Table of Contents

• US Inflation Data

• Bill Hwang

• Apple EU Agreement

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Economy & Finance

US Inflation Data

The Consumer Price Index (CPI) for June showed a 0.1% decrease from May, bringing the annual rate to 3%, the lowest in over three years. Core CPI, which excludes food and energy, rose 0.1% monthly and 3.3% annually, the smallest increase since April 2021. A significant drop in gasoline prices offset modest increases in food and shelter costs. This decline in inflation supports the case for potential Federal Reserve rate cuts later this year, with market expectations leaning towards a September reduction. Additionally, real average hourly earnings rose 0.4% monthly, indicating positive wage growth amid the cooling inflation.

Bill Hwang

Bill Hwang, founder of Archegos Capital Management, was convicted of fraud and other charges by a Manhattan federal jury on Wednesday. Prosecutors accused him of market manipulation leading to the 2021 collapse of his $36 billion private investment firm. Hwang was found guilty on 10 of 11 counts, while his deputy, Patrick Halligan, was found guilty on all three counts he faced. The sentencing is set for October 28, with both men remaining free on bail. The Archegos collapse caused significant losses across Wall Street and global banks, as Hwang and Halligan were found to have lied to banks to secure billions in loans used to inflate stock prices.

Technology

Apple EU Agreement

Apple reached an agreement to address EU antitrust concerns over its tap-and-go payment technology. EU antitrust regulators have accepted Apple's commitments to allow rivals access to this technology, concluding a four-year investigation into potential competition restrictions. The commitments include providing third-party developers with access to NFC technology, enabling the use of key iPhone features for competing wallets, and allowing users to set any wallet as their default option. These changes, legally binding for 10 years, aim to promote competition and consumer choice in the mobile payment market while ensuring security. Apple has until July 25 to implement these commitments.

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