401(k) Millionaires Hit Record High

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💰 401(k) Millionaires Reach Record High

The number of 401(k) millionaires hit a record high in Q2 2024, with 497,000 participants holding $1 million or more, a 2.5% increase. The average balance rose to $1.6 million. Despite this, many Americans struggle with lower median balances and inflation. Rona Guymon, Senior VP at Nationwide Annuity Distribution stated, “Americans believe they need over $1 million to retire comfortably.”

🇺🇸 US Army Condemns Trump Campaign Over Arlington Cemetery Incident

The US Army rebuked Donald Trump's campaign for violating federal laws, which prohibit political activities at military cemeteries. During an August 26 visit to Arlington National Cemetery, Trump’s campaign filmed and made political comments. An Army employee enforcing these rules was "pushed aside" but chose not to press charges. The Army deems the issue closed despite continued controversy and criticism from veterans and political groups. 

🛂 Biden Admin Resumes Migrant Program, Tightens Fraud Checks

The Biden administration has restarted a program permitting 30,000 migrants monthly from Cuba, Haiti, Nicaragua, and Venezuela to enter the U.S. legally. Paused in June over sponsor fraud concerns, it resumed with stricter financial and criminal background checks. Launched in 2022, the program reduced illegal crossings by 98%. DHS stated, "These new procedures have strengthened the integrity of these processes."

🎤 Key Insights from Harris' First Big Interview as Democratic Nominee

Kamala Harris, in her first major interview as the Democratic nominee with CNN’s Dana Bash, defended her evolving policy stances, saying, “My values have not changed.” She outlined her Day One agenda, emphasizing, “Prices, in particular for groceries, are still too high,” and proposed a $25,000 tax credit for first-time homebuyers. Harris concluded, “I believe it is important to build consensus and find common ground.”

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BUSINESS & ECONOMY

⚠️ Early Signs of Risk in US Job Market Revealed by Regional Fed Surveys

Recent surveys from regional Federal Reserve banks reveal early signs of pressure on the US job market. August reports show a decline in manufacturing employment and slowing growth in service sectors across multiple regions. With reduced work hours and fewer job openings, concerns about broader job cuts are growing, signaling potential challenges ahead for the labor market.

📉 Eurozone Inflation Hits 3-Year Low of 2.2%, Bolstering Rate Cut Case

Eurozone inflation dropped to a three-year low of 2.2% in August, down from 2.6% in July. Core inflation, excluding volatile items, also fell to 2.8% from 2.9%, bolstering the case for a 25 basis point rate cut by the ECB in September. Analyst Kyle Chapman noted, "The headline improvement is driven by energy prices, masking persistent underlying inflation pressures."

WORLD

🤝 Biden Adviser Sullivan Engages in Rare Talks with Top Chinese Military Official 

Biden adviser Jake Sullivan held rare talks with General Zhang Youxia, Vice Chairman of China’s Central Military Commission, in Beijing on Thursday. Their discussions addressed Taiwan, South China Sea navigation, and China’s relations with Russia. Zhang emphasized Taiwan as a “red line.” Sullivan noted the significance of open communication, stating, “It’s rare to have such exchanges.”

🛑 EU Diplomat Pushes for Sanctions on Israeli Ministers

EU Foreign Policy Chief Josep Borrell has urged the bloc's 27 member states to impose sanctions on unnamed Israeli ministers for inciting hate against Palestinians, violating international law. Although not naming specific ministers, Borrell has previously criticized Itamar Ben-Gvir and Bezalel Smotrich. Borrell stated, “The EU must use our toolbox to ensure humane law is respected." 

SCIENCE & TECH

📧 Google rolls out AI-powered Gmail chatbot on Android

Google is rolling out its Gemini AI chatbot, "Gmail Q&A," to Android users, enabling them to interact with their inbox more efficiently. This feature, first showcased at Google I/O, helps users search emails, summarize content, and locate specific details. Available to Google One AI Premium and select Google Workspace plans, the rollout began Thursday and may take up to 15 days to reach all users. 

🔥 ChatGPT Usage Doubles Year Over Year

OpenAI’s ChatGPT weekly users have surged to over 200 million, doubling from 100 million last November, within less than a year.  This increase is linked to higher API usage following the release of the GPT-4o Mini model. Additionally, 92% of Fortune 500 companies now use OpenAI’s products. Despite new AI tools from competitors, OpenAI's user base continues to grow.

🔍 OpenAI & Anthropic  to Provide AI Models to US Government

OpenAI and Anthropic have formalized agreements with the US AI Safety Institute, granting the US government access to their AI models before and after their release. Announced on Thursday, this initiative evaluates and addresses potential safety concerns aligning with broader regulatory efforts, including recent legislation in California, to ensure responsible AI development. 

SPORTS & ENTERTAINMENT

🏀 Steph & Warriors Seal 1-Year, $62.6M Extension 

Steph Curry and the Golden State Warriors have agreed to a one-year, $62.6 million contract extension, securing Curry through the 2026-27 NBA season. This extension, reported by ESPN's Adrian Wojnarowski, makes Curry the first player in NBA history to earn over $60 million in a single season reaffirming his place as the franchise's cornerstone. 

💔 Dancing with the Stars Artem Chigvintsev Arrested for Domestic Violence

Artem Chigvintsev, a former "Dancing with the Stars" performer, was taken into custody in Yountville, Northern California, on Thursday following a 911 call reporting domestic violence. Napa County deputies arrested Chigvintsev and booked him on a felony charge with a $25,000 bond. The case is currently under review by the Napa County District Attorney’s Office, pending formal charges.

THIS DAY THAT YEAR

On August 30th, 1800, Gabriel, an African American bondsman, led the first major slave rebellion in U.S. history by gathering an army of about 1,000 enslaved people outside Richmond, Virginia. However, the plan was foiled when government officials were alerted, leading to Gabriel and several others being captured and executed.

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