Hello. It's Friday, 14th Feb, and we're covering a major bust of drug trafficking networks, Mayor Eric Adams case developments & much more.

Coast Guard Seizes $275 Million Worth of Cocaine in Major Bust

The U.S. Coast Guard has seized 12,423 pounds of cocaine worth approximately $275 million during a large-scale operation targeting drug trafficking networks in the Pacific Ocean. The intercepted narcotics were offloaded in San Diego, where authorities emphasized the importance of continued vigilance against transnational criminal organizations.

This bust is part of the Coast Guard’s broader mission to combat illegal drug smuggling, which has seen increased activity in maritime routes. Officials report that traffickers are using increasingly sophisticated methods, including semi-submersible vessels and high-speed boats, to evade detection. The intercepted shipment is believed to be linked to major drug cartels operating out of South America.

Coast Guard leaders praised the coordinated efforts of multiple agencies, including U.S. Customs and Border Protection and international partners. The operation highlights ongoing challenges in securing U.S. borders against drug trafficking and preventing illicit substances from reaching American communities.

EU Looks to Loosen Budget Rules for Defense Spending

The European Commission is pushing to exempt defense spending from strict EU budget rules, allowing countries to boost military funding without breaking fiscal limits. This move comes as security concerns grow, especially with pressure from U.S. President Donald Trump for Europe to strengthen its own defenses against potential Russian threats.

Commission President Ursula von der Leyen compared this exemption to the financial flexibility granted during the COVID-19 pandemic, stressing that the situation demands urgent action.

For this plan to take effect, all 27 EU countries must agree—something that might not be easy, especially with fiscally conservative nations like Germany hesitant to support increased spending. Meanwhile, Italy is backing the proposal, seeing it as a step toward shared EU defense financing.

The big debate now is what actually counts as "defense spending"—with questions about whether things like bomb shelters or ammunition factories should be included. This could mark a major shift in EU military policy.

Top U.S. Attorney Resigns After Justice Dept. Drops Eric Adams Case

Danielle Sassoon, the acting U.S. Attorney for the Southern District of New York, has resigned following directives from the Justice Department to drop a corruption case against New York City Mayor Eric Adams.

Sassoon, appointed by President Donald Trump in January 2025, was instructed by Acting Deputy Attorney General Emil Bove to dismiss charges alleging that Adams accepted luxury travel gifts in exchange for political favors. Bove argued that the prosecution was politically motivated and hindered Adams' ability to support federal immigration enforcement efforts.

In her resignation letter to Attorney General Pam Bondi, Sassoon expressed concerns about political interference compromising the independence of the judiciary. The Justice Department's move to dismiss the case has sparked debates over the balance between political considerations and judicial integrity.

Mayor Adams, who pleaded not guilty to the charges, has maintained that the allegations are politically driven. The case's dismissal raises questions about the influence of politics on legal proceedings and the autonomy of federal prosecutors.

Sports & Entertainement

• Michael Jackson Biopic: Scenes for the upcoming Michael Jackson biopic, Michael, were filmed at the singer’s famous Neverland Ranch. Actor Miles Teller, who plays Jackson’s lawyer John Branca, called the experience “wild” as the estate was recreated for authenticity. Jaafar Jackson stars as his uncle, with Colman Domingo as Joe Jackson. The film, directed by Antoine Fuqua, aims to capture Jackson’s complex life and legendary career.

• NBA All-Star Game: The 2025 NBA All-Star Game, scheduled for February 16 at San Francisco's Chase Center, introduces a novel four-team tournament format. Three teams, each comprising eight All-Stars, were drafted by NBA legends Shaquille O'Neal, Charles Barkley, and Kenny Smith. The fourth team features the winners of the Rising Stars Challenge. Games will be played to 40 points, with the tournament champion claiming a share of the $1.8 million prize pool. The event will be broadcast live on TNT at 8 p.m. ET

Business & Economy

• Federal Job Cuts : Trump has signed an executive order reducing the federal workforce, granting agencies authority to eliminate non-essential positions. The move aligns with Trump’s push for smaller government and has gained support from Elon Musk, who advocates for efficiency. Critics warn the cuts could weaken services like Social Security and healthcare. While Republicans call it fiscally responsible, the decision is expected to spark ongoing political debate.

• U.S. Equity Funds: Investors withdrew $2.25 billion from U.S. equity funds for the second straight week, citing inflation concerns and economic uncertainty. Mid-cap funds saw the largest outflows at $1.14 billion, while small-cap and multi-cap funds also suffered losses. Sector-specific funds, including consumer discretionary and healthcare, faced significant withdrawals. However, large-cap funds attracted $864 million in new investments. Meanwhile, U.S. bond funds saw $7.45 billion in inflows, marking their sixth consecutive week of positive returns.

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