Biden Exits Race Early

??22nd July 2024 | Fed Eyes Rate Cuts, Netanyahu Visits Washington, China and Philippines Strike Deal to Halt Shoal Clashes, Taylor Swift Tops Charts Again, Shapiro Eyed as VP, and more!

Business and Economy

?? US Expected to Cut Rates 3 Times This Year, Ex-Fed Vice Chair Predicts

The Federal Reserve is expected to cut interest rates three times this year as inflation decreases and the labor market cools, says Richard Clarida, former Fed vice-chair. He notes that inflation data and rising unemployment rates will guide these decisions. Clarida, now with Pimco, states, “Inflation is now running around 2 percent again and the labor market has come into better balance.”

?? Nearly Half of Gen Z Gets Financial Help from Parents

A Bank of America report reveals that 46% of Gen Zers aged 18-27 depend on financial help from parents and family due to insufficient income and rising living costs. Many delay milestones like home ownership and retirement savings, while 54% don't pay for housing. Lifestyle adjustments, such as cutting dining expenses, are common among those striving for financial independence.

World

???? Netanyahu Flies to Washington Amid Political Turmoil

Israeli Prime Minister Benjamin Netanyahu is finally heading to Washington amidst significant political turmoil. After weeks of delay, he secured an invitation to address a joint session of Congress and a meeting with President Joe Biden which is crucial for showing wartime support and addressing Israel's strategic concerns. Michael Oren, former Israeli ambassador stated, “He should say thank you to Biden, and avoid criticism.”

?? China and Philippines Strike Deal to Halt Shoal Clashes

China and the Philippines have agreed on measures to prevent confrontations at the contested Second Thomas Shoal in the South China Sea aiming to manage disputes through dialogue, with China allowing humanitarian supplies while avoiding any territorial concessions. Philippine Department of Foreign Affairs stated, "Both sides continue to recognize the need to deescalate the situation."

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?? Record $869 Billion to Be Spent by Tourists in Europe This Year

International tourists are expected to spend a record $869 billion in Europe in 2023, a 37% increase from pre-pandemic levels, according to the European Travel Commission. Southern Europe and the Mediterranean remain top destinations, driven by favorable weather and cost. Western Europe sees the highest spending, with many tourists arriving from America.

Science and Tech

?? Apple to Unveil Next-Gen AI-Powered iPhone SE

Apple is introducing the next-generation iPhone SE, an AI-first smartphone. While the iPhone 16 Pro offers high-end specs, the new SE combines affordability with advanced features including an iPhone 14 form factor, OLED display, 48MP camera, fast-charging battery, and the latest Apple Silicon, ensuring powerful AI capabilities and excellent value for money.??

?? Meta to Challenge Apple's Vision Pro with Premium Quest MR Headset

Meta plans to challenge Apple's Vision Pro with a new high-end Quest mixed-reality headset. Scheduled for 2027, this advanced model codenamed "La Jolla," will surpass the upcoming Quest 4 series in 2026. Additionally, Meta is developing augmented reality glasses, though facing challenges with weight and collaboration issues. Apple's Vision Product Group is also working on a more affordable MR headset.

Sports and Entertainment

?? Taylor Swift Breaks 37-Year Billboard Record

Taylor Swift broke a 37-year-old Billboard chart record previously held by Whitney Houston. Swift's album, "The Tortured Poet's Department," achieved its 12th week at number one on the Billboard 200, surpassing Houston's 1987 self-titled album, which held the top spot for 11 weeks.

???♂? Xander Schauffele Shines at British Open

Xander Schauffele clinched victory at the 152nd British Open with a stunning final-round 65 at Royal Troon. The 30-year-old from San Diego displayed remarkable calm and precision, particularly on the back nine, to secure a two-shot win at 9 under par. His performance was lauded as his best round ever. Schauffele stated, “I had this sense of calm... I was going to let go of it.”

Misc

?? Pa. Gov. Shapiro Likely Harris' VP Pick After Biden's Exit?

Pa. Gov. Josh Shapiro is seen as a likely running mate for Kamala Harris following Biden’s exit from the presidential race. Shapiro, the popular governor of Pennsylvania, could help secure crucial electoral votes. His national profile and experience as state attorney general make him a strong candidate. Chris Borick director of the Muhlenberg College noted, “He’s a slam dunk for the Democrats.”?

???? Biden Withdraws from 2024 Presidential Race

President Joe Biden drops out of the 2024 presidential race, citing concerns about his health and electability. Biden, 81, endorsed Vice President Kamala Harris as the Democratic nominee. He stated, "It's in the best interest of my party and the country for me to stand down.” Biden will address the nation later this week.

??? Schumer: Biden Put Country First in Decision Not to Run Again

Senate Majority Leader Chuck Schumer lauded President Biden as a "true patriot" for deciding not to run for reelection, focusing on his presidential duties instead. Schumer highlighted Biden’s selflessness and commitment to the country stating “Joe, today shows you are a true patriot and a great American.”

This Day That Year

On July 22nd, 1933, Wiley Post completed the first solo flight around the world, returning to New York after 7 days, 18 hours, and 49 minutes. The journey began on July 15, with a nonstop flight to Berlin.

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