Boomers Control 70% Wealth

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BUSINESS & ECONOMY

👴 Seniors Hold 70% of US Wealth

Seniors, primarily baby boomers, dominate the U.S. economy with nearly 70% of household wealth, up from 50% in 1989. Their assets reached $114 trillion by 2023, a sharp increase from $84 trillion in 2019. Moody's Analytics notes they now drive 45% of personal spending, up from 29% three decades ago, fueled by robust stock and housing market gains.

📈 Labor Market Nears Pre-Pandemic Levels

The Federal Reserve's report to Congress notes the U.S. labor market is approaching pre-pandemic conditions, described as "tight but not overheated." Job openings have declined while labor supply has increased, aided by immigration while Nominal wage growth remains slow. Fed Chair Jerome Powell stated, "As always, we will act as appropriate to support a strong labor market and stable prices."

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WORLD

🌍 Xi Urges World Powers to Restart Russia-Ukraine Talks

Chinese President Xi Jinping urges global powers to assist Russia and Ukraine in resuming direct dialogue for peace, emphasizing the need for a positive environment conducive to negotiations. During a meeting with Hungary’s Prime Minister Viktor Orbán, Xi stressed China’s role in promoting stability amid global challenges. Xi stated, "Only with positive energy from major powers can a cease-fire be achieved." 

📰 Up to 186,000 Killed in Gaza War

Gaza's death toll from the conflict, which began on October 7, could surpass 186,000, according to a study published in The Lancet. The Ministry of Health in Gaza reports 38,000 confirmed deaths, but the destruction of infrastructure is expected to cause a significant increase in indirect deaths including the destruction of health facilities, food shortages, and the spread of disease. 

SCIENCE & TECH

📢 Amazon Unveils Upgraded Echo Spot with Better Audio

Amazon revives its Echo Spot with a revamped look and enhanced audio. Priced at $79.99 (or $44.99 for Prime members), the 2024 Echo Spot offers better visuals and improved sound quality. This Alexa-enabled smart alarm clock features a 1.73” front-firing speaker, lacks a camera for privacy, and supports voice commands, customizable clock faces, and smart home integration. 

🎂 Apple Watch to Get Birthday Makeover

Apple is gearing up to celebrate the Apple Watch's 10th anniversary with significant updates. The Series 10 models will feature larger displays and thinner designs, similar to the Apple Watch Ultra, alongside sleeker designs. These watches will also introduce a new chip expected to facilitate future AI capabilities.  

SPORTS & ENTERTAINMENT

🌈 Julia Fox Announces She's a Lesbian via Viral TikTok

Actress Julia Fox comes out as a lesbian via a viral TikTok video. Responding to a trend, she acknowledged her past relationships with men, stating, "I was that lesbian. So sorry, boys. Won't happen again." This candid revelation follows her previous openness about her sexuality and celibacy. Fox remarked, “I just think nothing good comes from having sex, including children.” 

🥋 John Cena to Retire from WWE in 2025

WWE star John Cena has announced his retirement from wrestling following the conclusion of the 2025 season at an event in Toronto. Cena intends to embark on a farewell tour, highlighting his appreciation for WWE's current prominence. Speaking to the audience, he stated, "I want to clarify now, I’m finished. This is the end."

🎾 Djokovic Clashes with Wimbledon Fans After Quarterfinal Win

Novak Djokovic clashed with Wimbledon fans after cruising into the quarterfinals with a swift victory over Holger Rune. The fans' cheers for Rune sounded like boos to Djokovic, prompting him to express displeasure post-match stating "To all the fans that have respect and that stayed here tonight Thank you very much  And to all those people that have chosen to disrespect the player in this case, have a goooood night."   

OTHER NEWS

🌡️ Global Temperatures Break Records for 13th Month

Global temperatures have reached record highs for the 13th consecutive month, as reported by the European climate service Copernicus. June's average was 16.66°C, marking the third hottest month since 1940 underscoring a shift in our climate, pushing closer to the 1.5°C limit set by the Paris Agreement. Copernicus Director Carlo Buontempo stated, “This is more than a statistical oddity.”

🎉 Mass Shooting at Kentucky Pool Party, 4 Dead, 3 Injured 

Four people were killed and three injured in a mass shooting at a birthday pool party in Florence, Kentucky on Saturday. The suspect, known to attendees, opened fire around 2:51 a.m. before fleeing and later dying from a self-inflicted gunshot wound. The motive remains unclear. Victims were Shane Miller, 20, Hayden Rybicki, 20, Delaney Eary, 19, and Melissa Parrett, 44.

✈️ Boeing Accepts Plea Deal Over 737 Max Crashes

Boeing has agreed to plead guilty to a criminal fraud charge related to the crashes of two 737 Max planes that killed 346 people. The Justice Department stated Boeing violated a previous agreement that protected it from prosecution. The plea deal includes a $243.6 million fine and requires safety investments and court-supervised probation. Boeing said, "We can confirm that we have reached an agreement in principle."

✈️ Record 3M Passengers Pass TSA After July 4th

The Transportation Security Administration (TSA) screened over 3 million passengers on Sunday, setting a new record. Precisely 3,013,413 passengers passed through checkpoints, surpassing the previous record of 2.99 million reflecting a broader trend of increased air travel in 2024. DHS Secretary Alejandro Mayorkas highlighted the "extraordinary achievement" of checking in 35 passengers per second. 

THIS DAY THAT YEAR

On July 9th, 2001, the British TV series The Office, created and written by Ricky Gervais and Stephen Merchant, premiered. It quickly became a massive success, leading to a popular American adaptation and catapulting Gervais to stardom.

BRAIN TEASER

What loses its head in the morning but gets it back at night?

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Here’s what Friday’s teaser was:

I Am Something People Love Or Hate

The answer is: Age

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