AI Threatens Global Equity

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BUSINESS & ECONOMY

🚨 IMF warns of soaring inequality due to AI

The IMF issued a stark warning about "profound concerns" over rising inequality and significant labor disruptions due to generative AI. It urged governments to improve unemployment insurance and focus on lifelong learning and reskilling programs. Era Dabla-Norris, deputy director at the IMF stated, "We want people to benefit more broadly from this technology and ensure opportunities are created.”

🚀 S&P 500 Sets 30th Record Close of 2024

US stocks soared to new heights as the S&P 500 notched its 30th record close of 2024 on Monday, driven by a tech-fueled rally. The S&P 500 rose nearly 0.8%, while the Nasdaq Composite gained almost 1%, achieving its sixth consecutive record close. The Dow Jones also climbed 0.5%. Julian Emanuel of Evercore ISI stated, "High valuations can remain higher for longer."

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WORLD

🚨 Nuclear Weapons Reliance Rises Amid Global Tensions

The Stockholm International Peace Research Institute (SIPRI) warned on Monday that reliance on nuclear weapons by the world’s nine nuclear-armed states has increased amid global tensions. SIPRI’s report highlighted that wars in Ukraine and Gaza have exacerbated international security concerns, leading to a one-third rise in nuclear modernization spending. 

🌍 Putin to Make First Visit to North Korea in 24 Years

Russian President Vladimir Putin is set to visit North Korea on June 18-19, marking his first visit in 24 years, at the invitation of North Korean leader Kim Jong Un signifying strengthening ties between the two nations amid shared opposition to Western sanctions. Putin stated, "We will develop alternative mechanisms of trade and mutual settlements not controlled by the West."

🌍 Netanyahu dissolves war Cabinet as key partner exits

Israeli Prime Minister Benjamin Netanyahu dissolved the influential war Cabinet on Monday after key member Benny Gantz left the government, criticizing Netanyahu's handling of the Gaza conflict increasing Netanyahu's reliance on ultra-nationalist allies opposing a cease-fire. Netanyahu stated, "I will continue to make decisions based on Israel's security needs."

SCIENCE & TECH

📱 Apple plans sleeker iPhones, MacBooks, and Watches

Apple plans to introduce thinner versions of its MacBook Pro, Apple Watch, and iPhone by 2025. According to Bloomberg's Mark Gurman, the slimmer iPhone is expected to debut with the iPhone 17 line and may come at a higher price, following the trend set by the iPhone X. 

🔍 US sues Adobe over hidden termination fees and subscription cancellation hurdles

The U.S. Department of Justice sued Adobe for deceiving consumers by hiding early-termination fees and complicating the cancellation process. Filed on Monday, the complaint alleges Adobe enrolls consumers in lucrative subscription plans without clearly disclosing terms, making it difficult to cancel without hefty fees. Adobe denies these claims, emphasizing transparency and simplicity in their subscription services.  

SPORTS & ENTERTAINMENT

🏀 Celtics Make History with 18th NBA Championship Win

The Boston Celtics claimed their record-setting 18th NBA championship by defeating the Dallas Mavericks 106-88 at TD Garden in five games. Jayson Tatum led with 31 points, and Jaylen Brown, the Finals MVP, contributed 21 points. Al Horford, winning his first title after 186 postseason games, reflected, "It’s been long. A lot of hard work, but I’m so proud to be part of this team.” 

🚑 Mbappe's nose injury taints Les Blues' 1-0 Euro 2024 victory

Kylian Mbappe sustained a nose injury during France's 1-0 Euro 2024 win against Austria. The incident, which took place during the match in Germany, overshadowed France's victory and Didier Deschamps' 100th win as France's manager. Mbappe also missed a key scoring opportunity. Deschamps commented on the injury, stating, "Apparently the nose is not good at all It’s obviously the negative point of the evening."

OTHER NEWS

🌟 Biden to Grant Legal Protections to Undocumented Spouses of U.S. Citizens

President Biden will announce new protections for undocumented spouses of U.S. citizens at the White House on Tuesday. This policy, marking the 12th anniversary of DACA, will shield undocumented spouses from deportation, provide work permits, and offer a pathway to citizenship impacting up to 500,000 individuals to keep families together. 

🌿 Maryland governor pardons over 175,000 marijuana convictions

Maryland Governor Wes Moore signed an executive order on Monday pardoning over 175,000 marijuana convictions, affecting around 100,000 individuals. Signed in Annapolis, the order includes convictions for possession and paraphernalia-related offenses. Moore stated, "We cannot celebrate the benefits of legalization if we do not address the consequences of criminalization."

🔥 Los Angeles County Wildfire Scorches Over 15,000 Acres

The Post Fire in Los Angeles County has burned over 15,000 acres since it began on Saturday in Gorman, prompting the evacuation of 1,200 people from Hungry Valley Park. Over 1,000 firefighters are battling the blaze which is 20% contained amid high winds and low humidity, with additional evacuation warnings in place. 

🎓 105-year-old finally graduates from Stanford University

Virginia Hislop received a long-overdue Master's degree at 105, from Stanford University, fulfilling a lifelong goal. Despite completing the coursework in 1941, World War II interrupted her plans. Eighty-three years later, Stanford's no-thesis requirement allowed her to earn her degree. 

THIS DAY THAT YEAR

On June 18th, 1812, U.S. President James Madison signed a declaration of war against Great Britain, marking the beginning of the War of 1812. This conflict primarily stemmed from U.S. grievances over oppressive maritime practices during the Napoleonic Wars.

BRAIN TEASER

Where do you take a sick boat?

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Before Mt. Everest was discovered, which was the highest mountain in the World?

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