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Jul 1, 2023 • 4 min read

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France Riots:

France is currently experiencing violent riots following the police shooting of a 17-year-old boy, Nahel M., of Algerian Descent, during a traffic stop in a Paris suburb. The incident, which was caught on video, sparked outrage and led to nationwide unrest, particularly in cities such as Marseille, Lyon, Toulouse, Strasbourg, and Lille.
Buildings and vehicles were set on fire, stores were looted, and hundreds of people have been arrested in the chaos. In response to the situation, the French government has deployed 45,000 police officers onto the streets and is considering declaring a state of emergency. The interior minister, Gerald Darmanin, has called for public transport to be halted from 9 p.m. across France to help restore order.
President Emmanuel Macron has returned from a Brussels summit to address the crisis. Macron has also requested social media platforms to remove sensitive footage of the rioting and reveal the identities of users promoting violence.
The ongoing unrest has already led to significant disruptions, with events being canceled, shops being ransacked, and multiple injuries reported by the police. With the potential of violence spreading into the centers of France's largest cities, the situation remains critical.

U.S. Student Debt Relief:

The US Supreme Court has officially rejected President Biden's plan to forgive student loan debt. The court's decision comes in response to a plan that proposed eliminating up to $20,000 of student debt for tens of millions of Americans, and totaled about $430 billion. Introduced in 2022, the plan cited the COVID-19 pandemic as a reason for its necessity.
Despite this, concerns had previously been raised about the plan's legality. Since its introduction, the plan has continually faced opposition, with court injunctions and debates over legality and economic considerations.

Apple hits $3 Trillion Market Cap:

Apple has reached a landmark moment in Wall Street history, becoming the first company to close with a market capitalization surpassing $3 trillion.
This accomplishment underscores the ongoing dominance of large tech firms in equity markets. Apple's shares rose by 2.3% on Friday, contributing to a rally that has added more than $983 billion to the company's market value this year.
This has solidified Apple's status as the world's largest company by market cap, positioning it roughly half a trillion dollars ahead of Microsoft, the second largest company. Apple's market cap milestone has also propelled the Nasdaq 100 Index to record its best first half ever, fueling a broader stock market rally and highlighting the dominance of tech mega caps.

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