Wealth Status Now Costs $2.5M

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BUSINESS & ECONOMY

💰 Americans Say $2.5M Needed for Wealthy Status

Americans believe $2.5 million is needed to be considered wealthy in 2024, up from $2.2 million in previous years. Boomers set the threshold at $2.8 million, while Millennials and Gen Z see $2.2 million and $1.2 million as adequate. Californians, especially in San Francisco, set the highest bar at $4.4 million. Rob Williams from Schwab states, “’ Wealth’ means different things to different people.”

🏡 US Existing Home Sales Rebound in July, Ending Four-Month Decline 

US existing home sales rose by 1.3% in July to a seasonally adjusted annual rate of 3.95 million, ending a four-month decline. The median home price increased by 4.2% to $422,600, marking the 13th straight month of price hikes. Lower mortgage rates helped, but affordability remains an issue.  NAR Chief Economist Lawrence Yun stated, “Home sales are still sluggish.”

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WORLD

🇻🇪 Venezuelan Court Confirms Maduro's Controversial Win

Venezuela's top court has upheld Nicolás Maduro’s re-election despite allegations of fraud. The Supreme Tribunal of Justice, led by President Caryslia Rodríguez, endorsed the July results from the National Electoral Council, with Rodríguez asserting, “The electoral material is certified unobjectionably.” The UN has criticized the court’s impartiality, as protests have resulted in 23 deaths and 2,400 arrests.

🚫 Indonesia Pauses Election Law Revision Amid Protests

Indonesia’s parliament has postponed altering election laws after massive protests. The proposed changes aimed to revert a court decision lowering regional election thresholds, potentially benefiting outgoing President Widodo and successor Prabowo Subianto. Protests, marked by fires and clashes, denounced the move as an attempt to consolidate power. Analyst Made Supriatma said, “We have reached a tipping point of anger.”

🌋 New Zealand’s White Island Erupts, Flights Grounded

New Zealand’s White Island (Whakaari) erupted on Thursday, sending a massive ash cloud into the atmosphere and leading to flight cancellations. Air New Zealand halted 10 flights as ash disrupted domestic routes. Scientists from GNS Science indicated that this eruption is part of the island’s usual cycles and could last for weeks to months stating, "This activity could continue for some time." 

SCIENCE & TECH

📱 EU iPhones to Support Default App Changes Soon

Apple will soon allow iPhone and iPad users in the EU to choose default apps for calls, messaging, keyboards, and password managers via a new “Default Apps” section in Settings. The update will also let users set defaults for navigation and translation apps and delete certain Apple apps. Additionally, Safari’s browser choice screen will show all options and App Store captions.

📰 OpenAI Secures Deal for Content from The New Yorker, Vogue, Vanity Fair 

OpenAI has secured a multi-year deal with Condé Nast, announced on Tuesday, to use content from The New Yorker, Vogue, and Vanity Fair in its AI tools like ChatGPT and SearchGPT aiming to enhance news delivery and accuracy, while providing Condé Nast with revenue to support its journalism. The deal follows similar agreements with other media outlets. 

SPORTS & ENTERTAINMENT

🚀 Chiefs Set to Make Creed Humphrey NFL’s Top-Paid Center with New Deal

The Kansas City Chiefs have signed Creed Humphrey to a four-year, $72 million extension, making him the NFL's highest-paid center. This deal includes $50 million guaranteed and keeps Humphrey with the team through 2028. The extension comes as the Chiefs aim for a third straight Super Bowl victory. Chiefs GM Brett Veach stated, “Creed’s consistency and impact on the field have been instrumental in our success.”

🚨 Andrew Tate Under House Arrest Amid New Charges

Andrew Tate, the controversial influencer, is under house arrest in Romania amid new charges of sex with a minor and human trafficking. He and his brother Tristan allegedly exploited 35 victims for profit, earning $2.8M. Authorities seized luxury assets and accuse the brothers of hiding proceeds. Tate calls the charges a “set-up” and denies all wrongdoing.

OTHER NEWS

🗳️ Supreme Court Lets Arizona Tighten Voter Registration Law For Now

The Supreme Court has temporarily approved Arizona's law requiring new voter registrants to prove citizenship with documents like a birth certificate or passport. The decision, favoring Republicans, does not apply to existing voters using mail-in ballots. Chief Justice John G. Roberts Jr. stated, "The available remedy for the R.N.C. is to appeal to Arizona voters, not to block them from political participation."

💎 Record-Breaking 2,492-Carat Diamond Discovered in Botswana

The biggest diamond found in over a century, weighing 2,492 carats, was unearthed at Botswana's Karowe Mine. Presented by President Mokgweetsi Masisi, this gem, yet to be named, is the second-biggest ever discovered. Lucara Diamond Corp. CEO William Lamb hailed it as “extraordinary,” while Masisi remarked, “I am lucky to have seen it in my time.”The diamond’s valuation remains pending. 

🇺🇸 Highlights from the DNC's Final Night

On the final night of the DNC, Kamala Harris accepted the Democratic nomination, delivering a strong rebuke of Donald Trump’s legacy. She vowed to restore normalcy and championed issues like gun control and reproductive rights asserting “We will not return to the chaos.” She concluded stating "The stakes are too high, and we must choose democracy over tyranny." 

THIS DAY THAT YEAR

On August 23rd, 1973, a failed bank robbery in Stockholm escalated into a six-day hostage crisis. During the standoff, the captives unexpectedly developed a bond with their captor, leading to the coining of the term “Stockholm syndrome” to describe this psychological phenomenon.

BRAIN TEASER

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I'm not a blanket, yet I cover the ground; a crystal from heaven that doesn't make a sound. What am I?

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