Newsletter Jun 13, 2024

Quick Six

Fed holds interest rates amid good news on inflation front
US consumer inflation continued to cool last month, according to government data released Wednesday. The consumer price index (CPI) came in at 3.3% in May, down 0.1 percentage point from April. The widely-watched inflation measure excluding volatile food and energy prices also eased last month, rising at an annual rate of 3.4%, and by 0.2% from a month earlier, according to the Labor Department. However, it wasn't enough to prompt the Federal Reserve to cut interest rates from their 23-year high.
SEE WHY THE FED IS HOLDING FIRM ON INTEREST RATES

Merger talks between Paramount, SkyDance abruptly halted
Merger talks between Skydance and Paramount came to an abrupt end following the intervention of Paramount's controlling shareholder, National Amusements, which terminated the deal just before its fruition. Paramount's special committee was to vote on the deal, which captured Hollywood's attention for months, when National Amusements announced it ended the talks.
HOW UNRESOLVED 'NONECONOMIC' ISSUES KILLED DEAL

Johnson & Johnson to pay $700 million to settle talc case
Health and beauty giant Johnson & Johnson is set to pay $700 million to 42 states and Washington, D.C., to settle a case concerning allegations that its talc-based baby powder causes cancer. The company was bombarded with lawsuits claiming that it misled consumers into believing that the talc products were safe, and the $700 million settlement will resolve these charges.
J&J MAY FACE MORE CHARGES AGAINST TALC PRODUCTS

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Markets

DJIA	38,712.21	-0.09%
S&P 500	5,421.03	0.85%
Nasdaq Composite	17,608.44	1.53%
Japan: Nikkei 225	38,876.71	-0.66%
UK: FTSE 100	8,215.48	0.83%
Crude Oil Futures	78.32	-0.23%
Gold Futures	2,339.10	-0.67%
Yen	156.63	-0.06%
Euro	1.08	0.03%
* As of market close

Russian fleet visits Cuba amid US tensions

A Russian nuclear-powered submarine and other naval vessels arrived in Cuba on Wednesday for a five-day visit to the communist island off Florida's coast in a show of force amid spiraling US-Russian tensions. The submarine Kazan, which Cuba says is not carrying nuclear weapons, was accompanied by the frigate Admiral Gorshkov, as well as an oil tanker and a salvage tug. The Kazan and Admiral Gorshkov, which is one of Russia's most modern warships, could be seen just off Havana, which is about 90 miles from the southern tip of Florida.

BIDEN, ZELENSKY TO SIGN DEFENSE PACT AS PUTIN PROTESTS

Trump seeks to lift hush money gag order

Former President Donald Trump's legal team is actively seeking to lift a limited gag order imposed in his New York hush money case. The order, which prohibits Trump from discussing witnesses and jurors involved in the proceedings, has become a focal point of contention. Trump's lawyers argue that the gag order unfairly restricts his ability to defend himself publicly, especially against criticisms from political opponents such as President Joe Biden and actor Robert DeNiro.

TRUMP TRYING TO PLAY THE ROLE OF VICTIM IN GAG ORDER

Phony news sites outnumber newspapers

Partisan websites masquerading as media outlets now outnumber American newspaper sites, a research group that tracks misinformation said, highlighting a local news crisis in a year of high-stakes elections. Hundreds of AI-powered sites mimicking news outlets have cropped up in recent months, fueling an explosion of polarizing or false narratives that are stoking alarm as the race for the White House intensifies.

WHY 'PINK-SLIME' SITES HAVE TAKEN OVER MODERN MEDIA

Extra point

What is the oldest U.S.-based daily newspaper that is still in circulation?

Wednesday's answer: Nitrous oxide (laughing gas) is most commonly used as an anesthetic in procedures such as dentistry and childbirth.

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