Newsletter Jul 27, 2023

Quick Six

Powell: Fed no longer expecting US recession after rate hike
The Federal Reserve raised the benchmark rate to the highest level in 22 years, but it is no longer forecasting a recession for the US economy, according to Fed Chair Jerome Powell. On Wednesday, the FMOC announced the increase of the target range of the federal funds rate by .25% to a range of 5.25% to 5.5%, the highest such rate since 2001. The move was expected by many economists as the U.S. central bank continues its mission to wrangle inflation and achieve a so-called soft landing.
POWELL'S COMMENTS ON ODDS OF AVOIDING RECESSION

Experts: Musk's super-app plan for 'X' platform faces hurdles
Elon Musk is rebranding his Twitter platform as "X" and wants to create a super-app where users will do all their finances as well as their socializing. Inspired China's WeChat -- which dominates the Chinese internet with chat, payments, games and a host of other functions -- Musk has hinted that this kind of "everything app" is his goal for the X platform, but experts say he will struggle.
WHY ANALYSTS DOUBT MUSK'S SUPER-APP PLAN FOR 'X'

Proton observatory aims to head off attacks on democracy
Internet privacy company Proton announced Wednesday a new VPN Observatory, tracking demand for its services to detect attacks on free speech in countries like Russia and Iran. The Switzerland-based company said its new observatory would document spikes in sign-ups to its virtual private networks (VPNs), and thus map attempts to skirt sudden rises in online censorship.
CAN PROTON CATCH BAD ACTORS BEFORE THEY STRIKE?

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Markets

DJIA	35,520.12	0.23%
S&P 500	4,566.75	-0.02%
Nasdaq Composite	14,127.28	-0.12%
Japan: Nikkei 225	32,668.34	-0.04%
UK: FTSE 100	7,676.89	-0.19%
Crude Oil Futures	78.92	-0.89%
Gold Futures	1,973.40	0.49%
Yen	140.36	0.08%
Euro	1.11	0.04%
* As of market close

Hunter Biden's plea agreement falls apart

President Joe Biden's son Hunter pleaded not guilty to minor tax offenses Wednesday as a deal with federal prosecutors derailed in a Delaware court. The surprise move came after Judge Maryellen Noreika raised questions over the original deal, under which Biden had agreed to enter a guilty plea and admit to illegal gun possession. The 53-year-old Biden had reached an agreement with prosecutors that he would be sentenced to probation only on two tax avoidance counts.

SEE WHY HUNTER BIDEN'S PLEA AGREEMENT WAS DERAILED

ISA delays regulations on deep-sea mining

Deep-sea mining may be the future of a low-carbon world, but the International Seabed Authority has delayed the adoption of regulations to 2025. Research is being done to monitor the impacts of deep-sea mining. The negotiations are taking longer than anticipated, as the ISA attempts to balance the need for deep sea minerals with protecting the oceans and ocean life. These resources, however, are becoming more valuable as the world continues transitioning to a low-carbon future.

THE URGENCY OF ADOPTING DEEP-SEA MINING REGULATIONS

Dane visits every country without airplane

A Danish man who claims to be the first to visit every country in the world in a single trip without flying landed home Wednesday after 10 years away. Torbjorn Pedersen, 44, returned to Denmark after visiting his 203rd country and final country -- the Maldives. Known as "Thor," he has traveled by train, bus, boat or even on foot on the voyage he set off in 2013. He is believed to be the first human to complete the feat.

THE REMARKABLE TALE OF THE DECADES-LONG ROAD TRIP

Extra point

Who was the first explorer to circumnavigate the planet? What years?

Wednesday's answer: In 1801, Italian astronomer Giuseppe Piazzi discovered the first asteroid, Ceres, orbiting between Mars and Jupiter.

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