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What's Hot? Miami Heat secured a 109-101 victory against New York Knicks, taking a 3-1 lead in the series. Jimmy Butler & Bam Adebayo led the charge for Miami. The Heat, despite being the eighth seed, are on the verge of reaching the Eastern Conference finals once again.

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🏢Federal Reserve Report Flags Concerns on Rising Interest Rates and Commercial Real Estate

The Fed is monitoring commercial real estate, including office loans, amid rising interest rates. Rapid increases over the past year could make refinancing difficult for borrowers, causing potential credit losses for banks. Downtown office buildings are especially concerning due to ongoing remote work. Commercial real estate ranks fourth among financial stability concerns, after interest rate risks, banking stress, and US-China tensions.

💳Federal Reserve Warns of Credit Crunch Risk as US Banks Tighten Loan Standards

Federal Reserve warns recent US bank failures may cause a credit crunch, risking economic slowdown. Lenders plan to tighten standards, fearing loan losses and deposit withdrawals. Chicago Fed President Austan Goolsbee said, "The credit crunch, or at least the credit squeeze, is beginning...recession is a possibility." Fed's report highlights risks of reduced investor risk appetite and falling asset prices amid US debt default fears.

🚨Russia Evacuates Ukraine Region with Europe's Largest Nuclear Plant Amid Tensions

Russian-backed governor Yegeny Balitsky ordered civilian evacuations, including from Enerhodar, home to most of the staff at Europe's largest nuclear plant, the Zaporizhzhia Nuclear Power Plant. International Atomic Energy Agency Director General Rafael Grossi warned the situation was "increasingly unpredictable and potentially dangerous." Over 1,500 people have been evacuated, and the plant needs a reliable power supply for cooling systems to prevent a radiation disaster.

💔Israel Bombs Gaza Strip, Killing Three Islamic Jihad Leaders and Nine Civilians

Israeli airstrikes on Gaza Strip killed three Palestinian Islamic Jihad leaders and nine civilians, including three children. Despite a fragile ceasefire, 40 jets executed "Operation Shield and Arrow." Both Hamas and Islamic Jihad vowed retaliation, raising fears of escalation. Egypt and Jordan condemned the attack, while Israel closed crossings to Gaza and drafted reservists. Israeli Defense Minister Yoav Gallant warned, "Any terrorist who harms Israeli citizens will be made to regret it."

💡Google to Unveil Major AI Updates at I/O Conference

Google is set to unveil major AI updates at its I/O event, including a new large language model, PaLM 2, described as "general-use" and "advanced." They will also announce "generative experiences" for search and Bard, expanding the AI chatbot to Japanese and Korean languages. More Workspace-focused AI tools, such as template generation in Sheets and image generation in Slides and Meet, will be revealed.

🌊Greenland Glacier Melt Indicates Accelerated Sea Level Rise

Petermann Glacier's rapid melting could double sea level rise projections worldwide. Researchers found tides created a cavern beneath the glacier, enabling warm water to flow under and thin the ice. Eric Rignot, a glaciologist, mentioned the "constant flushing of seawater." This phenomenon, possibly affecting other glaciers in Greenland and Antarctica, implies that current sea level rise models may need adjustments to account for these rapid melting rates.

🪧Hollywood Strike: No End in Sight as Writers and Entertainment Companies Remain Far Apart

Screenwriters' strike against Hollywood companies continues with no end in sight, as both sides remain far apart on key issues. Writers Guild of America, representing 11,500 writers, is committed to striking until demands are met, including increased pay and structural changes. Standoff may last over three months, potentially impacting the Emmy Awards, delaying the fall TV season, and causing disruptions in production schedules.

🏆Blackhawks win NHL draft lottery, Connor Bedard sweepstakes

Chicago Blackhawks won the NHL draft lottery, securing the chance to pick phenom Connor Bedard. With an 11.5% chance of winning, the team is now set to boost their rebuild. Blackhawks GM Kyle Davidson said it's "a monumental thing" and a big step in building the team. Meanwhile, the Anaheim Ducks secured the second overall pick, with Columbus Blue Jackets dropping to third.

💔Three children among victims of Allen Mall shooting in Texas

Texas shooting claimed eight lives, including three children and an Indian engineer. Suspect Mauricio Garcia, killed by police, displayed a "Right Wing Death Squad" insignia, prompting investigations into far-right affiliations. President Biden ordered flags at half-staff to honor victims. Texas Governor Abbott stressed addressing mental health and criminal possession of weapons, rather than wider bans, as the long-term solution to such incidents.

👩‍💼Goldman Sachs to pay $215mn to settle gender discrimination lawsuit

Goldman Sachs will pay $215mn to settle a gender discrimination lawsuit filed by former female employees alleging unequal pay and undervaluation. The settlement covers around 2,800 associates, VPs, and more. Goldman Sachs also committed to hiring an independent expert to review its evaluation processes and conduct pay equity studies. Bank remains dedicated to maintaining a diverse and inclusive workplace, according to the global head of human capital management.

🍎Apple Sells $5.25 Billion in Five-Part Dollar Bond Sale

Apple raised $5.25 billion in a five-part dollar bond sale, exceeding its target of $5 billion. Funds will be used for general corporate purposes, including stock repurchases, dividend payments, and debt repayment. Dealers anticipate $30-$35 billion in US high-grade bond sales this week, as corporate debt markets stabilize. Apple's new debt issuance reflects confidence in its expanding cash flow, contributing to the company's net-cash-neutral goal.

On this day in 1960, FDA approves the world's first commercially produced birth-control pill. Developed by Margaret Sanger and funded by Katherine McCormick, it provided a practical alternative to existing contraceptives. Clinical tests began in 1954, and the FDA's approval on this day granted greater reproductive freedom to American women.

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