Small Businesses on Edge

??9th October 2024 | Fed official confident in soft landing for US economy, Hezbollah Attacks Israeli Forces on Lebanon Border, TikTok Faces Lawsuit from 14 States Over Mental Health Concerns, Jets fire Saleh, Ulbrich steps in as interim, Humanity Faces Critical Climate Crisis, Governor Walz Calls for End to Electoral College, and more!

Business and Economy

?? Fed official confident in soft landing for US economy

New York Fed President John Williams indicated the U.S. economy is on track for a soft landing, citing a strong labor market and easing inflation after the September jobs report. He emphasized a cautious approach to future rate cuts, dependent on economic data, and targeting 2% inflation. Williams stated, “I want to maintain the economy’s current strength.”

?? Inflation and election fuel small business worries

The NFIB Small Business Uncertainty Index hit a record high, with inflation and the upcoming election increasing pressures. Small businesses face costly financing, potential 2025 tax hikes, and Federal Reserve policies. Despite uncertainties, hiring has remained stable, though labor shortages persist. Director Holly Wade stated, “Inflation is still the biggest issue for nearly a quarter of small businesses.”??

World

?? Hezbollah strikes Israeli forces at Lebanon border, sirens blare in northern Israel?

Hezbollah launched artillery and rocket attacks on Israeli soldiers near the Lebanese border at Labbouneh on Wednesday, following Israel’s recent killing of two Hezbollah leaders. Sirens were triggered in northern Israel, and the Israeli military confirmed injuries to three soldiers. Hezbollah reported repelling Israeli forces during the clashes, stating, “We successfully pushed them back.”

?? Netanyahu Claims Israel Targeted Potential Hezbollah Successors

Prime Minister Benjamin Netanyahu claimed in a Tuesday video that Israel's airstrikes last week outside Beirut killed Hashem Safieddine, Hezbollah’s likely successor, and another potential replacement. He urged Lebanese citizens to oppose Hezbollah, stating that the group has not confirmed Safieddine's death amid military actions that have reportedly caused over 2,000 casualties in Lebanon. He stated, “You can take your country back.”

?? North Korea Deploys Troops to Ukraine to Aid Russia

North Korea is likely to send regular troops to Ukraine in support of Russia, following a mutual defense treaty signed by Kim Jong-un and Vladimir Putin. South Korea's Defence Minister Kim Yong-Hyun highlighted this potential deployment during a parliamentary session, noting its connection to North Korean casualties in Donetsk. He stated, “The possibility of such a deployment is highly likely.”

Science and Tech

?? TikTok faces lawsuit from 14 states over kids' mental health concerns

TikTok has been sued by 14 attorneys general, led by New York’s Letitia James and California’s Rob Bonta, over claims it harms children's mental health with addictive content and risky challenges. The lawsuit alleges TikTok prioritizes profits over safety. TikTok denies the allegations, stating, “We strongly disagree with these claims… and remain committed to protecting teens.”

?? Samsung apologizes for just $6.8B earnings in Q3

Samsung issued an apology after reporting $6.78 billion in quarterly profit, falling $900 million below market expectations. Citing delays in high-end chip sales and pressure from competitors, Vice Chairman Jun Young-hyun acknowledged concerns over the company's technological competitiveness, stating, “We take full responsibility and aim to turn this challenge into an opportunity for growth."?

?? First Hypersonic Jet Set for Test Flight

Venus Aerospace is set to conduct test flights of the world's first hypersonic jet, which can travel from London to New York City in just one hour. This aircraft, powered by the Venus Detonation Ramjet 2000 lb Thrust Engine, will reach speeds of Mach 6 (approximately 3,600 mph). Co-founder Andrew Duggleby stated, "This engine makes the hypersonic economy a reality."

Sports and Entertainment

?? Jets fire Saleh, Ulbrich steps in as interim

Jets owner Woody Johnson fired head coach Robert Saleh on Tuesday after the team’s 2-3 start, citing unmet expectations. Saleh was hired in 2021, finishing with a 20-36 record. Defensive coordinator Jeff Ulbrich steps in as interim head coach. Johnson stated, “This is the best way to go forward for playoff hopes.”

??? Lisa Marie Presley kept her son’s body at home for 2 months

Lisa Marie Presley, grieving the loss of her son Benjamin Keough in 2020, kept his body at home for two months, according to her memoir From Here to the Great Unknown. Presley explained this was to have more time to say goodbye, similar to her experience with her father. She stated, “I could still parent him a bit longer.”

?? Utah Hockey Club triumphs over Chicago in debut game

Utah Hockey Club secured its first franchise win, beating the Chicago Blackhawks 5-2 in their inaugural game on Tuesday night at the Delta Center. Dylan Guenther scored the team's first goal, with Clayton Keller and Barrett Hayton extending the lead. Two late empty-netters sealed the win. Coach Andre Tourigny said, "Today was special, there's no doubt about it."?

Misc

??? Walz calls for end to Electoral College at CA fundraiser

Minnesota Governor Tim Walz, speaking at a fundraiser hosted by Governor Gavin Newsom in California, called for replacing the Electoral College with a national popular vote. He emphasized the importance of winning battleground states under the current system, acknowledging it remains unchanged. Walz also thanked supporters for their contributions. He stated, “The Electoral College needs to go.”

??? Hurricane Milton may bring $175B in damages

Hurricane Milton, projected to hit Tampa on Wednesday, could result in up to $175 billion in damage, with estimated losses between $10 billion and $100 billion. Storm surges of up to 15 feet are expected, and analysts warn that uninsured damages could deepen the economic impact on Florida. President Joe Biden stated, “We are fully prepared to provide federal assistance for recovery efforts.”

?? 95M Americans Affected by Noise Pollution

Nearly 95 million Americans are living with noise pollution, primarily from transportation and industrial sources. This "unwanted or harmful sound" impacts cardiovascular health, sleep, and mental well-being while Chronic exposure increases risks of high blood pressure, heart disease, and anxiety. Experts warn, "Noise pollution is a hidden health threat, particularly affecting marginalized communities."

?? Humanity’s future hangs in the balance

Planetary vital signs are reaching critical extremes, with 18 of 31 indicators, including rapid glacier melt, record sea levels, and rising greenhouse gas concentrations, showing alarming trends. Despite a temporary drop in fossil fuel use during the pandemic, energy consumption has rebounded. Wind and solar energy usage, however, has increased by a third since 2019. Professor William J. Ripple warns, “We’re in a very dangerous climate emergency.”

This Day That Year

On October 9, 2004, Afghanistan held its first-ever presidential election, marking a historic moment as voters chose Hamid Karzai as their president. Karzai had previously served as the interim leader following the fall of the Taliban regime in 2001.

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