Markets Hits 2022 Lows

🤳25th July 2024 | Netanyahu Applauded by Congress, Senate Approves Bill to Combat Explicit Deepfakes, JD Vance Hits Worst Record Low in Polls, Salt Lake City to Host 2034 Winter Olympics, and more!

Business and Economy

🆘 Elon Musk Warns: 'America Going Bankrupt' as Debt Interest Consumes 76% of June Tax Receipts

Elon Musk warns that "America is going bankrupt" as 76% of June's tax revenue went to paying interest on the national debt. This highlights a worsening fiscal situation, with the U.S. federal deficit surging to $1.27 trillion and the national debt nearing $35 trillion. Musk stated,  "Interest on the debt was equal to 76% of all personal income taxes collected in June."

📉Markets Lows as $1Trillion Erased from Nasdaq 100

The Nasdaq fell 3.6% and the S&P 500 dropped 2.3%, their worst declines since 2022, due to disappointing earnings reports. Tesla's shares dropped 12.3% because of declining profits and no new sales forecast, while Alphabet's shares declined 5% after missing YouTube ad revenue expectations. Louis Navellier, chairman of Navellier & Associates, noted, "Mega Tech is vulnerable to minor earnings disappointments."

World

🔍🇳🇿 200,000 Abused in NZ Care Over Decades: 'National Disgrace'

200,000 people, including many Māori, were abused in New Zealand's state, foster, and church care over seven decades, according to an inquiry. The report highlights systemic failures by state agencies and churches. Prime Minister Christopher Luxon acknowledged the findings, stating, “This is a dark and sorrowful day for our nation.”

✈️ Pilot Survives Nepal Crash as Cockpit Splits from Plane 

Captain Manish Ratna Shakya survived a plane crash in Nepal after his cockpit was separated from the aircraft by a freight container just before it caught fire. The crash at Kathmandu airport resulted in 18 fatalities. Rescuers pulled him out as flames approached. Nepal's civil aviation minister Badri Pandey stated, "The cockpit remained stuck inside the container. This is how the captain survived."

🛡️ Britain must prepare for war within 3 years, says Army chief

Britain must be ready to fight a major war within three years, says General Sir Roly Walker, the new head of the Army. He emphasizes rapid modernization to double the army's combat capabilities by 2027 to counter potential threats from Russia, China, and Iran stating, "Russia will emerge weaker but still dangerous, seeking retribution."

🇮🇱 Netanyahu Defends Israel Strongly, Applauded by Congress

 Prime Minister Benjamin Netanyahu delivered a robust defense of Israel's Gaza campaign to Congress, describing it as a battle for Israel's survival against Iran. His address highlighted deep divisions in Washington, with notable Democratic absences and protests outside the Capitol. Netanyahu emphasized, “We’re not only protecting ourselves, we’re protecting you.”

Science and Tech

📱 Samsung to Add Apple-Like Features in One UI 7.0

Samsung's One UI 7.0 will feature Dynamic Island and Live Activities, inspired by iOS. Dynamic Island will show information like timers and music controls, while Live Activities will offer real-time app updates on the lock screen. This update, running on Android 15 will improve user experience with smoother animations and more vibrant app icons.

🛑 Senate Approves Bill to Combat Explicit Deepfakes

The Senate unanimously passed the DEFIANCE Act, allowing victims of nonconsensual intimate deepfakes to sue creators for damages. The bill targets those producing or distributing explicit AI-generated images, with victims eligible for up to $250,000 in compensation. Majority Leader Chuck Schumer emphasized, "These types of malicious and hurtful pictures can destroy lives."

Sports and Entertainment

🎥 Pixar's 'Inside Out 2' Becomes Highest-Grossing Animated Film Ever

Pixar’s "Inside Out 2" has dethroned "Frozen II" to become the highest-grossing animated film of all time globally, with a total of $1.462 billion. It earned $601 million domestically and $861.8 million internationally, surpassing "Frozen II" ($1.451 billion). This achievement places "Inside Out 2" at No. 13 on the all-time grossing films list.

🏔️ Salt Lake City to Host 2034 Winter Olympics

Salt Lake City has been chosen by the IOC to host the 2034 Winter Olympics. Announced on June 24th, over a thousand people celebrated downtown. This marks the first time since 2002 that the Winter Games will be in the U.S., reflecting SLC's significant history and advancements in winter sports.

Misc

🗣️ Biden Calls for Fresh, Younger Leadership: "Pass the Torch to a New Generation" 

Joe Biden announced he is ending his re-election bid to allow a new generation to lead, emphasizing party unity and prioritizing democracy. He highlighted his achievements and praised Americans, stating, "Nothing can come in the way of saving our democracy – and that includes personal ambition. The best way forward is to pass the torch to a new generation."

😬 JD Vance Hits Worst Record Low in Polls 

Sen. JD Vance breaks polling records as the least-liked vice-presidential candidate since 1980, with a net rating of minus 6 points just a week after the Republican National Convention. Typically, VP nominees see a bump in ratings, but Vance's unpopular policies, including support for a nationwide abortion ban, have hindered his approval.

This Day That Year

On July 25, 1952, Puerto Rico established its own government as a commonwealth of the United States. This symbolic date marked the 54th anniversary of the U.S. invasion of the island. The new constitution reaffirmed the position of an elected governor, created a legislative branch ensuring minority representation.

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