Inflation Sparks Spending

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BUSINESS & ECONOMY

💸 Inflation and High Rates Lead Consumers to Spend Instead of Save for American Dream, Economist Says

Consumers, demoralized by Persistent Inflation and high interest rates, are abandoning the American Dream of saving for major goals like homeownership and retirement. Instead, they're spending more now due to the strong labor market. Economist Joanne Hsu noted, "Consumers see that a lot of aspirational goals just feel increasingly out of reach."

🇺🇸 Visa Update: Fewer Cards in Americans' Wallets 

Visa announced major changes for U.S. credit and debit cards, aiming to reduce the need for physical cards and printed 16-digit numbers. Starting this summer, banks can issue one card linked to multiple accounts, and features like biometrics and tap-to-pay will enhance security. These updates respond to rising online fraud and evolving payment methods like Apple Pay and "buy now, pay later." 

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WORLD

🚁 Iran State TV Says No Survivors Found at Helicopter Crash Site

Iran's President Ebrahim Raisi has been confirmed dead after a helicopter crash in Iran’s northwest region. The accident, occurring on Sunday, also killed Foreign Minister Hossein Amirabdollahian and other officials. Rescuers battled dense fog and blizzards to reach the crash site in East Azerbaijan province, reporting no survivors.

🥊 Taiwan Lawmakers Clash Over Parliament Disputes

Lawmakers in Taiwan clashed in parliament on Friday over chamber reforms, just days before President-elect Lai Ching-te's inauguration without a legislative majority. The chaotic scenes began with shouting and shoving outside the chamber, escalating inside with lawmakers leaping over tables and pulling each other to the floor. Despite brief calm, afternoon scuffles resumed. 

🚢 US Military Begins Aid Delivery to Gaza via Floating Pier 

The US military has started delivering 500 tons of humanitarian aid daily to Gaza via a $320 million floating pier. The aid, screened in Cyprus, supplements other routes amid closed border crossings due to the humanitarian crisis. Adm. Brad Cooper stated, "This maritime route is additive and is not meant to replace land routes into Gaza." 

🇺🇸 U.S. Troops to Withdraw from Niger by Mid-September, Pentagon Announces

U.S. troops will complete their withdrawal from Niger by mid-September, following orders from the country's ruling junta. This decision was confirmed by both the Pentagon and Nigerien defense officials on Sunday after four days of discussions in Niamey. The junta's decision, stemming from last July's coup, affects U.S. military operations in the Sahel.

SCIENCE & TECH

🖥️ Microsoft to Reveal AI PC Vision at Build Conference

Microsoft is set to unveil its vision for AI PCs at the Build developer conference. CEO Satya Nadella highlighted that AI will become integral to PCs in 2024. AI PCs, featuring neural processing units (NPUs), will enhance tasks like voice commands and offline AI processing. Nadella stated, "2024 will mark the year when AI will become the 'first-class part of every PC.'" 

📱 iOS 18 Uses AI for Notifications, Calendar, and More

Apple is set to leverage AI in iOS 18 for summarizing notifications, adding events to calendars, and more. The new features include auto-summarizing notifications, transcribing voice memos, and AI-based photo editing. Apple will primarily use on-device processing, supplemented by cloud support. 

📱 Apple to Launch Slimmer iPhone in 2025

Apple is reportedly planning to release a significantly thinner iPhone in 2025, possibly alongside the iPhone 17 lineup expected in September. The slim model may be priced higher than the iPhone 15 Pro Max and feature a slim Dynamic Island cutout, top-centered rear cameras, aluminum body, upgraded front camera, and A19 chip.

SPORTS & ENTERTAINMENT

🏀 Timberwolves Rally from 20 Points Down to Stun Nuggets in Game 7, Reach Conference Finals

The Minnesota Timberwolves overcame a 20-point deficit to defeat the Denver Nuggets 98-90 in Game 7 of the NBA playoffs semifinals. They outscored the Nuggets 60-37 in the second half, led by Karl-Anthony Towns' 23 points. This victory sends them to their first Western Conference finals in two decades. The Towns stated, "We never gave up and believed in our game plan."

⚽ Cristiano Ronaldo Named World's Highest-Paid Athlete by Forbes

Cristiano Ronaldo, playing for Al-Nassr in Saudi Arabia, tops Forbes' list of highest-paid athletes, earning $260 million in the past year. Released on Thursday, the list highlights his $200 million club contract and $60 million in off-field earnings. At 39, Ronaldo leads for the fourth time, followed by golfer Jon Rahm ($218 million) and Lionel Messi ($135 million). 

OTHER NEWS

🍔 Ultra-Processed Foods Linked to Early Death and Brain Issues

A study of 115,000 individuals revealed a link between high consumption of ultra-processed foods, especially processed meats, sugary breakfast items, and sweetened drinks, and an increased risk of premature death. Published in BMJ, the study also accounted for other unhealthy habits such as low fruit and vegetable intake, smoking, and lack of physical activity.

🗳️ Disneyland Workers Secure Union Victory in Landslide Vote

Performers at Disneyland in Anaheim have voted to unionize, joining the Actors’ Equity Association, which also represents performers at Walt Disney World in Orlando. In an election involving over 1,700 employees, 953 voted in favor. The union, known as "Magic United," aims for higher pay, fairer scheduling, and stronger safety practices. 

🎓 Graduates Snub President Biden at Commencement Speech

During Biden’s commencement address at Morehouse College, he faced student backlash over his support for Israel and the Gaza conflict. Some graduates turned their backs, one held a Palestinian flag, and others wore keffiyehs. Biden called for a ceasefire, acknowledging the frustration, including within his family. The valedictorian also called for an immediate ceasefire. 

THIS DAY THAT YEAR

On May 20, 1873, San Francisco businessman Levi Strauss and Reno, Nevada, tailor Jacob Davis were awarded a patent for their innovative work pants reinforced with metal rivets. This momentous event marked the birth of one of the world's most iconic garments: blue jeans.

BRAIN TEASER

Lifting me is easy but you’ll find throwing me very difficult. What am I?

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

Here’s what friday’s teaser was

I go up and down but never move. What am I

The Answer is: Staircase

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