Biden Assures "Default is off the table!"

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💸Biden issues terse statement after McCarthy debt ceiling talks: 'Avoid a catastrophe'

President Joe Biden and House Speaker Kevin McCarthy engaged in talks to raise the debt ceiling, but no final agreement was reached. Biden assured that "default is off the table" and stressed the need for a bipartisan agreement. McCarthy remained optimistic, mentioning ongoing meetings and regular communication with Biden. The negotiations continue with Republicans pushing for spending cuts and Democrats advocating for increased tax revenue.

🔻The White House has warned stocks will plunge 45% and a deep recession will strike in the 3rd quarter if the US defaults

The White House's Council of Economic Advisers warns a US debt default could trigger a 45% stock market crash and a recession akin to the 2008 crisis. They state, "The closer the US gets to the debt ceiling, the more we expect these market-stress indicators to worsen."Such a default could halt social security, Medicare, and bond payments. Despite a recent Treasury yield surge, other market indicators suggest a low probability of default.

👮‍♀️India hosts G20 tourism meet in Kashmir under heavy security

India is hosting a G20 tourism meeting in Kashmir marking the first diplomatic event since it revoked its limited autonomy in 2019, inciting controversy as China, Pakistan, Turkey, Saudi Arabia, and Indonesia boycott due to the region's disputed status. Amid stringent security, India aims to show "peace and prosperity" with talks on green tourism. Critics contend this 'normalcy' is superficial while China "firmly opposes" the event.

✈️Russia says F-16 transfer to Ukraine would raise NATO question

Russia's Ambassador to the United States, Anatoly Antonov, expressed concerns about NATO's involvement if F-16s are transferred to Ukraine due to infrastructure and personnel limitations. The UK and the Netherlands agreed to build an "international coalition" for fighter jet support. President Biden endorsed training programs for Ukrainian pilots, assuring they won't enter Russian territory. Russia warned of "colossal risks" if the F-16 supply proceeds.

🚫TikTok challenges Montana’s decision to ban the app

TikTok legally challenges Montana's app ban, citing first amendment violation. The ban, first in the U.S., addresses cyber-security concerns of potential Chinese intelligence operations. Despite TikTok's claims of spending billions on separate U.S. data centers with Oracle, doubts remain about their progress. Even if successful against Montana, a potential White House ban threatens TikTok's U.S. presence.

😑Meta fined $1.3bn over the transfer of EU user data to the US

Meta is hit with a record $1.3bn fine by the Irish Data Protection Commission on behalf of the EU, for illicitly transferring EU user data to the US, violating GDPR rules. Meta labels the decision as "flawed" and "unjustified," planning an appeal. Meta has been ordered to comply with GDPR or face potential regional suspension. The fine is the largest under the General Data Protection Regulation, surpassing Amazon's $807m penalty in 2021. This marks Meta's fourth fine within six months in the EU.

🤝Tom Brady reaches an agreement to buy an ownership stake in the Raiders

Tom Brady, retired quarterback, has agreed to join the Las Vegas Raiders' ownership group, making him the third NFL player to become an owner, pending NFL approval. Brady, the holder of most of the league's career passing records, also owns part of the Las Vegas Aces. 24 NFL team owners must approve the partnership. Brady's upcoming broadcasting contract with Fox reportedly won't be affected by this investment.

👎Juventus docked points amid an investigation into transfer dealings

Juventus faces a 10-point Serie A deduction due to an investigation into the artificial inflation of players' values, jeopardizing their Champions League standing. The club initially penalized 15 points and had them restored on appeal, only for a new ruling to impose a 10-point cut. Despite the setback, Juventus can still qualify for the Champions League, depending on other results, and may secure a Europa League spot by winning upcoming matches.

✅‘Verified’ Twitter Accounts to share a fake image of ‘Explosion’ near Pentagon, causing confusion

Fake 'explosion' image near the Pentagon, shared by 'verified' Twitter accounts, caused a brief stock market dip and public confusion. These accounts, including one falsely claiming association with Bloomberg, were misled due to Twitter's pay-for-verification policy under Musk. The AI-generated image is false, confirmed by local officials; no such incident occurred.

💰E. Jean Carroll adds Trump’s post-verdict remarks to the defamation case, seeks at least $10M

E. Jean Carroll, who recently won a $5 million sexual abuse and defamation case against ex-President Donald Trump, seeks at least an additional $10 million for post-verdict comments made by Trump. Her attorneys allege Trump's remarks showed 'hatred, ill will, or spite'. While the jury didn't affirm the rape allegations, it concluded that Trump sexually abused Carroll and damaged her reputation with false statements.

🤑Kamala Harris touts the launch of a $4B research center in Silicon Valley

Vice President Kamala Harris announced the $4B research facility launch by Applied Materials in Sunnyvale, Silicon Valley, expected to be operational by 2026. The Equipment and Process Innovation and Commercialization (EPIC) Center, set to be the world's largest, aims to create 2,000 engineering jobs. The initiative, partly influenced by the CHIPS Act's subsidies, would foster innovations in semiconductor technology. Harris applauded the initiative, citing the benefits of fostering domestic chip production.

China formally annexed Tibet as an autonomous region on this day in 1951, giving rise to a Tibetan independence movement—led by the Dalai Lama, winner of the 1989 Nobel Peace Prize—that continued into the early 21st century.

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