IMF Lowers Growth Outlook for 2025

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BUSINESS & ECONOMY

🌍 IMF Cuts Global Growth Outlook, Cites Rising Risks

The IMF lowered its 2025 global growth forecast to 3.2%, down from 3.3% in July, citing risks from geopolitical conflicts, trade protectionism, and rising public debt. It flagged weak European manufacturing, China's real estate struggles, and Mexico's monetary tightening. The IMF praised central banks for controlling inflation without a recession, but Chief Economist Pierre-Olivier Gourinchas stated, “Risks are building up to the downside.”

🌏 HSBC Unifies East and West in Major Bank Overhaul

HSBC is set to undergo a major restructuring, dividing its operations into eastern and western markets by 2025 to address geopolitical tensions and reduce costs. CEO Georges Elhedery announced the formation of four distinct units, merging commercial and institutional banking. Newly appointed finance chief Ms. Kaur aims to strengthen wealth management in the Middle East, stating, “We can better focus on increasing leadership and market share.”

📉 Fed Officials Urge Gradual, Modest Rate Cuts

Three Federal Reserve officials on Monday called for gradual rate cuts due to job market and inflation uncertainties. Kansas City Fed President Jeff Schmid emphasized caution, while Minneapolis Fed President Neel Kashkari expects modest cuts in coming quarters. Dallas Fed President Lorie Logan said gradual reductions are needed, stating, "This approach helps manage risks and achieve our goals." 

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WORLD

🇨🇳 China and India Reach Pact to Resolve Border Dispute

China has confirmed reaching a deal with India to resolve their disputed border conflict in the Himalayan region. The agreement comes after India’s External Affairs Minister, Subrahmanyam Jaishankar, announced a pact for military patrols, marking a shift from the standoffs since 2020. China's Foreign Ministry spokesperson Lin Jian stated, “China views positively the solution to the relevant issues.” 

🌍 Ukraine’s Population Drops by 10M Since Russian Invasion 

Ukraine's population has declined from approximately 43 million in February 2022 to 35 million today, a loss of 8 million since the onset of Russia's full-scale invasion. The U.N. attributes this decrease to a combination of significant refugee outflows, reduced birth rates, and casualties from the conflict. Florence Bauer, UNFPA's regional director stated, "It's one of the lowest birth rates in the world."

🛡️ UK and Germany Set to Sign Historic Defence Treaty

Britain and Germany are set to sign a "landmark defence agreement" to enhance security and create jobs. Rheinmetall will build a factory in the UK for artillery barrels, supporting over 400 jobs. The nations will collaborate on long-range missiles and drones, with German P8 aircraft conducting patrols from RAF Lossiemouth. Defence Minister Boris Pistorius stated, "We must not take security in Europe for granted."

SCIENCE & TECH

🤖 Anthropic Launches Advanced AI Agents to Compete with OpenAI, Microsoft, and Google

Anthropic, the Amazon-backed AI startup, announced on Tuesday its new AI agents that can perform complex tasks by interpreting computer screens and navigating software like humans enhancing productivity, allowing users to book flights and conduct research. Competing with OpenAI, Microsoft, and Google, Chief Science Officer Jared Kaplan stated, "We want Claude to assist people with all sorts of work." 

💼 OpenAI Appoints First Chief Economist

OpenAI has appointed Aaron Chatterji as its first chief economist. Previously chief economist at the Commerce Department under President Biden, he will assess AI's economic impacts and employment prospects. Chatterji also coordinated the 2022 CHIPS Act. Additionally, Scott Schools has been named chief compliance officer to focus on legal and ethical issues.

SPORTS & ENTERTAINMENT

⚽️ 'Messi Cam' Set to Stream Every MLS Cup Move on TikTok

Lionel Messi will showcase his skills like never before in the MLS Cup 2024 by wearing a chest-mounted camera, allowing fans to livestream his every move on TikTok. Dubbed "Messi Cam," the broadcast will go live five minutes before kickoff for each Inter Miami game to provide an intimate view of Messi's gameplay as he leads Miami toward its first MLS Cup title.   

🏀 LeBron and Bronny Make History Playing Together for Lakers

LeBron and Bronny James made history by becoming the first father-son duo to play in an NBA during the Lakers' season opener against the Minnesota Timberwolves, leading to a 110-103 victory. They took the court with 4:00 left in the second quarter, thrilling fans in the Crypto.com Arena. LeBron stated, "I will never forget that moment." 

💔 Zach Bryan Breaks Up with Brianna Chickenfry

Zach Bryan announced his breakup with Brianna Chickenfry (Brianna LaPaglia) on October 22, 2024, via Instagram. He expressed gratitude for her unconditional love stating, "I failed people that love me and mostly myself." LaPaglia felt blindsided, emphasising her need for privacy and stated, "How can you give every ounce of yourself to someone and be discarded in a few days?" 

🏀 Celtics Crush Knicks, Match NBA 3-Point Record with 29 Shots

The Boston Celtics beat the New York Knicks 132-109 in the season opener, tying the NBA record with 29 three-pointers. Despite a strong start, they missed their final 13 attempts. Jayson Tatum led with 37 points, while Jalen Brunson scored 22 for the Knicks. Knicks coach Tom Thibodeau stated, “It’s Game 1, we didn’t have that much time yet.”

OTHER NEWS

🚨 Ex-Abercrombie CEO Accused of Trafficking Vulnerable Men

Former Abercrombie & Fitch CEO Mike Jeffries, his partner Matthew Smith, and alleged recruiter James Jacobson were arrested for running a sex trafficking and prostitution ring. Prosecutors allege they exploited vulnerable men through coercion and fraud, using Jeffries' wealth and influence to pressure victims into sexual acts at lavish events. Civil attorney Brad Edwards said, “These arrests are a huge first step towards obtaining justice.”

🍔 McDonald's Burgers Connected to E. Coli Outbreak in the US

McDonald's is at the center of a recent E. coli outbreak involving its Quarter Pounder sandwiches, with 49 cases reported across 10 states, resulting in 10 hospitalizations and one death. The CDC suspects slivered onions as the contamination source, prompting the removal of these ingredients from supply chains. Joe Erlinger, President of McDonald's USA stated, “We take food safety extremely seriously.” 

🇬🇧 Trump Claims UK's Labour Party Engaged in 'Foreign Interference'

Donald Trump’s campaign has launched a complaint with the Federal Election Commission, claiming the UK's Labour Party is involved in "blatant foreign interference" in the U.S. election to benefit the Harris-Walz campaign. The complaint references reports of Labour activists engaging in independent campaigning stateside. In a now-deleted LinkedIn post, Sofia Patel, Labour Party Head of Operations, stated, "We will sort your housing."

🍼 Infant Mortality Increased Post-Abortion Bans in the US

Infant mortality increased significantly after the Dobbs decision, with around 247 additional deaths per month up 7% over 18 months. Most of these fatalities were attributed to congenital anomalies. Experts highlight that abortion bans restrict vital healthcare access, raising risks for mothers and infants. Dr. Parvati Singh stated, “This is the tip of the iceberg.”

THIS DAY THAT YEAR

On October 23rd, 2001, Apple introduced the iPod, a portable media player that transformed music consumption. Its innovative design and capacity to store thousands of songs made it one of the most successful products of the early 2000

BRAIN TEASER

What tops off a ghost's ice-scream sundae?

Nailed it or stumped? Hit us with a reply and find the correct answer 🎯

Here’s what Yeterday’s teaser was:

How do you fix a broken jack-o-lantern?

The answer is: With a pumpkin patch.

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