In today’s Recap, we’re diving into some major stories shaking things up around the world. First off, we experienced the largest IT outage in history, which has thrown businesses and services into chaos across the globe. From banking systems to airports and transport, the outage has exposed vulnerabilities in our digital infrastructure. Meanwhile, Elon Musk is relocating SpaceX’s headquarters from California to Texas in response to new state regulations, marking a significant shift for the tech industry. And a recent study shows that over half of cancer deaths in the US could be avoided with lifestyle changes, highlighting the impact of our daily habits on our health.
Elon Musk has announced plans to move the headquarters of SpaceX and X (formerly Twitter) from California to Texas. This decision comes in response to a new law signed by California Governor Gavin Newsom that prohibits schools from requiring parents to be notified of a child’s gender identification change. The relocation to Texas, a state known for its more business-friendly regulations and policies, is seen as Musk’s stance against California’s legislative direction. This move could have significant implications for the tech and aerospace industries, highlighting the ongoing tension between state policies and corporate decisions.Shares of CrowdStrike fell -11.10% on Friday at $304.96, after an update by the cybersecurity firm ended up causing a major IT outage, that impacted airlines, financial services, hospitals & many other businesses The outage also sent shares of CrowdStrike rivals SentinelOne & Palo Networks higher, with the stocks gaining 7.85% & 2.16%, respectively. CrowdStrike stock is down -19.19% this week, but up +19.44% in 2024 & +103.66% y/y, with a market cap of $74.22B.A recent study has revealed that more than half of cancer deaths in the United States are a result of lifestyle choices. Smoking has been identified as the number one modifiable risk factor, contributing to nearly 20% of all cancer cases and close to 30% of cancer deaths. Other lifestyle factors, such as poor diet, lack of physical activity, and excessive alcohol consumption, also play significant roles in cancer risk. The findings underscore the critical importance of preventive measures and lifestyle modifications in reducing cancer incidence and mortality rates. Public health initiatives focused on education and intervention could potentially save countless lives by addressing these modifiable risk factors.U.S. stock markets lower Thursday, as investors trimmed positions in technology stocks & took profits in other sectors. The health care sector of the S&P 500 slid -2.29%, for its worst session since September 2022Germany plans to halve its military aid to Ukraine next year, despite concerns that U.S. support for Ukraine could potentially diminish if Republican candidate Trump becomes President again. German aid to Ukraine will be cut to 4B Euros ($4.35B) in 2025 from around 8B Euros in 2024. Germany hopes Ukraine will be able to meet the bulk of its military needs with the $50B in loans from the proceeds of frozen Russian assets approved by the Group of Seven & that funds earmarked for armaments will not be fully used.Trump Media & Technology, the parent company of Truth Social, saw its stock skyrocket by 31.37% on Monday, closing at $40.58. This surge followed an attempted assassination of former President Donald Trump last Saturday. Many analysts argue that the attempt has boosted the odds of a Trump victory in the upcoming November presidential election, as it has galvanized his support base and heightened media attention. The incident has added a dramatic twist to an already intense political landscape, potentially reshaping the dynamics of the election race.China’s economy grew at a much slower pace than expected in the second quarter of 2024, with a growth rate of 4.7%, missing analysts’ forecasts. The protracted property downturn and job insecurity have hit the struggling recovery hard, increasing expectations that China will need to implement even more stimulus measures. Retail sales growth has slowed to an 18-month low as deflationary pressures forced businesses to cut prices. The property crisis deepened in June, with new home prices falling at the fastest pace in nine years, severely damaging consumer confidence. Property investment in China fell by 10.1% in the first half of 2024 compared to the previous year, and home sales by floor area declined by 19.0%. Bank lending for June showed a faltering demand, with some key criteria hitting record lows, indicating a troubling economic outlook for the country.In a groundbreaking archaeological find, scientists have discovered artwork on the ceiling of a limestone cave on the Indonesian island of Sulawesi, dated to be approximately 51,200 years old. This remarkable discovery is now considered the world’s oldest-known dated cave painting.
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