IMF's Debt Warning

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BUSINESS & ECONOMY

⚠️ IMF Warns US on Debt, Deficits, and Trade Barriers

The IMF issued urgent warnings to the US over rising debt, deficits, and trade barriers, predicting a debt-to-GDP ratio of 140% by 2032. The IMF urged Washington to curb spending, raise taxes, and end partisan debt ceiling disputes. The  IMF stated, "Addressing these fiscal challenges is crucial to ensuring the long-term stability and prosperity of the US economy."

🌍 China to Become World's Largest Economy by 2075

China is expected to become the world's largest economy by 2075, driven by strong manufacturing, exports, and investments in technology and infrastructure. The US is expected to lag due to lower growth potential. By 2050, leading economies are forecasted to be China, the US, India, Indonesia, and Germany. Emerging Asian markets are set to lead global growth, amidst slower global economic expansion and declining populations.

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WORLD

🇿🇦 South Africa Reveals New Coalition Government

South Africa's President Cyril Ramaphosa unveiled a new coalition government after the ANC lost its parliamentary majority in May's elections. The ANC holds 20 of 32 cabinet posts, while the DA and smaller parties fill the rest. Ramaphosa stated, "The government of national unity is unprecedented in the history of our democracy."

🇰🇷 North Korea Warns of 'Asian NATO' by US, South Korea, Japan

North Korea criticized joint military exercises by the US, South Korea, and Japan, calling them the “Asian version of NATO.” The “Freedom Edge” drills, starting Thursday, aimed to boost defenses against missiles and air attacks, enhancing military cooperation amid North Korea's weapons testing. North Korea’s Ministry of Foreign Affairs stated, “We strongly denounce provocative military muscle-flexing against the DPRK.”

🚨 18 Dead, Dozens Hurt in Nigeria Suicide Attacks 

At least 18 people were killed and dozens injured in Nigeria's northeastern Borno State after a series of blasts by suspected female suicide bombers targeted a wedding, hospital, and funeral in Gwoza. The attacks occurred on Saturday, with a woman carrying a baby detonating an IED at a crowded motor park. Additional blasts struck a hospital and the funeral for wedding victims, resulting in significant casualties. 

SCIENCE & TECH

📷 New AirPods to Include Cameras for Better Spatial Experience

Apple will introduce new AirPods equipped with infrared (IR) cameras by 2026, enhancing spatial interactions with the Vision Pro headset. Analyst Ming-Chi Kuo reveals these AirPods will detect environmental changes, improving gesture recognition and audio experience. Foxconn will supply the components, aiming to produce parts for 10 million units.

🍎 Apple to Reveal Google Gemini Deal This Fall

Apple plans to announce a deal with Google this fall to integrate the Gemini AI model into its devices, according to Bloomberg’s Mark Gurman. Users will gain access to Gemini through iOS, expanding beyond the current ChatGPT integration. Additionally, Apple may also partner with Anthropic, while rejecting Meta's Llama chatbot. Apple Intelligence, a subscription-based AI feature, will debut in beta on iPhone 15 Pro models.

SPORTS & ENTERTAINMENT

🏆 Usher Receives Lifetime Achievement Award at BET Awards

The 2024 BET Awards Hosted by Taraji P. saw Drake leading with seven nominations. The event featured Usher winning Best Male R&B/Pop Artist, Kendrick Lamar taking Best Male Hip-Hop Artist, and Tyla securing Best New Artist. Beyoncé and Victoria Monét were among the night's big winners, with Beyoncé also winning the Viewer’s Choice Award.

🏀 76ers Leading Race to Sign Paul George

The Philadelphia  76ers front-runners will sign Paul George as he parts ways with the LA Clippers. Despite discussions between George's agent, Aaron Mintz, and Clippers president Lawrence Frank, no agreement was reached. The 76ers are scheduled to meet with George in California. The Clippers stated, "Paul is a tremendous talent and an elite two-way player." 

🤸‍♀️ Simone Biles Secures Spot on U.S. Olympics Gymnastics Team

Simone Biles clinches her third Olympic trip by winning the U.S. Olympic trials with a score of 117.225. She joins Sunisa Lee, Jade Carey, Jordan Chiles, and Hezley Rivera on the U.S. gymnastics team with Alternates Joscelyn Roberson and Leanne Wong. Biles stated, "Trusting the process and my coaches, I knew I'd be back."

🏆 India Clinches T20 World Cup in Thrilling Final vs. South Africa

India clinched the Twenty20 World Cup with a thrilling seven-run win over South Africa on June 29, 2024. South Africa, chasing 176-7, needed 30 runs off 30 balls but fell short at 169-8, despite Heinrich Klaasen's 52 off 27 balls. Captain Sharma stated, "This victory marks a new era for Indian cricket."

OTHER NEWS

✈️ U.S. Seeks Boeing Guilty Plea for 737 Max Crashes

U.S. prosecutors plan to seek a guilty plea from Boeing over charges related to two fatal 737 Max crashes, as per attorneys for the victims' families. The potential deal, criticized as a “sweetheart deal,” includes an additional $247 million fine and installing an outside monitor. The crashes in 2018 and 2019 resulted in 346 deaths, complicating Boeing's future government contracts.

⛺️ Supreme Court Upholds Homeless Camping Bans

The Supreme Court upheld a small Oregon town's right to enforce camping bans on homeless people, ruling it doesn't violate the Eighth Amendment's ban on cruel and unusual punishment. This decision, reversing a prior federal court ruling, supports local and state officials' ability to impose civil penalties to manage public spaces. 

🔫 Record 5.5M Guns Sold in Early 2024

Americans purchased nearly 5.5 million guns in the first four months of 2024, with Texas leading at nearly 500,000 guns. Data from the FBI's NICS, analyzed by SafeHomes.org, highlights the deep-rooted culture of gun ownership in the U.S. Despite a slight decline in nationwide sales last year, states like Florida and North Carolina saw increases due to relaxed gun laws.

THIS DAY THAT YEAR

On July 1, 1867, the British North America Act (now the Constitution Act, 1867) established Canada. On June 20, 1868, Governor General Lord Monck issued a proclamation requesting all of Her Majesty Queen Victoria's subjects in Canada to celebrate July 1.

BRAIN TEASER

I am made from milk and you like me spreading on the toast and pizza. What am I?

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

Here’s what Friday’s teaser was:

What makes a loud noise when changing its jacket, becomes larger but weighs less?

The answer is: Popcorn

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