5 things to know for Sept. 4: Economy, Israel-Hamas war, Student loans, Ukraine, Secret agent

By CNN

Published September 3, 2024 7:02 AM

CNN

By Alexandra Banner, CNN

(CNN) — Costco’s first membership price hike in 7 years went into effect this week. The big-box retailer increased most of its plans by $5 to $65 a year to help offset expenses and keep its prices down.

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

1. Economy

Wall Street kicked off September with a bust after a disappointing economic report dragged down the Dow by more than 600 points Tuesday. The report on manufacturing showed a fifth-straight month of declines, fueling concern that aggressive rate hikes from the Federal Reserve have inflicted too much damage on the economy. September has historically been an ugly month for stocks, but Tuesday’s decline came after a similarly miserable start to August when markets went into a tailspin. Meanwhile, Vice President Kamala Harris is set to announce a second wave of economic proposals today, including benefits to entrepreneurs and small business owners. Small businesses are currently granted a $5,000 deduction for expenses related to their first year of operation, but Harris will propose raising that to $50,000, an official said.

2. Israel-Hamas war

The US Department of Justice has charged several senior Hamas leaders over the October 7 terrorist attack in Israel, according to an indictment unsealed Tuesday. This marks the first criminal step by the DOJ to hold people accountable for the attack. The six defendants are high-level Hamas officials, including Yahya Sinwar, who is the terrorist organization’s leader in Gaza and one of the planners of the October 7 massacre. The announcement comes on the heels of the confirmed death of Israeli-American hostage Hersh Goldberg-Polin in Gaza, which prompted President Joe Biden to vow that Hamas leaders would “pay for these crimes.”

3. Student loans

A group of seven Republican-led states filed a new lawsuit Tuesday seeking to block a new student loan relief plan that the Biden administration planned to start rolling out this fall. The lawsuit marks yet another legal challenge to President Joe Biden’s student loan policies and could potentially tie up his latest effort to deliver debt relief before the November election. Currently, Biden’s student loan repayment plan, known as SAVE, is blocked. The president’s sweeping, one-time student loan forgiveness program was knocked down by the Supreme Court last year. Still, the Biden administration has canceled more student loan debt than under any other president — mostly by using existing programs. Data shows nearly 4.8 million people have seen their federal student debt canceled under Biden, totaling $169 billion.

4. Ukraine

Ukraine’s Foreign Minister Dmytro Kuleba tendered his resignation today ahead of an expected major Cabinet reshuffle. Kuleba is the latest high-profile member of President Volodymyr Zelensky’s Cabinet to resign as Russia’s invasion grinds on. His decision comes ahead of an expected visit by Zelensky to the US this month. In his nightly address Tuesday, Zelensky said the fall will be “extremely important for Ukraine,” adding that he will need to “strengthen some areas of the government” to prevail. Davyd Arakhamia, the majority leader of Ukraine’s parliament, confirmed Tuesday that more than 50% of the Cabinet of Ministers’ staff will be changed this week.

5. Secret agent

A former aide to New York Gov. Kathy Hochul and former Gov. Andrew Cuomo has been charged with acting as an agent for the Chinese government. Linda Sun was charged with visa fraud, alien smuggling and money laundering conspiracy, among other charges. Her husband, Chris Hu, “facilitated the transfer of millions of dollars in kickbacks for personal gain,” prosecutors said. Sun and her husband were arrested at their Long Island residence on Tuesday. Both pleaded not guilty to all charges in federal court. Sun held several government titles for more than a decade. The pair laundered the monetary proceeds to buy real estate in New York and Hawaii and various luxury vehicles, according to the indictment.

BREAKFAST BROWSE

Swiss rebalancing planes because first-class seats are too heavy
Let’s not jet ahead of ourselves, Swiss. The airline is now scrambling to make alterations to some of its planes because its first-class seats are too heavy.

Frances Tiafoe to face Taylor Fritz in US Open semifinals
The match guarantees an American man will play in the US Open Final. Here’s when you should tune in.

Justice Ketanji Brown Jackson reflects on ‘groundbreaking’ path to the Supreme Court in new memoir
Justice Ketanji Brown Jackson is using a new memoir published Tuesday to reflect on a personal journey that has already earned her a place in history.

Elton John says he’s recuperating from ‘severe’ infection
Rock and roll legend Elton John is healing from an infection that left him with “limited vision in one eye.”

Mobile phones are not linked to brain cancer, according to a major review of 28 years of research
A review into the potential health effects of radio wave exposure has shown mobile phones are not linked to brain cancer. Read about the study.

TODAY’S NUMBER

8’1”
That’s Morteza Mehrzadselakjani’s height, making him the tallest Paralympian in history and the joint-second tallest man in the world. He recently had to sleep on the floor at the Paris 2024 Games after not having a bed he was able to fit in, but the situation “has now been resolved,” the International Paralympic Committee told CNN.

TODAY’S QUOTE

“To honor you all, to thank you all, I am going to decree the beginning of Christmas on October 1.”

— Venezuela’s embattled President Nicolas Maduro, announcing Christmas will start next month in Venezuela. This is not the first time Maduro has extended the official national period of Christmas celebration, which in Venezuela often comes with extra bonuses for public employees and more lavish gifts in government handouts. Last year, Maduro ordered Christmas to start on November 1, later expressing regret that he didn’t start it earlier.

TODAY’S WEATHER

Check your local forecast here>>>

AND FINALLY …

Meet the ‘Godmother of AI’
CNN’s Fareed Zakaria spoke with Stanford University professor Fei-Fei Li about her journey as a computer scientist and how it influenced the discovery of modern artificial intelligence. Watch the video here.

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