On 6:00AM Thursday a
ceasefire
came into effect between Israel and the Palestinian controller of the
Gaza Strip,
Hamas. The ceasefire was negotiated with the help of Egyptian
intermediaries
and is due to last three days initially. If the situation remains calm, then the two parties will move onto issues such as a prisoner exchange and an easing of the Israeli
blockade
on Gaza. Although both sides are bitter enemies, a ceasefire is currently in their respective interests. For Israel, it will stop the rocket attacks from Gaza, which although usually not deadly, affect living conditions in parts of southern Israel. For Hamas, it will help Gaza economically due to an easing of the blockade. While most hope for a long ceasefire, many are not optimistic, and both Israel and Hamas are prepared to resume hostilities if it fails.
In response to
skyrocketing
oil prices, Saudi Arabia announced it would increase its production of
crude
and called a meeting of international energy officials for next week. Although the Saudis are benefitting financially from the high oil prices, they realize that $140 a barrel is also causing a world-wide economic slowdown and encouraging governments to pursue
conservation programs,
develop
renewable energy sources,
and drill for oil in other locations. A similar situation occurred in the oil crisis of the 1970's and the Saudis paid the price when energy prices fell to record lows during the 80's and 90's.
Sections of the American Midwest were under water last week as flooding, which started a week earlier,
peaked.
Although many states were affected, Iowa has suffered probably the most damage. The waters destroyed crops and broke through
levees,
submerging parts of cities. The worst hit city was Cedar Rapids, whose downtown was
submerged,
resulting in the destruction of many small businesses. Although the floods are not the catastrophe that Hurricane Katrina was in 2005, the losses will be enormous. The effects, while felt the worst by the people who live there, will also be felt around the world. With billions of dollars of crops destroyed, consumers from Australia to Zaire can expect to see higher prices in the supermarket.
Seventeen year-old actress Jamie Lynn Spears, whose older sister is the pop-star Brittney Spears, has given birth to a baby girl. She and her fiancé, construction worker Casey Aldridge, have named the child Maddie Briann.
British singer Amy Winehouse was taken to the hospital Monday after
fainting
at her London home. Tests have been inconclusive so far, but rumors that the 24-year singer is suffering from
Tuberculosis
are false. Despite the medical problems Winehouse hopes to perform at the upcoming Glastonbury festival and concert for Nelson Mandela.
Model Niomi Campbell has been ordered by a London court to do 200 hours of
community service
and pay a small fine for her disruptive behavior on a British Airways flight earlier this year. The 38-year old model was taken off the flight by police after she became
belligerent
upon learning that her bags had not been place on the flight.
Box Office (for weekend June 1st):
International (non USA-Canada)
1.
The Happening Weekend Gross: $31,513,498 Gross to Date: $31,513,498
2.
The Incredible Hulk Weekend Gross: $30,766,138 Gross to Date: $30,766,138
3.
Sex and the City Weekend Gross: $24,651,669 Gross to Date: $138,800,577
4.
Indiana Jones and the Kingdom of the Crystal Skull Weekend Gross: $21,886,023 Gross to Date: $359,456,424
5.Kung Fu Panda Weekend Gross: $15,388,076 Gross to Date: $42,656,364
USA-Canada:
1.
The Incredible Hulk Weekend Gross: $55,414,050Gross to Date: $55,414,050
2.
Kung Fu Panda Weekend Gross: $33,612,594 Gross to Date: $117,289,932
3.
The Happening Weekend Gross: $30,517,109 Gross to Date: $30,517,109
4.
You Don't Mess with the Zohan Weekend Gross: $16,370,344 Gross to Date: $68,760,685
5. Indiana Jones and the Kingdom of the Crystal Skull Weekend Gross: $14,741,834 Gross to Date: $276,524,265
Source: Box Office Mojo
