1.27.2023

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Good morning. It's Friday, Jan. 27, and we're covering a positive economic report, arrests of ex-officers in a high-profile case in Memphis, and much more. First time reading? Sign up here.

 

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Need To Know
 

GDP Grows (but Slows)

The US economy grew at a 2.9% annualized rate in the final three months of last year, according to figures released yesterday, lower than the 3.2% pace seen in the third quarter of 2022 but slightly above analyst projections of 2.8%. 

 

Consumer spending, which accounts for about two-thirds of gross domestic product, rose 2.1% during the fourth quarter. The largest headwind was the cooling housing market, where mortgage rates—driven by rising federal interest rates—have jumped from 3.5% to over 6.1% since last January (see data).

 

Yesterday's report brings total growth in 2022 to 2.1%, despite seeing a contraction in the first two quarters of the year and the highest inflation since 1980. The Federal Reserve will meet next week to consider another interest rate hike.

 

Total US GDP is just over $26.1T; see historical data here.

 

Discoveries in Egypt

Egypt announced the discovery of several new archaeological finds dating back to roughly 2500 BCE to 2100 BCE, including 4,300-year-old tombs and one of the oldest mummified remains found to date. Wrapped in gold lace, the remains were uncovered at ancient burial grounds south of the capital of Cairo.

 

The artifacts were found beneath an ancient stone enclosure near the Saqqara pyramids. Among the tombs, one belonged to an ancient king’s senior official “secret keeper,” a title that allowed him to perform special religious rituals, and one to a priest from the fifth dynasty known as Khnumdjedef. Other significant discoveries include statues, amulets, and a well-preserved sarcophagus.

 

The Saqqara necropolis is home to more than a dozen pyramids, including Egypt’s oldest, and served as the burial site for ancient Egypt's capital of Memphis. Ancient Egypt artifacts are a significant source of tourism income, which has struggled following the 2011 uprising and the coronavirus pandemic.

 

Go inside the Saqqara tombs here.

 

Arrests in Memphis

Five former Memphis, Tennessee, police officers were arrested yesterday for their roles in the Jan. 10 death of Tyre Nichols. The incident, precipitated by a traffic stop three days earlier, sparked a number of protests across the city. All five officers were indicted on charges including second-degree murder, assault, and kidnapping. 

 

Nichols, a 29-year-old Black man, was first pulled over Jan. 7 on suspicion of reckless driving. According to reports, Nichols fled the scene and was ultimately apprehended, during which one or more physical confrontations occurred. An ambulance was called and Nichols was hospitalized, ultimately succumbing to injuries.

 

The officers, all of whom are also Black, were fired last week for excessive force and failure to render aid. The city's police chief, who has seen unreleased body camera footage, described the officers as being directly responsible for Nichols' death (watch comments). The footage is expected to be released in the coming days. 

In partnership with Beam

Your Best Sleep Yet

 

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In The Know
 

Sports, Entertainment, & Culture

In partnership with Public Rec

> The San Francisco 49ers take on the Philadelphia Eagles Sunday (3 pm ET, Fox) for the NFC championship (More) | The Cincinnati Bengals will try to advance to back-to-back Super Bowls as they battle the Kansas City Chiefs for the AFC championship (6:30 pm ET, CBS) (More)

> "Stranger Things" was 2022's most streamed original series in the US; "Ozark" and "Wednesday" round out the top three, with Netflix hauling in 13 of the top 15 programs (More) | "Avatar: The Way of Water" is now fifth highest grossing film ever (More)

> The 2023 NBA All-Star Game (Feb. 19) starters announced; LeBron James and Giannis Antetokounmpo tapped as team captains (More) | Elena Rybakina and Aryna Sabalenka face off in women's Australian Open final tomorrow; men's final match-up to be set this morning (More)

From our partners: "Those aren't actually sweats, are they?" At 1440, we try not to wear sweatpants when we're out and about. But Public Rec makes comfort look good, no matter if that’s for lounging around the house, closing a deal at work, or hitting the town with your significant other. Available in over 40 different sizing combinations and perfect for all occasions, the All Day Every Day Pant is designed for the modern man, with both style and comfort at its core. Don't wear pants the old way. Take advantage of their Archive sale and take 40% off select items now.

 

Science & Technology

> Multicellular behavior observed in bacteria for first time; researchers observe single-celled E. coli bacteria self-assembling into clusters and thin films (More)

> Prototype robo-dog capable of running through sand at nearly 10 feet per second demonstrated by engineers; autonomous robot uses neural network algorithm to adapt to deformable terrain in real time (More)

> Scientists train ants to identify mice with cancerous tumors; the arthropods can detect volatile organic compounds released in the diseased mice's urine (More)

 

Business & Markets

> US stock markets close higher (S&P 500 +1.1%, Dow +0.6%, Nasdaq +1.8%) on higher-than-expected US GDP (More)

> Bed Bath & Beyond shares fall 22% after stating it lacks cash to pay down its debts (More)

> Southwest Airlines posts quarterly loss; holiday cancellations cost the company approximately $800M (More) | Toyota’s CEO, the grandson of the company’s founder, to step aside to become chairman (More

 

Politics & World Affairs

> Nine Palestinians killed following a raid by Israeli military in the West Bank town of Jenin; Palestinian Authority suspends security coordination with Israel, who says it was conducting antiterrorism operations (More)

> Rep. Adam Schiff (D, CA-30) becomes second high-profile candidate to enter what is expected to be a crowded 2024 California Senate race; incumbent Sen. Dianne Feinstein (D) has not yet announced whether she will seek reelection (More)

> TikTok's "Project Texas" details the viral video platform's plans to satisfy US national security concerns and remain operational in the country (More) | Justice Department reportedly dismantles Hive, a ransomware group responsible for $100M in extortion (More)

 

In-Depth

> Long Lost Siblings

Broadview | Dorothy Ellen Palmer. Two women gave birth in the same hospital a week apart in 1955, not knowing their newborns shared a father. Here's the story of how the half-siblings found each other. (Read)

 

> Exonerated by Statistics

Science | Cathleen O'Grady. The bizarre story of how mathematician Richard Gill corrects mistaken statistics to free pediatric nurses imprisoned for murder. (Read)

> The Mystery of Havana Syndrome

Project Brazen | Nicky Wolf. (Podcast) A deep dive investigation into the mysterious, undiagnosed illness reported by dozens of officials in embassies around the world. (Listen)

 

> Inventing the Lie Detector

PBS | Staff. A full-length documentary episode telling the ambivalent history of one of the 20th century's most provocative inventions. (Watch)

In partnership with Beam

No More Poor Sleep

 

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Surveying parents' top concerns

 

A stunning shot of an octopus carrying her eggs.

 

The tale of classified documents and eigth grade show-and-tell

 

HBO drops the trailer for season four of the hit show "Succession."

 

Colorado bears snap sassy selfies.

 

NHL player Brock Nelson performs on-ice dentistry.

 

Mittens the cat is the newest chess villain

 

Watch a liquid person-shaped robot slip out of jail. (via YouTube)

 

Clickbait: Scientists skeptical of Twitter's electric rocks

 

Historybook: Wolfgang Amadeus Mozart born (1756); Auschwitz concentration camp is liberated (1945); Paris Peace Accords brings end to Vietnam War (1973); Andre the Giant dies (1993); American author JD Salinger dies (2010).

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