Consumer Confidence Takes a Hit

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BUSINESS & ECONOMY

🔻 September Consumer Confidence Sees Biggest Drop in 3 Years

U.S. consumer confidence plummeted in September, with the index falling to 98.7 from 105.6 in August, the steepest decline since August 2021. Concerns about jobs and inflation drove this drop, especially among those aged 35-54 earning under $50,000. Dana Peterson, Chief Economist at The Conference Board, said, “Consumers were also more pessimistic about future labor market conditions. 

🏡 US Home Prices Hit New Record in July

U.S. home prices hit another record in July, with the S&P Case-Shiller Index rising 0.2% month-over-month, marking the sixth consecutive increase. The 20-city index rose 5.9% year-over-year, led by New York’s 8.8% gain. Despite rising prices, high mortgage rates continue to challenge affordability. Meredith Whitney, CEO of Meredith Whitney Advisory Group, stated, “Home prices need to drop at least 15%.” 

🟢 IMF Chief Praises US Inflation Control, Says Fed ‘Got It Right’

IMF Managing Director Kristalina Georgieva praised US inflation control during the Global Business Forum in New York, stating, “We are in a very good place.” She credited the Federal Reserve for holding interest rates high before a recent cut, helping avoid recession and sustaining global growth. Georgieva added, “The US has helped the world economy to stay afloat.”

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WORLD

✈️ US Adds Qatar to Visa Waiver Program

The United States announced Qatar's admission into the Visa Waiver Program, making it the first Gulf country to do so. From December 1, Qatari citizens can travel visa-free to the U.S. for up to 90 days, strengthening their strategic partnership, and boosting travel, commerce, and security. US Secretary of State Antony Blinken stated, “This will enhance the flow of people and commerce between our two countries.”

⚡️ European Energy Prices Plunge to Record Low

European electricity prices hit a record low, staying negative for 7,841 hours in the first eight months of 2023, surpassing 6,428 hours last year. Solar and wind energy growth outpaced storage, causing prices to drop below €20 per megawatt hour and disrupting renewable energy investments, with SEB's chief commodities analyst Bjarne Schieldrop stating, "It's akin to a hara-kiri," comparing it to overproducing oil.  

⚔️ Israel strikes Hezbollah, kills top commander as families flee southern Lebanon

Israel killed top Hezbollah commander Ibrahim Kobeisi during airstrikes in southern Lebanon on Tuesday, part of a wider offensive targeting Hezbollah’s rocket sites. Thousands of civilians fled to Beirut and Sidon as fighting escalated. Hezbollah retaliated by launching over 300 rockets into Israel. Military spokesman Rear Adm. Daniel Hagari said, "We’re attacking with great force to minimize the operation's duration."

🌍 World Leaders Express Frustration with Israel, US Amid Middle East Violence

World leaders expressed frustration at both Israel and the U.S. during the U.N. General Assembly, pointing to escalating violence in Gaza and Lebanon, U.S. support for Israel, and the failure to achieve a cease-fire. Leaders like Turkey’s Erdogan and Colombia’s Petro criticized Israel’s actions, while Brazil’s Lula da Silva stated, “The right of defense has become a right of vengeance.” 

SCIENCE & TECH

🚀 Intel Unveils New AI Chips Amid Takeover Buzz

Intel has launched its Xeon 6 CPU and Gaudi 3 AI accelerator chips to enhance its data center business and compete with AMD and Nvidia. Offering improved performance and efficiency, these chips plan to establish Intel as a major AI player amid takeover rumors involving Qualcomm. Intel's Justin Hotard stated, "Demand for AI is leading to a massive transformation in the data center."

🎬 James Cameron Joins Stability AI Board

Filmmaker James Cameron has joined Stability AI's board of directors, effective immediately. His appointment is seen as a significant move for the AI sector, emphasizing the potential of generative AI in filmmaking. Cameron, an early tech adopter, plans to explore the intersection of AI and CGI. His involvement comes amid growing studio interest in AI partnerships, despite ongoing legal challenges facing Stability AI.  

SPORTS & ENTERTAINMENT

🏈 NFL Legend Brett Favre Reveals Parkinson's Diagnosis

Brett Favre, NFL Hall of Famer, announced on Tuesday during a congressional hearing on federal welfare reform that he has been diagnosed with Parkinson's disease. The 54-year-old revealed his health condition while discussing past investments and head injuries from his football career. Favre, who played 20 seasons in the NFL, stated, “It’s too late for me, but this cause remains close to my heart.” 

🎤 Indiana's "Singing Janitor" Wins America's Got Talent 2024

Richard Goodall, Indiana’s “singing janitor,” wins America’s Got Talent 2024, captivating audiences with performances of classics like Journey's "Don't Stop Believin’." He earned Heidi Klum’s Golden Buzzer and beat nine finalists, including an Israeli dog act. The final round saw a special performance with Journey's Neal Schon. Howie Mandel, comedian and TV host, stated, “I think you just sang yourself $1 million.” 

OTHER NEWS

🛑 US Justice Department Accuses Visa of Illegal Monopoly Driving Up Prices

The U.S. Justice Department has filed an antitrust lawsuit against Visa, accusing it of monopolizing the debit card market. Visa allegedly forced businesses to use its network, raising prices for nearly everything through exclusivity agreements. Denying the claims, Visa called the lawsuit meritless, citing growing competition. Attorney General Merrick Garland stated, “Visa’s unlawful conduct affects not just one thing, but the price of nearly everything.”

📰 Marcellus Williams Executed After Supreme Court Denies Appeal

Marcellus Williams was executed by lethal injection on Sept. 24, 2024, for the 1998 murder of journalist Felicia Gayle, who was stabbed 43 times in her home. Despite claims of innocence and no forensic evidence linking him to the crime, the U.S. Supreme Court declined to intervene, raising concerns about the justice system. His attorney stated, “Missouri is poised to execute an innocent man.” 

🌪️ Tropical Storm Helene Intensifies, Hurricane Warnings Issued for Florida and Mexico

Tropical Storm Helene is strengthening into a hurricane, with warnings covering Mexico’s Yucatan Peninsula and Florida’s Gulf Coast. Evacuations, school closures, and emergency declarations are underway in Florida and Georgia. The storm is forecast to intensify, bringing life-threatening storm surges and heavy rain. Larry Kelly from the National Hurricane Center stated, "It’s going to be a very large system." 

🧠 28% of Americans Find Political Views Create Social Stress 

28% of Americans find it stressful to spend time with friends or family who hold different political views, according to a new poll. Rising anxiety about the 2024 election has led a quarter to cut ties with loved ones to avoid stress. Experts note a reluctance to discuss politics, leading many to skip events. Dr. Nina Vasan stated, "Remember that most people are well-intentioned."

THIS DAY THAT YEAR

On September 25th, 1777, British forces occupied Philadelphia, the capital of the American colonies during the Revolutionary War. This pivotal moment marked a significant shift in the conflict, as the British sought to establish control over key territories.

BRAIN TEASER

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What has keys that open no locks, space but no room, and you can enter but not go in?

The answer is : A computer keyboard.

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