Economic Growth Decelerated in July

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What’s Hot? A World Weather Attribution report highlights that recent extreme heat waves across the US, Europe, and China would have been virtually impossible without climate change, making such events significantly more likely. The climate crisis not only increases the probability of these heat waves but intensifies them, with the report suggesting this could be a "cool summer" in the future if fossil fuel consumption isn't curtailed.

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🏡 High Mortgage Rates Dampen Homebuyers' Spirits

High mortgage rates, fueled by the Federal Reserve's interest-rate hikes and a persistent inventory shortage, are projected to burden homebuyers and homeowners looking to refinance for years to come, according to Moody's strategists. Despite the doubling of mortgage rates post-pandemic, home prices remain stubbornly high due to inventory shortage, with a typical home price hitting $426,056 in June. "The paths toward more normalized purchase affordability could be long in some markets," Moody warns.

📉 US Economy Witnesses Slowest Growth in Five Months

U.S. economic growth decelerated in July, marking the slowest pace in five months, as S&P Global surveys indicated a dip in the services sector, offset slightly by a rise in manufacturing. Key factors included softer demand and the weakest hiring since January. S&P's Chris Williamson expressed concern over "an unwelcome combination of slower economic growth, weaker job creation, gloomier business confidence, and sticky inflation.”

🇮🇱 Israel's Supreme Court Stripped of Power

Israel's parliament approved a law limiting the Supreme Court's ability to block government decisions, instigating protests and a potential constitutional crisis. PM Netanyahu deemed the decision a "democratic move," fulfilling voter will, amidst warnings from US President Biden about the erosion of democratic institutions. This controversial law has sparked the longest and largest protests in Israel's history, leading to concerns about the country's democracy and stoking tension in US-Israel relations.

🍽️ Guterres Appeals Amid Russia-Ukraine Crisis

UN Secretary-General Antonio Guterres called for Russia to renew a grain deal with Ukraine, warning that its collapse is threatening global food security. The deal facilitated grain shipments from Ukraine to the most vulnerable countries. Guterres emphasized, "the most vulnerable will pay the highest price," as the absence of the deal has caused global wheat and corn prices to rise dramatically. The agreement's cessation could severely affect countries on the brink of famine, such as Ethiopia, Afghanistan, and Yemen.

💬 Bing's AI Co-pilot Simplifies Searches in Chrome

Microsoft has expanded its Bing AI chatbot and AI-powered search co-pilot features to Google Chrome, reaching beyond Microsoft Edge and Bing app. Chrome users can now access these features, albeit with some limitations such as a lower input capacity. This broadening of platform reach for their AI capabilities, despite potential restrictions, marks a significant shift in Microsoft's approach.

🎧 MSG Sphere Vegas: The Future of Audio Systems Unveiled

MSG Sphere in Las Vegas, touted as the world's largest sphere, will also house the most advanced audio system, named "Sphere Immersive Sound." Developed in partnership with 3-D innovator HOLOPLOT, the system promises individualized, crystal-clear sound using over 1,800 installed and mobile loudspeaker modules. CEO of MSG Ventures division, David Dibble, claimed that creating this experience required surpassing existing audio technology. The venue is set to debut on Sept. 29 with a series of U2 concerts.

⚽ Saudi's Al-Hilal Proposes $332M Transfer Fee for Kylian Mbappé

Saudi Arabian football team, Al Hilal, has offered a world-record fee of approximately $332 million to Paris Saint-Germain (PSG) for French football superstar Kylian Mbappe. Along with the transfer fee, Al Hilal intends to propose a massive pay deal worth $776 million. The offer also includes a clause that allows Mbappe to join Real Madrid in 2024, which PSG suspects is already agreed upon. Mbappe's future with PSG is uncertain as he's shown no interest in extending his current contract beyond 2024.

🎤 Singer Tori Kelly Hospitalized Due to Blood Clots

Grammy-winning singer Tori Kelly has been hospitalized for severe blood clots in her legs and lungs after collapsing during dinner in downtown Los Angeles, according to TMZ. The 30-year-old is being treated in the ICU at Cedars-Sinai Hospital. Kelly, known for her recent single "Missin U", had expressed excitement about touring again in a recent interview with People, making her sudden hospitalization all the more shocking.

⚖️ Justice Department Sues Texas Over Border Barriers

Biden administration has sued Texas over floating barriers in the Rio Grande, claiming they endanger migrants and Border Patrol agents and violate federal law. Texas installed the barriers without required federal authorization, according to the Justice Department. Texas Governor Greg Abbott, a critic of the administration, defended the barriers as part of Operation Lone Star, aimed at reducing illegal border crossings. "See you in court, Mr. President," said Abbott, welcoming the legal confrontation.

💼 IRS Halts Policy of Unannounced Visits

U.S. Internal Revenue Service (IRS) has ceased its practice of unannounced visits to taxpayers, now opting to send letters to schedule meetings. This shift, effective immediately, aims to reduce public confusion and enhance safety measures. IRS Commissioner Danny Werfel noted this "common-sense step" will boost confidence in tax administration and reduce taxpayer anxiety. Exceptions exist for very limited situations such as serving summonses and subpoenas, and asset seizure-related enforcement activities.

🇷🇺 Russian President signs legislation marking the outlawing of gender-affirming procedures

Russian President Vladimir Putin signed a law banning gender-affirming procedures and changes to gender in official documents, marking a further step in Russia's crackdown on the LGBTQ+ community. The legislation said to protect "traditional values," also annuls marriages where a person has transitioned and prevents transgender individuals from fostering or adopting children. Critics argue this reflects a broader anti-LGBTQ+ stance characterized by a series of restricting laws enacted over the past decade.

On 25 July, 1814, American advance into Canada was halted by British troops. Near Niagara Falls on this day in 1814, British troops commanded by General Phineas Riall thwarted an invasion of Canada by a U.S. force under General Jacob Brown in the Battle of Lundy's Lane during the War of 1812.

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