5 things to know for Aug. 18: Hurricane Hilary, Maui, Trump, Mortgage rates, Facebook

By Alexandra Meeks, CNN

(CNN) — Huge swaths of the digital asset space — which includes cryptocurrencies and non-fungible tokens (NFTs) — are going bust after a pandemic-driven boom. Some celebrity-endorsed NFTs that cost over $400,000 in May 2022 can now be bought for around $50,000, as the future of digital art remains questionable.

Here’s what else you need to know to Get Up to Speed and On with Your Day.

1. Hurricane Hilary

Hurricane Hilary has intensified into a Category 4 storm as it approaches Mexico’s Baja California peninsula. The system is expected to weaken over the weekend as it brings rain and the threat of flooding to parts of California and the Southwest US. The latest forecasts show Hilary’s center is rapidly intensifying near Baja California Sur, prompting Mexican officials to issue a hurricane watch and tropical storm warnings. Heavy rainfall is also expected to begin impacting the Southwest today and through early next week, with the most intense downpours likely on Sunday and Monday. Still, there remains a wide range of outcomes as small deviations in the hurricane’s track could change the forecast for the most intense rain and wind.

2. Maui wildfires

Maui’s emergency management chief resigned Thursday, citing health reasons, a day after he defended the silence of the island’s warning siren system during the deadly wildfires. A spokesperson for the Hawaii Emergency Management Agency announced last week that no one attempted to activate the island’s 80-alarm outdoor siren system as the fires spread — a move which may have saved many lives, according to officials. Also facing scrutiny is Hawaiian Electric, the largest power company on Maui, after it failed to shut down power lines during the dangerous fire conditions. While the exact cause of the fires remains unknown, a class action lawsuit has been filed against the power company alleging that the wildfires were caused by energized power lines that were knocked down by strong winds.

3. Trump

Former President Donald Trump is asking the federal judge overseeing his criminal election subversion case to set the trial for April 2026. Among other things, Trump’s team argued that special counsel Jack Smith’s proposed 2024 timeline for the trial would conflict with the other criminal and civil cases in which the former president is a defendant — including the classified documents case brought by Smith, the hush money case in New York and the Georgia election subversion case. Trump’s team has asked US District Judge Tanya Chutkan to instead set the trial for April 2026. Chutkan, who was appointed by former President Barack Obama, ultimately will decide the trial start date, a decision she is likely to make by the end of the month.

4. Mortgage rates

Mortgage rates in the US have soared to their highest level in 21 years as potential home buyers face low inventory. The 30-year fixed-rate mortgage averaged 7.09% this week — a significant increase from 5.13% a year ago, data from Freddie Mac shows. This week’s average rate is the highest the 30-year fixed-rate has been since April 2002 when it was 7.13%. Mortgage rates have spiked during the Federal Reserve’s historic interest rate-hiking campaign, pushing home affordability to its lowest level in several decades. Buying a home is more expensive because of the added cost of financing the mortgage, and homeowners who previously locked in lower rates are reluctant to sell. The combination of low inventory and high costs has squeezed would-be homebuyers, sending home sales about 20% lower than a year ago.

5. Facebook

If you’ve been a Facebook user in the US within the past 16 years, you have roughly one week left to file for payment in the company’s $725 million data privacy case. Facebook’s parent, Meta, in December agreed to pay the massive sum to settle a host of privacy-related class action lawsuits alleging, among other things, that Facebook let third parties access its users’ private data and that of their friends without users’ permission. That private information may have included everything from birthdays and hometowns to more personal information, such as private messages. The amount of each share of the settlement will depend on how many people file valid claims and how long the account has been active. To file online, you must submit your claim using this form before midnight on Friday, August 25.

BREAKFAST BROWSE

Britney Spears’ husband Sam Asghari files for divorce
Sam Asghari, husband of Britney Spears since June 2022, broke his silence on social media after filing for divorce from the pop singer on Wednesday.

What is ‘Barbie Botox,’ TikTok’s latest beauty obsession?
Botox is now being administered in the trapezius muscles off-label to cosmetically diminish the size of shoulders. Medical experts are concerned.

Trader Joe’s is not adding self-checkout lines to its stores
The CEO of the grocery chain said there’s no way its friendly cashiers will be replaced by self-checkout kiosks. Anyway, don’t forget your reusable totes.

Ford reveals new Mustang with $300,000 price tag
Learn why this Ford Mustang has a Lamborghini-level price.

Starbucks must pay another $2.7 million to employee who said she was fired for being White
This former employee successfully sued Starbucks for wrongful termination, claiming she was discriminated against due to her race.

QUIZ TIME

A NASA telescope recently spotted a phenomenon in deep space that looked like which symbol?
A. Exclamation point (!)
B. Question mark (?)
C. Ampersand (&)
D. Pound (#)
Take CNN’s weekly news quiz to see if you’re correct!

TODAY’S NUMBER

1,000
That’s at least how many fires are actively burning across Canada today as the country endures its worst fire season on record. Thousands of residents in the Northwest Territories are scrambling to evacuate the capital city of Yellowknife, but some driving out of the area have faced thick smoke and roadways flanked with flames.

TODAY’S QUOTE

“We take this matter very seriously and are coordinating with our law enforcement partners to respond quickly to any credible threat.”

— Fulton County Sheriff’s Office, issuing a statement after anonymous users on social media shared names, photographs and home addresses purportedly belonging to members of the grand jury that this week voted to indict former President Donald Trump. Law enforcement experts are monitoring the security situation after the jurors, whose names were released as part of Georgia law, began receiving violent threats.

TODAY’S WEATHER

Check your local forecast here>>>

AND FINALLY …

Wild horses run into pink flamingos
Start your day with this majestic slow-motion video of wild horses running into a group of pink flamingos.

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