News Recap - August 3-5, 2024

Highlighted national news events from August 3-5, 2024

Each day is packed with events happening all over the world. Cut through the noise so you can stay on top of what matters most.

Business

• Global markets tumbled on Monday amid fears of a slowing US economy, rising Japanese interest rates, and plummeting tech stocks.

  • Asian stock markets somewhat rebounded Tuesday, with Japanese equities leading the recovery. Japan’s benchmark indexes, the Nikkei 225 and Topix, had both dropped over 12% Monday, but by Tuesday they finished over 10% and 9% higher respectively. [More]

  • Wall Street showed signs of recovery early Tuesday after dropping sharply Monday. [More]

  • Crypto saw a whopping $1 billion in liquidations Monday. It has since slightly recovered. [More]

• Warren Buffett's Berkshire Hathaway slashed its stake in Apple by almost half and now has nearly $277 billion in cash for the second quarter, according to its second-quarter earnings report released Aug. 3. [More]

• A U.S. federal court ruled that Google violated antitrust laws so it could maintain its monopoly power in online search, creating a barrier to entry for its competitors. This is a victory for the Justice Department, which filed its lawsuit against Google almost four years ago under the Trump administration. The court’s decision will likely start a separate proceeding to determine Google's penalties. [More]

US News

• “Several” U.S. personnel have been wounded in a rocket attack at a U.S. military base in Iraq, according to multiple reports citing unnamed Pentagon and U.S. officials. Reuters pinned the figure of casualties to at least 5. The White House said President Joe Biden has been briefed about the situation. [More]

• The White House was also briefed about a potential attack on Israel. “We received updates on threats posed by Iran and its proxies, diplomatic efforts to de-escalate regional tensions, and preparations to support Israel should it be attacked again,” Biden said, in part, in a statement. [More]

  • This comes after Iran blamed Israel for the killing of Hamas leader Ismail Haniyeh, and vowed to retaliate.

• Hurricane Debby has killed at least four people after it made landfall Monday morning in Florida. [More]

International

• Protests and riots in the UK continue, partly triggered by a deadly horrific stabbing attack that killed three young girls at a dance class in late July. The suspect has been identified—17-year-old Axel Rudakubana. More than 370 people have been arrested amid the protests. [More]

• Venezuelan President Nicolás Maduro said on Aug. 3 that over 2,000 people have been arrested following post-election protests disputing the election in which the government declared that he had won. Maduro vowed to send the arrested protesters to 30-year sentences in maximum-security prisons—equivalent to the punishment for murder. [More]

• Bangladesh’s Prime Minister Sheikh Hasina Wazed resigned and fled to India after protesters stormed her residence. [More]

  • This followed weeks of unrest between police and protesters who are against a government policy that sets aside a percentage of government jobs to relatives of war veterans.

  • More than 200 people, including protesters and police officers, have died amid the clashes. Thousands have been arrested.

  • Following Sheikh Hasina’s departure, the army announced plans to form a temporary government and organize elections, but student protesters rejected any army-supported government and called for Muhammad Yunus to be chief adviser to an interim government. [More]

Daily Inspiration

Difficult roads often lead to beautiful destinations. The best is yet to come.

— Zig Ziglar

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