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📉 Fed Official: Interest Rates Likely at Peak

The Federal Reserve, after raising interest rates 11 times since March 2022, might not increase further, says Philadelphia's Fed President Patrick Harker. Despite the hikes, inflation has decelerated without spiking unemployment. Harker remains hopeful for a "soft landing," noting, “we may... hold rates steady.” However, elevated rates may persist, posing challenges and opportunities for borrowers and savers alike, as we wait for the Federal Reserve's next move.

🚫 Biden Limits China Investments Over National Security Concerns

President Biden plans to restrict American investments in select advanced Chinese industries, targeting sectors like AI, quantum computing, and semiconductors to safeguard U.S. national security. Emily Benson of the Center for Strategic and International Studies remarked, “U.S. capital is advancing Chinese military capabilities”. Critics fear the U.S. could fall behind as other nations continue their tech collaborations with China.

🚢 Iran threatens more ship seizures despite US Marine presence in Gulf

Iran warns of capturing American vessels in reaction to the US bolstering its military presence in the Persian Gulf and the Red Sea. This US deployment, including 3,000 Marines and advanced warplanes, seeks to curb Iran's "harassment" of commercial ships. Brig. Gen. Ramezan Sharif of Iran's Revolutionary Guard stated, "The Islamic Republic is capable of reciprocating any mischief by the Americans." Amidst rising tensions, Iran recently unveiled its "homemade" long-range naval missiles, amplifying concerns in an already volatile region.

🚫 Imran Khan barred from public office for 5 years

Former Pakistani Prime Minister Imran Khan has been disqualified from holding public office for five years by the election commission, following his arrest on corruption charges and a three-year jail sentence. Khan, disputing the charges, awaits a high court appeal. Adviser Sayed Bukhari claims the move is an effort to sideline Khan in upcoming elections, with the former Prime Minister ving, “Our democracy is under threat.”

🇮🇹 Italy imposes 40% windfall tax on banks for 2023

Italy's unexpected 40% tax on banks' profits from rising interest rates, sent European bank shares plummeting. The move, a reaction to banks not increasing deposit rewards despite surging profits, had been shelved earlier but was reintroduced due to substantial first-half profits. Key banks like Intesa Sanpaolo and UniCredit saw significant share drops, while Deputy PM Matteo Salvini stated, "We are talking...of billions. This echoes concerns over eurozone stability.

🔌 NVIDIA unveils new AI chip; promises major cost reduction for LLMs

Nvidia has unveiled the GH200, a chip crafted for AI, geared to counter competitors like AMD, Google, and Amazon in the AI hardware domain. Differing from the H100, the GH200 boasts 141GB of advanced memory and a 72-core ARM CPU. Nvidia's CEO Jensen Huang emphasized, "This processor is designed for the scale-out of the world's data centers." Primarily suited for AI model inference, it streamlines computational processes, allowing vast models to fit into a singular system.

🌌 NASA Observes Faster, Shortening Martian Days

NASA's InSight Lander data reveals Mars' days are shortening as its rotation accelerates by about 4 milliarcseconds annually. This discovery was led by Sébastien Le Maistre from the Royal Observatory of Belgium. He remarked, “It’s a historic experiment... RISE still has a lot to reveal about Mars.” The findings, published in the journal Nature, are based on observations from InSight's first 900 Martian days, emphasizing variations in the planet's rotation.

🎭 Billy Porter criticizes Bob Iger over strikes, claims he's selling his house

Billy Porter, the "Pose" star, revealed the financial challenges he's facing amidst the ongoing Hollywood strikes. In an interview with the Evening Standard, Porter mentioned selling his house due to paused projects, saying, "The life of an artist, until you make f***-you money... is still check-to-check." He also criticized Disney's Bob Iger for calling artists' wage demands unrealistic and plans to join the picket lines upon returning to the US.

🎲 ESPN strikes $2 billion sports gambling deal

PENN Entertainment has parted ways with sports website Barstool, securing a $2 billion deal with ESPN to launch "ESPN Bet." This fall, the Barstool Sportsbook will transform into ESPN Bet, with PENN holding rights to the brand for a decade, extendable by another 10 years. PENN will pay ESPN $1.5 billion in cash and $500 million in shares over this period. After selling all Barstool shares back to founder David Portnoy, he stated on X: "Penn was able to broker an unbelievable deal with ESPN," adding he'd never sell Barstool.

🚨 Massachusetts Governor declares emergency over migrant surge, urges federal action

Massachusetts Gov. Maura Healey has declared a state of emergency due to a significant increase in migrants, resulting in overstretched social services. With 20,000 individuals in the state's shelter system, Healey cites federal immigration policies, scarce affordable housing, and the cessation of COVID-era programs as causes. The governor wrote to DHS Secretary Alejandro Mayorkas, highlighting the state's role as a "beacon to those in need" and urging for updated immigration laws and more funding.

🔧 Construction workers get pay raise with new wage rule

The Biden administration has introduced a major update to the Davis-Bacon rules, which set pay standards for workers on federal construction projects. Announced by VP Kamala Harris in Pennsylvania, this is the most significant overhaul since the 1980s, aiming to ensure fair wages for workers. Approximately 1.2 million U.S. workers will benefit from around $220 billion in projects. The rule takes effect 60 days after its publication at the federal register, but legal challenges might arise.

🏛️ US Supreme Court Upholds Biden's 'Ghost Gun' Restrictions Temporarily

The U.S. Supreme Court has temporarily reinstated a federal rule targeting untraceable "ghost guns." In a 5-4 decision, the court halted a July ruling that had blocked this rule, which mandates that ghost guns be treated as "firearms" under the Gun Control Act, requiring serial numbers, background checks, and seller licensing. In response to the decision, administration & gun-rights groups were divided, as supporters praised it as a significant move towards enhancing public safety.

On 9th August, 48 BCE, during the Roman Civil War, Julius Caesar's forces decisively triumphed over Pompey's troops at the Battle of Pharsalus in Central Greece. This pivotal battle led Pompey to flee to Egypt, where he met his tragic end. Caesar's victory solidified his path to ultimate control over the Roman Republic.

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