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Good evening, I’m reporting for CNN Business on today’s top stories. Americans may be less inclined to spend big this summer, with the 2024 KPMG Consumer Pulse Survey revealing that consumers plan to cut back on away-from-home entertainment and vacations. Compared to last year’s spending spree on concerts and getaways, Americans expect to reduce their monthly spending on dining out by 9%, entertainment and media by 8%, and travel and vacations by 7%. This change in consumer behavior is also impacting sales of personal care products, with just 21% of consumers planning to spend more, down from 32% last year.…

India’s stock market experienced a significant downturn after the recent general election, as Prime Minister Narendra Modi’s return to power was seen as diminished and in a coalition. The Bombay Stock Exchange’s index for Public Sector Undertakings (BSE PSU), which includes 56 companies predominantly owned and controlled by the state, saw a particularly steep decline and has struggled to bounce back. The unique corporate structure of these companies can be traced back to India’s independence in 1947 and the country’s adoption of state planning, which aimed to control key sectors of the economy. Companies in various industries such as aviation,…

Spending a weekend at home during the summer can be made all the more fun by adding some games designed to bring the family together. We’ve picked five backyard games that are perfect for all ages. These games are designed to enhance your time together in the garden or, in some instances, the swimming pool. Choose a classic yard game like cornhole or ladder toss, or transform your favorite indoor games into giant-sized lawn games. These games will have you exploring your backyard all summer long. If you like outdoor fun, you have to try a giant cornhole. This outdoor…

In a recent development, the Biden administration has made the decision to prioritize critical air defense capabilities for Ukraine over other countries in order to ensure Ukraine’s survival during Russia’s ongoing assault. According to a senior White House official and congressional sources speaking to CNN, this decision comes at a crucial moment for Ukraine as it faces relentless attacks from Russia. Before this policy adjustment, Ukrainian officials had clearly communicated to the Biden administration the urgent need for additional air defense systems due to ongoing aerial assaults by Russia. The official stated, “If we didn’t do this for Ukraine, they…

In a rapidly changing landscape, Corporate America is embracing artificial intelligence at an unprecedented rate, shifting tasks once solely performed by humans to machines. Recent research conducted by Duke University and the Federal Reserve Bank of Atlanta, revealed that nearly half (46%) of large US firms intend to incorporate AI within the next year to automate various functions previously done by employees. This includes activities such as supplier payments, invoice processing, and financial reporting. Furthermore, companies are also turning to AI-powered chatbots like ChatGPT to assist with creative tasks such as crafting job listings, composing press releases, and developing marketing…

Income, in its various forms and definitions, is a central concept in economics, law, and accounting. Economists often refer to “Haig-Simons” income, which takes into account a person’s consumption of goods and services, as well as the change in their net worth over a specific period. This comprehensive view of income allows economists to analyze an individual’s overall financial position. On the other hand, lawyers often turn to Section 61(a) of the IRS Code 26 to define “gross” income. This definition encompasses all income from any source, such as commission, interest, property deals, and wages. Understanding gross income is crucial…

Alexander Ursenbacher showed his mettle in Group 26 of the Championship League at the Mattioli Arena in Leicester, securing the only victory in the group to advance to the last 32. Despite the high stakes, Ursenbacher, known as the ‘Federer of the Baize’, managed to outshine his competitors, including Scotland’s 2006 world champion Graeme Dott and former Indian Open champion Matthew Selt. In a day filled with football action as Scotland and Switzerland drew 1-1 at Euro 2024, Ursenbacher’s dominance on the snooker table was a standout performance. Following two 2-2 draws with Dott and Selt, Ursenbacher sealed a convincing…

In the United States, tipping has become a significant part of the culture. It is customary to leave a gratuity for various service providers, such as waitstaff, bartenders, and hotel workers. The amount of the tip is typically based on the quality of service received, with 15-20% of the total bill being a common guideline for restaurants. However, in recent years, tipping has become more generous and widespread. This trend is evident in the increasing size of tips that are given, as well as in the expanding list of service providers who now expect gratuities. In addition to traditional industries…

In a significant development, two key congressional Democrats have given their approval to allow the Biden administration to proceed with what is believed to be the biggest weapons package for Israel, valued at over $18 billion and including approximately 50 F-15 fighter jets. Rep. Gregory Meeks, the top Democrat on the House Foreign Affairs Committee, initially delayed signing off on the deal but has now given his approval after receiving assurances from the Biden administration regarding the types of weapons involved. In a statement on Monday night, Meeks emphasized the threats to Israel beyond Hamas in Gaza, expressing his support…

In a recent decision, New York’s highest court has denied Donald Trump’s appeal on the gag order in his hush money case, as reported on Tuesday. The gag order, issued by Judge Juan Merchan in the criminal case against Trump, remains in place. Trump has requested the termination of the gag order ahead of his sentencing scheduled for July. The former president was convicted of 34 counts of business fraud related to hush money payments to adult film star Stormy Daniels. Trump’s lawyer Todd Blanche declined to comment on the matter. In March, Judge Merchan granted a gag order that…