This week in the news | 27 Jul 24

You can find the latest weekly news summary from Curated Compositions here.

Some of the highlights include:

World

Singapore reclaimed the title of having the world’s most powerful passport, offering visa-free entry to 195 global destinations, surpassing several European countries. China has invested $2.5 trillion globally since 2005, with major construction investments in Saudi Arabia and Pakistan, highlighting a shift in its international strategy.

North America

Secret Service Director Kimberly Cheatle resigned following the agency's failure to prevent an assassination attempt on former President Trump. Texas Governor Greg Abbott has significantly influenced U.S. migration patterns by busing over 119,000 migrants to Democrat-led cities, impacting the national immigration debate. Governor Gavin Newsom ordered California state agencies to clear homeless encampments following a Supreme Court ruling, aiming to address the state's significant homelessness issue. NORAD intercepted Russian and Chinese bombers near Alaska, marking the first joint operation of its kind by the two countries.

Latin America

Ismael "El Mayo" Zambada, leader of Mexico's Sinaloa cartel, was arrested in Texas after being tricked into boarding a plane during a months-long operation by U.S. authorities. Cuba acknowledged a massive emigration wave, with over a million people leaving the island in two years due to economic and political crises. Researchers found high levels of cocaine in sharks off the Brazilian coast, indicating significant drug pollution in the ocean.

Europe

France has implemented extensive security measures, deploying tens of thousands of personnel to protect the Paris Olympics amid various threats. Widespread arson attacks paralyzed France’s high-speed rail network just before the Olympics' opening ceremony, prompting a national investigation. President Macron rejected the French left's prime ministerial candidate following snap elections, deciding to delay the formation of a new government until after the Olympics.

Middle East

Israeli Prime Minister Benjamin Netanyahu defended the Gaza war in a speech to the U.S. Congress, drawing protests from pro-Palestinian groups. President Biden and Prime Minister Netanyahu met to negotiate a Gaza cease-fire deal amid ongoing conflicts. Israel faces challenges defending against drone attacks, which have increased in frequency and sophistication from groups like Hezbollah.

Africa

A severe hunger crisis is unfolding in Ethiopia's Tigray region due to drought and the aftermath of war, putting over two million people at risk of starvation.

East Asia

Japan’s population declined for the 15th consecutive year, despite a record number of foreign residents in the country.

South Asia

India is closing in on China’s position as the largest country in a key emerging market index, driven by strong economic growth and investor interest.

Space

The DRACO project aims to build nuclear-powered spacecraft, with Lockheed Martin designing a craft that offers significant improvements over current chemical space engines. Olympus Mons on Mars, the largest volcano in the solar system, is enormous.

Government

President Biden ended his re-election campaign and endorsed Vice President Kamala Harris, who aims to unify and lead the Democratic party to victory. Kamala Harris has gained significant ground in polls, nearly tying with Donald Trump, showing increased support among nonwhite voters and Democrats. Senator Bob Menendez announced his resignation following a corruption conviction, ending his long political career.

Economy

The robust U.S. job market has cooled, with rising unemployment and fewer job openings compared to the pandemic boom period. The U.S. federal deficit is growing due to demographic and healthcare costs, sparking debate over spending and tax policies. Economic growth in the U.S. accelerated in the second quarter, driven by increased consumer spending and business investments. Rising borrowing costs are straining American households, with increased interest rates on mortgages and consumer debt. The share of overdue credit card balances in the U.S. reached the highest level since 2012, indicating economic stress among consumers. Police departments are aggressively recruiting with offers of high salaries to address a workforce shortage exacerbated by the pandemic.

Business

Amazon's Alexa-enabled devices, while popular, have not generated significant revenue as expected, being used mostly for free applications. Workers on the World of Warcraft team voted to unionize, expanding organized labor within Microsoft's gaming division. Companies are shifting from traditional DEI efforts to a focus on merit, excellence, and intelligence in hiring practices, reflecting a new corporate trend.

Personal Finance

Black millennials are experiencing better economic mobility compared to previous generations, narrowing the income gap with their white counterparts. Employment improvements in a community can significantly boost the economic prospects of children from that area, regardless of their parents' employment status.

This is just a few of the news items this week. The full news summary can be found at https://www.curatedcompositions.com/p/this-week-in-the-news-27-july-24