Newsletter Jul 12, 2023

Quick Six

Biden thanks Erdogan after Turkey signals shift to the West
US President Joe Biden thanked his Turkish counterpart Recep Tayyip Erdogan on Tuesday for his "courage" in dropping his opposition to Sweden's entry to NATO. At a meeting during the NATO summit in Vilnius, Biden celebrated the diplomatic win to get Erdogan to stop blocking Sweden's application, which required unanimous approval from NATO members. Erdogan's change of heart came along with a deal to buy US F-16s.
SWEDEN DEAL SIGNALS TURKEY'S SHIFT TO THE WEST

Wall Street climbs ahead of US inflation data, Fed decision
Major global stock markets rose Tuesday as China moved to boost its flagging economy, while the pound hit a 15-month high against the dollar on expectations of more aggressive UK interest rate hikes. Traders were looking ahead to US inflation data that will be released this week, set to provide fresh indication of the Federal Reserve's interest rate plans to combat inflation.
SEE THE FACTORS THAT ARE MOVING THE STOCK MARKET

Bank of America fined $250M for 'double-dipping' on fees
US regulators ordered Bank of America to pay $250 million in fines and restitution for unfair fees and other banking violations that harmed consumers. Bank of America "double-dipped" on fees on customers for holding insufficient funds, repeatedly charging them a $35 penalty for the same transaction. The bank also withheld promised cash and points to credit card consumers.
REGULATORS COMPARE IT TO WELLS FARGO SCHEME

You Might Like

Markets

DJIA	34,261.42	0.93%
S&P 500	4,439.26	0.67%
Nasdaq Composite	13,760.70	0.55%
Japan: Nikkei 225	32,203.57	0.04%
UK: FTSE 100	7,282.52	0.12%
Crude Oil Futures	74.78	-0.07%
Gold Futures	1,938.10	0.05%
Yen	140.24	-0.08%
Euro	1.10	0.03%
* As of market close

'AI revolution' to alter work as we know it

The world's wealthiest nations must urgently prepare for the impact of an imminent "AI revolution" that will change jobs, create new ones and make others disappear, the OECD said Tuesday. The rise of artificial intelligence could replace whole sectors of the workforce through automation. In its 2023 report, the OECD said there was little evidence of significant negative effects on employment from AI -- "so far".

WHY ANALYSTS SAY WORKFORCE MUST BE PREPARED FOR AI

US calls for Cuba to free jailed protesters

The US called Tuesday for the release of hundreds of jailed Cubans as the country marked two years since unprecedented protests across the communist island sparked by deep economic and social problems. On July 11-12, 2021, thousands of Cubans spontaneously took to the streets chanting, "Freedom!" and "We are Hungry." More than 1,500 were arrested in the aftermath, of whom about 700 are still behind bars.

CUBA STEPS UP SECURITY ON ANNIVERSARY OF PROTESTS

French riots run up $700M insurance bill

Damage from riots sparked by the police killing of a teenager in France has resulted in a $715 million insurance bill, an industry body said Tuesday. The government battled days of unrest after a police officer shot dead 17-year-old Nahel M. during a traffic stop. There have been 11,300 claims linked to the riots, said the head of the France Assureurs federation Florence Lustman, adding many claims had yet to be made.

SEE HOW FRANCE IS TRYING TO GET TO THE ROOT OF RIOTS

Extra point

What is the oldest parade in Europe? When and where did it begin?

Tuesday's answer: Georgia's Veryovkina Cave, measured at 1.3 miles (2,212 meters), is the world's deepest cave. It was discovered in 1968.

IBTimes will always protect your security and privacy. Please read our detailed Privacy Policy. Please do not reply to this email. Click here to adjust your notification preferences or unsubscribe.