Household Wealth Soars to Record High

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BUSINESS & ECONOMY

💸 US Household Wealth Surge Boosts Soft Landing Prospects

U.S. household wealth hit a record $163.8 trillion, driven by rising home and stock prices, potentially leading to a softer economic landing. Wealth equals 785% of disposable income, with debt at its lowest share of GDP in 23 years. However, wealth is concentrated, as the top 20% drive spending. Ronald Temple, Chief Market Strategist at Lazard, noted, “American households have never been wealthier." 

💰 Intel secures up to $3B for national security chip production

Intel was awarded up to $3 billion from the Biden administration under the CHIPS Act to develop a "Secure Enclave" for national security microelectronics, vital for U.S. defense systems strengthening domestic semiconductor manufacturing and enhancing Intel's role in safeguarding critical technology. Chris George General Manager of Intel stated, “This partnership secures the U.S. supply chain and leadership in microelectronics.”  

🔥 Big Oil Wins Lawsuit on Production & Pricing 

Several oil companies, including Exxon Mobil and Chevron, won an appeal on Monday, defeating a lawsuit by consumers accusing them of conspiring with Trump, Russia, and Saudi Arabia to cut oil production and raise prices. The 9th Circuit Court ruled the case involved political questions. Judge Ryan Nelson said, "Courts shouldn't second-guess White House foreign policy."

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WORLD

🌪️ Strongest Typhoon Since 1949 Hits Shanghai, Causes Power Outages

Typhoon Bebinca, the most powerful storm to hit Shanghai since 1949, struck on Monday with winds reaching 151 kph and heavy rainfall. The storm uprooted over 10,000 trees, caused flooding, and left homes without power. Over 414,000 people were evacuated, and one person was injured by a falling tree. Emergency responders worked to clear debris as the typhoon weakened inland.

🚀 Sinwar backs Houthi leader's missile strike, pledges Hamas’ readiness for prolonged war

Hamas leader Yahya Sinwar congratulated Houthi leader Abdel-Malek al-Houthi for the missile attack on central Israel, commending the Houthis for "reaching the depth of the enemy." The missile was intercepted but caused slight damage from shrapnel. Sinwar assured that Hamas is "prepared for a long battle of attrition" with Israel, rejecting claims of their weakness as psychological warfare. He stated, “Our efforts... will defeat the enemy.”

SCIENCE & TECH

🛌 FDA Approves Apple’s Sleep Apnea Detection Feature

The FDA has approved Apple’s sleep apnea detection feature for the Apple Watch Series 9, Series 10, and Ultra 2. This capability monitors "breathing disturbances" to aid in identifying undiagnosed sleep apnea, which impacts millions across the U.S. Users can access their metrics via the Health app, allowing them to share crucial data with healthcare professionals for further assessment.

🛑 Meta blocks Russian state media RT for 'foreign interference'

Meta has banned Russian state media outlet RT and other Kremlin-controlled networks for foreign interference. Announced Monday, the ban follows charges against RT employees for funneling $10 million into a US company to influence the 2024 election. RT had 7.2 million Facebook followers before the ban. Meta stated, "RT and related entities are now banned globally for foreign interference activity." 

🛡️ OpenAI Unveils Safety Board to Halt Model Releases

OpenAI is creating an independent safety board with the power to delay model releases over safety concerns. Chaired by Zico Kolter and including Adam D’Angelo, Paul Nakasone, and Nicole Seligman, the board will review major model launches. Following a 90-day review, the board will oversee key model launches, focusing on transparency, collaboration, and independent testing to strengthen AI safety measures.

SPORTS & ENTERTAINMENT

🚔 Sean Combs Arrested in Manhattan After Indictment

Sean Combs, also known as Diddy, was arrested at a Manhattan hotel on Monday night after a grand jury indictment. Homeland Security agents took him into custody at 8:30 p.m., with charges reportedly tied to racketeering and sex trafficking. Despite cooperating with the investigation, his legal team expressed disappointment. His attorney stated, "These are the actions of an innocent man eager to clear his name."

🦅 Cousins' Late Heroics Lift Falcons Over Eagles in Philly

Kirk Cousins led the Atlanta Falcons to a dramatic 22-21 comeback victory against the Philadelphia Eagles, capping a six-play, 65-second drive with a touchdown pass to Drake London in the final minute. The Eagles, leading 18-15, failed to close out the game after a key drop by Saquon Barkley. Cousins acknowledged, “I didn’t feel sharp enough today.”

OTHER NEWS

🦠 New XEC Covid Variant Begins to Spread

The new XEC Covid variant, detected in Germany in June, is now spreading to several countries, including the UK, US, and Denmark. Symptoms are similar to previous variants, and current vaccines are expected to remain effective. Scientists warn it could emerge as the dominant strain this winter due to its increased transmissibility. Booster shots will be offered to high-risk individuals starting in October. 

🌧️ Historic rainfall floods homes, triggers rescues in North Carolina

A once-in-1,000-year rainfall event flooded coastal North Carolina on Monday, with over 18 inches of rain falling in 12 hours. Homes were inundated, cars stranded, and emergency rescues carried out in Carolina Beach and neighboring areas. Schools were closed due to flooded classrooms. Carolina Beach Town Manager Bruce Oakley stated, “It’s probably the worst flooding that any of us have seen.”

🧑‍⚖️ TikTok Faces Court Scrutiny Over US Law Challenge

TikTok and ByteDance are currently challenging a U.S. appeals court regarding a law that could ban the app by January 19 unless ByteDance divests its U.S. assets. The government argues this measure addresses national security concerns, while TikTok maintains it violates free speech rights. TikTok’s attorney labeled the law “unprecedented,” stating, “Its impact on 170 million users would be staggering.” 

THIS DAY THAT YEAR

On September 17th, 1862, Union forces successfully stopped the Confederate invasion of Maryland during the Battle of Antietam. With over 26,000 casualties, it became one of the bloodiest single days in American Civil War history.

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