Job Market Reaches Pre-Pandemic Norm

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BUSINESS & ECONOMY

🗽 US Job Market Reaches Pre-Pandemic Milestone

The U.S. job market hit a milestone as the Beveridge Curve returned to its pre-pandemic position from 2018-2019 in April, indicating reduced job openings without a significant unemployment increase. The unemployment rate is around 4%, with a stabilized quits rate at 2.2%. Fed Governor Christopher Waller noted, “A drop in job openings could create the economic ‘slack’ needed for inflation to fall without much change in actual joblessness.”

💸 Over 60% of Middle Class Facing Financial Struggles

A recent poll reveals over 60% of middle-class Americans, earning above 200% of the federal poverty level, are financially struggling. Despite economic growth, many find it hard to plan or save, with 46% lacking $500 for emergencies. Jennifer Jones Austin, CEO of the Federation of Protestant Welfare Agencies  stated, "It is critical that we understand the true cost of living in the United States today." 

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WORLD

🔒 Tight Security Marks 35th Tiananmen Anniversary in China and Hong Kong 

Heavy security in China and Hong Kong marked the 35th anniversary of the Tiananmen Square crackdown, where hundreds to thousands were killed during pro-democracy protests in 1989. Authorities aimed to silence any commemoration with checkpoints in Beijing and arrests in Hong Kong. Foreign Ministry spokesperson Mao Ning stated, “The Chinese government has long had a clear conclusion.”

🇮🇳 Modi Claims Election Victory, Needs Coalition Support

Prime Minister Narendra Modi announced a win in India's general election, interpreting the results as a mandate for his policies, despite his party losing seats. The BJP secured 240 seats, necessitating coalition support to achieve a majority. The opposition gained ground, questioning Modi's economic record and polarising politics. Modi proclaimed, "Today’s victory is the victory of the world’s largest democracy."

🔥 Hezbollah Declares Readiness for Total War with Israel, Deputy Leader Says 

Sheikh Naim Qassem, Hezbollah's deputy leader, stated the group is prepared for an all-out war with Israel amid ongoing cross-border violence. He emphasized Hezbollah's readiness to retaliate against any Israeli aggression, stating, "We are ready for the battle and will not allow Israel to secure any victories." The conflict, linked to Gaza, has intensified recently.

🚸 Two-thirds of Gaza's population packed into one-fifth of its area

Approximately 1.7 million Palestinians are crowded into just one-fifth of the Gaza Strip after over a million fled Rafah, reports Oxfam. Most have found refuge in al-Mawasi, Deir el-Balah, and Khan Younis, covering just 69 square kilometres. Meera, from Oxfam stated, "This area was designated a humanitarian zone, but there is nothing humanitarian about the situation here."

SCIENCE & TECH

📜 OpenAI & DeepMind Staff Warn of AI Industry Risks

In an open letter, current and former employees of OpenAI and Google DeepMind warned of insufficient safety oversight in the AI industry and advocated for stronger whistleblower protections. The letter, signed by 13 individuals, including OpenAI co-founder Ilya Sutskever and former Google DeepMind staff, urged AI firms to adopt transparency and accountability measures to address potential harms and ensure safety.

🚀 Elon Musk Redirects Tesla AI Chips to X 

Elon Musk diverted thousands of Nvidia AI chips intended for Tesla to his social media company, X. Emails obtained by CNBC reveal that this could delay Tesla's $500 million chip acquisition by months. Musk cited Tesla's incomplete Austin factory as the reason for upsetting Tesla investors relying on autonomous vehicle promises. Musk stated, "Tesla lacked the capacity to accept the Nvidia GPUs."

SPORTS & ENTERTAINMENT

🎾 Novak Djokovic Pulls Out of French Open with Knee Injury

Novak Djokovic withdrew from the French Open quarterfinal against Casper Ruud due to a right knee injury from his fourth-round match. An MRI revealed a torn medial meniscus, ending his title defense and No. 1 ranking. Djokovic expressed disappointment stating, "I wish the best of luck to the players competing this week.” 

🎤 Cyndi Lauper Announces Farewell Tour

Cyndi Lauper announces her farewell tour, marking the end of her career as a touring artist. The "Girls Just Wanna Have Fun" singer will visit 23 cities in North America this fall. The tour begins October 18 in Montreal and ends December 5 in Chicago. Tickets go on sale Friday at 10 a.m. Lauper shared, “It’s time for new adventures.”

OTHER NEWS

📜 US House Approves Sanctions on ICC for Gaza Warrants Attempt

The US House of Representatives has passed legislation to sanction the International Criminal Court (ICC) after its prosecutor sought arrest warrants for Israeli officials over the Gaza conflict. The bill, supported by pro-Israel Republicans, passed with a vote of 247-155. Republican Speaker of the House Mike Johnson stated, "The ICC has to be punished for this action."

💡 US Woman Declared Dead Found Alive at Funeral Home

Constance Glantz, 74, was mistakenly declared dead at a Nebraska nursing home and found alive at a funeral home. Staff performed CPR upon noticing she was still breathing. She was taken to the hospital but later pronounced dead a second time. Chief Deputy Ben Houchin stated, "The funeral home did absolutely nothing wrong. They are the ones who found that she was still alive."

🛂 Biden Introduces New Asylum Rules to Control Border

President Joe Biden announced new asylum restrictions at the U.S.-Mexico border, aiming to reduce daily encounters from over 2,500 to below 1,500. The proclamation bars asylum for migrants when the border is deemed overwhelmed. Biden emphasised the need for legislative action but cited Republican obstruction, stating, "Republicans have left me no choice. I believe immigration has always been the lifeblood of America." 

THIS DAY THAT YEAR

On June 5, 1968, Robert F. Kennedy was shot by Sirhan Sirhan at the Ambassador Hotel in Los Angeles, California. He was pronounced dead the following day. In the aftermath of the shooting, Kennedy lay mortally wounded on the floor.

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The answer is: Soap

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