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

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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. 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. 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.” 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. 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.