However you get your news, here are a few stories that stood out in local, state, federal and international news.
Final Olympic Update
Sunday was the last official day of the Olympics. USA led the world with 126 total medals, followed by China (91) and Great Britain (65).
The United States and China tied as the leaders for gold medals at 40 apiece. It’s the first draw in Olympic history for the most gold.
The United States won most of their medals in swimming (28 medals; 8 gold) and track events (34 medals; 14 gold), while “China, by contrast, garnered most of its gold medals from diving (8 gold), shooting (5 gold), table tennis (5 gold) and wrestling (5 gold).”
The United States men’s and women’s basketball teams both defeated the host nation France to win gold on the final weekend of competition.
“The Japanese index plunged 12.4% in its worst single-day decline since 1987… but advanced more than 3,300 points [on Tuesday], not quite making up for the huge loss,” but rebounding well.
“The S&P 500 dropped 3% for its worst day in nearly two years. The Dow Jones Industrial Average [lost] 2.6%, while the Nasdaq slid 3.4% as Apple, Nvidia and other Big Tech companies that used to be the stars of the stock market [dropped in price].”
“South Korea’s Kospi index careened 8.8% lower, and bitcoin dropped below $54,000 from more than $61,000 on Friday… Gold, which has a reputation for offering safety during tumultuous times, slipped about 1%.”
The reason behind these decreases in the market are uncertain, with fingers being pointed at the AI bubble, at the FED and their interest rates, and at the companies most heavily invested in the stock market.
“The U.S. economy is still growing, the U.S. stock market is still up a healthy amount for the year and a recession is far from a certainty.”
Tim Walz Selected as Kamala Harris’ Running Mate on the Democratic Presidential Ticket
Tim Walz, the 60 year old governor of Minnesota, was selected last week as Vice President Kamala Harris’ vice presidential pick in her quest to become the first female President of the United States.
Walz has served as governor since 2019, a member of the U.S. House of Representatives from 2007 through 2019, served in the Army from 1981–2005, and is a former high school teacher and football coach.
Walz has advocated for a stock trading ban for U.S. politicians, has supported labor unions in one of the best business states in the union, and instituted free school meals for kids in Minnesota.
“Walz owns zero stocks, bonds, and mutual funds. He also holds no other securities or private investment, as well as holds zero real estate. He only holds state pensions.”
Beginning this last Tuesday, “Nearly 100 medical marijuana dispensaries were able to begin sales immediately.”
“The new law allows adults 21 and over to buy and possess up to 2.5 ounces (70 grams) of cannabis and to grow up to six plants per individual or 12 plants per household at home.”
“A U.S. judge, [DOJ antitrust chief Jonathan Kanter], ruled on Monday that Google violated antitrust law, spending billions of dollars to create an illegal monopoly and become the world's default search engine, the first big win for federal authorities taking on Big Tech's market dominance.”
“Google controls about 90% of the online search market and 95% on smartphones.” “Google had paid $26.3 billion in 2021 alone to ensure that its search engine is the default on smartphones and browsers, and to keep its dominant market share.”
A second trial is coming for Alphabet, Google’s parent company, which could result in a break up of the company.
“Alphabet said it plans to appeal Mehta's ruling. ‘This decision recognizes that Google offers the best search engine, but concludes that we shouldn’t be allowed to make it easily available,’ Google said in a statement.”
“U.S. Attorney General Merrick Garland called the ruling ‘a historic win for the American people,’ adding that ‘no company - no matter how large or influential - is above the law.’”
The legal battle could play out until 2026.
“Google advertising was 77% of Alphabet's total sales in 2023.”
Also…
Parts of Cuyahoga county are still without power nearly a week after a brief storm last Tuesday night. Our District must be prepared for the next storm by paying more now to save more in the long run.
Both Cuyahoga County and City of Cleveland government leaders appear to reject the Haslam’s proposal for using government funds for the creation of a Brook Park stadium for the Cleveland Browns. Options for upgrading the Browns’ current lakefront stadium remain on the table.
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