Your Evening Briefing
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Today's trip through the biggest stories is book-ended by news about airplanes–one very expensive and exclusive plane, the other dirt-cheap.
The Air Force can’t account for $1 billion in savings that President Trump said he’s negotiated for the program to develop, purchase and operate two new Boeing jets to serve as Air Force One. Trump has boasted that he’s personally intervened to cut costs of two military aircraft: the F-35, the fighter jet built by Lockheed Martin, and Boeing’s Air Force One.
Ivanka Trump is campaigning for a $500 billion child-care plan. The president's eldest daughter met with members of the House and Senate at the White House last week to discuss her proposed child care tax benefit, which includes a deduction for child care expenses. With that price tag over a decade, she may have trouble finding support in Congress.
Social media are driving Americans insane. Social media use has skyrocketed from 7 percent of American adults in 2005 to 65 percent in 2015. The increase is hardly surprising, but the number of people who just can’t tear themselves away is stark: Nowadays, 43 percent of Americans say they are checking e-mails, texts, or social media accounts constantly. Their stress levels are paying for it.
Saudi Arabia's oil wealth is about to get a reality check. The country has said oil giant Saudi Aramco is worth more than $2 trillion, enough to consume Apple twice, and still have room for Google parent Alphabet. However, industry executives, analysts and investors told Bloomberg their analysis–based on oil reserves and cash flow projections under different tax scenarios–suggests Aramco is worth no more than half, and maybe as little as a fifth, of that amount.
Only two cities are competing to host the 2024 Olympics. From Athens to Sochi and on to Rio, stadiums and arenas in varying stages of decay are symbols of the crisis facing the International Olympic Committee. Budapest’s decision on Wednesday to withdraw its bid for the 2024 summer games leaves just Los Angeles and Paris competing to host sport’s biggest event.
Martin Shkreli's "tornado of chaos" has his former lawyer running for cover. Evan Greebel is doing all he can to distance himself from the brash former pharmaceutical executive, most recently begging a judge to try him separately on a securities-fraud charge. Shkreli’s notorious antics have created “a bizarre one-of-a-kind spectacle” but might ultimately sink Greebel, his lawyer said.
Fly from the U.S. to Europe for $65. Norwegian Air is about to open smaller destinations to nonstop international service, with a new, smaller Boeing jet: the 737 Max. The airline, which has the honor of being first to fly the 737 Max, is using the first six of its planes to open 10 routes starting this summer. It will begin service June 15 from Edinburgh, Scotland, to Stewart International Airport, about 60 miles north of New York City.