US banks with over $50bln in assets to help pay for recent industry failures - FDIC

US banks with over $50 billion in assets will contribute to the Federal Deposit Insurance Corporation's $16 billion bill for handling recent bank failures. A new "special assessment" fee of 0.125% is to be applied to uninsured deposits exceeding $5 billion. The affected banks will pay over eight quarters beginning in June 2024, with banks holding total assets under $5 billion exempt from the assessment. The extended timeline is expected to have a minimal impact on capital and bank liquidity.

A spate of US banks has faced financial difficulties recently leading to government intervention or sales to stronger banks due to sudden customer withdrawals.

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EU lawmakers move to regulate AI in historic first

The European Parliament has taken the first step toward regulating artificial intelligence (AI) systems by announcing the draft AI Act. The proposed rules aim to ensure that AI development is "human-centric and ethical" and would be the world's first legislation of its kind if approved. The draft rules suggest banning biometric surveillance, emotion recognition, and predictive policing by AI systems based on profiling or past criminal behavior.

Additionally, citizens would have the right to file complaints about AI and receive explanations of decisions related to high-risk AI systems that significantly impact their rights.

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The Chinese Foreign Ministry urged the US to stop creating tension in the Middle East, commenting on the statement by US State Department spokesman Ned Price that Syria does not deserve to return to the Arab League

“The United States must respect the aspirations of the peoples of the Middle East countries, stop coercive diplomacy, stop disrupting the dialogue and reconciliation process among the Middle East countries, and stop creating tension to divide the Middle East,” the ministry said.

Earlier, Syria resumed its participation in the work of Arab League, starting from May 7

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US debt ceiling saga just 'sabre-rattling' across party divide

The US debt ceiling crisis continues as the June 1 deadline approaches, but economist Mark Frost argues that there is no need to panic and that the partisan fighting over the government borrowing limit is just theatrics. Frost believes that the debt default will never happen as it would undermine the value of the dollar, and Social Security payments can always be made back up without harming the dollar's value.

Meanwhile, market strategist Todd "Bubba" Horwitz warns that the taxpayer will pay the government's credit addiction, and that the federal government should not be operating in a negative. He also believes that the American economy is in a major recession, which nobody will admit to.

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NATO's liaison office in Japan part of plan to destabilize China and Russia

Tokyo is working towards opening a NATO liaison office, with Foreign Minister Yoshimasa Hayashi justifying the move by the swirling Russo-Ukrainian conflict and growing instability across the world.

So what's really behind the development?

US jobless claims highest since October 2021, raising chance for Fed Rate pause

The number of Americans claiming unemployment benefits has hit an 18 month high, according to the Labor Department's weekly data. Economists had predicted claims of around 245,000, but the actual figure was 264,000, the highest since October 2021. The increase could prompt the Federal Reserve to hold off on interest rate hikes in its efforts to combat inflation.

The Fed has identified strong job and wage growth as key factors contributing to inflation. The labor market has been the driving force behind the US economic recovery from the COVID-19 crisis, with hundreds of thousands of jobs added since June 2020. The Fed has raised rates by ten times since the end of the pandemic in March 2022, but after its last hike, it indicated it would closely monitor data and assess the effectiveness of its actions in returning the US to its 2% inflation target.

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🇪🇺 European Broadcasting Union bans Zelensky from addressing Eurovision audience

According to a statement from the broadcaster, "the Eurovision Song Contest is an international entertainment show, and governed by strict rules and principles," with "the non-political nature of the event" being one of the cornerstones of the event.

The EBU added that "this principle prohibits the possibility of making political or similar statements as part of the Contest."

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Russian Defense Ministry denies reports about Ukrainian counteroffensive

Russian troops are still engaged in fighting in the western part of Artemovsk, Maryinka and Avdeevka, and overall, the situation in the special military zone is "under control," the ministry said.

Officials further stated that while there were no ongoing operations at both the Kherson and Zaporozhye fronts, Russian forces were carrying out counterattacks against Ukrainian forces based in the direction of Malo-Ilyinovka.

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🇺🇸 Sniff Central: Biden urges "all the kids under the age of 15” to come onto stage at the end of his speech

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📹 Hundreds of migrants gather outside US border fence as Title 42 deadline nears

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🇮🇶 Iraq suspends use of Airbus A220 airliners over faulty engines

The decision was made after "the engine of the aircraft with registration number YI-ARI was damaged during a landing at Baghdad International Airport on April 30; two days later, the crew of another A220 aircraft informed about the same failure while heading to Tunisia," a statement by the Iraq Civil Aviation Authority read.

The authority noted that other air carriers, including Swiss Airlines and EgyptAir, had experienced the same technical issues with the engines of A220 aircraft, forcing them to stop using the airliners.

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💰 ‘Money out of thin air’: US congressman likens crypto to dollar

💬 "They'll accuse the US government of making money out of thin air. Maybe we do, but we're the US government," Democrat Brad Sherman said, while discussing crypto investors.

Sherman’s remark comes against the backdrop of global de-dollarization and mounting inflation plaguing Western countries.

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❗️Foreign Minister Sergey Lavrov lashed out at the West for openly abusing the norms of international law against Russia, during his speech at the St. Petersburg International Legal Forum.

💬 "The special military operation is being carried out on the basis of Article 51 of the UN Charter, which provides for the right to individual and collective self-defense, of which the UNSC was promptly notified," the top diplomat clarified.

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⚡️ VIDEO: 🇵🇰 Imran Khan arrives at Islamabad Hight Court for his bail hearing under heavy security cover

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🇹🇷 “This is America”: Turkish interior minister accuses US of meddling in Turkish elections

💬 “Everyone in this country already knows this, US President himself declares this. The attack on Muharrem Ince ... it is clear where it came from, it is clear where it was coordinated. This is America. In recent days, Biden has stepped up his people in Turkiye,” Turkish Interior Minister Suleyman Soylu said in an interview.

Ince, a third-party contender in Turkiye’s presidential election, announced on Thursday that he was withdrawing from the race three days before the vote, pointing to an apparent smear campaign as the reason for his pullout.

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🇷🇺 ‘We’re ready’: Russian soldier on anticipated Ukrainian counteroffensive

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📹 Sergey Lavrov points to the West’s cynicism, recounting instances where they have “trampled on” international law themselves

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📹 “Western elites are trying to divide the world”: Lavrov describing the West’s “syndrome of exceptionalism”

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📹 Russian troops capture Ukrainian defense post in Donetsk region

The attacking force was supported by armored units furnished with T-90, T-80, T-72B3 main battle tanks, and BMP-2 IFVs.

Russian troops managed to take control of the Spornoye settlement and a defense post, obliterating dozens of Ukrainian soldiers, machine gun nests, and approaching Ukrainian reinforcements.

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‼️ Islamabad High Court grants bail to Imran Khan in Al-Qadir Trust case for 2 weeks: media

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