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What you’ll read?

• U.S. Faces Rising Inflation Risks as Oil Prices and Port Strike

• Recursion’s AI Platform Accelerates Drug Discovery for Cancer Trials

• Today in AI & Tech

• European Union Moves Forward with Tariffs on China-made BEVs

  and more…

BUSINESS

U.S. Faces Rising Inflation Risks as Oil Prices and Port Strike Loom Over Recovery Efforts

The U.S. economy is now facing fresh challenges, with escalating tensions in the Middle East and hurricane damage impacting several states. These events came just as policymakers were optimistic about controlling inflation without triggering a recession, and consumer sentiment was beginning to improve. However, new risks have emerged, including a potential spike in oil prices and over $100 billion in hurricane-related damages in the Southeast. Additionally, concerns over a possible port workers' strike loom, heightening uncertainty about inflation, according to economist Joseph E. Gagnon.

Recursion’s AI Platform Accelerates Drug Discovery for Cancer Trials

Recursion used its AI-driven drug discovery platform to identify a biological target for treating solid tumors and lymphoma, match it with a drug candidate, and gain regulatory approval for trials in less than 18 months. CEO Chris Gibson called this a significant milestone for both Recursion and the techbio industry. The FDA has cleared the investigational drug REC-1245 for a phase 1/2 trial targeting advanced cancers like ovarian and prostate. This AI-driven approach offers hope for faster, more cost-effective drug discovery, though investors are eager to see if the results meet expectations.

U.K. Housing Market Rebounds as Lower Mortgage Rates Boost Sales

Lower mortgage rates are revitalizing the U.K. housing market, as recent data indicates a significant rise in home sales. Agreed sales jumped by 25% year-on-year in the four weeks leading up to September 22, marking the fastest growth since spring 2021, as buyers who had previously delayed their decisions return to the market. Inquiries from prospective buyers increased by 26% during this period, and house prices also rose by 3.2% year-on-year in September, driven by the recent drop in mortgage rates. The average five-year fixed mortgage rate has decreased to 4.57%, encouraging greater confidence among homeowners.

Harris Campaign Targets Small Businesses in Key Battleground States

Harris campaign surrogates are set to visit small businesses in six battleground states this week, although Harris herself will not attend these events. The tour, titled “Small Business for Harris-Walz,” aims to connect with Black and Latino communities, crucial voter demographics that have been shifting towards Trump. This initiative reflects Harris’s strategy to highlight her support for small businesses while contrasting her approach with Trump’s. The campaign plans various events in Arizona, Georgia, Michigan, Nevada, North Carolina, and Pennsylvania, promoting policies like increasing tax deductions for startups.

TECH

Today in AI & Tech

U.S. Cybersecurity Task Force Launches Against Ransomware

The Biden administration announced a new task force aimed at combating ransomware attacks, emphasizing collaboration between government and private sectors to strengthen defenses and response strategies.

Tesla Aims for In-House Battery Production Amid Challenges

Tesla plans to develop four new in-house battery versions to power the Cybertruck and other electric vehicles, aiming to reduce reliance on external suppliers. The company is currently facing challenges with its 4680 battery production, experiencing significant loss rates during testing. Despite these issues, Tesla intends to use a dry-coating technology in Cybertruck batteries by mid-2025 and aims to manufacture 2,000 to 3,000 units weekly.

Other

Tina Peters Sentenced to Nine Years for Election System Breach

Tina Peters, a former Republican county clerk in Colorado who promoted false claims of ballot fraud in the 2020 election, was sentenced to nine years in prison on Thursday for breaching her county’s voting system. Judge Matthew Barrett criticized Peters, stating, “You are no hero,” and called her a “charlatan” for exploiting her former position to spread discredited conspiracy theories. Peters, who used someone else's security badge to access the election system, had requested probation, claiming her actions were not malicious. However, the judge noted her persistent defiance and lack of remorse, leading to her immediate custody after sentencing. Peters was convicted of seven criminal counts, including conspiracy and violation of duty.

European Union Moves Forward with Tariffs on China-made BEVs

The European Union voted on Friday to implement definitive tariffs on battery electric vehicles (BEVs) imported from China. This decision follows the EU's investigation launched in October 2023, which found that Chinese electric vehicles benefited from unfair subsidies, posing a threat to European producers. Provisional tariffs were introduced in July, and specific duties were assigned based on individual companies' cooperation with the investigation. While the EU has adopted these tariffs, it is also seeking alternative solutions that comply with World Trade Organization (WTO) rules. A spokesperson for China's Ministry of Commerce criticized the EU's investigation, claiming it was biased.

Chlorine Odor and Haze Forecasted for Atlanta Following BioLab Fire

A haze and chlorine odor are expected in Atlanta on Thursday due to a chemical lab fire that broke out at the BioLab facility in Conyers on Sunday. Air quality monitoring detected elevated chlorine levels around the plant, prompting officials to issue a shelter-in-place recommendation and mandatory evacuations for nearby residents. Weather forecasts indicate that shifting winds will carry the chlorine smell into metro Atlanta, although the odor and haze are expected to dissipate later in the day as conditions improve.

Innovative startup makes window automation accessible for all

RYSE SmartShades let you retrofit existing blinds in less than five minutes.

You can set schedules to open at sunrise and close at sunset.

All this comes with seamless Google Home or Amazon Alexa integrations

Take a look at their products yourself.

It's a Wrap!

Thank you for joining us in this journey through the latest updates and insights. Your engagement and support mean the world to us. We hope you found this newsletter both informative and inspiring. Stay tuned for more exciting news and stories in our next edition.

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Warm regards,
Sarah