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BUSINESS & ECONOMY

📉 US Economy Slows Due to High Rates

The US economy is slowing as economic data indicates reduced growth, influenced by the Federal Reserve's high interest rates and persistent inflation. Personal spending fell to an annualized 1.5% in Q1, with business equipment orders and homebuying declines. The Atlanta Fed's GDPNow forecast reduced Q2 growth to 2.7%.  Bill Adams, Comerica Bank's chief economist stated, "The economy is operating in low gear." 

💸 Even Wealthy Americans Struggle to Make Ends Meet

Wealthy Americans are struggling to make ends meet due to high inflation and borrowing costs. A Federal Reserve Bank of Philadelphia survey shows nearly one-third of those earning $100,000-$149,999 are worried about bills, up from 21.3% last year. For those earning $150,000+, concern rose from 21.7% to 32.5%. Many are cutting discretionary spending and essentials.

⚖️ Supreme Court Limits SEC's In-House Judges

The U.S. Supreme Court ruled 6-3 against the SEC's use of in-house judges for enforcing securities laws, citing constitutional violations. This decision, authored by Chief Justice John Roberts, underscores the need for jury trials in such cases, aligning with the Seventh Amendment. Justice Sonia Sotomayor called the decision "a massive sea change," warning it could affect numerous federal agencies. 

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WORLD

🌍 EU Leaders Back Ursula von der Leyen for Second Term

EU leaders endorse Ursula von der Leyen for a second term as European Commission President, despite Italy's abstention. Alongside, António Costa is chosen as EU Council President, and Kaja Kallas as chief diplomat. Italian PM Meloni abstained due to the exclusion of her group from key discussions. 

🗳️ Iran Holds Snap Presidential Election After Hard-Liner's Death, Turnout Uncertain

Iranians voted Friday in a snap election to replace President Ebrahim Raisi, who died in a helicopter crash. Reformist candidate Masoud Pezeshkian aims to improve relations with the West, hoping to increase voter turnout amid public apathy while Supreme Leader Khamenei emphasized the importance of high voter participation. Pezeshkian stated, “We will try to have friendly relations with all countries except Israel.”

SCIENCE & TECH

🚀 NASA Grants SpaceX Permission to Crash ISS into the Sea

NASA awarded SpaceX an $843 million contract to safely deorbit the ISS by 2030. The ISS will be guided into the Pacific Ocean's "spacecraft cemetery" to prevent hazardous debris. SpaceX's "US Deorbit Vehicle" will manage this controlled re-entry. NASA's Ken Bowersox stated, “This ensures a safe and responsible transition in low Earth orbit.” 

🔋 Apple Plans Easier iPhone Battery Replacement

Apple is developing "electrically induced adhesive debonding" technology to make iPhone batteries easier to replace, driven by upcoming EU legislation. This involves encasing batteries in metal, allowing a small jolt of electricity to dislodge them. The technology could debut with iPhone 16 models this year and expand to iPhone 17 next year.

SPORTS & ENTERTAINMENT

🏏 India Triumphs Over England by 68 Runs in T20 World Cup Semifinal

India triumphed over England by 68 runs in the ICC T20 World Cup 2024 semifinal at Providence Stadium, Guyana. Rohit Sharma and Suryakumar Yadav powered India to 171 runs. England struggled on a tricky, low-turning wicket, losing six wickets within the first ten overs securing India's spot in the final against South Africa.

📸 Diplo Accused of Sharing Revenge Porn in Lawsuit

DJ and producer Diplo, real name Thomas Wesley Pentz, faces a lawsuit in California for allegedly distributing revenge porn. The plaintiff, Jane Doe, claims Diplo shared explicit videos and images of their intimate relationship without her consent following similar accusations from 2020. Doe's attorneys argue this pattern of behavior highlights a severe violation of privacy and trust.

OTHER NEWS

🇺🇸 Biden Struggles in First 2024 Debate with Trump

President Joe Biden and former President Donald Trump presented their contrasting visions for the country during the first 2024 US presidential debate at CNN studios in Atlanta, Georgia. Trump emphasized issues such as immigration and the economy, while Biden's delivery faced scrutiny. Observers noted Trump's assertive stage presence, leading to discussions about Biden's age and capability.

🧑‍⚖️ Supreme Court Overturns $10B Opioid Settlement, Sacklers Not Shielded

The Supreme Court, in a 5-4 decision, overturned a $10-billion opioid settlement intended to compensate victims and protect the Sackler family from future lawsuits. The majority, led by Justice Neil M. Gorsuch, ruled that bankruptcy judges do not have the authority to grant protections to individuals who are not bankrupt. Gorsuch stated, "Nothing in present law authorizes the Sackler discharge."

🤔 Biden Calls Out Trump: "For having Sex with Porn Star While Wife Was Pregnant?"

Joe Biden criticized Donald Trump during a debate, questioning, “How many millions of dollars do you owe in civil penalties for molesting a woman in public? For having sex with a porn star while your wife was pregnant?” Biden claimed Trump had the "morals of an alley cat." Trump dismissed the accusations as politically motivated, stating, “I never had sex with a porn star.”

THIS DAY THAT YEAR

On June 28th, 1969, the Stonewall riots erupted in the early hours outside the Stonewall Inn, a gay bar in New York City's Greenwich Village. These violent confrontations between police and gay rights activists marked a pivotal moment, sparking the birth of an international gay rights movement.

BRAIN TEASER

What makes a loud noise when changing its jacket, becomes larger but weighs less?

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

Here’s what yesterday’s teaser was:

I’m (usually) white and used for cutting and grinding. When I’m damaged, humans usually remove me or fill me. For most animals I am a useful tool. What am I?

The answer is: Tooth

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