Homebuying at its lowest since 1995

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🏠 Homebuying at its lowest since 1995

U.S. mortgage applications plummeted to a 28-year low as rates surpassed 7%. The Mortgage Bankers Association noted a 5% week-on-week and 30% year-on-year decline. Joel Kan, MBA's Deputy Chief Economist, remarked, "Applications...dropped to their lowest level since April 1995" due to rising rates and reduced purchasing power. This surge has impacted housing inventory, pushing buyers to consider adjustable-rate mortgages.

📈 US SEC revamps $20 trillion private fund regulations

The SEC has introduced transparency rules for the $20 trillion private fund industry, requiring quarterly fee reports and annual audits. SEC Chair Gary Gensler emphasized the benefit of "greater transparency, competition, and integrity" for all investors. While this represents a major industry shift, some proposals were dropped after feedback. The rules take effect in 60 days but won't require rewriting existing contracts.

📉 US economy risks stall due to dropping consumer demand

U.S. business activity in August nearly stagnated, marking its weakest growth since February. The S&P Global's U.S. Composite PMI index declined to 50.4, underwhelming expectations. Despite recent optimism from a robust labor market, both service and manufacturing sectors showed downturns. Chris Williamson of S&P Global noted, "A near-stalling of business activity in August raises doubts over the strength of U.S. economic growth in the third quarter."

✈️ Wagner Chief Yevgeny Prigozhin Among Russian Plane Crash Victims

Russia's top mercenary, Yevgeny Prigozhin, and Wagner group co-founder, Dmitry Utkin, are suspected dead in a plane crash near Moscow. Previously leading a failed mutiny against Russia's army, Prigozhin's death is suspicious. A Wagner-affiliated Telegram channel mourned him as a patriot killed by "traitors to Russia," while critics claim, "There is not much in Russia that Putin is not behind."

🚀 North Korea's spy satellite launch fails; plans to retry

North Korea's second attempt to launch a spy satellite failed due to a rocket defect, prompting Japan to issue an emergency alert. "We will strongly protest against North Korea and condemn it in the strongest possible terms," stated Japanese Chief Cabinet Secretary, The U.S. and South Korea also joined in condemning the launch for its violation of U.N. Security Council resolutions.

🚀 Chandrayaan-3's Budget Beats Movies: Costs Less Than 'Interstellar'

India's Chandrayaan-3 successfully landed at the moon's south pole, marking the fourth nation to achieve this. Costing $75 million, it bolsters India's space standing. India's lunar victory establishes it as the fourth soft-landing nation & first on the south pole of the moon, crucial for resource exploration in the moon's shadowed, icy terrain.

🔍 Microsoft to reportedly revamp Windows 11 with AI

Microsoft plans to enhance Windows 11 apps with AI, introducing object recognition in Photos, optical character recognition in the Snipping Tool and camera app, and AI art generation in Paint, echoing Bing Image Creator's capabilities. These advancements are expected to be spotlighted at Microsoft's September 21 fall event alongside new hardware reveals.

🍏"Empowering DIY: Apple Backs California's Right to Repair"

Apple's unexpected support for California's SB 244 "right to repair" bill offers DIY repair tools. The bill covers various devices except for game consoles and alarms due to piracy and security concerns. Apple's Self-Service Repair program, enabling tool rental, marks a significant step. The bill, building upon existing law, sailed through the Senate 38-0 and awaits assembly approval.

🎬 AI Scripts May Gain Copyright with Studios' New Offer to Writers

Amidst production strikes, the Alliance of Motion Picture and Television Producers eyes using AI tools like ChatGPT for screenwriting. But there's a hitch: only human-modified AI works can be "copyrightable." This stance is backed by the U.S. Copyright Office, which emphasizes "human creativity." While writers might get compensated for refining AI scripts, concerns linger over their works being used as AI training data.

😭Yankees suffer 9th straight loss, worst since '82

The New York Yankees are grappling with their first nine-game losing streak since 1982, recently suffering a 2-1 defeat against the Nationals. Manager Aaron Boone emphasized the need to "fight through it." The team has been outscored 53-20 during this slump, facing a challenging season.

💸 371 Arrested for $836M COVID Fund Theft; Gangs Funded Murders

371 Americans have been charged with stealing $836 million in COVID relief funds and misusing it for murder-for-hire plots and extravagant spending, following a three-month DOJ investigation. The DOJ has seized $1.4 billion in misused funds, charging over 3,000 individuals Attorney General Merrick Garland warned, "Work to prosecute those who stole pandemic relief funds is far from over."

🚫 Washington company recalls nationwide-sold frozen vegetables due to listeria concerns

Twin City Foods of Stanwood, Washington is recalling nationwide-distributed frozen vegetables, including products at Kroger and Food Lion, due to potential listeria risks. The FDA has detailed affected lot numbers online. Listeria can trigger severe symptoms, especially in vulnerable groups. To date, no illnesses tied to these products have been reported.

📉 Global stocks expected to correct by year-end, says Reuters poll

A potential correction in global stock markets looms, despite forecasts of marginal gains by year-end 2023, reveals a Reuters poll. With recent unexpected stock price surges, concerns persist about market underperformance. U.S. Treasury yields suggest lasting high rates. J.P. Morgan's Marko Kolanovic remarked, "There is no more fear, only complacency."

On August 25, 1916, President Woodrow Wilson signed the act creating the National Park Service, a new federal bureau in the Department of the Interior responsible for protecting the 35 national parks and monuments managed by the department and those yet to be established.

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