Americans too slow at Saving?

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What’s Hot? Powerball and Mega Millions jackpots soared as no winners were announced in recent drawings. The Powerball jackpot, now the 7th highest in U.S. history, rose to $1 billion while the Mega Millions reached $720 million. Lottery officials highlighted the odds of winning at 1 in 292.2 million & 1 in 300 million respectively.

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📈 Americans aren’t rebuilding their savings fast enough, says JPMorgan

According to JPMorgan Chase Institute, Americans are struggling to rebuild savings, making recovery after a potential recession challenging. Despite having 10% to 15% more in bank accounts now compared to 2019, inflation and wage increases not keeping pace have resulted in dwindling cash buffers. Chris Wheat, the institute's president, noted, "We see families building savings back up more slowly than they spend them down."

💼 June US Retail Sales Display Modest Boost; Core Sales Firm

US retail sales in June grew 0.2%, less than the 0.5% predicted by economists. Increased interest rates since March 2022 didn't deter strong spending, thanks to wage growth and COVID-19 savings. However, consumer demand for autos is decreasing due to higher financing costs. The economy remains on a solid growth path, with resilience to Federal Reserve tightening. "The resilient consumer shows the Fed has very little reason to think its tightening has gone too far," said FHN Financial's Will Compernolle.

🌍 Russia Targets Ukrainian Grain Port Post Export Deal Exit

Russia has attacked Ukrainian grain ports after pulling out of a U.N.-backed deal for safe Black Sea grain exports, risking global food crises. The move drew concern primarily in Africa and Asia due to the potential for rising food prices and hunger. Russia insists on easing rules for its food and fertilizer exports before it can return to the grain deal, a demand seen by Western countries as leveraging food supplies to soften financial sanctions.

💼 UK Braces for Highest Company Insolvencies since 2009

UK is set to record its highest quarterly number of company insolvencies since 2009, with 6,403 firms declared insolvent in Q2 2023. This comes as businesses grapple with rising interest rates, persistent inflation, wage expectations, and lingering COVID-19 debt. Despite this, experts predict a more than 10% drop in insolvencies by year-end as government support during the pandemic gets phased out.

🔍 Google's Bard Extension Preview Threatens ChatGPT

Google is preparing to integrate its AI chatbot, Bard, into everyday apps such as Maps, YouTube, and Gmail, as well as third-party services like Adobe, Instacart, and Zillow, through Bard Extensions. The Extensions will reportedly enable users to use AI capabilities to interact with and perform tasks on these platforms. The exact functionalities and launch date remain unclear, but this development could potentially set Bard as a strong competitor against ChatGPT.

🖥️ Meta, Microsoft, and Qualcomm Collaborate on Llama 2 AI Model

Meta has launched its large language model, Llama 2, for free commercial use in partnership with Microsoft and Qualcomm. Microsoft will offer access to Llama 2 through Azure AI and Windows, with availability on Amazon Web Services and other providers. Qualcomm will bring Llama 2 AI to phones and PCs starting in 2023, empowering applications like virtual assistants and productivity tools.

🚔 Gigi Hadid Arrested in Cayman Islands for Marijuana Possession

Model Gigi Hadid and her friend Leah Nicole McCarthy were arrested in the Cayman Islands for alleged possession of marijuana on July 10. Hadid's representative stated the marijuana was purchased legally in New York City for medical use. Both women pleaded guilty and were fined around $1,200, but no convictions were recorded. Hadid continued her trip on the island, indicating via an Instagram post that "All's well that ends well."

⚽ US Women's Team: Top Bet to Clinch World Cup

The US Women's National Team is the favorite to win a third consecutive Women's World Cup, according to Caesars Sportsbook, despite a more competitive field. Bettors are showing strong support, with 82% of the money wagered in the US. Alex Morgan is the favorite to win the Golden Boot Award. The US opens against Vietnam on Friday and is a huge favorite, despite no team ever having won three consecutive World Cups.

🌡️ WMO: Heatwave Surge Escalates Heart Attack, Death Risk

Extreme heat waves are intensifying in Europe, Asia, and the US, heightening the risk of fatalities, according to the World Meteorological Organization. Phoenix, Arizona, has seen a record 19 consecutive days with temperatures exceeding 110F. Meanwhile, Europe is also experiencing peak summer temperatures, leading the World Meteorological Organization to forecast the northern hemisphere's heatwave will escalate. Extreme weather patterns, including flooding and wildfires, are coinciding with the heatwaves, escalating discussions on global action to combat the climate crisis.

🌮 Taco Bell's 'Taco Tuesday' Trademark Prevails in Legal Dispute

Taco Bell has successfully "liberated" the phrase "Taco Tuesday" after competitor Taco John's agreed to abandon its federal trademark for the term. In a move to cancel the trademark, Taco Bell argued that the phrase was common and had been unfairly monopolized in the restaurant sector. Taco John's CEO, Jim Creel, stated that the money saved from legal fees would be donated to a nonprofit for restaurant workers in crisis.

🏛️ Trump's Ex-White House Lawyer to Cooperate with Jan. 6 Panel

Ex-White House counsel Ty Cobb predicts that former President Donald Trump may be indicted on charges of conspiracy, obstruction, and aiding insurrectionists to the Capitol riot as early as Thursday. Cobb suggests the charges could stem from Trump's pressure on then-Vice President Mike Pence, his efforts to halt states certifying Biden's victory, and his potential witness interference. Trump was recently informed by special counsel Jack Smith that he is a target in the Capitol riot probe.

⚖️ AI, Machine Learning Risk Fueling Bias in Lending, Warns Fed Watchdog

Federal Reserve's top watchdog, Vice Chair Michael Barr, warned that artificial intelligence and machine learning could reinforce bias in lending practices. He emphasized that while these technologies have potential, they risk violating fair lending laws. The Fed has recently launched initiatives addressing appraisal discrimination in mortgage transactions. Barr added that "fair lending is safe and sound lending" and expressed support for policies promoting equal opportunities in homeownership.

On this day in 1980, Moscow unveiled the Summer Olympics, tainted by the absence of 60 nations protesting the Soviet Union's Afghan invasion. This unprecedented boycott, the largest in Olympic history, marred the global celebration of athleticism and unity

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