Good morning. It's Thursday, May 8, and we're covering a Navy jet lost at sea, a new Disney theme park, and much more. First time reading? Join over 4 million intellectually curious readers. Sign up here.
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A Navy fighter jet from the USS Harry S. Truman aircraft carrier fell into the Red Sea following a failed landing Tuesday. The F/A-18F jet, valued at $67M, was the second aircraft to fall from the carrier in eight days. All crew were reported safe in both instances, with one crew member sustaining minor injuries.
The Truman has been a key component in Operation Rough Rider, an air campaign ordered by President Donald Trump against Yemen's Houthi rebels in March in response to the Houthis' targeting of ships in the Red Sea and Gulf of Aden. The US conducted more than 1,000 strikes, costing over $1B in munitions, before an Oman-brokered ceasefire this week. US officials say Houthis did not strike either of the jets that fell into the sea.
Separately, the Houthis pledged to continue tit-for-tat strikes with Israel, which they say was not included in the ceasefire deal. Estimates reveal an Israeli strike on Yemen's international airport in Sanaa this week caused about $500M in damage, leaving the airport out of service. |
The Federal Reserve held benchmark interest rates steady yesterday for the third consecutive meeting, at a range of 4.25% to 4.5%. The central bank gave no indication of plans to lower rates in the coming months, rebuffing a call from President Donald Trump to spur economic activity with rate cuts (Fed 101).
Federal Reserve Chair Jerome Powell signaled uncertainty about the direction of the US economy amid the recent spate of tariffs (see tracker here). Powell seemed undecided on whether to prioritize tackling stubborn inflation with higher rates, or to lower rates in anticipation of a predicted economic slowdown. Inflation is expected to reach 3% this year, above the bank's goal of 2%; the US gross domestic product contracted by 0.3% last quarter (see previous write-up).
US stock markets rose (S&P 500 +0.4%, Dow +0.7%, Nasdaq +0.3%) after news of yesterday’s outlook, and as the US prepared for highly anticipated trade talks with China later this week. The discussions will mark the first high-level interaction between the US and China since Trump's inauguration in January.
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Disney announced yesterday it will build its seventh theme park. The resort—located in Abu Dhabi, United Arab Emirates—will be Disney's first Middle Eastern attraction and will be built in partnership with UAE developer Miral. Disney did not provide a date for opening; design and build for past resorts have taken around seven years (Disney 101).
Roughly one-third of the world's population lives within a four-hour flight of the UAE, with 120 million people flying to or through the country each year. The resort will be located on Yas Island, a 9.7-square-mile tourist destination that also hosts SeaWorld and Warner Bros. World (a Harry Potter-themed park is under development). The island had 38 million visitors last year. See a promotional video of the island starring Shaquille O'Neal here.
The announcement came on the heels of Disney's second-quarter earnings call. The experiences unit (including parks, cruises, and consumer products) saw 6% year-over-year revenue growth last quarter. The segment was responsible for 37% of the company's total revenue in FY 2024. Disney shares ended the day up 10.8%. |
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Sports, Entertainment, & Culture |
> Paris Saint-Germain tops Arsenal to advance to UEFA Champions League Final (May 31) where they'll face off against Inter Milan (More) | Utah's expansion NHL franchise announces "Mammoth" mascot name after yearlong process (More) |
> Music legend Smokey Robinson accused in $50M lawsuit by four women of sexual assault over a number of years dating back to 2006 (More) |
> Netflix to roll out major user interface overhaul beginning May 19, including vertical video previews and AI-incorporated search tools (More) | Everything you want to know about Netflix (More) |
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> Amazon unveils "Vulcan," an AI-powered warehouse robot equipped with a sense of touch; company says it will operate alongside workers and can handle and sort 75% of the company's products (More) |
> Neuroscientists reveal how brain circuitry rewires itself when learning new movements; findings may lead to new therapies for neuromotor disorders and spinal injuries (More) |
> UK innovation agency to fund $75M in geoengineering research, supporting projects on modifying the Earth's environment and atmosphere to address climate change (More) |
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> Alphabet shares close down 7.5% after Apple’s services chief says AI chatbots from OpenAI, Perplexity, and Anthropic will replace search engines like Google; remarks came during testimony in DOJ's antitrust trial against Alphabet (More) |
> Ford to raise prices on three models manufactured in Mexico, partly due to pressure from increased tariffs (More) | Trump administration to rescind and modify Biden-era regulations on the number of advanced AI chips individual countries can buy; rule was set to take effect May 15 (More) |
> WeightWatchers files for Chapter 11 bankruptcy to shed roughly $1B in debt from its balance sheet, expects to emerge from bankruptcy process in 45 days and remain a publicly traded company (More) |
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> Jury acquits three former Memphis police officers of all state charges, including second-degree murder, in the 2023 death of Tyre Nichols (More) | See previous write-up (More) |
> The first day of the papal conclave ends with black smoke as 133 cardinals fail to reach the two-thirds majority to elect a new pope in the first vote (More) | See previous write-up (More) |
> Pakistan says it downed five Indian fighter jets following Indian airstrikes that killed 31 people, wounded 57 others earlier this week; India has not yet commented on the claim, says Pakistani gunfire wounded 15 people in the Indian-administered region of Kashmir (More) |
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> How to Scam Like a Celebrity
The Atavist | Miranda Green. The legal troubles and high-profile connections of Jona Rechnitz, a controversial figure entangled in a murky world where luxury, celebrity, and financial deception intersect. (Read)
> The Potent Powder
WSJ | Juan Forero. Global cocaine supply is at a record high, and much of it traces back to Colombia, as booming production fuels violent turf wars, reshapes regions, and entangles armed groups and local economies in the drug trade. (Read) |
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