Banks Flag Profit Trouble

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BUSINESS & ECONOMY

💼 US Banks Warn of Economic Trouble: Falling Deposits and Loan Risks Hurt Profits

Major US banks, including Citi, JPMorgan Chase, and Wells Fargo, report declining deposits and increased loan risks due to high interest rates and inflation. This has led to lower profits and rising credit losses, particularly impacting lower-income customers. Wells Fargo CEO Charles Scharf stated, "Loan demand from businesses remained tepid."

💹 Powell Signals Fed Ready to Cut Rates Before 2% Inflation

US Federal Reserve Chair Jerome Powell stated that the Fed won't delay interest rate cuts until inflation hits the 2% target, citing "long and variable lags" in policy effects. Speaking at the Economic Club of Washington D.C., Powell emphasized, "If you wait until inflation gets all the way down to 2%, you’ve probably waited too long."

🏠 Biden Proposes 5% Rent Cap to Tackle Inflation

President Joe Biden plans to propose a 5% cap on annual rent increases for large landlords to address the rising cost of housing, a key driver of inflation. This move, announced during his Nevada visit, aims to demonstrate his commitment to tackling inflation amid a tight presidential race. Biden stated, “If I’m reelected, we’re going to make sure that rents are kept at 5% increase.”

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WORLD

🇪🇺 EU to Partly Boycott Hungary's Presidency

The European Commission is partially boycotting Hungary's six-month EU presidency due to PM Viktor Orban's "peace mission" involving visits to Kyiv, Moscow, Beijing, and Washington. The Commission will send only senior civil servants to informal meetings, excluding EU Commissioners. Hungarian Minister Janos Boka stated, "The European Commission cannot cherry-pick institutions and member states it wants to cooperate with."

🏃‍♂️ Top North Korean Diplomat Defects to South Korea

Ri Il-kyu, a high-ranking North Korean diplomat based in Cuba, defected to South Korea in November, marking the highest-ranking defection since 2016. Disillusioned with the regime and facing bleak prospects, Ri fled with his family, expressing a yearning for reunification. He stated, "Disillusionment with the North Korean regime and a bleak future led me to consider defection." 

SCIENCE & TECH

🚀 Google Nears Record-Breaking Acquisition

Google's parent company, Alphabet, is in advanced talks to acquire cybersecurity startup Wiz for $23 billion. This potential deal, the largest in Google's history, follows Wiz's $1 billion funding round earlier this year. Acquiring Wiz, which specializes in cloud cybersecurity, signifies Google's strategic move to enhance its cloud security offerings, challenging competitors Microsoft and Amazon.

🍏 Apple Drops Public Betas for Next-Gen OS Updates, VisionOS Excluded

Apple releases public betas for iOS 18, iPadOS 18, macOS 15 Sequoia, tvOS 18, and HomePod Software 18. Users can join Apple’s public beta program with their Apple ID and download the updates via the Settings app. These betas, based on recent developer builds, allow users to preview new features but should be backed up before installation. VisionOS remains excluded.

SPORTS & ENTERTAINMENT

🇺🇸 Ingrid Andress' National Anthem at 2024 Home Run Derby Faces Online Backlash

Country singer Ingrid Andress faced criticism online for her national anthem performance at the Home Run Derby on July 15. Held at Globe Life Field, Arlington, Texas, her rendition went viral due to missed notes, drawing comparisons to Fergie's 2018 version. Commentators and viewers were disappointed, with one stating, "That was one of the worst national anthems I think I’ve ever heard."

💥 Hernández outshines Witt, wins Dodgers' first HR Derby title

Teoscar Hernández edged out Bobby Witt Jr. to become the first Los Angeles Dodger to win the Home Run Derby, clinching victory with a narrow 14-13 margin in the final. This triumph secured Hernández a $1 million prize and a "DERBY CHAMP" medallion. Reflecting on his victory, Hernández stated, "People maybe underestimate me. But I'm as talented as all those guys over there." 

OTHER NEWS

🌪️ Tornado Watch Issued for SW Michigan, Gusts Up to 90 mph

A high-end tornado watch is in effect for Allegan, Barry, Berrien, Cass, Kalamazoo, and Van Buren counties in southwest Michigan. Severe thunderstorms with gusts up to 90 mph and possible tornadoes are expected. The National Weather Service warns, "Thunderstorms may produce significant severe gusts and several tornadoes with embedded circulations."

🇺🇸 Trump Chooses Ohio Sen. JD Vance as GOP Running Mate

Former President Donald Trump has selected Sen. JD Vance of Ohio as his GOP running mate. Vance, once a critic of Trump, is now a steadfast supporter. Trump emphasized Vance's dedication to American workers and farmers and his alignment with Trump's "Make America Great Again" agenda. Trump stated, "The person best suited to assume the position of Vice President of the United States is Senator J.D. Vance of the Great State of Ohio."

🌍 Power Grids Struggle as Planet Heats Up

Power grids worldwide are failing due to rising temperatures, spiking electricity demand, and straining aging infrastructures. Incidents like blackouts in Montenegro and Houston highlight vulnerabilities. Efforts to upgrade grids lag behind, leaving millions at risk. Michael Webber, a professor of energy at UT Austin, says, “The whole power system is being asked to work in a different climatic era.”

🧠 Biden Defends Decision to Stay in Race, Says His 'Mental Acuity Is Good'

President Joe Biden defended his decision to remain in the presidential race during an NBC interview, citing his mental acuity is good. Despite concerns about his age and some Democratic leaders' doubts about his ability to win, Biden emphasized his experience and determination stating “My mental acuity’s been pretty damn good. I’ve gotten more done than any president has in a long, long time.”

THIS DAY THAT YEAR

On July 16th, 1945, the United States conducted the first atomic bomb test near Alamogordo, New Mexico. The following month, atomic bombs were dropped on Hiroshima and Nagasaki in Japan, accelerating the end of World War II.

BRAIN TEASER

What English word retains the same pronunciation, even after you take away four of its five letters?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what Yesterday’s teaser was:

Turn me on my side, and I am everything. Cut me in half, and I am nothing. What am I?

The answer is: The number 8

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