Loan Rejections at a 5 Year high!

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What’s Hot? Air quality across 20 US states is deteriorating constantly. Air Quality Indexes topped 150, indicating unhealthy conditions, in numerous cities, with warnings for residents to stay indoors. Canada's worst wildfire season has already burned over 24 million acres, with no end in sight as climate change continues to drive high temperatures & dry conditions. Two Canadian firefighters have tragically died battling the fires.

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💼 Rising Loan Rejections Hit Americans as Economic Pressure Grows

Loan rejection rates in the US have risen to a five-year high of 21.8%, according to a Federal Reserve survey, with the sharpest increase among those with credit scores below 680. This spike comes amid aggressive Fed rate hikes and potential recession fears. The report also highlighted rising rejection rates across all loan types, including auto loans, credit cards, and mortgages. “It’s risk aversion mode for banks,” said Alex Liegel, CEO at Tenet, emphasizing the impact on already pressured consumers.

💲 Goldman Sachs Slashes US Recession Probability in Coming Year

Goldman Sachs has lowered its forecast for the likelihood of a US recession in the next year from 25% to 20%, according to Chief Economist Jan Hatzius. The adjustment is due to strengthened confidence that reducing inflation to an acceptable level will not require a recession. Despite some expected economic deceleration, Hatzius believes that the economy will continue growing, albeit at a below-trend pace.

🌍 Russia Withdraws from Ukraine Grain Deal, Threatening Global Food Supplies

Russia's suspension of a vital agreement enabling Ukraine's grain export threatens global food supplies and counters a diplomatic breakthrough in the ongoing war. This deal was critical to stabilizing global food prices and aiding developing countries reliant on Ukrainian exports. Ukrainian President Volodymyr Zelensky condemned Russia's decision, calling it an attempt to "weaponize hunger and destabilize the global food market," impacting 400 million people who depend on Ukrainian food exports.

🔥 "Most Intense Heat Wave" to Hit Italy, Europe Eyes Record Temperatures

Record-breaking heatwaves are sweeping across the Northern Hemisphere, driving up temperatures in Europe, Asia, and North America, and prompting widespread health warnings. Europe, the fastest-warming continent, is expecting its highest-ever temperature this week, with 118° F predicted in Italy. These weather conditions are a stark reminder of the impacts of global warming, with June already recorded as the world's hottest and July following suit.

🤝 EU Aims to Revive Ties with Latin America, Caribbean Amid Distancing from China, Russia

The European Union (EU) is seeking to strengthen its ties with Latin America and the Caribbean, promising increased investment amidst the wariness of China and Russia. The EU plans to invest €45 billion in these regions through its Global Gateway scheme. However, disagreements emerged at the summit over the war in Ukraine and the historical legacies of slavery, highlighting challenges in aligning the regions' interests.

🔭 Webb Telescope Discovers Potential 'Dark Stars'

The James Webb Space Telescope may have identified the first credible candidates for hypothesized "dark stars" - stars powered by dark matter rather than atomic fusion. These stars, first proposed in 2008, could contain 0.1% dark matter and become a million times larger than the sun. Katherine Freese, a theoretical astrophysicist and senior author of the research, said the discovery of dark stars could provide crucial insights into the properties of dark matter particles.

💻 EU Set to Investigate Microsoft over 'Unfair Teams & Office Bundling'

The European Union's antitrust authorities are set to investigate Microsoft over allegations of unfair bundling of its Teams video conferencing app with its Office service. The potential probe follows a complaint lodged by messaging app Slack in July 2020. Despite Microsoft's attempts to resolve the issue, insiders reportedly claim it is "very unlikely" the tech giant can avoid an EU investigation.

💔 Celebrity Couple Sofía Vergara and Joe Manganiello Confirm Divorce

Actors Sofía Vergara and Joe Manganiello, known for their roles in "Modern Family" and "Magic Mike" respectively, have announced their decision to divorce after almost eight years of marriage. The couple, who started dating in 2014 and were engaged six months later, made their announcement public through a statement to PageSix. They tied the knot in 2015 in a lavish Palm Beach wedding ceremony.

⚽ Cristiano Ronaldo Favours Saudi Pro League Over MLS

Portuguese footballer Cristiano Ronaldo, currently playing for Al Nassr, claimed that the Saudi Pro League surpasses MLS in quality, dismissing speculations of a future move to the US or a return to Europe. Ronaldo, in Portugal after Al Nassr's 5-0 preseason defeat to La Liga side Celta Vigo, also stated that more top players would join the Saudi Pro League, predicting it will outstrip the Turkish and Dutch leagues in a year.

☀️ Death Valley Approaches Near-Record High as Heat Wave Intensifies

Death Valley, California, known as the hottest place on Earth, almost reached some of the highest-ever recorded temperatures over the weekend amidst a global heat wave. 83 million Americans are under heat warnings or advisories, as areas from California to Texas experience record heat. The intense heat, alongside the climate crisis, is increasing the occurrence of such extreme temperatures, according to Randy Ceverny of the World Meteorological Organization.

⚖️ Iowa's New Abortion Law Halted by Judge

Iowa Judge Joseph Seidlin has temporarily blocked a new law banning most abortions after about six weeks of pregnancy, recently signed by Governor Kim Reynolds. As a result, abortion remains legal in Iowa up to 20 weeks into a pregnancy while the new law's constitutionality is assessed. Seidlin granted the temporary block based on the "undue burden" test, stating that abortion advocates are likely correct in asserting the law violates Iowans' constitutional rights.

🏛️ Georgia Court Rejects Trump's Attempt to Stop 2020 Election Probe

Supreme Court of Georgia has denied former President Donald Trump's request to stop Fulton County District Attorney Fani Willis' investigation into alleged misconduct following the 2020 presidential election. Trump's lawyers had sought to remove Willis from the probe and nullify the work of a special grand jury. However, the court found that Trump did not meet the necessary criteria for such an intervention, citing a lack of "extraordinary circumstances."

📲 TikTok Boosts Security with New Passkey Support on iPhone

TikTok is rolling out support for biometric passkeys on iOS devices, allowing users to log in using Face ID or Touch ID. The feature, which safeguards against password-stealing phishing attacks, is initially being launched for iOS devices, using Apple's native passkey system saved to iCloud Keychain. While currently not available for Android devices or in the US, TikTok plans to expand the feature over time.

On this day in 2013, Detroit took the unfortunate title of the largest U.S. city to file for Chapter 9 bankruptcy, with debts soaring between $18-$20 billion. This financial earthquake shook a city that had once been a bustling hub of 1.8 million people, now home to just 700,000. But it was not all gloom, the resilient Motor City bounced back, officially emerging from bankruptcy the following year.

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