Housing Affordability Lowest in Nearly Four Decades

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📉 US Loan Officers Report Tightening Credit, Slumping Demand

Banks in the U.S. have raised lending standards for businesses and consumers amidst falling loan demand, signaling higher interest rates impact. The Fed's rate hike cycle is nearing a plateau, suggesting a slower tightening pace. "Consistent with an economy that should be slowing," says J.P. Morgan's Daniel Silver, forecasting a downturn.

🏠 Housing Affordability Plummets to Lowest in Nearly Four Decades

The U.S. housing market is at its least affordable since 1984, with a median home's principal and interest payment consuming 41% of median income, reports ICE. Mortgage rates have reached a 23-year peak at 7.76%. Andy Walden of ICE states, "The last time affordability was this bad... the average home was about 3.5 times the median income, in stark contrast to today’s ratio of nearly 6-to-1." 

📈 US Rate Hikes Worsen Developing Countries' Quiet Debt Crisis

The World Bank alerts of a "silent debt crisis" in emerging markets due to surging US interest rates, per Financial Times. Emerging nations' borrowing costs have soared, with 23% facing rates over 10 points higher than the US, up from 5% in 2019. World Bank's Ayhan Kose terms the tightening cycle a “nightmare” for debt-laden lower-income countries, exacerbated by COVID-19 debts.

🕊 Nobel Laureate Narges Mohammadi Begins Hunger Strike in Iran Prison

Iranian Nobel Peace Prize winner Narges Mohammadi is on a hunger strike in prison, protesting against denied medical care and Iran's compulsory hijab policy. The Norwegian Nobel Committee decried the hijab mandate for hospitalized inmates as "inhumane and morally unacceptable." Serving a 12-year sentence for activism, her resistance has cost her 31 years in sentences and 154 lashes amid unrest over Mahsa Amini's death, in morality police custody.

🔴 UN Leader Terms Gaza "Graveyard for Children" Amid Rising Fatalities

UN Secretary-General António Guterres urgently calls for a Gaza ceasefire as deaths exceed 10,000, with 4,104 children killed. Amidst Israel's blockade causing medical and essential shortages, the global community protests. Guterres decries the "crisis of humanity," with the UN reporting unprecedented fatalities. The Biden administration supports a pause, as Guterres demands, "This must stop now."

🛡️ Netanyahu Asserts Israel Will Permanently Oversee Gaza Security Post-Conflict

Contrary to Biden, Israeli Prime Minister Netanyahu mandates "There'll be no ceasefire, general ceasefire," without Israeli captives' release, but allows for "tactical little pauses" for humanitarian aid. He foresees Israel's long-term security oversight in Gaza amid international pleas for peace and critiques of the civilian toll, accusing Hamas of using civilians as shields.

🎮 Epic Games Sues Google Over App Store Policies

In a major antitrust trial, Epic Games accuses Google of maintaining an illegal app distribution monopoly, challenging Play Store's in-app purchase policies. Epic's "Project Liberty" incited this legal clash, which might feature testimonies from Google's Sundar Pichai and Epic's Tim Sweeney. Google counters, stressing Android's "choice, flexibility, and openness," with VP Wilson White aiming to dismiss Epic's "needless claims."

🤖 OpenAI Launches GPT-4 Turbo and Unveils Custom Assistants API

At OpenAI's DevDay, GPT-4 Turbo was revealed with a "128k context window" and knowledge up to April 2023, alongside cost-efficient updates to GPT-3.5 Turbo. The new Assistants API, multimodal capabilities, image processing, and Custom GPTs for tailored AI, coupled with price reductions for developers, signify substantial enhancements. A GPT Store for user-generated models and strengthened copyright and speech recognition tools also debuted.

🎬 Evan Ellingson, 'CSI: Miami' Star, Passes Away at 35

Evan Ellingson, remembered for "My Sister’s Keeper" and "CSI: Miami," passed away at 35; cause of death undisclosed. His career spanned roles from "Living in Fear" to "24." He fondly said, "My childhood was a cool one." Details of his death in Fontana are pending as authorities are investigating.

🏈 George Norcross Ejected from Eagles Game for U.S.-Israeli Flag Incident

George Norcross, a South Jersey businessman, may sue the Philadelphia Eagles after being removed for hanging a U.S.-Israeli flag at a game. Asserting the action as unjust, he questions why "the US-Israeli flag should be deemed 'obscene or indecent'" by the Eagles/NFL, especially post their pro-Israel statements after the October 7th Hamas attacks. The Eagles have yet to respond.

🔒 U.S. Troops' Private Data Sold Online, Study Reveals

Duke University researchers reveal that data brokers sold detailed personal information of U.S. military personnel for as little as $0.01 per record. The data, which includes health, financial, and familial details, poses a blackmail and misinformation risk. The study prompts calls for Congress to enact privacy laws to prevent misuse and protect national security against espionage.

🍽️ Global Food System Failures Rack Up $12.7 Trillion Annual Bill

The UN FAO report calculates the global food system's hidden costs at $12.7 trillion, with health-related issues from poor diets forming 73% of this figure, severely impacting low-income nations (27% of GDP). David Laborde asserts, "We know that the agrifood system faces a number of challenges," calling for collaborative solutions from governments, consumers, and the food industry.

📉 WeWork Plunges from $47 Billion Valuation at Peak to Bankruptcy

WeWork has filed for bankruptcy, signaling a restructuring effort led by majority owner SoftBank to salvage the office-sharing giant, as it buckles under costly leases and a work-from-home shift. With $15.06 billion in assets and $18.66 billion in liabilities, the firm plans to cut debt by $3 billion. Adam Neumann optimistically states, "with the right strategy and team, a reorganization will enable WeWork to emerge successfully."

On 7th November 2000, Clinton was elected as the first female senator from New York, marking a historic moment as she also became the first first lady to win an elected office. During her tenure in the U.S. Senate from 2001 to 2009, she led the Senate Democratic Steering and Outreach Committee from 2003 to 2007.

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