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• US economy saw 187,000 new jobs in July; unemployment rate lowers to 3.5%

  TL;DR Breakdown The U.S. economy saw an addition of 187,000 jobs in July, while the unemployment rate also saw a slight decline, reaching 3.5 percent. The annual inflation rate has gradually decreased each month, reaching 3% in June. Description The U.S. economy saw an addition of 187,000 jobs in July, which indicates a healthy gain. The unemployment rate also saw a slight decline, reaching 3.5 percent, as the Bureau of Labor Statistics reported on Friday. The previous two months have had the worst employment growth since December 2020, combined with June’s revised 185,000 jobs … Read more The U.S. economy saw an addition of 187,000 jobs in July, which indicates a healthy gain. The unemployment rate also saw a slight decline, reaching 3.5 percent, as the Bureau of Labor Statistics reported on Friday. The previous two months have had the worst employment growth since December 2020, combined with June’s revised 185,000 jobs gain. However, despite this cooling in job growth, the overall performance is still considered solid and positive for the economy. US economy adds more jobs The U.S. economy…

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• US District Court dismisses class action suit against Tether and Bitfinex

  TL;DR Breakdown The U.S. District Court for the Southern District of New York dismissed a class-action lawsuit against Tether and Bitfinex, brought forward by plaintiffs Matthew Anderson and Shawn Dolifka, over the backing of Tether’s USDT stablecoin. The court ruled the case as meritless, with the plaintiffs failing to present plausible allegations of injury, specifically a diminished value of the USDT, due to lack of evidence. Amidst the legal victory, Tether, the world’s eleventh-largest holder of Bitcoin, posted a net profit of $850 million for the second quarter, demonstrating resilience and promising future growth in the cryptocurrency landscape. Description Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York issued a thorough, six-page decision on August 4, dismissing the class action lawsuit filed against Tether and Bitfinex by plaintiffs Matthew Anderson and Shawn Dolifka. The lawsuit revolved around allegations that the defendants’ claims concerning the one-to-one backing … Read more Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York issued a thorough, six-page decision on…

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• China-US relations show progress, notes Xi Jinping

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• Yellen: China remains unharmed by US controls

  TL;DR Breakdown Yellen assures China that US investment controls will only focus on sensitive national security sectors. Yellen emphasizes ongoing trade and economic cooperation between US and China, despite technology transfer issues. She voices concern about coercive actions against US firms and China’s potential support for Russia. Description Despite a tumultuous bilateral relationship fraught with multiple challenges, the United States maintains its commitment to the Chinese market. US Treasury Secretary, Janet Yellen, during her recent visit to Beijing, clarified that any prospective US investment controls would narrowly focus on sectors considered sensitive to national security. Yet, these anticipated actions are not expected to … Read more Despite a tumultuous bilateral relationship fraught with multiple challenges, the United States maintains its commitment to the Chinese market. US Treasury Secretary, Janet Yellen, during her recent visit to Beijing, clarified that any prospective US investment controls would narrowly focus on sectors considered sensitive to national security. Yet, these anticipated actions are not expected to inflict substantial damage to China’s economy. A consistent theme during Yellen’s meetings with Premier Li Qiang and her counterpart,…

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