Tech Giants Reject Apple Vision Pro

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BUSINESS & ECONOMY

📈 U.S. Credit Card Debt Hits Unprecedented Peak

U.S. credit card debt has surged past $1 trillion, with the average balance now over $6,000. Post-pandemic, 47% of cardholders carry month-to-month debt, up from 39% in 2021. Rising inflation and higher Federal Reserve interest rates exacerbate the issue. Delinquencies are notably increasing among lower-income and indebted millennials. Options like balance transfer cards, negotiating lower rates, and credit counseling are available to manage debt.

🛢️ IEA Forecasts Significant Oil Surplus Due to Slowing Demand Growth

The IEA predicts a potential oil surplus in 2024, as economic slowdown reduces demand and non-OPEC countries, like the US, increase output. This could offset OPEC+'s price-supporting cuts. Oil demand growth is expected to halve from 2023 levels, influenced by slower global economies and rising EV sales. OPEC's Haitham al-Ghais challenges IEA's view of peaking oil demand this decade, calling for continued industry investment.

WORLD

🇮🇱 Netanyahu Expresses Opposition to Palestinian State in Postwar Plans

Israeli Prime Minister Netanyahu rejects U.S. calls to reduce Gaza military actions and dismisses Palestinian statehood, escalating tensions with the White House. The U.S., changing its initial supportive stance, now urges de-escalation and revitalizing the Palestinian Authority. Netanyahu's defiance, amid a campaign causing 25,000 Palestinian deaths and massive displacement, faces international criticism and genocide accusations. 

📉 China Experiences Decline in Working Age Population

China's working age population, accounting for 61.3% of its total, is shrinking, intensifying economic pressures as fewer workers support a larger, aging demographic. The overall population fell by over 2 million in 2023, the most significant decline since the 1960s. Amidst this, youth unemployment soared to record highs above 20%. China's working age ratio, however, remains higher compared to the U.S. and other nations.

SCIENCE & TECH

🚫 YouTube, Spotify, and Netflix Decline to Develop Apps for Apple Vision Pro

YouTube and Spotify, following Netflix, won't develop apps for Apple's new $3,499 mixed-reality headset, Vision Pro, launching February 2. YouTube advises users to access content via Safari, while Spotify's service is expected to work through a browser. This decision leaves Vision Pro without key streaming apps, despite support from Disney+, HBO Max, and Amazon Prime Video.

🤖 AI Responsibility Cited in Big Tech Layoff Decisions

Tech giants like Google are refocusing on AI, leading to layoffs and a shift towards hiring fewer, AI-skilled employees. Over 7,700 tech jobs were cut in Q1 2024, with roles in software and database administration increasingly automated. High demand for skilled AI professionals is driving up salaries, but the supply is limited. Large language models like ChatGPT pose risks to software jobs, indicating a significant shift in the tech employment landscape.

SPORTS & ENTERTAINMENT

🎤 Madonna Faces Lawsuit for Repeatedly Delaying Concerts, Accused of False Advertising

Michael Fellows and Jonathan Hadden are suing Madonna, Live Nation, and Barclays Center for consistently starting concerts late, as covered by Variety. Citing a "long history" of delays, including a New York show starting two hours late, they claim "unconscionable, unfair, and/or deceptive trade practices," seeking to turn it into a class-action lawsuit over "negligent misrepresentation." Madonna has not responded yet.

🎤 Super Bowl Pregame to Feature Reba McEntire, Andra Day, and Post Malone Performances

Super Bowl LVIII, set for February 11 on CBS, features Reba McEntire singing the national anthem, her first at the event, alongside performances by Post Malone and Andra Day. McEntire, reflecting on her debut, says, "You just warm up like a concert and sing it about five or six times." The game, hosted at Las Vegas' Allegiant Stadium, also includes Usher's halftime show.

OTHER NEWS

🌪️ Deadly Storms Precede Another Wave of Harsh Winter Weather

Severe winter storms have ravaged the U.S., claiming at least 55 lives across 10 states, with Oregon notably affected. In a tragic Portland incident, three people were electrocuted by a live power line, as stated by Portland Fire: "They became part of the active electrical circuit." Widespread power outages and damage continue, with further snow and freezing conditions imminent across the Midwest and East, heightening frostbite and hypothermia risks.

📉 Young Americans Face Tougher Financial Challenges Than Boomers

A Bankrate survey highlighted in Newsweek shows 38% of Gen Z and millennials find building wealth harder than their parents, a view less shared by older generations. Facing higher living costs and economic downturns, they adopt new strategies like side hustles. This generational financial divide is marked by the significant wealth gap with boomers, the richest generation

THIS DAY THAT YEAR

On 19 January, 1966, Indira Gandhi assumed the role of first female Prime Minister of India, following the unexpected passing of Lal Bahadur Shastri, who had been in office just eight days prior. Her inauguration marked the continuation of a legacy begun by her father, Jawaharlal Nehru, who was the first individual to hold this position.

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