I’m making more tweaks based on your feedback—today you’ll find things even more tightly summarized. Keep the feedback coming!
Below you’ll find the “quick shot”—a supercharged summary of summaries, followed by the “slow brew”—longer summaries with select graphics, and comments from me. Articles with a lock icon (🔒) are behind a paywall.
THE QUICK SHOT 🚀
A supercharged summary of summaries
WORLD
Hurricane Idalia's destruction in Florida spans over 100 miles. (Sun Sentinel)
Trump trial looms on 'Super Tuesday' as he eyes White House return (Reuters)
U.S. Embassy urges immediate evacuation from Haiti amid crisis (Reuters)
Idalia destruction seen from above: Photos reveal hurricane damage in Florida’s hardest-hit region
Hurricane Idalia's destruction in Floirda spans over 100 miles and leaves thousands without power and in need of assistance. (Sun Sentinel)
Trump DC trial set for March 2024, in thick of GOP presidential fight
Donald Trump is scheduled to stand trial in March 2024 for his attempts to overturn his 2020 presidential election defeat, just one day before Republican voters in more than a dozen U.S. states will decide whether to give him a chance to recapture the White House, potentially influencing the Republican presidential nominating contest on "Super Tuesday." (Reuters)
Latin America
US embassy in Haiti urges citizens to leave country 'as soon as possible'
The U.S. Embassy in Haiti has issued an urgent call for citizens to leave the country "as soon as possible" due to escalating violence, a deteriorating security situation, and a severe humanitarian crisis driven by an ongoing gang turf war, displacing thousands and affecting nearly half of Haiti's population. (Reuters)
Europe
Ukrainian Counteroffensive Pierces Main Russian Defensive Line in Southeast
Ukrainian forces have made significant advances by penetrating the main Russian defensive line in the country's southeast, raising hopes for a breakthrough in the counteroffensive, marking the first time Ukraine has breached the extensive system of minefields, trenches, and antitank obstacles, aiming to create a hole for Western-provided armored vehicles. (The Wall Street Journal🔒)
Ukrainian drones strike deep in Russian territory, Moscow says, while a barrage in Kyiv kills 2
Ukraine conducted a major drone attack deep into western Russia, targeting military assets, including an airport near Russia's border with Estonia and Latvia, in one of the most extensive drone attacks on Russian soil since the war began, although no injuries were reported. (AP News)
Biden Administration Announces Additional Security Assistance for Ukraine
The Biden administration has announced additional security assistance of up to $250 million for Ukraine, including air defense and artillery munitions, mine clearing equipment, and medical vehicles, to support Ukraine in countering Russia's ongoing aggression. (U.S. Department of Defense)
French ban of abaya robes in schools draws applause, criticism
France's decision to ban the wearing of abaya robes by children in state-run schools has drawn both applause from the right and criticism, as it seeks to uphold the country's strict brand of secularism known as "laïcité." (Reuters)
Middle East
In New Step Toward Israel Deal, Saudi Arabia Offers to Resume Palestinian Authority Funding
Saudi Arabia offers financial support to Palestinian Authority: Saudi Arabia is offering to resume financial support to the Palestinian Authority, signaling a significant effort to establish diplomatic relations with Israel and secure Palestinian President Mahmoud Abbas's support for open ties with Israel. (The Wall Street Journal🔒)
Saudi Arabia takes command of 2 maritime task forces, months after detente with Iran
For the first time since resuming diplomatic relations with Iran, Saudi Arabia has taken command of two coalition maritime task forces in the Gulf, aimed at promoting security, stability, and prosperity in the region and protecting maritime commerce in and around the Strait of Hormuz. (Breaking Defense)
Saudi Arabia’s $7,000 Per Person Fuel Subsidies Highest in G-20
Saudi Arabia’s total spending on fuel subsidies soared over the past two years, hitting the highest among the Group of 20 economies on a per capita basis. The country spent almost $7,000 per person, equivalent to about 27% of economic output, across both explicit and implicit energy subsidies, according to a paper published by the International Monetary Fund. (Bloomberg🔒)
Saudi Arabia’s Aramco Considers Selling $50 Billion in Shares
Saudi Arabia is reportedly considering selling a stake of up to $50 billion in Aramco, the world's most valuable oil company, marking the largest offering in the history of capital markets. The kingdom plans to host the offering on the Riyadh exchange to avoid legal risks associated with an international listing. While the timing of the deal has not been finalized, it could potentially happen before the end of the year. (The Wall Street Journal🔒)
Africa
Johannesburg fire: Scores killed as fire guts rundown apartment block
A massive fire in a rundown apartment block in Johannesburg, South Africa, claimed more than 70 lives, marking one of the worst disasters in a city grappling with poverty, household fires, and homelessness. (Reuters)
Gabon officers declare military coup, President Ali Bongo detained
Military officers in Gabon announced they had seized power, placing President Ali Bongo under house arrest and canceling election results, leading to uncertainty and a transition of leadership in the Central African state. (Reuters)
ISIL doubled territory it controls in Mali in less than a year: UN
ISIL (ISIS) has nearly doubled its territory in Mali in less than a year, posing a significant threat to the region due to stalled peace implementation and ongoing attacks, reminiscent of the 2012 scenario when rebels formed "an Islamic state" in northern Mali. (Al Jazeera)
Stunning photos of a new African wonder
In Ethiopia, a monk is carving out a new set of monolithic churches from the rockface, reminiscent of the rock-hewn churches of Lalibela built in the late 12th and early 13th centuries, aimed at serving as a place of pilgrimage and a UNESCO World Heritage site. (BBC Travel)
Asia
Trees fall, scaffolding collapses as Typhoon Saola hits Hong Kong
The strongest typhoon Hong Kong has seen in five years ripped through the city and other parts of southern China, knocking down trees and scaffolding and causing hundreds of flights to be canceled. Saola had been a super typhoon on Thursday, but was downgraded to typhoon status Friday. However, it remains the equivalent of a Category 4 hurricane, with winds reaching 220 kilometers per hour (140 miles per hour). The storm previously impacted parts of northeastern Philippines. (CNN)
China’s Worsening Economic Slowdown Is Rippling Across the Globe
China's dramatic economic slowdown, which was expected to drive a third of global economic growth this year, is causing alarm worldwide, particularly impacting Asian economies, Africa, and Japan's exports; however, it may lead to lower global oil prices and falling goods prices due to deflation, benefiting countries like the US and UK still grappling with high inflation. (Bloomberg 🔒)
US approves first-ever military aid to Taiwan through program typically used for sovereign nations
The Biden administration has approved $80 million in funding for the first-ever transfer of US military equipment to Taiwan under the foreign military financing program, a significant development in US-Taiwan relations. (CNN)
U.S., China Agree on Steps to Ease Trade Tensions
The U.S. and China have agreed to establish new channels of communication for economic and commercial issues, aiming to ease tensions following trade disputes, including discussions on export control measures to reduce misunderstandings related to national security policies. (The Wall Street Journal🔒)
Manufacturers Leaving China Find a Home With Indian Startups
India is attracting manufacturers leaving China as an alternative destination for setting up new factories amid rising geopolitical tensions and lockdowns in China, with venture capital firms focusing on supporting businesses that enhance India's global exports. (The Wall Street Journal🔒)
Evergrande loses $2 bln in value as trade resumes; extends creditor voting
China Evergrande Group has lost $2.2 billion, or 79% of its market value, upon the resumption of its shares' trading, marking a crucial step in the property firm's efforts to restructure its offshore debt amid the ongoing crisis in China's property sector. (Reuters)
India’s surging food prices are a problem not just for India
India is facing surging food prices, including a 37% year-on-year increase in vegetable prices, driven by erratic weather, heavy rains, droughts, and a significant reduction in sown crops, contributing to a rise in overall inflation. (The Economist🔒)
Government
Why Tribalism Took Over Our Politics
The rise of tribalism in politics is explained by decades of social science research showing that the need for collective belonging can reshape how people view facts and influence their voting decisions. When individuals perceive their group to be threatened, they often rally in its defense, which can lead to polarized political views. Efforts to address this polarization include the emergence of civic groups like Braver Angels, Listen First, and Unify America, where Americans are engaging in cross-party conversations to reduce political discourse's intensity. (The Wall Street Journal🔒)
Defense
At least 3 Marines killed, more injured in Osprey crash in Australia
Three Marines were killed, and others were injured when a Marine Corps MV-22 Osprey crashed in Australia during a routine training exercise called Exercise Predators Run. (Marine Corps Times)
Pentagon Vows to Move Quickly to Buy More Drones, Citing China Threat
The Pentagon has announced plans to buy thousands of unmanned drones and other autonomous devices over the next two years to bolster the U.S. military's capabilities amid concerns about potential future conflicts with China. (The New York Times🔒)
A.I. Brings the Robot Wingman to Aerial Combat
The U.S. Air Force is using artificial intelligence to power pilotless experimental aircraft, the XQ-58A Valkyrie, which represents the military's efforts to harness the capabilities of AI in aerial combat. (The New York Times🔒)
Economy
U.S. Hiring Settles Into a Lower Gear
The United States labor market is starting to look a lot like its old self — the one that existed before the pandemic. Employers added 187,000 jobs in August, the Labor Department reported Friday, and the previous two months’ figures were revised downward. That brings the three-month average to 150,000 — a marked slowdown from the 200,000 achieved for 29 consecutive months before that, and slightly lower than the average pace of 163,000 in 2019. (NYT🔒)
Business
Visa, Mastercard Prepare to Raise Credit-Card Fees
Visa and Mastercard are planning to increase fees that many merchants pay when they accept customers' credit cards, potentially resulting in an additional $502 million annually in fees for merchants, particularly for online purchases. (The Wall Street Journal🔒)
3M to pay $6B to settle hearing-loss lawsuits over military earplugs
3M will pay $6 billion to settle lawsuits related to hearing loss claims by military veterans and service members who alleged that the company's earplugs caused hearing issues during their service. (The Washington Post🔒)
Auto Union Boss Wants 46% Raise, 32-Hour Work Week in ‘War’ Against Detroit Carmakers
The president of the United Auto Workers (UAW) union, Shawn Fain, has demanded a 46% raise, a return to traditional pensions, and a 32-hour work week, which automakers argue could threaten their existence and increase labor costs significantly. (Bloomberg🔒)
Crypto
Crypto Scores Landmark US Legal Win With Grayscale ETF Ruling
Grayscale Investments LLC has won a key legal fight against the U.S. Securities and Exchange Commission (SEC) in its push to launch a Bitcoin exchange-traded fund (ETF), representing a significant development for the cryptocurrency industry. An ETF based on spot Bitcoin prices could attract substantial retail investment. The SEC is reviewing the decision and may still contest it. (Bloomberg🔒)
NFTs, Once Hyped as the Next Big Thing, Now Face ‘Worst Moment’
Nonfungible tokens (NFTs), most popularly associated with digital artwork and collectibles on crypto blockchains, have seen a significant decline in value, with monthly trading volume dropping 81% between January 2022 and July 2023, and monthly NFT sales figures down by 61%. Floor prices for blue-chip NFTs like Bored Ape Yacht Club and CryptoPunks have reached more than two-year lows. (Bloomberg🔒)
Real Estate
Home Price to Income Ratio Highest Ever
Historically, the average cost of a house in the US has been around 5 times the yearly household income. However, during the housing bubble of 2006, this ratio exceeded 7. In other words, the average single-family house in the United States cost more than 7 times the US median annual household income. Today, that number is 7.75, the highest ever recorded. (Long Term Trends)
First-Time Buyers Take Bigger Share of Frozen US Housing Market
First-time homebuyers are making up a larger share of the housing market as existing homeowners are reluctant to move, resulting in 50% of buyers surveyed by Zillow between April and July being first-time purchasers. This trend is driven by homeowners' reluctance to give up record-low mortgage rates secured during the pandemic. (Bloomberg🔒)
Why Schools Are Building Housing for Teachers
School districts across the U.S. are using affordable housing as a strategy to hire and retain teachers amid a nationwide shortage, with some offering housing assistance to educators. (The Wall Street Journal🔒)
Americans Are Bailing on Their Home Insurance
Some homeowners are forgoing home insurance, driven by rising premiums and the belief that they can self-insure or rely on lender-placed insurance. This trend has raised concerns, as many homeowners who skip insurance are less affluent and could face financial risks in case of disasters. (The Wall Street Journal🔒)
Silicon Valley titans behind mystery $1B land buy near California military base: reports
Silicon Valley investors, including Reid Hoffman and Laurene Powell Jobs, have been revealed as the buyers of nearly $1 billion of land near Travis Air Force Base in California, with plans to develop it into a sustainable city. Initially, there were concerns about the land purchase's national security implications. (New York Post)
Mortgage Rates Level Off
Mortgage rates leveled off this week but remain elevated. Despite continued high rates, low inventory is keeping house prices steady. Recent volatility makes it difficult to forecast where rates will go next, but it might be easier to gauge as the Federal Reserve determines their next steps regarding interest rate hikes in September. (Freddie Mac)
Personal Finance
Just Like Tip Prompts, Requests for Donations at Checkout Are Everywhere
Consumers are showing signs of fatigue as more businesses ask for donations at checkout counters, with some shoppers feeling overwhelmed by the growing number of donation requests. Concerns include potentially donating more than expected and companies benefiting from these donations through tax benefits. (The Wall Street Journal🔒)
I’ve never been a fan of those options at check-out stands; though they likely support good causes, the business—not the consumer/donator—normally gets all the credit for it.
Cyber
Meta’s ‘Biggest Single Takedown’ Removes Chinese Influence Campaign
Meta, the parent company of Facebook, Instagram, and WhatsApp, removed thousands of accounts tied to a Chinese influence campaign known as "Spamouflage." This campaign involved 7,704 Facebook accounts, 954 Facebook pages, 15 Facebook groups, and 15 Instagram accounts. Additionally, hundreds of other accounts on platforms like TikTok, X, LiveJournal, and Blogspot participated in the campaign. This operation marked the seventh from China that Meta has removed in the last six years. (The New York Times🔒) Meta report here.
Elon Musk's X to roll out audio, video calling feature
Elon Musk's social media platform X (formerly Twitter) is planning to introduce video and audio calling features as part of its efforts to create an "everything app" to compete with Meta's Threads. These features will be available on Apple's iOS, Google's Android, and personal computers, and users won't need a phone number to access them. (Reuters)
Artificial Intelligence
OpenAI Unveils ChatGPT for Businesses, Stepping Up Revenue Push
OpenAI has launched a corporate version of ChatGPT called ChatGPT Enterprise, which offers additional features and privacy safeguards. Users can receive written responses from ChatGPT Enterprise by typing in prompts, and it includes unlimited use of OpenAI's most powerful AI model, GPT-4. The tool also emphasizes data encryption and guarantees that customer data won't be used for technology development. (Bloomberg🔒)
AI images are getting harder to spot. Google thinks it has a solution.
Google has introduced a tool called SynthID, which embeds a digital "watermark" into AI-generated images to make them resistant to tampering. This technology aims to combat the spread of fake images and disinformation, especially in contexts like political campaigns. (The Washington Post🔒)
Health
U.S. Announces First Drugs Picked for Medicare Price Negotiations
The Biden administration has revealed the first 10 medicines that will undergo price negotiations with Medicare as part of an effort to reduce drug spending. These medications are used to treat various conditions, including diabetes and cancer, and are taken by millions of older Americans. (The New York Times🔒)
Screens, Lack of Sun Are Causing an Epidemic of Myopia
Myopia (nearsightedness) is on the rise, particularly in children, due to a lack of exposure to sunlight. Spending time outdoors, even in the shade or under clouds, is recommended as it helps reduce the risk of myopia development. The International Myopia Institute recommends children spend 80 to 120 minutes in daylight every day. (The Wall Street Journal🔒)
Home & Auto
EV Boom Remakes Rural Towns in the American South
The U.S. auto industry is expanding its presence in the South, with car companies investing billions of dollars in new factories in states like Georgia, Kentucky, and Tennessee. This shift is driven by the transition to electric vehicles (EVs), and these new facilities are expected to create economic opportunities but also bring challenges to rural southern towns. (The Wall Street Journal🔒)
Explainer: What happened to shut down Toyota's production in Japan?
Toyota experienced a production shutdown in Japan due to a computer system breakdown that processed orders for vehicle parts. The disruption affected Toyota's lean manufacturing process and was caused during a system update, although specific details of the issue were not disclosed. (Reuters)
Food & Drink
The US Is Losing the Corn-Exporting Crown
Brazil has surpassed the United States as the world's leading exporter of corn for the agricultural year ending August 31. This marks a significant shift as the U.S. has dominated the international corn market for decades. (Bloomberg🔒)
France has too much wine. It’s paying millions to destroy the leftovers.
France is destroying a significant quantity of surplus wine, costing the nation approximately $216 million. This is due to increased production costs and reduced wine consumption, leading to a surplus that cannot be profitably priced. The wine will be distilled into pure alcohol for use in other products. (The Washington Post🔒)
😩
Burger King faces legal claim over size of Whopper
Burger King is facing a lawsuit alleging that it misrepresented the size of its Whopper burger on its menus, making it appear larger than it is in reality. The lawsuit claims that the Whopper was depicted with a meatier patty and overflowing ingredients. Rival fast-food chains like McDonald's and Wendy's are also facing similar lawsuits. (BBC)
Nature
I Got Gobbled Up by a Whale
A kayaker, Julie McSorley, shared her experience of being inside a humpback whale's mouth and living to tell the tale. This extraordinary event occurred while she was kayaking with a friend in California's San Luis Obispo Bay in November 2020. (Slate) Video below.
Travel
Airline Close Calls Happen Far More Often Than Previously Known
A New York Times investigation uncovered at least 46 close calls involving commercial airlines in the United States in a single month. These incidents, which were highlighted in preliminary FAA safety reports but not publicly disclosed, reveal a concerning pattern of safety lapses and near misses. The analysis also found approximately 300 accounts of near collisions involving commercial airlines in the most recent 12-month period. While there have been no major plane crashes in the U.S. in over a decade, experts suggest that the safety net is under increasing stress. (The New York Times🔒)
For further info, here’s background on what led to higher airline pilot standards in 2013, and here’s a list of fatal accidents involving commercial aircraft in the US.
Faster trains to begin carrying passengers as Amtrak’s monopoly falls
Brightline, a private passenger railroad, is set to open a new station in Florida, providing high-speed train service between Orlando International Airport and South Florida. This development is part of a broader trend of private companies, states, and the federal government investing in domestic passenger railroads as alternatives to congested highways. Amtrak is also expanding its services, marking its largest expansion in 52 years. (The Washington Post🔒)
Entertainment
Bob Barker, long-time US TV game show host, dies at age 99
Bob Barker, the iconic host of "The Price Is Right" for 35 years and a committed animal rights activist, passed away at the age of 99. He won 19 Daytime Emmy awards and made a memorable appearance in the film "Happy Gilmore." (Reuters)
The very first episode:
Jimmy Buffett, American singer-songwriter, dies at 76
American singer-songwriter Jimmy Buffett, best known for his "Margaritaville" escapist tribute to the tropical life, has died at the age of 76. Margaritaville, released in 1977, peaked at number 8 on Billboard Hot 100 list and spent 22 weeks on the chart, making it his most popular single. (Reuters)
Sports
Simone Biles wins a record 8th US Gymnastics title a full decade after her first
Simone Biles, the renowned gymnast, won her eighth U.S. Gymnastics title, a decade after her first victory. Her journey in gymnastics has evolved from being a teenage prodigy to a mature athlete who appreciates her experiences. (AP News)
Nebraska volleyball stadium event draws 92,003 to set women’s world attendance record
Nebraska's volleyball stadium event set a world attendance record with 92,003 people attending a match, making it the largest attendance at a women's sporting event. (AP News)
Scuffle in the sauce: Inside the World Gravy Wrestling Championships
The World Gravy Wrestling Championships took place in Stacksteads, Britain, where competitors engaged in a unique and messy competition involving gravy. (Reuters)
For Fun
West Point time capsule: Coins and medal found in mysterious box
A time capsule from the 1820s, initially believed to be empty during its opening ceremony at the West Point U.S. military academy, was later found to contain coins and a medal upon further examination. The capsule was opened in front of cadets and a livestream audience. (BBC)
Revelers hurl tomatoes at each other and streets awash in red pulp in Spanish town’s Tomatina party
Spain's annual "Tomatina" street battle took place in Buñol, with 15,000 participants throwing overripe tomatoes at each other. The event involves workers dumping 120 tons of tomatoes into the main street of the town. (AP News)
Norfolk police pull over man with bull riding shotgun
Norfolk Police Division pulled over a man driving with a Watusi bull in the passenger's seat. The officers initially expected a smaller calf but were surprised to find the large animal in the car. (News Channel Nebraska)
A fun website that shows correlations between two things that have nothing to do with one another—for example:
The Bookshelf
How Much Does It Cost to Open a Bookstore?
An article discusses the costs associated with opening a bookstore. Factors affecting the cost include the bookstore's size, location, labor costs, and whether it sells new or used books. According to one bookseller, monthly expenses for an average bookstore, where the owner does most of the work, can amount to around $22,000. To break even, the store would need to sell about $44,000 worth of books each month. (Book Riot)
An interesting read about the true costs of owning/operating a bookstoor…with some fun bookstore/library pictures (This one below is of Livraria Lello in Portugal)
Caveat: Even these resources/charts are biased. Who says that the system they use to describe news sources is accurate? Still, hopefully you find them useful as a basic guide or for comparison.
