	1,945.30	-0.12%
Yen	141.96	0.36%
Euro	1.09	-0.06%
* As of market close

Judge sets Aug. 14 date for Trump docs trial

U.S. District Judge Aileen Cannon has set an initial trial date of Aug. 14 in Florida on former President Donald Trump's federal charges of willful retention of classified government records and obstruction of justice, according to a Tuesday court order. The Justice Department's special counsel, Jack Smith, promised a speedy trial on a 37-count indictment of the former president. The date would put Trump on trial nine days before the first Republican presidential debate, scheduled for Aug. 23.

WHY TRUMP HAS BEEN ORDERED NOT TO TALK ABOUT CASE

Time running out for five onboard lost sub

Searchers are desperately scouring the North Atlantic for a missing submersible that was due to visit the wreckage of the Titanic. Fears are growing for the five people onboard as the vessel has oxygen for only 96 hours. The craft began its descent on Sunday but lost contact with the surface about two hours later. Its operator, OceanGate Expeditions, said it has been "unable to establish communications" with the crew.

WHO ARE THE FIVE PEOPLE LOST ABOARD THE MISSING SUB?

Bezos' net worth takes a hit to only $148B

Jeff Bezos, the founder of e-commerce giant Amazon and once the richest man in the world, is seeing his net worth continuously plunge amid a historic tech selloff that began in 2022, when his net worth was $171 billion. His net worth has since fallen to $148.2 billion, dropping him to the fourth richest person in the world, according to Forbes. Bezos first lost his spot as the richest person in the world in 2019.

SEE WHO RANKS AHEAD OF BEZOS ON FORBES' RICHEST LIST

Extra point

What did Jeff Bezos want to name his company before picking Amazon?

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