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Anna's Daybreak News

Friday, 5:21 AM

September 27, 2024

Good morning news friend! Stay up to date with the latest developments, following the ever-shifting tides of current events. 📰🌟

US Economy Showing Resilience?

The US economy expanded at a 3% annual rate in the second quarter of 2024. Consumer spending rose by 2.8% and business investment increased by 8.3%. Investment in equipment surged by 9.8%. 

Corporate profits jumped to an annualized rate of $132.5 billion in the second quarter, up from $57.6 billion. Nonfinancial corporations saw a growth of $108.8 billion.

Weekly jobless claims fell by 4,000 to 218,000, the lowest in four months. Continuing claims, however, rose by 13,000 to 1.834 million. Unemployment rate ticked up to 4.2%

Moreover, the Gross Domestic Income (GDI) growth rose to 3.4%, revised from 1.3%. Consumers' saving rate also increased to 5.2%

Source: Read More

China’s Politburo Supercharges Stimulus

China is trying to revive its economy as it approaches the 75th anniversary of the People's Republic.

The central bank cut the reserve requirement ratio by 50 basis points. This change will release 1 trillion yuan (about $142.5 billion) into six major state-owned banks.

Additionally, China plans to issue 2 trillion yuan ($284.43 billion) in special sovereign bonds.

The government also plans to provide an allowance of 800 yuan ($114) per child for households with two or more children. And provide more subsidies for new grads as youth unemployment rate reached 18.8%

Source: Read More

Robinhood and Revolut Eye Stablecoin Market

The Markets in Crypto-Assets (MiCA) regulation requires stablecoin issuers to have electronic money licenses. Tether lacks such a license and the regulation will take full effect at the end of 2024.

Robinhood and Revolut aim to challenge Tether’s dominance in the $170 billion stablecoin sector. Currently, Tether’s USDT holds nearly $120 billion, over two-thirds of the market. And reported profits of $5.2 billion from its reserves

Stablecoins are now used for payments and savings in countries like Brazil and India.  Nearly half of crypto users buy stablecoins to hold value in dollars.

Source: Read More

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Scandal in the Big Apple: Mayor Eric Adams Indicted

New York City Mayor Eric Adams is accused of bribery and wire fraud linked to illegal campaign donations from the Turkish government. Dating back to 2014.

Prosecutors claim Adams accepted illegal donations such as discounted flights from Turkish Airlines, in exchange for influencing city approvals for a Turkish consulate building.

The FBI also raided Brianna Suggs, Adams' chief fundraiser, and police leaders linked to bribery allegations. 

Despite the mounting pressure, Adams refuses to resign, stating that he will continue his role as mayor

Source: Read More

FDA Approves First Schizophrenia Drug in Decades

The FDA approved Cobenfy. Unlike traditional antipsychotics that block dopamine, Cobenfy adjusts acetylcholine levels to influence dopamine indirectly. 

This approach aims to reduce serious side effects, such as weight gain, which often leads to heart disease and early death in schizophrenia patients.

Many current medications leave users feeling sluggish and unmotivated. Cobenfy seeks to change this by potentially improving motivation and pleasure.

Source: Read More

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Anna Eisenberg ❤️