Inflation Driven by Corporate Greed?

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💰 High Fed Rates Remain: Inflation Driven by Corporate Greed, Investors Claim

A Bloomberg survey reveals 90% of respondents believe surging corporate profits, driven by price increases beyond their costs since the pandemic's onset, contribute significantly to inflation. While 80% suggest high-interest rates as a solution, a quarter favor alternate measures like stricter anti-monopoly regulations and corporate tax adjustments. Despite soaring profit margins reaching 70-year highs in the US, 53% anticipate a reversion to pre-Covid levels, albeit most respondents do not foresee "greedflation" causing long-term inflation.

💼 UBS Seals the Deal: Takes Over Troubled Credit Suisse

UBS has successfully finalized its $3.2 billion takeover of former rival, Credit Suisse, creating a new entity with a balance sheet of $1.6 trillion and a workforce of 120,000. The move followed concerns about potential banking system instability due to Credit Suisse's losses. In a joint statement, UBS's board chair Colm Kelleher and CEO Sergio Ermotti emphasized the combined expertise and commitment to a conservative risk approach, promising to create a stronger firm despite upcoming challenges.

🌋 Evacuation in the Philippines: Mount Mayon Erupts with Lava & Sulfuric Gas

Mount Mayon, the Philippines' most active volcano, has prompted the evacuation of around 13,000 residents due to the emission of lava and sulfuric gas. The Philippine Institute of Volcanology and Seismology (Phivolcs) warns of potential hazardous eruptions within weeks or even days. A state of calamity has been declared in Albay province to provide support to affected residents, while 10,000 farm animals have also been relocated.

🌏 Kim and Putin Align: North Korea and Russia Pledge Strategic Cooperation

North Korean leader Kim Jong Un has promised to "hold hands" with Russian President Vladimir Putin and enhance strategic cooperation on their mutual ambition of building a powerful country, North Korea's KCNA state media reported. Kim also expressed his full support and solidarity with Russia's decision to invade Ukraine, blaming the US and the West's "hegemonic policy" and "high-handedness".

🚀 Lunar Life? NASA Scientist Suggests Potential Microbial Presence in Moon's Craters

NASA scientist Prabal Saxena suggests the moon's south pole, particularly its dark, ice-filled craters, may harbor microbial life, possibly Earth-originated. These craters offer protection from the sun's harmful radiation, presenting potentially habitable conditions. Saxena said, "Importantly, recent research on the survivability of microbes exposed to conditions like those on parts of the lunar surface indicate surprising resilience of numerous microorganisms to such conditions." Further studies are ongoing to determine the most likely surviving organisms.

🎮 New Arrival: Microsoft Launches $350, 1TB Black Xbox Series S

Microsoft announces a new 1TB Carbon Black Xbox Series S, addressing user feedback on the limited storage capacity of the original 512GB model. Launching worldwide on September 1st, the console will retail at $349.99, offering expanded storage and a sleek, brushed black finish. Phil Spencer, Microsoft's Head of Xbox, said the company "remains committed to that [console] style of play and the pillar that is for our brand."

🏆 Tony's Top: 'Kimberly Akimbo,' 'Leopoldstadt' Among Major Winners

76th Tony Awards recognized 'Kimberly Akimbo' as the best musical, 'Leopoldstadt' as the best play, and 'Topdog/Underdog' and 'Parade' as the best revivals of a play and a musical, respectively. Hosted by Ariana DeBose, the unscripted event took place at the United Palace in New York. Notable winners included Jodie Comer and nonbinary actor J. Harrison Ghee, making history for their roles in 'Prima Facie' and 'Some Like It Hot'.

🎾 Djokovic Dominates: Claims 23rd Grand Slam at French Open

Novak Djokovic won his 23rd Grand Slam singles title at the French Open, surpassing Rafael Nadal's record and becoming the only man to win each of the four major tournaments at least three times. Djokovic triumphed over Casper Ruud with a 7-6(1), 6-3, 7-5 victory. "I'm beyond fortunate in my life to win it 23 times, it's an incredible feeling," said Djokovic, tying with Serena Williams and nearing Margaret Court's record of 24.

🚧 Extended Repair: Collapsed Philly's I-95 Highway Could Take Months to Fix

A portion of the heavily trafficked northbound I-95 highway in Philadelphia collapsed following a petroleum tanker fire, with repair work likely taking months, according to Pennsylvania officials. This disruption is expected to have serious implications for regional commuters and transport services. The governor stated that federal resources will be provided for a safe, swift repair. The cause of the fire is under investigation, while authorities work to identify anyone potentially caught in the incident. No injuries have been reported thus far.

💸 Soros Succession: Billionaire Passes Empire Control to Son Alexander

Billionaire philanthropist George Soros is passing control of his $25bn empire to his son, Alexander Soros, marking a reversal of his previous decision to not let any of his five children take over the Open Society Foundations (OSF). Alexander, who has been elected chairman of the OSF board, plans to continue his father's liberal donations, with an expanded focus on voting and abortion rights, and gender equity. "As much as I would love to get money out of politics, as long as the other side is doing it, we will have to do it too," he stated.

💵 NYC Boosts Pay: App Food Delivery Workers to Get Minimum Wage

New York City has announced a minimum pay rate for its 60,000 app food delivery workers, due to the increased use of services like Uber Eats & DoorDash during the pandemic. Currently earning an average of $7.09/hour, the new pay rate will rise to $17.96 in July 2023 & $19.96 by April 2025. Mayor Eric Adams said the increase, up by almost $13.00/hour, would provide greater economic stability for these workers & their families. However, companies like DoorDash are considering litigation against what they term the city's "extreme policy".

On June 12th, 2016, the United States witnessed its deadliest mass shooting to that date, as Omar Mateen targeted Pulse, an LGBTQ nightclub in Orlando, Florida. Mateen's horrific attack took the lives of 49 individuals and injured over 50 others, profoundly shocking the nation. The event intensified debates over gun control, hate crimes, and terrorism, making it a dark and pivotal moment in American history.

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