IMF Warns Fiscal Storm

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BUSINESS & ECONOMY

📈 Interest Rates May Remain Elevated Longer, Says IMF

The IMF warns that interest rates may stay elevated longer due to persistent inflation in the UK and the US. Global uncertainty is heightened by upcoming elections and policy shifts. Despite a steady 3.2% global growth forecast for 2024, the IMF highlights fiscal risks and trade barriers, stating, "The risk of elevated inflation has raised the prospects of higher-for-even-longer interest rates."

📉 Fed Rate Cut Expected 100% in September

Investors are betting on a 100% chance of a Federal Reserve rate cut in September, up from 70% last month, fueled by cooling inflation and labor market data. The CME FedWatch Tool reflects this sentiment. Deutsche Bank's Matthew Luzzetti states, "These developments should materially impact the outlook for monetary policy." The Fed's cautious approach continues despite these predictions.

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WORLD

📰 Israeli Strikes in Gaza Kill 60+, Including 'Safe Zone'

Israeli airstrikes killed more than 60 Palestinians in southern and central Gaza, targeting areas including an Israeli-declared "safe zone" crowded with displaced people. The attacks, aimed at Hamas militants, continue amid cease-fire talks. A Gaza health official said, "The scale of destruction and loss is unprecedented."

🛡️ Medvedev: Ukraine Joining NATO Means War

Former Russian President Dmitry Medvedev stated that Ukraine joining NATO would be a declaration of war against Moscow. He emphasized that only "prudence" from the alliance could prevent global catastrophe. Medvedev, now a deputy chairman of Russia's Security Council, warned of severe Russian responses to NATO's expansion efforts stating, "Whether this will shatter the entire planet into pieces depends solely on the prudence of NATO."

🚨 European Cities Face Protests Over Overtourism

Protests in European cities will "absolutely" spread if officials don’t address the negative impacts of overtourism, warns UNESCO's Peter Debrine. Residents are increasingly frustrated by the disruption to their lives, with Venice and Barcelona as prime examples. Debrine emphasizes the need for "quality over quantity" tourism and responsible travel behavior stating, "Civil society coming and trying to make change is very important."

SCIENCE & TECH

📱 Apple Urges iPhone Users To Avoid Google Chrome

Apple advises its 1.4 billion iPhone users to stop using Google Chrome following Google's efforts to increase its Chrome user base from 30% to 50% on iPhones, amid ongoing monopoly investigations. Apple's new privacy-focused ad campaign highlights the potential privacy risks of Chrome compared to Safari.

📵 More Parents Refuse Smartphones for Kids as Movement Goes Global

A growing number of parents are refusing to give their children smartphones due to concerns about mental health. The movement, supported by organizations like the UK-based Smartphone Free Childhood, is expanding globally, driven by research linking smartphone use to mental health issues in children. NYU researcher Zach Rausch stated, "The mass migration into a phone-based childhood has been really harmful."

🤖 Anthropic Launches Free Claude AI for Android

Anthropic has launched a free Android app featuring its advanced Claude AI chatbot, Claude 3.5 Sonnet. This powerful AI model excels in reasoning, real-time image analysis, and language translation. Available on the Google Play store, the app offers both free (with usage limits) and paid plans.

SPORTS & ENTERTAINMENT

😢 Kobe Bryant's Father, Joe 'Jellybean' Bryant, Dies at 69

Joe "Jellybean" Bryant, former NBA player and father of Kobe Bryant, has passed away at the age of 69. Known for his career with the 76ers and coaching roles, Bryant's death followed a recent stroke. After Kobe's 2020 helicopter crash, he remained out of the public eye. La Salle University honored him as "a beloved member of the Explorer family."

🌟 Jarren Duran Wins All-Star MVP with HR!

Boston Red Sox center fielder Jarren Duran hit a decisive two-run homer, leading the American League to a 5-3 victory over the National League in the 2024 All-Star Game at Globe Life Field. Duran's blast earned him MVP honors, making him the fifth Red Sox player to win the award.Duran stated, "It's an honor.” "Who else would I want to try to follow in the footsteps of?"

OTHER NEWS

🇺🇸 Sen. Bob Menendez Guilty in Federal Corruption Trial

Sen. Bob Menendez has been found guilty of all charges in his federal corruption trial, including acting as a foreign agent. Prosecutors in New York accused the New Jersey Democrat of accepting bribes, including cash, gold bars, and a Mercedes-Benz, in exchange for political favors, and leveraging his position to benefit foreign governments. Menendez stated, "I have never, ever been a foreign agent."

🇺🇸 Biden: 'I'm a Zionist and a Palestinian advocate'

President Joe Biden, in an interview with Complex Networks’ Speedy Morman, declared himself a Zionist while asserting he has done “more for the Palestinian community than anybody.” Biden stated, “You don’t have to be a Jew to be a Zionist.” He also reaffirmed his commitment to the 2024 race, saying, “Unless I get hit by a train, yeah.”

⚖️ Biden to Back Major Supreme Court Reforms 

U.S. President Joe Biden plans to propose significant Supreme Court changes, including term limits for justices and a mandatory ethics code. He is also considering a constitutional amendment to eliminate broad presidential immunity. Biden previously avoided such reforms but now aims to improve judiciary impartiality. Biden stated, "There will be some form of Supreme Court reform."

THIS DAY THAT YEAR

On July 17, 2014, Malaysia Airlines flight 17 tragically crashed in separatist-controlled territory in Ukraine, resulting in the loss of all 298 lives on board. A subsequent Dutch investigation concluded that the aircraft was shot down by a Russian-made surface-to-air missile.

BRAIN TEASER

I’m full of holes but strong as steel. What am I?

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

Here’s what Yesterday’s teaser was:

What English word retains the same pronunciation, even after you take away four of its five letters?

The answer is: Queue

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