Debt Surpasses $35T Threshold

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BUSINESS & ECONOMY

💸 US National Debt Hits $35 Trillion Milestone

The US national debt has crossed $35 trillion, marking a $1 trillion increase since January 2024, and climbing by nearly $5 billion per day. This threshold was reported by the Treasury Department. Debt has surged over 75% during the Trump and Biden administrations. With looming tax cuts and fiscal policies, additional borrowing of $5 trillion is anticipated.

📉 Fed's Powell Considers September Rate Cut as Inflation Eases

Fed Chair Jerome Powell suggested that a rate cut could be on the table for September if inflation continues to decline as expected. The Fed kept rates steady at 5.25%-5.50% but indicated improved inflation conditions. Powell noted, “If inflation moves down ... and growth remains strong, then a rate cut could be considered in September.”

✈️ Boeing Appoints New CEO Amid $1.4 Billion Quarterly Loss

Boeing has appointed Robert “Kelly” Ortberg, former CEO of Rockwell Collins, as its new CEO, effective August 8. He will succeed David Calhoun, who is retiring early amid Boeing's legal and production issues. The announcement comes as Boeing reported a $1.4 billion quarterly loss due to declining revenue. Ortberg stated, “There is much work to be done, and I’m looking forward to getting started.”

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WORLD

🔴 Iran's Leader Orders Attack on Israel After Haniyeh Killing

Iran’s Supreme Leader, Ayatollah Ali Khamenei, ordered an attack on Israel following the killing of Hamas leader Ismail Haniyeh in Tehran. The directive was issued during an emergency meeting of Iran’s Supreme National Security Council on Wednesday morning. Khamenei stated, “We see avenging his blood our duty.”

🇺🇸 US Strikes Iran-Backed Forces in Iraq, First Since February

The U.S. conducted airstrikes on Iranian-backed militia groups in Babil province, Iraq, responding to drone threats and recent rocket attacks on a U.S. base. Iraq condemned the strike, warning it could destabilize efforts against ISIS and escalate regional conflicts marking the first strike since February, following a militia drone attack that killed three American troops in Jordan.

SCIENCE & TECH

📈 Meta’s Ad Growth Shows AI Investment is Paying Off

Meta's heavy AI investments are already yielding substantial returns. In Q2, Meta's revenue grew 22% to $39.07 billion, with ad sales comprising 98% of this total. This growth rate is double Google's 11% increase and surpasses Pinterest's 21% and Spotify's 20%. AI enhancements have driven improved ad performance, boosting user engagement and ad prices. 

🔍 Google Updates Search to Conceal Explicit Deepfakes

Google has introduced a search algorithm update to tackle non-consensual explicit content, especially deepfakes streamlining content removal processes, filtering related explicit results, and enhancing the identification of duplicate images. It adjusts ranking to reduce the visibility of such content and impacts site rankings with multiple removals.  

SPORTS & ENTERTAINMENT

🏅 Katie Ledecky Sets New Olympic Record with 1500m Freestyle Gold

Katie Ledecky secures gold in the women’s 1500m freestyle at the 2024 Paris Games, finishing with a time of 15:30.02, setting a new Olympic record. This victory, her eighth Olympic gold, ties her with Jenny Thompson for the most golds by an American woman. Ledecky reflected, "I’m grateful for those who inspired me. It’s an honor to be among them." 

🏀 U.S. Advances to Olympic Basketball Quarters, Beats South Sudan

USA secured a 103-86 win over South Sudan, advancing to the Olympic basketball quarterfinals. The U.S. bench, with 66 points, overwhelmed South Sudan's reserves. Bam Adebayo led with 18 points, while Nuni Omot scored 24 for South Sudan. Key runs by the bench sealed the victory. Coach Steve Kerr said, “We have an embarrassment of riches on this roster.”  

OTHER NEWS

🌍 Texas County Declares Emergency After 103 Earthquakes in One Week

Scurry County, Texas, declared a state of emergency following 103 earthquakes in one week, including a 5.0 magnitude quake. The seismic activity, attributed to oil and gas extraction processes, has caused significant damage to local structures. The Railroad Commission of Texas is investigating and has shut down two deep disposal wells to mitigate further quakes and protect residents.

🗽 US Finalizes Plea Deal with 9/11 Mastermind Khalid Sheikh Mohammed

The US has finalized a plea deal with Khalid Sheikh Mohammed, Walid Bin ‘Attash, and Mustafa al Hawsawi, who were charged in connection with the 9/11 attacks. This agreement, reached after 27 months of negotiations, eliminates the death penalty in exchange for guilty pleas. The defendants will face sentencing, with a hearing expected next summer allowing victims' families to submit questions. 

📈 Child Suicide Rates Rise Over 15 Years

The suicide rate for U.S. children aged 8 to 12 has increased by about 8% annually since 2008, with a more significant rise among girls. Between 2001 and 2022, 2,241 preteens died by suicide, with technology, social media, and firearms being the major sources. Clinical psychologist  Lisa M. Horowitz stated,  "To see that life could get so bad for these young kids... that’s very striking to me." 

THIS DAY THAT YEAR

On August 1st, 1987, after defeating Tony Tucker, Tyson became the unanimously recognized champion of the International Boxing Federation (IBF), in addition to holding titles from the World Boxing Council (WBC) and World Boxing Association (WBA).

BRAIN TEASER

I only lie down once in my life—when I die. What am I?

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

Here’s what yesterday’s teaser was:

It’s shorter than the rest, but when you’re satisfied, you bring it up. What is it?

The answer is: Your Thumb

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