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House Republicans pass debt ceiling bill with spending cuts

July 31, 2023 Published by GCNews AI

The US House of Representatives has passed a bill aimed at increasing the US debt ceiling and making spending cuts. The bill passed narrowly in a 217-215 vote with all Democrats voting against it, along with four Republicans. Despite the win for House Speaker Kevin McCarthy, the bill is unlikely to pass in the Democratic-controlled Senate and President Biden has already said he would veto it. Democrats have insisted on a clean increase in the debt ceiling, while Republicans want to link a deal to trimming the federal budget. The government is at risk of being unable to pay its bills in early June without an agreement.

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Our service selects three to five news outlets from across the political spectrum and summarizes their articles in an unbiased and factual manner using the media bias chart. We achieve this through the use of eto, a tool powered by ChatGPT. Our aim is to provide readers with factual information, so they can develop their own opinions, free from the influence of political agendas or sensationalized media.

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Russia pounds Ukraine on eve of Victory Day holiday

July 31, 2023 Published by GCNews AI

Russia pounded Ukraine with drone and missile strikes on the eve of the Victory Day holiday marking the Soviet Union’s triumph over Nazi Germany during World War II. The attack killed at least four civilians and injured five in the capital. Kyiv’s mayor said Russia had unleashed 60 Iranian-made drones, including 36 at the capital, all of which had been shot down. Russian shelling of 127 targets across northern, southern, and eastern parts of Ukraine killed three civilians, and Russia long-range bombers launched up to eight cruise missiles at Ukraine’s southern Odesa region, one of which hit a food warehouse, sparking a massive inferno. Meanwhile, Russian forces were making a final push to capture the eastern city of Bakhmut just in time for the Victory Day celebrations. In a new break with Russia, Ukrainian President Volodymyr Zelensky marked Victory Day a day earlier than Moscow. On the day of Russia’s parade, Zelensky will mark “Europe Day” alongside European Commission President Ursula von der Leyen.

The Guardian

Reuters

NY Post

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Eto is going on hiatus

July 30, 2023 Published by GCNews AI

We hope this message finds you all in great spirits! Today, we have an important update to share regarding the future of the Eto newsletter. We have made the decision to take a temporary hiatus, but rest assured, we’ll be back in action before you know it!

So, why the break, you might wonder? Well, a few factors have influenced our decision. Firstly, we’ve encountered certain limitations with the token limits imposed by ChatGPT. It has made the app a bit cumbersome to work with, and we want nothing more than to provide you with a seamless experience. That’s why we’ll be taking this time to explore alternative options that can enhance your interaction with Eto.

Secondly, we understand that determining what’s truly relevant is an incredibly challenging task in the realm of news. It’s like navigating a maze blindfolded! We want to rise to this challenge and ensure that we’re delivering the most engaging and meaningful content to you. During our hiatus, we will be rethinking this approach.

Moreover, the AI landscape has recently witnessed significant developments, with the emergence of new open and closed source models that boast substantially larger token limits. We believe it’s essential to keep up with these advancements and compare them with GPT. By doing so, we can ensure that we are harnessing the most powerful AI models available to deliver the utmost quality content and insights to our esteemed readers.

When Eto makes its much-anticipated return, it may undergo a transformation in form and appearance. We are committed to solving the same problems and addressing the challenges of news reporting, but we also want to evolve and adapt to better meet your needs. The specifics are yet to be determined, but rest assured that our goal remains unchanged: to deliver the solutions you seek while enhancing your overall experience.

Lastly, we want to express our heartfelt gratitude to each and every one of you who have read the newsletter. Your support and presence have meant a lot to us! We are sincerely thankful for your engagement and trust in Eto. We genuinely hope that you share in our excitement to reconnect with you soon, armed with fresh ideas and renewed enthusiasm.

Thank you immensely for being part of the Eto community! We are eagerly looking forward to returning with an even better version of the newsletter, surpassing your expectations. Until then, take care, stay curious, and keep an eye out for thrilling updates.

Warmest regards,

Eto

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Iran seizes foreign oil tanker in Gulf of Oman, bound for US

July 30, 2023 Published by GCNews AI

Iran has seized a foreign oil tanker, the Marshall Islands-flagged Advantage Sweet, in the Gulf of Oman after leaving Kuwait on its way to Houston. The US Navy’s 5th Fleet called for its immediate release, stating that Iran’s actions are contrary to international law and disruptive to regional security and stability. US Naval Forces Central Command attributed the vessel’s seizure to the Islamic Revolutionary Guard Corps Navy, which is not limited to land, air, or even international waters in Tehran’s threat to international shipping. The incident is the latest in a series of conflicts regarding Iran’s nuclear program.

ASSOCIATED PRESS — Pence testifies before election probe grand jury: AP source

Former Vice President Mike Pence testified before a federal grand jury investigating efforts by former President Donald Trump and his allies to overturn the results of the 2020 presidential election. This appearance before a grand jury in Washington could provide first-hand information about conversations and events leading up to the January 6th, 2021, insurrection at the U.S. Capitol. Pence was subpoenaed earlier this year, but Trump’s lawyers objected, citing executive privilege concerns. However, a judge in March refused to block Pence’s appearance, though he did side with Pence’s constitutional claims that he could not be forced to answer questions about anything related to his role as presiding over the Senate’s certification of votes on January 6th. The investigation is ongoing, and it is not clear when it will end or if anyone will be charged.

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Federal Reserve signals potential end to rate hike campaign

July 30, 2023 Published by GCNews AI

The US Federal Reserve has raised its benchmark interest rate by 25 basis points, marking its 10th consecutive rate increase in its effort to tackle inflation and economic slowdown. The key benchmark federal funds rate is now at 5% to 5.25%, the highest since August 2007. However, the bank also hinted that future rate increases were not a given, signalling that future policy moves would hinge on “incoming information”. The move was not unexpected by the financial markets, which are now looking for clarity on the bank’s future actions. The meeting came amid continued volatility in the financial sector, after the third implosion of a US bank this week.

REUTERS — PacWest weighs its options, sending bank shares in a tailspin

PacWest Bancorp is considering strategic options including a sale or capital raising, according to an unnamed source. The bank has seen its shares drop by nearly 60%, underlining ongoing concerns about the health of regional banks in the US. The situation could restrict credit availability and impede growth, and comes despite regulators’ efforts to tackle the banking crisis. Hedge funds are reportedly expecting other banks to follow First Republic Bank in failing, while some executives have suggested raising capital during a crisis could be seen as a sign of weakness. PacWest is hoping to avoid regulatory intervention by proactively seeking a solution to its financial woes.

THE INTERCEPT — French Police Are Sweeping Up Protesters and Bystanders in Crackdown on Dissent

Human rights lawyers in France are suing the Paris police and prosecutor’s office for what they claim are arbitrary arrests of demonstrators. The lawyers are part of a team representing almost 100 plaintiffs who say that recent police practices constitute an assault on civil liberties in France. Critics of the police claim that laws are being weaponized to suppress demonstrations, citing bans on participation in a “crowd” susceptible of “troubling public order” and restrictions on the right to partially cover one’s face during protests. Advocates for civil liberties also say that there is increasing abuse of laws prohibiting people from participating in a group preparing acts of violence. Furthermore, human rights observers are warning about outright bans on demonstrations, including one on protesters’ use of pots and pans. The government has been accused of misrepresenting the law on protest notification and detentions at protests. The crackdown on demonstrators is, according to one lawyer, part of a wider strategy to prevent organized protests from taking place. Despite the arrests, protests have continued to take place in France, with hundreds of thousands of people turning out.

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First Republic Bank Plummets as Government Reportedly Considers Receivership

July 30, 2023 Published by GCNews AI

First Republic Bank’s shares have fallen to an all-time low amid speculation that the bank may be put into receivership by the Federal Deposit Insurance Corporation (FDIC). If it happens, First Republic will be the third US bank to fail since March, following the collapse of Silicon Valley Bank and Signature Bank. On Friday, the FDIC held meetings with financial firms and banks over a potential rescue plan. However, sources say that the bank is now more likely to be taken into receivership. Meanwhile, a new report by the Federal Reserve reveals that the central bank failed to take forceful enough action ahead of Silicon Valley Bank’s collapse.

ASSOCIATED PRESS — N. Korea insults Biden, slams defense agreement with Seoul

North Korea’s leader’s sister, Kim Yo Jong, has stated that her country will demonstrate more military might in response to a new U.S.-South Korean agreement aimed at countering North Korea’s nuclear threat. The North Korean leader is also expected to increase the pace of his nuclear campaign in the coming weeks and months. The new U.S.-South Korean agreement includes periodically docking U.S. nuclear-armed submarines in South Korea and improving training between the two countries. Kim Yo Jong believes that the agreement will put regional peace and security at risk, while also strengthening the North’s conviction to enhance its nuclear arms capabilities. She also insulted U.S. President Joe Biden and South Korean President Yoon Suk Yeol, whom she called “senile” and a “fool,” respectively. The Unification Ministry of South Korea has described Kim Yo Jong’s comments as “absurd” and conveying the North’s “nervousness and frustration” over the U.S.-South Korean efforts to strengthen nuclear deterrence.

WASHINGTON TIMES — Fed faults Silicon Valley Bank execs, itself in bank failure

The Federal Reserve has released a report that blames Silicon Valley Bank’s collapse on poor management, weak regulations, and lax government supervision. The report notes that the Federal Reserve missed critical deficiencies in the bank’s governance, liquidity, and interest rate risk management, and highlights underlying cultural issues at the Fed that prevented supervisors from being hard on bank management when they saw growing problems. The report also mentions the role of social media and technology in causing a bank run that happened in just hours, compared to days for earlier bank runs. The article notes that the nation’s banks are regulated by a troika of regulators and that all have been criticized for potentially missing signs that Silicon Valley Bank and Signature Bank might be in trouble.

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US Supreme Court Blocks New Restrictions on Widely Used Abortion Pill

July 29, 2023 Published by GCNews AI

The US Supreme Court granted emergency requests by the Justice Department and the abortion pill’s manufacturer to halt a lower court ruling that would have limited the availability of the widely used abortion drug mifepristone. The court’s order temporarily preserves the drug’s FDA approval, which anti-abortion groups are challenging, and maintains broad access to it while the legal challenge continues. More than half of all US abortions use the medication. The decision, which was opposed by conservative Justices Clarence Thomas and Samuel Alito, is a victory for President Joe Biden’s administration as it defends reproductive rights.

ASSOCIATED PRESS — Canadian professor convicted in 1980 Paris synagogue bombing

A court in Paris has convicted Hassan Diab, a Lebanese-Canadian professor, in absentia on terrorism charges for a deadly bombing at a Paris synagogue in 1980. He was sentenced to life in prison. The bombing had killed four people and wounded 46, and for decades, it was one of France’s biggest unsolved crimes. The arrest warrant was issued against Diab, who denies wrongdoing and has been accused of planting the bomb outside the synagogue. French authorities accuse Diab of terrorist murder and being responsible for the attack, which was described as the first antisemitic terrorist attack in France since World War II. However, Diab’s lawyers say he was in Lebanon studying for university exams at the time of the attack and is a victim of mistaken identity. The defense witnesses, including a magistrate who investigated the case, testified that there was not enough evidence to convict Diab. The conviction came as a surprise to many in the court. The trial was a long-awaited opportunity for those touched by the attack to speak publicly about what happened.

REASON — Biden’s Student Loan Pause Overwhelmingly Benefited Wealthier Americans

The student loan payment pause has been in place for over three years and was implemented by former President Donald Trump in March 2020. The pause has been extended six times, with the most recent extension until June 30, 2021, by President Joe Biden. According to a report by the Brookings Institution, the payment pause has mainly benefited more affluent Americans, as they tend to have larger student loan balances. This is because the pause applies to all federal loans and is less progressive than Biden’s proposed student loan relief plan, which would also largely benefit affluent Americans. Low-income borrowers may find it challenging to make payments when the pause ends because their financial circumstances may have changed significantly since they last made a payment. The extensions of the student loan pause serve as an example of how policies, even with good intentions, can have unintended consequences without a clear exit strategy.

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Chinese citizen journalist who documented early COVID-19 outbreak in Wuhan released from jail

July 29, 2023 Published by GCNews AI

Fang Bin, a Chinese citizen journalist who documented the initial COVID-19 outbreak in Wuhan, has been released from prison after three years. Fang and other citizen journalists posted details of the pandemic in early 2020, defying the Chinese Communist Party’s monopoly on information. Fang’s case was part of Beijing’s crackdown on criticism of China’s early handling of the pandemic. He had been sentenced to three years in prison for “picking quarrels and provoking trouble,” a vague charge typically used against political dissidents. Chen Qiushi, another citizen journalist who disappeared in February 2020, resurfaced in September 2021 on a friend’s YouTube video feed saying he had suffered from depression. Another citizen journalist, Zhang Zhan, was sentenced to four years in prison for reporting on the early stage of the outbreak.

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52 arrests made during King Charles III's coronation celebrations

July 27, 2023 Published by GCNews AI

On coronation day, the Metropolitan Police made 52 arrests for offences that included disrupting public order and conspiracy to cause a public nuisance. Critics have claimed that the police were too heavy-handed with peaceful protestors. Police had warned that their tolerance for any disruption would be low, and that they would deal “robustly” with any attempts to undermine the celebration. However, Commander Karen Findlay defended the police’s actions, explaining that the coronation was a once-in-a-generation event and that this was a key consideration in their assessment.

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Fighting in Sudan continues despite failed cease-fire attempt

July 26, 2023 Published by GCNews AI

Fighting continues to rage in Sudan between rival military factions for a fifth day, with a 24-hour cease-fire attempt brokered by the international community having failed. The death toll has risen to at least 270, with over 2,600 people wounded. The conflict between the armed forces, led by General Abdel Fattah Burhan, and the Rapid Support Forces, led by General Mohammed Hamdan Dagalo, has disrupted Sudan’s attempts to transition to democratic rule after decades of dictatorship and civil war. The situation has led to hospitals being overwhelmed, shortages of medical supplies, and civilians being trapped in their homes with dwindling supplies. The latest cease-fire attempt led by US Secretary of State Antony Blinken seems to have had little impact, with the rival factions remaining determined to pursue a military victory.

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