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The U.S. Federal Reserve kept its benchmark interest rate unchanged on June 12, 2024, due to persistent inflation concerns, signaling a more cautious monetary policy. This pivotal decision dramatically reduced their projected rate cuts for the year from three to just one, reflecting a unified, hawkish stance among policymakers.
Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) unexpectedly lost its outright majority in India's recent general election, securing 240 seats and falling short of the 272 needed. This unprecedented outcome forces the party to rely on coalition partners, fundamentally reshaping India's political landscape and challenging Modi's decade of dominance.
After years of delays, Boeing's Starliner spacecraft successfully docked with the International Space Station on June 6, 2024, completing a crucial milestone for its inaugural crewed mission with two NASA astronauts. Despite encountering multiple helium leaks and propulsion issues during its journey, this successful docking highlights the system's resilience and paves the way for Starliner to become NASA's vital second commercial crew transport option.
In a historic first, Hunter Biden, son of President Joe Biden, was convicted on all three felony gun charges by a federal jury for lying about his drug use during a 2018 firearm purchase. This unprecedented verdict carries significant personal and political implications, though President Biden has affirmed his love and support while ruling out a pardon.
G7 leaders have forged a landmark agreement to provide Ukraine with a crucial $50 billion loan, ingeniously backed by the profits generated from frozen Russian sovereign assets. This significant financial package, decided at their summit in Italy, aims to bolster Ukraine's defense and reconstruction efforts, demonstrating a unified and long-term commitment to Kyiv's resilience.
French President Emmanuel Macron dissolved the National Assembly and called for snap legislative elections after his centrist party suffered a significant defeat to the far-right National Rally in the European Parliament elections. This bold decision plunges France into profound political uncertainty, with new elections scheduled for June 30 and July 7, potentially forcing Macron into a power-sharing "cohabitation" with an opposing party.
Hamas's response to the proposed Gaza ceasefire plan is not an outright acceptance, as the U.S. deemed some of its requested amendments "not workable." This development casts significant uncertainty over an immediate truce, underscoring persistent disagreements on a permanent ceasefire and Israeli withdrawal.
The European Central Bank made a historic move on Thursday, cutting its key interest rate by a quarter-percentage-point to 3.75%, marking its first reduction in five years. This pivotal decision aims to stimulate economic growth in the eurozone as inflation eases, positioning the ECB as the first major central bank to ease policy in the current cycle.
At its I/O 2024 conference, Google unveiled a sweeping commitment to its "AI-first" strategy, integrating advanced Gemini models like 1.5 Pro and 1.5 Flash across its core products. These advancements include "AI Overviews" in Search, enhanced productivity tools, and the ambitious Project Astra, aiming to create a universal AI agent for seamless human-computer interaction.
President Joe Biden and former President Donald Trump have formally agreed to two presidential debates, marking an unusually early start to the general election face-offs and bypassing the traditional Commission on Presidential Debates. The first confrontation is set for June 27 on CNN in Atlanta, with a second debate planned for September on ABC News, signaling a strategic shift by both campaigns to engage directly ahead of the November election.
Southern Germany is grappling with catastrophic flooding after days of relentless torrential rain, which has submerged homes, destroyed infrastructure, and forced thousands to evacuate across Bavaria and Baden-Württemberg. As emergency services, including the military, work tirelessly to rescue stranded residents and mitigate further damage, the tragic loss of lives underscores the severe and unprecedented nature of this weather crisis.
A new biopic titled "The Apprentice," chronicling Donald Trump's early career and his complex relationship with mentor Roy Cohn, premiered at the Cannes Film Festival to an eight-minute standing ovation. This controversial film, which delves into the formative years that shaped his business and public persona, is already generating intense discussion and reportedly facing legal threats from Trump's team.