Unemployment Hits Year High

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BUSINESS & ECONOMY

📈 U.S. Unemployment Claims Reach Yearly High

US unemployment filings reached 249,000 for the week ending July 27, the highest in a year, marking a 14,000 increase from the previous week. The four-week average climbed to 238,000. As of July 20, 1.88 million Americans were receiving benefits, the highest since December 2021. Filings remain within historical norms, with June's unemployment at 4.1% and inflation at 3%. 

📈 Apple Sales Up 5%, Exceeding Estimates with Boost in iPad and Services Revenues

Apple's fiscal Q3 revenue increased 5% to $85.78 billion, topping estimates. iPad sales soared nearly 24% to $7.16 billion, while Services revenue rose 14% to $24.21 billion while iPhone sales slightly declined to $39.30 billion. EPS hit $1.40, exceeding the $1.35 forecast. Apple anticipates similar growth in Q4 and is focusing on AI investments.

🚀 US Productivity Rises While Labor Costs Grow Slower

U.S. productivity grew at a 2.3% annual rate in Q2, up from 0.4% in Q1 and surpassing pre-pandemic averages. Production rose 3.3%, while hours worked increased by 1%. Labor costs grew at a 1.5% annual rate in Q2, a slowdown from previous quarters, reflecting improved efficiency and reduced inflationary pressures. Analysts view these trends as promising for economic stability.

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WORLD

📉 Bank of England Cuts Rates to 5% for First Time Since 2020

The Bank of England reduced its key interest rate by 0.25 percentage points to 5% on Thursday, marking the first cut in over four years. The decision came after inflation met the 2% target, though services inflation remains high. BoE Governor Andrew Bailey cautioned against rapid rate cuts stating, “Inflationary pressures have eased enough that we’ve been able to cut interest rates today.”

🛡️ U.S. Plans to Counter Iranian Threat to Israel Soon, Officials Say

The Biden administration is preparing for a possible Iranian attack on Israel in response to the recent killing of Hamas leader Ismail Haniyeh. The anticipated retaliation might exceed the scale of Iran's April strike and could involve Hezbollah. The U.S. is reinforcing military readiness and consulting with global allies, while Israel remains vigilant and ready to respond to any potential missile strikes. 

SCIENCE & TECH

🚀 LinkedIn Founder Predicts 9-to-5 Jobs Will Fade by 2034

LinkedIn co-founder Reid Hoffman predicts that 9-to-5 jobs will become obsolete by 2034, driven by AI advancements. He envisions a future dominated by the gig economy with flexible but less secure work. Hoffman stresses the need for adaptation, stating, “AI is already being integrated into restaurants and hospitality, but the experience of sharing a meal the most human and essential aspect will continue to be central.”

🔍 Google adds Gemini search history and Lens to Chrome desktop

Google is rolling out Gemini-powered features for Chrome desktop, including Lens, tab compare, and natural language search for history. Lens, accessible via the address bar or menu, lets users search and ask questions about page elements. Tab Compare summarizes product details across tabs while Natural language history search allows users to query past browsing. 

SPORTS & ENTERTAINMENT

🏅 Katie Ledecky Becomes Most Decorated U.S. Woman in Olympic History

Katie Ledecky has become the most decorated American woman in Olympic history with a total of 13 medals. She achieved this milestone with a silver in the 4x200 meter relay at the Paris Games, surpassing the previous record held by Natalie Coughlin, Jenny Thompson, and Dara Torres. Ledecky now holds eight golds, four silvers, and one bronze.

🏈 NFL Wins Big: Judge Overturns $4.7B Verdict in 'Sunday Ticket' Case

U.S. District Judge Philip Gutierrez overturned a $4.7 billion verdict on Thursday against the NFL in a class-action antitrust case. The case challenged the NFL's pricing of its 'Sunday Ticket' package, alleging price inflation due to collusion with network partners. Gutierrez found the jury's damages calculation flawed and not based on proper legal instructions. The decision came just before the 2024 NFL preseason began. 

🥊 Algeria’s Imane Khelif Wins Olympic Debut After Angela Carini Quits

Imane Khelif won her Olympic debut when Italian Angela Carini quit after 46 seconds due to severe nose pain. Carini, distressed and tearful, left the fight, citing physical pain over political issues. Khelif, previously disqualified from the 2023 world championships for gender eligibility, advances to face Anna Luca Hamori. Carini, not making a political statement, stated, “It was my body that stopped me, not my heart.”

🏅 Simone Biles Takes Gold in Women’s All-Around Final at Paris Olympics

Simone Biles wins gold in the Women’s All-Around Final at the 2024 Paris Olympics, becoming the first American gymnast to do so twice. Biles narrowly beat Brazil’s Rebeca Andrade, who secured silver, and Suni Lee, who earned bronze. Biles, reflecting on her win, noted, "Three years ago, I never thought I’d step foot on a gymnastics floor again."

OTHER NEWS

💵 New York Disburses $350M in Supplemental Payments

New York is rolling out $350 million in supplemental payments starting August 1, targeting one million families. Eligibility includes those who received the Empire State Child Tax Credit in 2023, such as couples earning up to $110,000 and single parents earning up to $75,000. Payments will be sent automatically, ranging from $330 per child to $1,000 per family.

🔥 California Wildfires Up 2,816% This Year Amid Critical Conditions

Wildfire activity in California has surged by an alarming 2,816% this year compared to 2023. As of July 30, over 751,000 acres have been scorched, with the Park Fire ravaging 393,851 acres and remaining only 22% contained, exacerbated by extreme weather and arson. Cal Fire cautioned, “Temperatures will climb into the lower 100s, further intensifying the fires.”

🇺🇸 Americans freed in Russia prisoner swap return to U.S.

Wall Street Journal journalist Evan Gershkovich, Marine Paul Whelan, and Russian-American reporter Alsu Kurmasheva arrived at Joint Base Andrews late Thursday,  following a complex prisoner swap. They were released by Russia as part of a deal involving 24 detainees across six countries, including Germany and Slovenia. They will undergo evaluations at Brooke Army Medical Center.  

THIS DAY THAT YEAR

On August 2, 1990, Iraq invaded Kuwait, leading to Saddam Hussein’s refusal to withdraw his troops and igniting the Persian Gulf War. This conflict saw a swift and decisive victory for an international coalition led by the United States.

BRAIN TEASER

What ancient invention allows people to see through walls?

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

Here’s what yesterday’s teaser was:

I only lie down once in my life—when I die. What am I?

The answer is: A tree

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