Productivity Takes a Hit

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BUSINESS & ECONOMY

📉 US Labor Costs Drop in Q1 Due to Lower Output, Fewer Hours

U.S. worker productivity for Q1 2024 was revised down to a 0.2% annualized rate from 0.3%, slightly exceeding market expectations of 0.1%. Unit labor costs rose by 4.0%, down from the initial estimate of 4.7%, against projections of 4.9%. This revision highlights weaker output and hours, potentially maintaining Federal Reserve officials' caution on rate cuts.

📈 Trade Deficit Hits 18-Month High; Import Surge Boosts Economy

The U.S. trade deficit surged by 9% in April to an 18-month high of $74.6 billion from $68.6 billion in March, driven by a 2.4% rise in imports to $338.2 billion, signaling strong domestic demand while exports rose by 0.8% to $263.7 billion. Economist Eugenio Aleman stated, "The strength in capital goods imports is good news for economic growth."

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WORLD

🚀 Yemen’s Houthis Reveal New 'Palestine' Missile Similar to Iranian Hypersonic

Yemen’s Houthi rebels unveiled a solid-fuel missile named "Palestine," resembling an Iranian hypersonic missile. Launched at Israel's Eilat port, it caused no damage. Solid-fuel missiles can be quickly deployed, avoiding targeted strikes. Despite Iranian media claims of local manufacturing, evidence suggests Iran's involvement. Missile expert Fabian Hinz stated,  "The missile's precision is a significant advancement."

🇮🇱 Netanyahu to Speak to Congress on July 24

Israeli Prime Minister Benjamin Netanyahu will address a joint meeting of Congress on July 24. He is expected to discuss Israel's defense of democracy, combating terrorism, and achieving lasting peace in the region. The invitation highlights the strong U.S.-Israel relationship. Netanyahu stated, "I look forward to presenting the truth about our just war against Hamas."

🤝 Allies Reaffirm Support for Ceasefire Deal 

US President Joe Biden, along with leaders from Germany, France, and the UK, reaffirmed their support for Biden's recent ceasefire proposal for Gaza. The proposal calls for an immediate ceasefire, the release of all hostages, increased humanitarian aid, and a lasting resolution to the crisis. This joint statement was made during D-Day anniversary events in France.

SCIENCE & TECH

🔒 Apple to Launch Dedicated Passwords App for iPhone and Mac

Apple is reportedly developing a dedicated Passwords app for iPhone and Mac, aiming to streamline password management. This app, set to be revealed at the Worldwide Developers Conference on June 10, will compete with services like 1Password and LastPass. It will categorize passwords, support two-factor authentication, and work across Apple devices, including the Vision Pro headset.

🎬 Netflix Unveils Major TV App Redesign in a Decade

Netflix is testing the biggest redesign of its TV app in a decade to enhance user experience and keep viewers engaged. The revamp includes larger title cards, reorganized information, and a new “My Netflix” tab for easy access to saved content. The menu button is now at the top of the screen for simplifying navigation. 

🕵️ FTC and DOJ Investigate Microsoft, OpenAI, and Nvidia for Antitrust Violations

The Federal Trade Commission (FTC) and the Department of Justice (DOJ) are investigating potential antitrust violations involving Microsoft, OpenAI, and Nvidia. The DOJ will focus on Nvidia, while the FTC examines Microsoft's investment in OpenAI. These investigations aim to address concerns about practices harming competition in the technology and AI sectors. The FTC and DOJ declined to comment.

SPORTS & ENTERTAINMENT

🎬 Ashton Kutcher: Hollywood's bar needs to rise "in the age of AI"

Ashton Kutcher predicts that Hollywood will need to significantly improve its content to compete with AI-generated media. During a conversation with Google CEO Eric Schmidt, Kutcher revealed he's been testing OpenAI's generative video tool Sora, finding it advanced enough for film and TV. He stated "Instead of watching some movie that somebody else came up with, I can just generate and then watch my own movie." 

🏏 USA stuns Pakistan in T20 World Cup upset

The USA achieved a historic victory by defeating Pakistan in the T20 World Cup. Star player Aaron Jones tied the match with a vital 36 not out, leading to a super over. In the super over, Jones and Saurabh Netravalkar secured the win with Netravalkar conceding only 13 runs. Captain Monank Patel praised the team, saying, "It's a big achievement, beating Pakistan." 

OTHER NEWS

☀️ Scorching heatwave hits US Southwest signaling hot summer ahead 

A record-setting heatwave is impacting the southwestern US, affecting over 34 million people with dangerous temperatures. Cities like Las Vegas and Phoenix are hitting 110°F, with conditions expected to persist and break records. The heatwave has already caused 48 deaths in Mexico, posing significant risks to communities, especially those without access to cooling. 

🧱 71-Year-Old Arrested for Hoarding 3,000 Stolen LEGO Sets

Los Angeles police arrested Richard Siegel, 71, and Blanca Gudino, 39, after discovering nearly 3,000 stolen LEGO sets at Siegel's Long Beach home. The sets, valued between $20 and over $1,000 each, were stolen from various retailers. Siegel allegedly sold the goods online. He stated, "I didn't realize the severity of my actions until it was too late."

🌟 Trump Praises States' Banning Abortions 

Donald Trump praised states for implementing various abortion restrictions during a Fox News interview on Wednesday, stating, "it's a beautiful thing to watch." Trump emphasized that states deciding on abortion laws reflect a democratic process, despite the severe maternal health crises these restrictions have caused.

THIS DAY THAT YEAR

On June 7, 1929, the Lateran Treaty was established between Italy and the Vatican, marking a significant agreement that lasted until June 3, 1985. This treaty was signed by Benito Mussolini on behalf of the Italian government and Cardinal Secretary of State Pietro Gasparri representing the papacy. The treaty was later ratified by the Italian Constitution in 1948.

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