Global Stock Markets Plunge, As Recession Fears Grow In US

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August 07, 2024

Stocks plunged across the world early this week as recession fears caused turmoil throughout the global markets.

Japanese stocks fell Monday, with the Nikkei 225 index closing lower by more than 12% – 4,451.28 points – in its worst day since 1987.

A weak jobs report in the US and shrinking manufacturing activity, coupled with dismal forecasts from the big technology firms, pushed the Nasdaq 100 and Nasdaq Composite into a correction last week. On Monday, the Dow Jones Industrial Average tumbled 1,033.99 points, or 2.6%, while the Nasdaq Composite and S&P 500 fell 3.43% and 3%, respectively. The Dow and S&P 500 closed out their worst day since September 2022.

Cryptocurrencies also plunged Monday, with the price of bitcoin falling 17.5% to $50,239 a coin on Monday morning. The price of ethereum slid 23% to $2,230 apiece.

Political observers and economists point to inflation in the US caused by President Joe Biden's domestic policies, and his mishandling of the Russia-Ukraine and Israeli-Gaza conflicts.

Other critics point to markets' fears over the potential election of far-left US vice president Kamala Harris who is running against former president Donald Trump in the 2024 presidential elections.

"While Friday’s employment report was disappointing, it wasn’t the only worrisome economic indicator, only the latest," said Greg McBride, Bankrate's chief financial analyst. "Couple economic concerns with the cacophony of earnings disappointments and weak corporate outlooks, global unrest, and currency gyrations, and you have the recipe for sudden volatility."

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September 17, 2024

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SpaceX: The Explosion, Loss Of Starship Upper Stage During Test Flight 7

SpaceX gave an update on what caused the loss of the Starship upper stage during test flight 7 last month.

"Two minutes into its burn, a flash was observed in the aft section of the vehicle near one of the Raptor vacuum engines; Sensors in the attic detected a pressure rise indicative of a leak after the flash was seen.

"Roughly two minutes later, another flash was observed followed by sustained fires in the attic. These eventually caused all but one of Starship’s engines to execute controlled shut down sequences and ultimately led to a loss of communication with the ship

"Telemetry from the vehicle was last received just over eight minutes and 20 seconds into flight.

"Contact with Starship was lost prior to triggering any destruct rules for its Autonomous Flight Safety System, which was fully healthy when communication was lost. The vehicle was observed to break apart approximately three minutes after loss of contact during descent. Post-flight analysis indicates that the safety system did trigger autonomously, and breakup occurred within Flight Termination System expectations.

"The most probable root cause for the loss of ship was identified as a harmonic response several times stronger in flight than had been seen during testing, which led to increased stress on hardware in the propulsion system. The subsequent propellant leaks exceeded the venting capability of the ship’s attic area and resulted in sustained fires.

"All debris came down within the pre-planned Debris Response Area, and there were no hazardous materials present in the debris and no significant impacts expected to occur to marine species or water quality.

"SpaceX reached out immediately to the government of Turks and Caicos and the United Kingdom to coordinate recovery and cleanup efforts. While an early end to the flight test is never a desired outcome, the measures put in place ahead of launch demonstrated their ability to keep the public safe."

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Ashley St Clair Files Paternity Lawsuit Against Elon Musk, Seeks Sole Custody Of Their 5-month-old Baby

Social media influencer Ashley St Clair has filed a paternity suit against Tesla CEO Elon Musk, seeking sole custody of their five-month-old son and a court-ordered paternity test. St Clair claims Musk has only met the child three times and has not been involved in his care or upbringing.

St. Clair filed the petitions in Manhattan Supreme Court on Friday, seeking to establish Musk as the father of her son, referred to as R.S.C. in court documents. She also requests sole custody of the child.

According to the filings, Musk met the child three times: twice in Manhattan for a total of three hours and once in Texas for 30 minutes. The last visit was on November.

The court documents include screenshots of text messages between St Clair and Musk. In one exchange, Musk allegedly wrote, "I want to knock you up again," and in another, he said, "Well, we do have a legion of kids to make." Musk also acknowledged the child's birth and expressed concerns about security threats, stating, "If I make a mistake on security, R.S.C. will never know his father."

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The 31-year-old publicly revealed Musk as the father of her child on Valentine's Day, on social media. Musk has not publicly acknowledged the child or the lawsuit

St Clair left Musk's name off the birth certificate due to security concerns, citing Musk's claim of receiving credible death threats every day. The social media influencer and Musk began their romantic relationship in May 2023.

Musk has 12 children with three different women, and this child would be his 13th.

Grimes, Musk's ex-partner and mother of three of his children, publicly pleaded with Musk to respond to messages concerning their child's medical crisis. This occurred shortly before news of St. Clair's court filings.

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The UK government issued a technical capability notice under the Investigatory Powers Act of 2016, requiring Apple to provide access to encrypted iCloud data, which would have compromised the end-to-end encryption for users worldwide.

Apple has disabled ADP for new users in the UK and will eventually require existing users to disable it manually.

This move affects iCloud data such as photos, notes, messages, and device backups, but does not impact iMessage, FaceTime, password management, and health data, which remain end-to-end encrypted.

Apple has stated that it is "gravely disappointed" and remains committed to offering the highest level of security for users' personal data.

In a statement by Apple spokesperson Fred Sainz said the company’s Advanced Data Protection feature will no longer be available to new users and current U.K. users “will eventually need to disable this security feature.”

“We are gravely disappointed that the protections provided by ADP will not be available to our customers in the U.K. given the continuing rise of data breaches and other threats to customer privacy,” the company said. “Enhancing the security of cloud storage with end-to-end encryption is more urgent than ever before."

The UK government's demand is controversial, as it would have provided access to data from users worldwide without their knowledge or consent

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