Dollar Dominance Declines

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💲Dollar Dominance Declines, S&P Global Economist Predicts 

S&P Global's chief economist, Paul Gruenwald, has noted a diminishing dominance of the dollar as the global currency, triggered by aggressive U.S. sanctions and subsequent adoption of alternative trade currencies by various nations. Gruenwald states, "The U.S. (dollar) will continue to be a leading world currency, (but) it will no longer be the dominant world currency," pointing to increased trade in China's yuan and financing from China-headquartered banks.

🤖OECD Predicts AI Revolution in Rich Economies, Warns of Risks

OECD warns that the adoption of generative AI could disrupt labour markets of the world's richest economies, potentially triggering job losses and ethical issues. Stefano Scarpetta, director for employment, labour, and social affairs at the OECD, notes, "The potential for substitution remains significant, raising fears of decreasing wages and job losses." He highlights fears of significant job losses, potentially up to 27%. Despite AI's productivity benefits, the OECD urges preparation for the negative impact, particularly on high-skilled occupations.

🇺🇦Ukraine's Zelenskyy Condemns Biden's Rejection of NATO Membership

​​Ukrainian President Volodymyr Zelenskyy has criticized NATO for not setting a timeline for Ukraine's membership, calling it "unprecedented and absurd." This follows President Biden's rejection of Ukraine's immediate entry into the alliance due to ongoing conflict with Russia and other concerns. Zelenskyy argues this omission provides "motivation to continue its terror" for Russia. He voiced these concerns ahead of the NATO summit in Lithuania, where Ukraine is participating but not as a member.

🚀North Korea Launches Ballistic Missile Near Japan Following US Threats

North Korea has launched an intercontinental ballistic missile into waters near Japan, following threats against US military reconnaissance. The missile was in flight for over 70 minutes, slightly longer than previous tests this year, indicating potential advancements. The launch aligns with heightened tensions in the Korean peninsula and the ongoing NATO summit, where security threats, including North Korea, are being discussed. The missile test is North Korea's first in three months, showing continued defiance against international calls to abandon its missile and nuclear programs.

🎮Microsoft Triumphs in FTC Case, Acquires Activision Blizzard

Microsoft has won a court ruling allowing the completion of its acquisition of Activision Blizzard, despite an ongoing antitrust case. Judge Jacqueline Scott Corley denied the Federal Trade Commission's (FTC) request for a preliminary injunction, citing that FTC hadn't demonstrated a likelihood of proving the merger may lessen competition. Instead, she noted the deal could lead to more consumer access to Activision content. The UK's Competition and Markets Authority (CMA) has agreed to pause its legal battle against Microsoft to negotiate potential remedies.

🛰️SpaceX's Starlink Satellites Emitting Electromagnetic Radiation, Study Reveals

SpaceX's Starlink satellites are reportedly emitting low-frequency radio waves that could potentially affect astronomical research, according to a study published in "Astronomy & Astrophysics." Using the Low-Frequency Array (LOFAR) telescope, scientists observed "unintended electromagnetic radiation" from onboard electronics in 47 of 68 observed Starlink satellites. Despite this, SpaceX isn't violating any regulations. Gyula Józsa, co-author of the study, emphasized that early detection provides a chance for astronomy and satellite operators to mitigate these impacts proactively.

🎬SAG-AFTRA Enters Mediation Without Extending Contract Deadline

SAG-AFTRA has finally agreed to federal mediation but won't extend the contract deadline beyond midnight Wednesday. This comes amid strained relations with the Alliance of Motion Picture and Television Producers. The union states it remains committed to securing a deal by the deadline but doesn't expect employers to bargain towards an agreement, potentially leading to a strike. Major differences remain, including artificial intelligence and streaming residuals.

🏎️Ricciardo Returns to F1 with AlphaTauri, de Vries Exits

Daniel Ricciardo, an eight-time race winner, is returning to Formula One, replacing Nyck de Vries at Red Bull's secondary team, AlphaTauri. Ricciardo's return from his hiatus will commence at the Hungarian Grand Prix on July 23. This move places more pressure on underperforming Sergio Perez at Red Bull. De Vries' departure from AlphaTauri was anticipated due to his struggles and repeated public criticisms by Red Bull motorsport boss, Helmut Marko.

🌊Vermont Capital Faces Flooding as Dam Nears Capacity

Catastrophic flooding in Montpelier, Vermont has forced road closures and trapped residents in their homes, as the Wrightsville Dam nears its maximum capacity. Flooding has submerged the downtown district, with rescue teams saving 117 people so far. Governor Phil Scott called the flooding the worst since 2011's Hurricane Irene. The extreme weather across the US, including the Northeast, Texas, and California, is seen by climate scientists as symptomatic of global, human-driven climate change.

⚖️Trump No Longer Immune to Carroll Lawsuit, US Declares

U.S. Department of Justice reversed its previous stance on Donald Trump's immunity from writer E. Jean Carroll's $10 million defamation lawsuit against him. The department now believes Trump did not act within the scope of his presidential duties when he denied raping Carroll in the mid-1990s. This decision means the department will not substitute itself as the defendant, which could have effectively ended Carroll's case. The defamation trial is scheduled for January 15, 2024.

🗳️Iowa Republicans Target Abortion in Special Session

Iowa lawmakers have passed a set of restrictions on abortion, permitting the procedure only up to six weeks of pregnancy, following a special session called by Governor Kim Reynolds. Despite recent polls indicating a majority of Iowans believe abortion should be legal in most cases, Republican lawmakers argued the restrictions protect the unborn. The new limitations may push Iowa women seeking abortions to travel to Illinois or Minnesota where laws are more permissive. Governor Reynolds is expected to sign the bill into law.

Today in 1997, a beacon of courage and hope, Malala Yousafzai, was born. Rising from adversity, the young Pakistani activist has championed girls' education globally, even in the face of violent opposition, earning her a well-deserved Nobel Peace Prize. An awe-inspiring journey, indeed.

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