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Magnolia Mornings: March 5, 2024

Magnolia Mornings: March 5, 2024

By: Magnolia Tribune - March 5, 2024

Magnolia morning
  • Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.

In Mississippi

1. Jackson City Council opposes water utility authority legislation

A bill in the Mississippi Legislature that would create a separate utility authority to oversee the Jackson water system has met with approval of the federally appointed third party administrator, Ted Henifin. However, not everyone in the capital city backs the move.

On Monday, the Jackson City Council expressed their concerns about the legislation, passing a resolution opposing the bill at a special called meeting.

2. Ingalls completes LPD 29 trials

(Photo from Ingalls)

On Monday, Ingalls Shipbuilding announced the successful completion of acceptance trials in the Gulf of Mexico for amphibious transport dock Richard M. McCool Jr. (LPD 29), the final Flight I transition ship before Ingalls moves into serial production of the LPD Flight II line.

The Ingalls’ Test and Trials team spent several days with the U.S. Navy’s Board of Inspection and Survey running the ship at full power and through steering maneuvers. The team will now complete final finish work on the San Antonio-class ship in preparation for delivery to the U.S. Navy in weeks ahead.

Ingalls Shipbuilding has delivered 12 San Antonio-class ships and currently has three LPDs under construction, including Richard M. McCool Jr. (LPD 29), the final transition ship; Harrisburg (LPD 30), the first Flight II LPD; and Pittsburgh (LPD 31). 

National News & Foreign Policy

1. It’s Super Tuesday… Here’s what is at stake in today’s Republican Primaries

Former President Donald Trump, Nov. 15, 2022. (AP Photo/Andrew Harnik, File)

Fifteen (15) states and one territory are voting today in Republican Primaries. More than a third of the 2,429 GOP delegates – 865 – are up for grabs from either former President Donald Trump, the frontrunner, or his former U.N. Ambassador Nikki Haley.

Trump, who picked up all 29 delegates from the Monday North Dakota Caucus, currently has 273 delegates to Haley’s 43, meaning a strong showing on this Super Tuesday by the former President and he could very well secure the nomination within the next week or so.

2. After SCOTUS ruling, Democrats consider legislation to disqualify Trump

Congressman Jamie Raskin (D)

On Monday, the U.S. Supreme Court unanimously ruled that it was up to Congress to enact Section 3 of the 14th Amendment against a candidate for federal office, not the states, leaving former President Donald Trump on the ballot in Colorado, Maine and Illinois after attempts were made to kick him off of those state ballots.

Now, Democratic Congressman Jamie Raskin of Maryland is seeking to revive legislation first considered in 2022 that would disqualify Trump from running for office, according to the Daily Mail. However, such a bill would face strong headwinds in the now Republican controlled House of Representatives.

Sports & Entertainment

1. Ole Miss women on a roll

(Photo from Ole Miss Athletics)

The Ole Miss women’s basketball team is on a roll, cruising to a senior day victory and its 12th SEC win over Arkansas, 87-43.

The Rebels rode a six-game winning streak to finish third overall in the conference – the team’s highest finish since 1991-92. The Ole Miss women also earned 12 SEC wins for the first time in school history.

Ole Miss earned a double-bye to the SEC Tournament Quarterfinals as the No. 3 seed. They will play on Friday.

2. JSU’s Eichelberger at the top of his game at the plate

(Photo from JSU Athletics | Bryan Guevara)

Jackson State’s Joseph Eichelberger is one of the nation’s leading hitters in college baseball.

Coming into this past weekend’s series against the Braves of Alcorn State University, the Jackson State star center fielder was in a position few have seen.  Eichelberger led the NCAA in several statistical categories, including batting average (.690) and on-base percentage (.750), while ranking third in hits (20), hits per game (2.50), and RIBs per game (2.50). 

Following a two-run home run in his first at-bat against Mississippi State, Eichelberger was sporting a batting average over .700, a feat few in the sport have ever attained. 

Markets & Business

1. Bitcoin funds on record run

The Wall Street Journal is reporting that bitcoin funds are pulling in money at a record pace.

“Bitcoin exchange-traded funds have been a smash hit, helping feed into a frenzy that has sent the cryptocurrency’s price toward a record high,” WSJ reported. “Investors have piled into the funds at a historic clip since their Jan. 11 launch, with total assets in the 10 U.S. spot bitcoin funds on the market swelling to nearly $50 billion.”

One example of this frenzy is BlackRock’s iShares Bitcoin Trust. It eclipsed $10 billion in assets Thursday, the fastest a new ETF has ever reached that milestone, WSJ notes.

2. Gold futures reach highest level since 1974

CNBC is reporting that gold futures for April settled at $2,126.30 per ounce, the highest level dating back to the contract’s creation in 1974.

Investors are betting that the Federal Reserve will start cutting interest rates in the second half of the year.

“When rates fall, gold prices typically rise as investors seek a safe haven as assets such as bonds become less attractive because they no longer deliver attractive yields,” CNBC notes.

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Magnolia Tribune

This article was produced by Magnolia Tribune staff.