Category: Articles of the week

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Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?

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Read time : 3 mins

Level : Advanced

A man display U.S. $100 bills alongside Nigerian currency at the craft and art market in Lagos, Nigeria, on Wednesday, Aug. 16, 2023. Across the developing world, many countries are fed up with America’s dominance of the global financial system — and especially the power of the dollar. (AP Photo/Sunday Alamba)

By CHINEDU ASADU, GERALD IMRAY, FARAI MUTSAKA and PAUL WISEMAN Associated Press

ABUJA, Nigeria (AP) — Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees.

One culprit for his troubles stands out: The U.S. dollar’s strength against the Nigerian currency, the naira, has pushed the price of garments and other foreign goods beyond the reach of local consumers. A bag of imported clothes costs three times what it did two years ago. The price these days is running around 350,000 naira, or $450.

“There are no sales anymore because people have to eat first before thinking of buying clothes,” Odafe said.

Across the developing world, many countries are fed up with America’s dominance of the global financial system — especially the power of the dollar. They will air their grievances next week as the BRICS bloc of Brazil, Russia, India, China and South Africa meet with other emerging market countries in Johannesburg, South Africa.

But griping about King Dollar is easier than actually deposing the de facto world currency. Continue reading

Move Over, Monopoly! Here Are America’s Most Popular Board Games

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Read time : 3 mins

Level : Intermediate

By Jake Valentine | Wealth of Geeks

Nearly 5,000 new board games were released in 2022 alone. The hobby has exploded in popularity over the years. Despite the emergence of new games, a timeless classic remains America’s most popular board game: Chess.

A recent study reveals the top 20 board games in the United States. The list is filled with classics like Monopoly, Clue, and Sorry! But Chess tops them all.

“Chess is a cultural touchstone, with terms such as checkmate being a staple of the English language,” said a spokesperson for World of Card Games, who performed the study. “It has been studied for centuries, and skill at the game is considered shorthand for a person’s intelligence. It has even seen a new wave of popularity in recent years as more people learn of its intricacies. It is fitting, then, that Chess is America’s most popular board game.

“It will be interesting to see if chess continues to grow in popularity in the coming years and how that might impact how people play the game online and offline, both professionally and at the amateur level.” Continue reading

Crypto’s Big Break? Potential Bitcoin ETF Approval Could Create New Era of Investment Opportunities

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Read time : 3 mins

Level : Advanced

By Creshonda Smith | Wealth of Geeks undefined

The first US bitcoin exchange-traded fund (ETF), “BITO,” began trading in October of 2021, attracting more than $1 billion in assets in the first few days. It’s one of the most heavily traded ETFs in market history.

Cryptocurrencies have been making waves in the financial world. ETFs have long appealed to investors for their diversification benefits, low costs, and stock-like trading convenience.

The possible introduction of a Bitcoin ETF holds significant implications for the market. It increases accessibility, enabling investors to gain exposure to Bitcoin without the complexities of directly holding the cryptocurrency. This milestone could attract traditional investors who value the regulatory oversight offered by ETF structures. Continue reading

Airbnb profit jumps to $650 million in 2Q, as bookings increase and rental rates hold steady

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Read time : 3 mins

Level : Intermediate

FILE – The login page for Airbnb’s iPhone app is seen in front of a computer displaying Airbnb’s website on May 8, 2021, in Washington. Airbnb reports earnings on Thursday, Aug. 3, 2023. (AP Photo/Patrick Semansky, File)

By DAVID KOENIG AP Business Writer

Airbnb said Thursday its second-quarter profit jumped more than 70% over last summer, to $650 million, as revenue rose on strong bookings for summer-vacation rentals.

The San Francisco company said bookings grew 11% over the same period last year. Still, they were a bit lighter than analysts expected.

The shares fell about 1% after three hours of late trading.

Airbnb has been battling complaints that high cleaning fees have pushed prices closer to, or even above, hotels for short rentals. It changed its site to display cleaning fees upfront, when consumers are price-shopping.

Prices, however, remain stubbornly high. Airbnb had forecast that average rates customers pay per night would fall slightly in the second quarter compared with last year. Instead, the average nightly rate rose 1% to $166. Continue reading

High Wedding Costs Are Changing Millennials’ and Gen Z’s Minds About Marriage

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Read time : 3 mins

Level : Advanced

By Jessica Bishop | Wealth of Geeks undefined

Wedding bells may be ringing less frequently as 73% of young adults find it too expensive to get married in the current economy. A new study highlights shifting attitudes towards marriage from Millennials and Gen Z, with 2 in 5 viewing it as an outdated tradition. These changing perspectives and rising wedding costs have prompted many to rethink their approach to marriage.

Survey Shows a Shift in Marital Mindset

Recent statistics from the U.S. Census Bureau in 2022 revealed that more than 1 in 3 (34%) individuals aged 15 years or older had never been married, marking a significant increase from approximately 1 in 4 (23%) in 1950.

This shift prompted the Thriving Center of Psychology to investigate why fewer individuals are walking down the aisle. They surveyed Millennials and Gen Zers who are currently in a relationship but unmarried. The findings shed light on their perspectives and insight into the factors influencing their choices. Continue reading

Europe’s economy grows a bit after months of stagnation. But rate hikes are weighing on businesses

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Read time : 5 mins

Level : Intermediate

FILE – Gas prices are displayed at a gas station in Frankfurt, Germany, on July 28, 2023. The European economy grew modestly in the most recent quarter, breaking out of a months of stagnation or contraction as higher interest rates designed to fight inflation make it more expensive for households and businesses to borrow, invest and spend. (AP Photo/Michael Probst, File)

By DAVID McHUGH AP Business Writer

FRANKFURT, Germany (AP) — Europe’s economy has grown modestly after months of stagnation, but higher interest rates designed to fight inflation are casting a shadow as they make it more expensive for households and businesses to borrow, invest and spend.

The 20 countries that use the euro currency and their 346 million people saw 0.3% growth in the April-to-June period, compared with the first three months of the year, the EU statistics agency Eurostat reported Monday.

That’s an improvement over zero growth in the first quarter and a slight decline in fourth quarter of last year — but not by much. Plus, one-time factors and an outsized bump from Ireland made things look better than they really were.

The eurozone got a boost by 0.5% growth in France and 0.4% in Spain, where lower inflation has helped lift consumer spending power.

Yet the French figure was increased by the delivery of one very large manufactured item — a cruise ship. That statistical quirk flattered French growth but does little to disguise weak demand for goods in the eurozone’s second-largest economy. Continue reading

Solar panels on water canals seem like a no-brainer. So why aren’t they widespread?

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Read time : 3 mins

Level : Advanced

This artist’s rendering provided by Solar AquaGrid, shows a wide-span solar canal canopy being piloted in California’s Central Valley. Solar AquaGrid and partners are preparing to break ground in the fall of 2023 on the first solar-covered-canal project in the United States. Solar panels are installed over canals in sunny, water-scarce regions where they make electricity and reduce evaporation. (Solar AquaGrid via AP)

By BRITTANY PETERSON and SIBI ARASU Associated Press

Back in 2015, California’s dry earth was crunching under a fourth year of drought. Then-Governor Jerry Brown ordered an unprecedented 25% reduction in home water use. Farmers, who use the most water, volunteered too to avoid deeper, mandatory cuts.

Brown also set a goal for the state to get half its energy from renewable sources, with climate change bearing down.

Yet when Jordan Harris and Robin Raj went knocking on doors with an idea that addresses both water loss and climate pollution — installing solar panels over irrigation canals — they couldn’t get anyone to commit.

Fast forward eight years. With devastating heat, record-breaking wildfire, looming crisis on the Colorado River, a growing commitment to fighting climate change, and a little bit of movement-building, their company Solar AquaGrid and partners are preparing to break ground on the first solar-covered canal project in the United States.

“All of these coming together at this moment,” Harris said. “Is there a more pressing issue that we could apply our time to?”

The idea is simple: install solar panels over canals in sunny, water-scarce regions where they reduce evaporation and make electricity. Continue reading

With ‘Barbie,’ Greta Gerwig breaks a box office record for female directors

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Read time : 4 mins

Level : Intermediate

Margot Robbie, left, and writer/director/executive producer Greta Gerwig arrive at the premiere of “Barbie” on Sunday, July 9, 2023, at The Shrine Auditorium in Los Angeles. (AP Photo/Chris Pizzello)

By LINDSEY BAHR AP Film Writer

“Barbie” didn’t just break the opening weekend record for 2023; It also shattered the first weekend record for a film directed by a woman.

With $162 million in ticket sales from North American theaters, according to studio totals Monday, “Barbie” catapulted past both “Captain Marvel,” which was co-directed by Anna Boden and opened to $153.4 million in 2019, and “Wonder Woman,” Patty Jenkins ‘ 2017 film that debuted to $103.3 million. Boasting a reported price tag of $145 million, “Barbie” also cost less to produce than “Captain Marvel” ($152 million) and “Wonder Woman” ($200 million).

Globally, it far surpassed “Wonder Woman’s” debut with over $337 million versus $228.3 million, though “Captain Marvel’s” global launch was higher at $455 million. Continue reading

Amazon, Google, Meta, Microsoft and other tech firms agree to AI safeguards set by the White House

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Read time : 3 mins

Level : Advanced

President Joe Biden arrives to speaks about artificial intelligence in the Roosevelt Room of the White House, Friday, July 21, 2023, in Washington, as from left, Adam Selipsky, CEO of Amazon Web Services; Greg Brockman, President of OpenAI; Nick Clegg, President of Meta; Mustafa Suleyman, CEO of Inflection AI; Dario Amodei, CEO of Anthropic; and Kent Walker, President of Google watch. (AP Photo/Manuel Balce Ceneta)

By MATT O’BRIEN and ZEKE MILLER Associated Press

WASHINGTON (AP) — President Joe Biden said Friday that new commitments by Amazon, Google, Meta, Microsoft and other companies that are leading the development of artificial intelligence technology to meet a set of AI safeguards brokered by his White House are an important step toward managing the “enormous” promise and risks posed by the technology.

Biden announced that his administration has secured voluntary commitments from seven U.S. companies meant to ensure that their AI products are safe before they release them. Some of the commitments call for third-party oversight of the workings of the next generation of AI systems, though they don’t detail who will audit the technology or hold the companies accountable.

“We must be clear eyed and vigilant about the threats emerging technologies can pose,” Biden said, adding that the companies have a “fundamental obligation” to ensure their products are safe. Continue reading

In fight against Canada fires, dancing South Africa crews are a familiar and uplifting sight

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Read time : 4 mins

Level : Intermediate

South African firefighters gather for a safety briefing in Fox Creek, Alberta, on Tuesday, July 4, 2023. Several countries, including South Africa, deployed firefighters to Canada to help local efforts to control widespread wildfires. (AP Photo/Noah Berger)

By NOAH BERGER Associated Press

FOX CREEK, Alberta (AP) — Some three dozen South African firefighters, clad in their bright yellow jackets and dark blue pants, danced, sang and cheered in a sprawling parking lot close by the majestic woods of central Alberta. The mood was light as the men and women smiled and clapped, some taking out smartphones to record video of their dancing colleagues before heading off to another day battling the fires raging through Canada.

The group gathered on an early July day in the small town of Fox Creek had traveled nearly 10,000 miles (16,000 kilometers) to help fight the hundreds of devastating wildfires that have burned homes and wild lands in the region, destroying an area about the size of the U.S. state of Virginia. They chanted and worked through drills before signing a Canadian flag presented to them as a token of thanks. Continue reading