News

Following a government investment in carbon removal technology, major corporations like Amazon and Microsoft are now contributing funds towards the world’s largest deployment of direct air capture (DAC) technology. Amazon plans to purchase a quarter of a million metric tons of carbon removal over the next decade, while Microsoft has agreed to buy carbon credits from a California-based startup.

Both companies aim to target emissions that cannot be eliminated at their source, supporting the growth of technologies essential to mitigating the effects of climate change. While these investments represent significant progress, scientists emphasize the need to remove approximately 1 trillion tons of carbon dioxide from the atmosphere to meet the goals of the Paris Agreement.

The institutional adoption of digital assets in Asia is on the rise, with countries like South Korea, Hong Kong, Japan, and Singapore actively seeking opportunities in the space. This positive shift can be attributed to a clearer regulatory landscape in the region, according to industry experts during Korea Blockchain Week. Despite the ongoing crypto bear market and declining prices, there remains significant global interest in cryptocurrencies. The Asian market appears to have an edge in institutional adoption compared to the US and Europe due to a greater willingness among Asian companies to learn and engage with the industry.

Virtual reality (VR) technology is gaining traction in the healthcare industry as a tool for training doctors and improving patient outcomes. Medical practitioners are leveraging VR headsets to simulate surgical procedures and provide immersive training experiences. The technology has demonstrated potential in pain treatment and rehabilitation therapies, helping patients manage discomfort and enhance cognitive function. Despite challenges such as regulation and cost-effectiveness, VR is being increasingly adopted in medical schools, residency programs, and healthcare facilities.

A federal appeals court has limited the scope of a district court ruling that aimed to restrict communications between government agencies and social media companies. However, it also found that certain agencies likely violated the First Amendment. The ruling eases the ability for federal agencies to engage with platforms like Meta, Google, and X, while cautioning them against coercive actions. The original case, initiated by Missouri and Louisiana attorneys general, alleged undue pressure on social media firms by federal officials to curtail speech related to COVID-19 and elections.

The appeals court narrowed the injunction’s reach, exempting specific agencies, while acknowledging potential First Amendment violations by the White House and other offices. The decision modifies the injunction to crack down solely on illegal conduct and provide clearer guidelines. The agencies found to have likely violated the First Amendment will still be subject to a limited version of the order. The White House, Surgeon General’s office, FBI, and CDC have yet to comment on the ruling.

The European Union has revised its economic growth forecast downward for this year and next due to the impact of inflation and higher interest rates. The European Commission predicts slower growth in the eurozone and the broader EU. Weak domestic demand and high consumer prices are hindering people’s willingness to spend. The European Central Bank faces a crucial decision on whether to continue raising rates to control inflation.

Germany, the largest eurozone economy, is expected to shrink this year due to factors such as higher energy prices and reduced demand from China. Although unemployment remains low and wages are gradually increasing, recession concerns persist. The European Central Bank’s decision on interest rates remains uncertain as economists predict a possible pause in rate hikes. The euro’s depreciation against the US dollar also poses challenges for the region.

Indian Prime Minister Narendra Modi and Saudi Arabia’s Crown Prince Mohammed bin Salman met in New Delhi to discuss and expand trade and security ties between the two countries. During their meeting, they also chaired the India-Saudi Arabia Strategic Partnership Council, which focuses on various aspects such as energy security, investment, defense, healthcare, and food security.

Additionally, the leaders announced a new railways and port corridor deal that aims to connect India with the Middle East and Europe, serving as an alternative to China’s infrastructure program. The corridor is expected to enhance economic cooperation, energy development, and digital connectivity between Asia, West Asia, and Europe. The visit of the Crown Prince to India follows his participation in the G20 summit. The two countries view each other as important strategic partners, with trade between them reaching over $52.8 billion in the previous fiscal year.

The IRS has announced a new effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes. With increased funding and the use of artificial intelligence tools, the agency aims to target wealthy individuals who have evaded their tax obligations. IRS Commissioner Daniel Werfel highlighted the frustration of law-abiding taxpayers and emphasized the importance of holding wealthy filers accountable.

The IRS plans to use a combination of a massive hiring effort and AI research tools to identify tax delinquents. The initiative comes as Republicans in Congress seek to cut back on funding for the agency. The IRS gained enhanced abilities to identify tax evaders through resources provided by the Inflation Reduction Act signed by President Biden. The agency’s tax collection efforts will commence in October, and they anticipate a busy fall ahead.