President Joe Biden Ready for Round Two

President Joe Biden announced officially that he’s running for re-election in 2024, and Republicans immediately released an AI-generated ad showing the grim American future that would result from his re-election.

Biden continues to be viewed unfavorably by a majority of Americans, due at least partly to his age. Rep. Ronny Jackson, a former White House physician to several presidents, is circulating a letter in Congress demanding Biden take a cognitive test or drop out of the 2024 race.

Biden and his running mate Kamala Harris will be the first to campaign under a completely revised Democratic Party primary calendar. For the first time in modern history, the long primary slog for Democrats will no longer start in Iowa and New Hampshire, while the GOP’s will. Experts are divided on the ultimate impact of this for the parties.

Depositors Flee First Republic Bank

First Republic Bank shares plummeted to a record low following its first-quarter earnings report, which showed that the bank lost $100 billion in deposits to customers withdrawing their money.

The news spooked the stock market overall, which finished down for the day, and sparked fears in Washington that it could become the third bank to fail this year.

The bank announced that it would cut up to 25 percent of staff, slash executive pay and condense office space. It’s also pursuing “strategic options,” which could include extensive asset sales or another capital infusion.

First Private Moon Lander Appears Lost

A Japanese lunar lander appears to have crashed while attempting to land on the moon. The mission, by Japan’s ispace, would have marked the first successful moon landing by a private company.

The ispace lander was just moments away from touchdown on the moon when the company lost communication with the vehicle, literally in the last 33 feet when the lander was going 16 mph. There’s no certainty yet about what happened, but the company already has a second moonshot in the works for next year.

➤ Hunter Biden has been ordered to appear in an Arkansas court over child-support issues, after ducking all involvement since the case began. The judge’s order comes as Biden’s lawyers meet separately with US attorneys on four tax- and gun-related charges. (More)

➤ The House Judiciary Committee has subpoenaed a key Human Resources official for the FBI as part of an ongoing investigation into FBI whistleblowers. The committee said the HR official refused to answer questions about FBI retaliation against agents who criticized the bureau’s activities. (More)

➤ The College Board will revisit the contents of its politically charged course on Black History. Under criticism from both left and right, the Board says it will need a few more months to decide how the course approaches issues such as Black Lives Matter and slavery reparations. (More)

➤ The Pittsburgh Pirates, off to a strong start, have signed their star outfielder Bryan Reynolds to a team-record eight-year $106 million extension. This is the first time the Pirates have ever paid a nine-figure deal for a player.

➤ Bryce Young, star quarterback for Alabama, is still the front-runner for the 1st pick in the NFL draft, but an anonymous post on Reddit has driven a wave of betting on a new name to go No. 1: Kentucky quarterback Will Levis. Levis’ odds have moved to 4-1 from 40-1 in the past day. (More)

➤ Catch of the day: Wander Franco of the Tampa Bay Rays made an amazing bare-handed catch. (Watch)

Market Report   Previous Week

➤ GM will end production of its Chevy Bolt at year’s end to concentrate on electric trucks. The news comes as a blow to affordable EV ownership – the Bolt was among the least expensive EV cars on the market. (More)

➤ Beer drinkers may have left Bud Light in the wake of the Dylan Mulvaney marketing snafu, but they haven’t left beer. Data shows that competitors Miller Lite and Coors Lite gained almost exactly as much business as Bud Light lost. (More)

➤ Gap Inc. is planning to cut hundreds of corporate jobs in a new round of management layoffs, even as the company continues to operate without a permanent CEO. (More)

➤ Apple Inc. is developing a AI-powered health coaching service, code-named Quartz. The initiative hasn’t been officially announced yet, but it’s designed to motivate users to stay in good health with customized coaching plans. (More)

➤ GM’s Cruise division is now operating robo-taxis in daytime hours in San Francisco. The division is continuing its rollout, despite having lost $560 million in the first quarter of 2023. (More)

➤ Harry Belafonte, well-known Calypso singer, actor and civil rights activist, has died at the age of 96. He was a Tony winner and the first Black actor to win an Emmy. (More)

➤ Nate Silver, the data guru who created the FiveThirtyEight polling blog, says he expects to leave ABC News when his deal is up, amid a wave of layoff at the Disney-owned network that will affect his team. ABC says it remains committed to the FiveThirtyEight brand, albeit with a new “streamlined structure.” (More)

➤ Loons are falling out of the sky in northern Wisconsin, victims of a perfect storm of rain and ice. The bird phenomenon even has a name: Loon Fallout. (More)

Today’s Trivia

ispace, a Japanese company, lost contact with their moon probe at the last minute. How many moon landings have there been previous to this attempt?