US Banks Positioned to Survive Severe Recession

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BUSINESS & ECONOMY

📉 US Banks Face $685B Loss Threat in Recession Stress Tests, Fed Warns

US banks remain resilient per Federal Reserve stress tests but face a potential loss of up to $685 billion for the 31 banks tested, up by $144 billion from last year in a severe recession. Credit card debts and late payments are critical concerns, that affect bank profitability. According to Fed Vice Chair Michael Barr, "The goal of our test is to ensure banks can absorb losses in a highly stressful scenario."

😓 Trump's Economic Policies Could Escalate Inflation, Warn Nobel Prize Economists

Former President Donald Trump's economic proposals could exacerbate inflation risks, caution 16 Nobel Prize-winning economists. They cite concerns over fiscal policies and tax cuts potentially destabilizing the economy. In contrast, they endorse President Biden's infrastructure and climate investments as mitigating long-term inflation pressures. Voters favor Trump on economic issues, but economists highlight potential economic instability under his administration.

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WORLD

🚨 Bolivian President Arce Thwarts Coup, Advocates for Democracy Amidst Chaos

Bolivian President Luis Arce survived an attempted coup, announcing new military leadership amid chaos. Army units attacked the government palace, leading to the arrest of Army Gen. Juan José Zúñiga, accused of leading the rebellion. Amid Bolivia's deepening political and economic crisis, Arce called for "democracy to be respected."

🌟 Vienna Tops Global Liveability Index for the Third Year

Vienna topped the EIU's Global Liveability Index for the third consecutive year, excelling in healthcare, stability, infrastructure, and education. Copenhagen and Zurich followed closely. Honolulu ranked highest among U.S. cities at 23rd. Notable drops included Toronto, falling to 12th due to an acute housing crisis, and Tel Aviv, which plunged 20 places to 112th due to the Israel-Hamas war.

🔝 Dutch PM Mark Rutte Becomes NATO's New Leader

Dutch Prime Minister Mark Rutte has been appointed as the next NATO Secretary General, stepping into the role on October 1. "The Alliance is and will remain the cornerstone of our collective security," Rutte stated. Ukrainian President Zelensky praised him as a "principled and strong leader." Rutte faces the task of bolstering NATO's security and supporting Ukraine amidst its conflict with Russia.

SCIENCE & TECH

🚀 Chrome on Android and iOS Gets Smarter with New Features

Google announced five updates to Chrome on Android and iOS, enhancing mobile searches. New Chrome Actions enable quick interactions with local businesses, and the redesigned address bar for tablets leverages larger screens. Personalized shortcut suggestions and trending searches improve search efficiency. Additionally, live sports cards in the Discover Feed will provide real-time updates.

🚀 NASA Astronauts Stranded on ISS Due to Issues with Boeing Starliner 

NASA astronauts Barry "Butch" Wilmore and Sunita "Suni" Williams are stranded on the ISS due to helium leaks and thruster issues with Boeing's Starliner, which needs all five thrusters to function properly for a safe return. Their return, initially set for June 14, is delayed indefinitely. They remain safe and are currently assisting with ISS operations.

SPORTS & ENTERTAINMENT

🌟 Hollywood Legend Bill Cobbs Dies at 90 at his Riverside Home

Actor Bill Cobbs, famed for his roles in "The West Wing" and "The Bodyguard," died at 90 at his Riverside, California home. With nearly 200 film and TV credits his career spanned over 50 years. Cobbs' family honored him, saying, "Bill has found peace and eternal rest with his Heavenly Father," and asked for prayers during this time.

🏀 Lakers Pick Dalton Knecht at No. 17 in NBA Draft

The Lakers selected Dalton Knecht at No. 17 in the NBA draft. "To get that value at 17 is really extraordinary," said GM Rob Pelinka. Knecht, who scored 21.7 points per game and led Tennessee to the Elite Eight, remarked, "Every time I touch a basketball, I always feel like I got something to prove."

OTHER NEWS

🚨 Supreme Court Leak Indicates Potential Reversal of Idaho Abortion Ban

The US Supreme Court inadvertently leaked an opinion indicating it might overturn part of Idaho's near-total abortion ban. The opinion, briefly posted online, suggests the court will rule 6-3 that Idaho cannot deny emergency abortions to women whose health is in danger. "Today's decision is not a victory for pregnant patients in Idaho. It is a delay," wrote Justice Ketanji Brown Jackson.

⚠️ WHO Warns One-Third of World at Risk from Lack of Exercise

The WHO warns that nearly a third of the global population risks diseases like cancer, stroke, and diabetes due to insufficient exercise. In 2022, 31% of adults were inactive, expected to rise to 35% by 2030. Women (34%) are less active than men (29%). The WHO recommends 150 minutes of moderate or 75 minutes of vigorous exercise weekly.

⚖️ Supreme Court Rules After-the-Fact Gifts to Officials Are Not Bribes

The US Supreme Court ruled 6-3 that federal law does not criminalize after-the-fact gifts to state and local officials, distinguishing them from bribes. Justice Ketanji Brown Jackson dissented, emphasizing the threat to government integrity: "Officials who use their public positions for private gain threaten the integrity of our most important institutions."

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