Credit Rejections Hit 2024 High

??19th November 2024 | US Labor Market Fuels Inflation, Moscow warns US Missile Move Could Escalate Involvement in the Conflict, Sony Eyes Elden Ring Maker for Acquisition, Texans' Defense Dominates Cowboys on MNF, Spirit Airlines Files for Bankruptcy After JetBlue Deal Collapses, Trump announces national emergency plan, and more!

Business and Economy

??? 30% of Student Loan Borrowers Skipping Essentials

30% of federal student loan borrowers say they’ve gone without food, medicine, or other essentials due to loan payments, according to a CFPB survey. Additionally, 38% took on credit card debt, and 44% delayed buying homes. 26% postponed starting families. With $1.6 trillion in education debt, CFPB Director Rohit Chopra stated, "It's clear that many borrowers are struggling with repayment."

?? US Labor Market Fuels Inflation

US labor market conditions are still contributing to inflation, adding 0.3–0.4 percentage points as of September 2024, according to San Francisco Fed economists Regis Barnichon and Adam Hale Shapiro. Their research ties inflation to job openings exceeding seekers. Despite rate cuts to 4.50%-4.75%, inflation remains above the 2% target. They stated, “Elevated demand sustains inflation.”?

?? Credit rejection rates climb in 2024

Americans faced higher credit rejection rates in 2024, with 21% of applicants denied, surpassing pre-pandemic levels, according to the NY Fed. Mortgage refinancing and auto loan rejections reached their highest since 2013, particularly affecting those with lower credit scores. While applications held steady, voluntary account closures declined. The report stated, "Credit access reflects tighter financial conditions."

World

?? Moscow warns US missile move could escalate involvement in the conflict

Russia cautioned the U.S. that granting Ukraine permission to deploy ATACMS missiles within Russian borders, particularly in the Kursk region, could intensify tensions and elevate U.S. involvement in the Ukraine conflict. Kremlin spokesperson Dmitry Peskov described the move as a provocative step. In response, U.S. Deputy National Security Adviser Jonathan Finer stated, "Russia's invasion of Ukraine sparked the conflict."?

?? Hong Kong jails 45 pro-democracy activists in major security case

Hong Kong sentenced 45 pro-democracy activists, including Benny Tai (10 years), on Tuesday for subversion related to a 2020 opposition primary. Joshua Wong received over four years. This trial, part of the Hong Kong 47 case, has drawn international criticism. Georgetown University research fellow Eric Lai stated, “The pro-democracy movement will struggle due to the loss of key leaders and activists.”?

?? Baltic Sea Cable Disruptions Raise 'Hybrid Warfare' Concerns

Two undersea cables in the Baltic Sea were affected, linking Lithuania to Sweden and Finland to Germany. The Lithuanian-Swedish cable was damaged on Sunday, causing disruptions, while the cause of the Finnish-German disruption remains unclear. These incidents have sparked concerns about Russian hybrid warfare.? Finnish and German ministers stated, "A thorough investigation is underway."

Science and Tech

?? Sony Eyes Elden Ring Maker for Acquisition

Sony is in talks to acquire Kadokawa, the Japanese media powerhouse behind "Elden Ring," as part of its strategy to expand its entertainment portfolio. The ongoing negotiations could result in a deal within weeks. Sony already holds a 2% stake in Kadokawa and FromSoftware. CEO Kenichiro Yoshida highlighted investing in intellectual property for sustainable growth, with anime as a central focus.

?? Google Play's Top Apps & Games of 2024?

Google Play’s 2024 awards recognized top apps and games, with Partiful named Best App for revolutionizing event planning. AFK Journey claimed Best Game for its strategic fantasy battles, while Max earned Best Multi-Device App for flawless syncing. Additional winners included Squad Busters (Best M

Sports and Entertainment

?? Texans' Defense Dominates Cowboys on MNF

The Houston Texans defeated the Dallas Cowboys 34-10 at AT&T Stadium, fueled by Joe Mixon's 109 rushing yards and three touchdowns. The defense dominated, sacking Cooper Rush five times and scoring a fourth-quarter strip-sack touchdown. Despite injuries, including Dak Prescott's season-ending surgery, the Cowboys are on a five-game losing streak. Coach Ryans stated, "Our defense put the game away."?

?? Diddy Accused of Obstructing Justice from Jail

Federal prosecutors accuse Sean "Diddy" Combs, 55, in Brooklyn's Metropolitan Detention Center, of obstructing justice while facing racketeering and sex trafficking charges. They allege he used inmate payments and three-way calls to influence witnesses and manipulate potential jury members. Prosecutors argue he is attempting to obstruct proceedings. They stated, "The defendant has demonstrated an uncanny ability to get others to do his bidding."

Misc

?? Trump announces national emergency plan, military to aid mass deportations

President-elect Donald Trump confirmed his plan to declare a national emergency on Day 1 to launch mass deportations of unauthorized migrants, using military resources. He aims to expel criminals and national security threats. Trump’s team, including Tom Homan and Kristi Noem, is finalizing plans. Homan emphasized the need for more resources, stating, "There are a lot of ‘what-ifs’."

?? Spirit Airlines Files for Bankruptcy After JetBlue Deal Collapses

Spirit Airlines, the largest U.S. budget carrier, filed for Chapter 11 bankruptcy on Monday due to over $2.5 billion in losses since 2020 and looming debt payments exceeding $1 billion in 2025-2026. Struggling after its blocked merger with JetBlue, Spirit will continue operating normally and secure a restructuring deal with bondholders. CEO Ted Christie said, “This agreement is a strong vote of confidence.”?

?? Special Counsel Jack Smith Resigns Before Trump's Return

Special counsel Jack Smith and his team plan to resign before President-elect Donald Trump takes office, as they finalize work on two federal criminal cases against him. Smith is considering whether to release his final report before Inauguration Day. This follows Trump's election win and threat to fire Smith if re-elected.? Smith stated, "We are assessing this unprecedented circumstance."

This Day That Year

On November 19th, 2007, Amazon.com launched the Kindle, a groundbreaking wireless electronic reading device that significantly contributed to the widespread adoption of e-books.

Have a great day and see you Tomorrow??