$1T In Credit Card Debt!

Hey there scroller 🤳

Ready for another day’s headstart with some fresh news?

What’s Hot? The Mega Millions jackpot has surged to a whopping $1.55 billion, the third-largest ever! Due to 31 winless drawings since April 18, the jackpot has soared. The largest record stands at $2.04 billion won in 2022. Merlin Smith remarked, “It’s a fun thing, but if you’re depending on winning, you’d be disappointed a lot.” Winning is elusive as the odds stand at 1 in 302.6 million.

If your pal sent this to you, then subscribe to stay the most informed person in the room😉

💳 U.S. Credit Card Debt Nears $1T Amid Inflation Surge

Federal Reserve's upcoming report indicates U.S. credit card debt hit a record $1 trillion between April and June, surpassing the previous $986 billion peak. This surge contrasts with households clearing debts using COVID-19 stimulus payments three years ago. "It's a tough time," commented Matt Schulz of LendingTree, highlighting concerns over persisting inflation and record-high interest rates.

📉 Moody's Downgrades US Banks Due to Rising Costs, Office Risks

Moody's has downgraded the credit ratings of 10 smaller US banks and hints at future downgrades for larger institutions, including U.S. Bancorp and State Street Corp. These shifts come amid growing industry pressures: higher funding costs, potential regulatory capital vulnerabilities, and commercial real estate loan risks. As Moody’s emphasized, "Rising funding costs and declining income metrics will erode profitability... Asset risk is notably increasing for small to mid-size banks with significant CRE exposures."

🪙 PayPal Unveils PYUSD: New US Dollar-Backed Stablecoin

PayPal is launching its own stablecoin, PayPalUSD (PYUSD), backed by U.S. dollar deposits and available for trading on its platform for $1.00 per PYUSD. PYUSD enables P2P payments, online purchases, and transfers between PayPal and external wallets. Built on Ethereum and issued by Paxos Trust Company, the coin will soon be accessible to U.S. PayPal Balance account holders and on Venmo. Dan Schulman, PayPal's CEO, stated, “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar.”

🚢 Ukraine Targets Russia's Black Sea Shipping

Kyiv official, Oleg Ustenko, warns of potential attacks on Russian vessels in the Black Sea, in retaliation to Moscow's infrastructural assaults and its withdrawal from a U.N. grain pact. This could disrupt Russia's primary oil export route to Europe. Amid escalating maritime tensions, Ustenko urges international businesses to reconsider ties with Russia, emphasizing heightened insurance and trade risks in the region.

🛡️ Ukraine thwarts an assassination attempt on Zelenskiy

Ukraine's security service, the SBU, arrested a woman for allegedly gathering intelligence on President Volodymyr Zelenskiy's movements in the Mykolaiv region, hinting at a Russian-planned assassination plot and major air assault. Zelenskiy acknowledged the SBU's efforts against "traitors" on Telegram. This follows earlier assassination attempts, with Zelenskiy surviving three within one week last year. If convicted, the detainee could face 12 years in prison.

🤖 SEC chairman highlights AI risks to financial systems

SEC Chairman, Gary Gensler, cautions that AI could spearhead future financial crises, highlighting the risks of businesses converging on few foundational models and the potential for "herding". He emphasized the importance of fiduciary duty, stating, “Whether you’re using an algorithm, you have that same duty of care.” The SEC's recent proposal seeks to prevent conflicts of interest within AI technologies, ensuring investor priorities are upheld.

📱 Apple secures all of TSMC's 3 nm chips for upcoming iPhones & Macs

Apple is leveraging a new 3 nm manufacturing process from Taiwan Semiconductor (TSMC) for its forthcoming chips, with TSMC absorbing costs for defective processor dies, thanks to Apple's significant orders. While around 70% of initial 3 nm dies have been functional, Apple's scale has led to them being TSMC's primary customer, accounting for 23% of TSMC's $72 billion 2022 revenue. The exclusive 3 nm technology agreement with Apple will last approximately a year, solidifying a relationship that began in 2014.

🔫 Tory Lanez to Face Sentencing for Megan Thee Stallion Shooting

Canadian rapper Tory Lanez awaits sentencing for shooting fellow artist Megan Thee Stallion in both feet during a 2020 altercation. In a statement, Megan expressed her trauma, stating, “I have been tormented and terrorized.” The prosecution is pushing for a 13-year sentence, noting the case's severity by mentioning, "With less luck, this would be a murder case." Lanez, convicted on three felony counts, faces up to 22 years in prison and potential deportation.

🤼‍♂️ Detroit hosts WWE's highest-viewed SummerSlam ever

WWE's SummerSlam at Ford Field set a new record as the most-watched event in its 35-year history, attracting 59,194 attendees. The show achieved an $8.5 million gate, the company's highest for a non-WrestleMania event. The event's streaming audience ranked among the top three since partnering with Peacock. Notably, sponsorship revenue reached $7 million, a 23% increase from the previous year, and merchandise sales hit an all-time high.

🌪️ Storm claims 2 lives, leaves 1 million without power

A massive storm system hit the East Coast on Monday, resulting in the deaths of two individuals in Alabama and South Carolina and power outages affecting over 1 million from Pennsylvania to Georgia. Winds reached up to 70 mph, causing widespread damage from New York to Mississippi. The storm disrupted travel, with over 1,600 flights canceled and several major airports, including Atlanta's Hartsfield-Jackson and New York’s LaGuardia, facing significant delays.

🏞️ Biden Designates Monument, Halts Uranium Mining Near Grand Canyon

President Biden is designating nearly a million acres near the Grand Canyon in Arizona as a national monument to protect it from uranium mining. Previously, an Obama-era moratorium restricted uranium extraction, set to end in 2032; Biden's move makes it permanent. “The mining is off limits for future development in that area,” stated Ali Zaidi, Biden's national climate adviser. The decision supports Native American tribes and environmental groups who've advocated for the protection of this sacred and environmentally significant region, while critics express concerns about domestic uranium dependency.

🤔 Judge questions grand jury choice in Trump's classified docs case

U.S. District Judge Aileen Cannon questions special counsel Jack Smith's use of an out-of-district grand jury in Donald Trump's classified documents case. Although Trump has already been indicted by a Florida grand jury, Smith continued probing with another jury. Cannon challenged this, stating the documents provided don't justify "sealing the motion and supplement." Trump labels the probe a "political witch hunt."

On 8th August 1974, amidst the Watergate scandal, President Richard M. Nixon announced his resignation – the only U.S. President to do so. The next day, Vice President Gerald Ford stepped in, declaring, "Our long national nightmare is over." This marked a pivotal moment in U.S. history, highlighting the limits of presidential power and democracy's resilience.

Thanks for scrolling with us🤳

Want to share Daily Scroll with a Pal? Forward this email and invite them to join our community of savvy scroll-ers.

We'd love to hear your feedback on today's issue of Daily Scroll! Simply reply to this email and share your thoughts on how we can improve our content and format.

Have a great day and see you tomorrow 🕺