US Disinflation Kickstarted!

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💼 US Disinflation Kick-starts; Modest Consumer Price Rise

US is experiencing modest inflation as consumer prices saw their smallest annual increase in over two years in June, leading to a rally in the stock and bond markets. Economist Christopher Rupkey said, "Inflation isn't dead, but the extraordinary pandemic push on prices is clearly over." Although inflation remains above the Fed's 2% target, the easing pressure adds weight to arguments against further rate hikes. President Biden cited this as evidence his economic policy was delivering results.

💔 Farmers Insurance Exits Florida, Impacting 100k Policyholders

Farmers Insurance is discontinuing its home, auto, and umbrella policies in Florida, impacting 100,000 policyholders. The company cites risk management in the hurricane-prone state as the reason for its exit. Insurance Information Institute spokesperson Mark Friedlander noted, "This is a man-made crisis," pointing to a wave of lawsuits and a legal system promoting litigation abuse. Customers are expected to receive notifications detailing the termination of their coverage and options for replacement.

🚀 North Korea Fires ICBM, Following US Spy Flight Allegations

North Korea has launched a suspected intercontinental ballistic missile (ICBM) towards the east from Pyongyang, two days after threatening the US over alleged spy plane incursions. Japanese and South Korean officials confirmed the launch, noting it as a violation of UN Security Council resolutions. Prime Minister Fumio Kishida said, “These acts by North Korea threaten the peace and security not only of our country but also the region, as well as the international community, and it is absolutely unacceptable.”

🌍 Ukraine Secures NATO Backing; Biden Criticizes Putin's Actions

NATO allies, including the US, have offered long-term security assurances to Ukraine while President Biden accused Russian President Putin of having a "craven lust for land and power." Despite disappointment over the lack of a NATO membership timeline, Ukrainian President Zelenskiy welcomed the alliance's "practical and unprecedented support for Ukraine." Biden expressed admiration for Ukraine's resilience and looked forward to celebrating its official NATO membership in the future. Kremlin has called these assurances "potentially very dangerous."

🚀 China's Methane-powered Rocket Marks Spaceflight First

Chinese firm Landspace made history by successfully launching Zhuque-2, the world's first methane-fueled rocket into orbit. This milestone is significant as methane, an environmentally friendlier alternative to traditional kerosene, can be sourced on Mars - a major point of interest for SpaceX and other U.S. companies. This achievement highlights China's rapid advancements in the space sector, as it targets over 60 missions in 2023.

🔒 Lawsuit Accuses Google of Using Internet Content to Train AI

Google is facing a lawsuit accusing it of secretly stealing data, including personal information and copyrighted content, from millions of internet users to train its AI products like chatbot Bard. The complainants, represented by Clarkson Law Firm, allege that the tech giant did this without user knowledge or consent. Google, denying the claims, stated it uses data responsibly from public sources, in line with its AI principles.

🎬 Potential Hollywood Actors' Strike as Union-Studio Talks Stumble

Members of SAG-AFTRA, the union representing Hollywood actors, are prepared to go on strike, potentially halting major film and television productions. If an agreement is not reached by midnight Wednesday with the Alliance of Film and Television Producers, it would mark the first simultaneous writers and actors strike since 1960. Key issues include restrictions on the use of artificial intelligence and higher pay for streaming content. Notable actors like Meryl Streep, Ben Stiller, and Jennifer Lawrence have expressed support for the strike.

🏀 LeBron James Announces 21st NBA Season Return

Lakers star LeBron James has confirmed his return for the 21st NBA season, becoming only the sixth player in history to achieve this feat. Despite speculation around retirement, James announced his decision at the ESPYs, stating, "The day I can't give everything on the floor is the day I'll be done. Lucky for you guys, that day is not today."

🤖 Elon Musk Unveils New AI Venture

Elon Musk has launched a new artificial intelligence company, xAI, following criticism of ChatGPT, created by OpenAI. According to its website, xAI aims to "understand the true nature of the universe" and will work closely with other Musk-led ventures. This comes amidst concerns over "civilization destruction" by AI voiced by Musk. The formation of xAI coincides with a challenging period for Twitter, which Musk acquired in October, as it faces competition from Meta's app, Threads.

🏛️ FBI Director Wray Confronts Critics at Tense Congressional Hearing

During a heated congressional hearing, FBI Director Christopher Wray faced intense criticism from House Republicans, who accused him of undermining public trust and protecting the Biden family. Rep. Matt Gaetz asked Wray, "Are you protecting the Bidens?" to which Wray responded, "Absolutely not." The FBI Director defended the bureau, acknowledging past mistakes but asserting appropriate steps have been taken to address them. Wray rejected the allegation of bias against conservatives, stating it was "somewhat insane" considering his personal background.

🎯 Chinese Hackers Intrude State, Commerce Depts, Microsoft, US Confirms

Chinese state-linked hackers accessed email accounts at around 25 organizations, including two U.S. government agencies, according to Microsoft and U.S. officials. The breach was detected "fairly rapidly," preventing further infiltrations. Despite the incident's severity, a U.S. official asserted it was "much narrower" than the 2020 SolarWinds breach. Microsoft tagged the hacking group as Storm-0558, whose activities primarily target Western European entities. China has dismissed the accusation as "disinformation."

On this day in 1985, Live Aid, the legendary benefit concert, broke records as it united the world in a bid to combat Ethiopian famine. Simultaneously held at London's Wembley and Philadelphia's JFK Stadiums, this event, curated by Bob Geldof and Midge Ure, became the largest globally-televised concert ever, captivating an estimated 1.5 billion viewers and raising millions of dollars.

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