Crypto Firms Dominate 2024 Donations

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🚀 Crypto Sector Makes Up Nearly 50% of 2024 Election Corporate Donations 

Crypto companies have contributed nearly half of all corporate donations in the 2024 U.S. elections, totaling $119 million. Coinbase and Ripple account for over 80% of this amount, directing funds mainly to pro-crypto super PACs. Public Citizen’s Rick Claypool criticised the influence, noting, “The massive money poured in by crypto companies embodies everything that is wrong with the Supreme Court’s disastrous Citizens United decision.”

🗳️ RFK Jr. Backs Trump After Weeks of Secret Talks

Robert F. Kennedy Jr. ended his independent presidential campaign on Friday by endorsing Donald Trump. Kennedy cited shared concerns with Trump on issues like free speech and public health, stating, “These are the principled causes that led me here.” The endorsement, facilitated by Trump Jr. and donor Omeed Malik, hints at a potential future role for Kennedy. He concluded, “My path to victory is no longer realistic.” 

🇺🇸 US Warns of Sanctions for Countries Hosting Russian Banks

US officials are warning countries hosting Russian banks of potential secondary sanctions if these banks are used to fund Russia’s military activities. The warning targets nations allowing Russian branches to circumvent sanctions. US Deputy Treasury Secretary Wally Adeyemo stated, “We will target both the branch and any local partners involved.” aiming to block Russia’s efforts to evade global sanctions.

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BUSINESS & ECONOMY

📉 35% Chance of 2024 Recession: J.P. Morgan Warns of Rising Risks Despite Inflation Drop

J.P. Morgan has increased its 2024 recession risk forecast to 35%, up from 25%, Despite cooling inflation, rising unemployment and weaker economic growth contribute to this higher risk. Chief Global Economist Bruce Kasman highlighted weaker labor demand and global manufacturing as key concerns stating, “The modest increase in recession risk contrasts with a significant reassessment of the interest rate outlook."

💼 Fed Chair Powell: It's Time for an Interest Rate Cut

Federal Reserve Chair Jay Powell announced at the Fed's annual summit in Jackson Hole, Wyoming, that the time has come for an interest rate cut due to slower economic growth and cooling inflation. Inflation has dropped from over 9% in June 2022 to 2.9%, while unemployment inched up to 4.3%. Powell emphasized that future actions depend on incoming data stating, “The time has come for policy to adjust.”

WORLD

🔥 Israel and Hezbollah Clash in Major Escalation

Israel launched a major airstrike on Hezbollah's rocket positions in southern Lebanon early Sunday, destroying thousands of launchers. Hezbollah retaliated with 320 rockets and drones, killing one Israeli navy soldier. This escalation follows the killing of a senior Hezbollah commander and is Israel's biggest strike since 2006. Netanyahu warned of further actions stating, “What happened today is not the end of the story.”

📵 Aussies Can Now Ignore Work Emails and Calls After Hours

Millions of Australians can now ignore work emails and calls outside of their working hours under new "right to disconnect" laws granting employees the right to refuse contact unless it is deemed unreasonable, aiming to curb the pervasive "digital leash" and enhance work-life balance. Employees at businesses with more than 15 workers are covered immediately, while those at smaller companies will be included starting August 22, 2025. 

🚨 Telegram CEO Pavel Durov’s Detention Extended in France

Telegram CEO Pavel Durov was arrested at a Paris airport on allegations that his app facilitates money laundering, drug trafficking, and other criminal activities. French authorities have extended his detention beyond Sunday night. Durov, who was travelling from Azerbaijan, faces a preliminary investigation by France’s OFMIN. His detention could last up to 96 hours, with Russian officials demanding consular access. Durov denies any wrongdoing. 

SCIENCE & TECH

🤖 Apple Ventures into Robotics for Post-iPhone Innovations

Apple is making bold strides into robotics with plans to reshape home technology. Led by Kevin Lynch, the company is developing an innovative robotic prototype, expected to debut between 2026 and 2027 aims to enhance user convenience and tackle household tasks. By leveraging advanced AI, Apple hopes to make a significant mark in the smart home sector.

🚫 Meta Scraps AR Headset Amid Apple Vision Pro Flop

Meta has terminated its La Jolla AR headset project, which was intended to compete with Apple’s Vision Pro. Development, which began in November 2023, was discontinued by mid-August 2024 due to cost concerns. Despite the Vision Pro’s high price, Meta found it unfeasible to produce La Jolla within budget. Technology from the canceled project may be integrated into other future products.

🚀 SpaceX Crew Dragon to Bring Boeing Starliner Crew Back to Earth

SpaceX's Crew Dragon will now return NASA astronauts Suni Williams and Butch Wilmore from the ISS, as Boeing's Starliner has encountered thruster failures and helium leaks. The Crew-9 mission, initially planned for four astronauts, will be modified to include Williams and Wilmore, pushing their return to February 2025. NASA Administrator Bill Nelson stated, “Spaceflight is risky, even at its safest.”

SPORTS & ENTERTAINMENT

🚨 Madueke Apologizes for Insulting Wolverhampton

Noni Madueke apologized for mocking Wolverhampton in an Instagram post, which led to boos during Chelsea’s 6-2 win at Molineux. After scoring a hat trick, he said, "I just want to apologize to everyone that I might have offended. It was a mistake and you learn from those things." Enzo Maresca praised Madueke’s performance and maturity, stating, "Noni is mature enough to understand if what he did was correct or not."

🏈 Brissett Injured in Patriots' Loss

New England Patriots quarterback Jacoby Brissett suffered a shoulder injury in the first quarter of their 20-10 preseason loss to the Washington Commanders. Brissett was sacked by KJ Henry, leading to a shoulder issue, but stayed in briefly before being replaced as planned for rookie Drake Maye. Coach Jerod Mayo stated, "He would have been able to continue."

🏈 Alabama Teen Dies After Football Head Injury

Alabama teen Caden Tellier, a 16 year old quarterback tragically died after suffering a severe brain injury during a high school football game between John T. Morgan Academy and Southern Academy. The injury occurred during a hard-hitting play, and despite swift medical attention, he passed away the next day. The school has suspended activities this week. 

THIS DAY THAT YEAR

On August 26th, 1920, the Nineteenth Amendment was ratified, enshrining women's right to vote in the U.S. Constitution and marking a pivotal moment in the fight for gender equality.

BRAIN TEASER

Why don’t scientists trust atoms?

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Here’s what Friday’s teaser was:

What invention lets you look right through a wall?

The answer is: Window

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