June 28, 2018

Five million Venezuelan bolivars is the equivalent of $1.45. It's also roughly a minimum-wage worker's entire monthly salary in the South American country.

Thanks to stunning inflation, it now takes 1 million bolivars to buy a cup of coffee in a Venezuelan cafe, Bloomberg reports. That's one-fifth of Venezuela's monthly minimum wage, and a 10,000-bill stack of Venezuela's most common bank note, the 100-bolivar bill.

To illustrate Venezuela's rampant inflation, Bloomberg has tracked the price of a cup of coffee since December 2016 on its Cafe Con Leche index. One dose of caffeine cost 450 bolivars when the index launched two years ago, but 43,378 percent inflation in the last year has led to today's astronomical price.

Additionally, if the pace of inflation over the past three months continues, Bloomberg estimates that inflation would be 482,153 percent after a year. Check out the Cafe Con Leche index at Bloomberg for a detailed — and astonishing — visual. Kathryn Krawczyk

10:56 a.m.

The Maryland-National Capital Park Police arrested a man who was filmed accosting a young woman and ramming a man with his bike while cycling on a trail in Bethesda, Maryland, a suburb of Washington, D.C, earlier this week. Anthony Brennan III, 60, of nearby Kensington, Maryland, was reportedly found after the agency received hundreds of tips from people who watched the video, though social media users reportedly previously incorrectly identified two men as suspects. Brennan has been charged with second-degree assault.

In the video, a group of three people between aged 18 and 19 can be seen putting up flyers in support of the George Floyd protests. The suspect, who apparently objected to the group's actions, then "forcibly grabbed" one of the flyers from one of the women before charging at the man holding the camera, knocking him to the ground.

Brennan, who turned himself in after police found evidence in his home and obtained an arrest warrant, said he is "sick with remorse for the pain and fear I caused the victims," noting that he is cooperating with authorities and is committed to "addressing, through, counseling, the underlying issues that led to my abhorrent behavior." Read more at The New York Times. Tim O'Donnell

8:38 a.m.

The NFL appears to have changed course.

The league worked its way into the spotlight this week, as several players and coaches spoke out about police brutality amid protests over George Floyd's death. Tensions rose when New Orleans Saints quarterback Drew Brees, who is white, said he would never agree with anyone who "disrespected" the United States flag, an issue that has divided the league since 2016 when former San Francisco 49ers quarterback Colin Kaepernick launched a movement to kneel during the national anthem before games in the hopes of bringing attention to racial injustices, including police brutality, in the U.S.

Brees, normally a well-respected player, faced backlash from even his own teammates, and eventually apologized. And, now, so has NFL Commissioner Roger Goodell. In response to demands from players, many of which were brought forth in a video in which many of the sport's biggest stars appeared in solidarity, Goodell said Friday the league now encourages players to "speak out and peacefully protest." and that "we wrong for not listening to NFL players earlier." Goodell said he is also personally protesting and wants "to be part of the change much needed change in this country."

It's unclear if Goodell was specifically encouraging players to kneel during the anthem, and a rule requiring players to stand remains in limbo, though it doesn't seem likely to be enforced. It's also unclear if this will pave a path for Kaepernick, who many analysts and some coaches believe could at the very least fill a backup role, to return the league. Read more at The Wall Street Journal and ESPN. Tim O'Donnell

7:54 a.m.

What has long been obvious is now official.

After several states, Washington, D.C., and Guam finished tallying Democratic primary votes this week, former Vice President Joe Biden has accrued enough delegates to clinch the party's presidential nomination, The Associated Press and CNN report. Biden has been the presumptive nominee since April, when his last remaining competitor, Sen. Bernie Sanders (I-Vt.) dropped out of the race, but he's now set to face President Trump in November's general election.

Biden struggled in the primary's early stages, but a dominant performance in South Carolina — buoyed by the state's black voters — helped him rebound. Before Biden's win in the Palmetto State, it looked like Sanders was the favorite for the nomination. But when Biden continued to gain steam on Super Tuesday, it became clear the tides had turned, and many of Biden's competitors had dropped out and endorsed him. Sanders hung around for a while, and is still on the ballot in some states so he can hold more sway at the Democratic National Convention, but he too has endorsed Biden for the presidency.

“It was an honor to compete alongside one of the most talented groups of candidates the Democratic party has ever fielded, and I am proud to say that we are going into this general election a united party,” Biden said in a statement Friday. Read more at The Associated Press and CNN. Tim O'Donnell

June 5, 2020

Michael Jordan and Jordan Brand are set to put $100 million toward racial equality and social justice causes.

The former NBA star and Jordan Brand will donate $100 million over the next 10 years "to organizations dedicated to ensuring racial equality, social justice and greater access to education," Jordan Brand said on Friday. This eye-popping number is the latest major donation announcement amid the ongoing protests and outrage over the killing of George Floyd and police brutality against black Americans.

"Black lives matter," Jordan and Jordan Brand said in a statement. "This isn't a controversial statement. Until the ingrained racism that allows our country's institutions to fail is completely eradicated, we will remain committed to protecting and improving the lives of black people."

Jordan Brand President Craig Williams also said on Friday that "there is still more work for us to do to drive real impact for the black community," and "we embrace the responsibility."

Jordan had previously spoken out about Floyd's death in police custody in a statement earlier this week, saying he was "deeply saddened, truly pained and plain angry" and that he stands "with those who are calling out the ingrained racism and violence toward people of color in our country." Brendan Morrow

June 5, 2020

Friday would've been Breonna Taylor's 27th birthday.

Instead, the EMT was shot and killed by Louisville police in March as they executed a no-knock warrant on the wrong home late at night — police had arrested the person they were looking earlier that day. So to "demand justice" for Taylor, activists took out a full-page ad in the Louisville Courier Journal with five demands for the city and its police department.

National nonprofits Color of Change and UltraViolet partnered with Louisville activists to, first and foremost, demand Louisville's mayor and city council "address the use of force" by the Louisville Metro Police Department. Next, they're demanding that the city "arrest, charge, and convict" the police officers responsible for Taylor's death. The activists also want to see the creation of a "local, independent civilian community police accountability council" — something in the works in Chicago — and a "policy for transparent investigation" into police misconduct. And finally, they're calling for the end of no-knock warrants.

Police used a battering ram to force their way into Taylor's home, but didn't announce themselves, and so Taylor's boyfriend shot at them. Police fired back, hitting Taylor at least eight times and killing her. Kathryn Krawczyk

June 5, 2020

The Dow Jones Industrial Average climbed more than 800 points on Friday following a shock jobs report that showed the unemployment rate surprisingly decline.

The Dow rose 829 points to 27,110 following the release of the May jobs report from the Labor Department, which showed that the unemployment rate declined to 13.3 percent in May as the economy added 2.5 million jobs, CNBC reports. The S&P 500 also climbed 2.6 percent.

While the unemployment rate remains high, it wasn't expected to decline at all in May — economists forecasted a rise to almost 20 percent and predicted 8 million more jobs would be lost. The report came after all 50 states began to reopen their economies, and the Labor Department said that the "improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April" during the pandemic.

As The Washington Post notes, the Dow closed above 27,000 for the first time in three months, and Wall Street is "close to putting investors back where they were in January," prior to the coronavirus pandemic taking a devastating toll on the U.S. economy. The Dow "was only down 5.0 percent year to date after dropping as much as 34.6 percent in 2020," CNBC reports, while according to The New York Times, the S&P 500 is "coming close to recouping all of its losses for 2020 so far." Brendan Morrow

June 5, 2020

With the nation in chaos, President Trump is keeping his eye on … the lobster.

Speaking from an elaborate set that involved a fishing boat and carefully-positioned lobster traps, Trump announced that he is creating a new task force designed to crack down on illegally harvested fish as well as reopening a fragile marine conservation area off of Cape Cod, the Northeast Canyons, to commercial fishing — a move environmentalists say could do damage that takes centuries for the region to recover from, if it does at all.

During the roundtable, Trump expressed interest in the industry, asking if lobsters harvested in Canada and lobsters harvested in the adjoining state of Maine "are … the same lobster, would you say, basically? Would you say they're equivalent as lobster? Is there a difference in size, or type?"

Trump additionally threatened to impose auto tariffs on the European Union if the bloc doesn't lift its duties on lobsters imported from the U.S., expressing frustration that the EU does not charge Canada such a tariff. "Peter Navarro's going to be the lobster king now, okay?" Trump said.

Notably, Canada and the EU drew up the trade agreement that gave Canada an advantage over American lobster back in 2017, partially as a result of Trump's tough trade terms. Additionally, while Maine used to export lobster heavily to China, the trade war with Beijing prompted the country to slap a retaliatory 25 percent tariff on U.S. lobster. Sales to China decreased by 70 percent while at the same time Beijing "cut the Chinese tariff on lobster bought from Canada, Maine's fierce rival in the lobster business," The Atlantic reports. "As a result, Canada has seen its lobster exports to China nearly double. Maine may never recover its previously dominant position in this export market." Jeva Lange

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