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Jun 4, 2023 • 4 min read

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Week Recap:

Tayyip Erdoğan won another term as Turkey's President, beating out opposition candidate Kemal Kiliçdaroğlu.
Russia is planning to use crypto exchanges for cross-border transactions, aiming to bypass sanctions while complying with regulations. Instead of creating a national crypto exchange, Russian authorities will establish a framework for the operation of such exchanges.
Uganda's President Yoweri Museveni signed an extensive anti-LGBTQ+ law, imposing imprisonment for same-sex activity.
Moscow's Mayor confirmed the city's residential buildings were struck by drones. The projectiles were elements of a broader offensive on Russian territory.
The China Manned Space Agency (CMSA) announced the successful launch of its Shenzhou-16 spacecraft on Tuesday, piloted by a three person crew.
Australia's military enacted an alcohol prohibition for soldiers during military operations and exercises.
Apple announced that its App Store handled $1.1 trillion transactions in 2022, a 29% increase from 2021.
Brazil's President Luiz Inacio Lula Da Silva, representing one of the BRICS nations, suggested a common currency for South American countries. This proposition was presented during a meeting with South American leaders.
Adidas, the second-largest sportswear brand globally in terms of revenue, has recommenced the sale of its Yeezy line, a collaboration with Kanye West, also known as "Ye". The Yeezy brand previously contributed to 8% of Adidas' revenue.

U.S. Debt Ceiling:

President Joe Biden has signed the Fiscal Responsibility Act, suspending the debt ceiling for 19 months and ending a lengthy political stalemate. The legislation, negotiated by Biden and House Speaker Kevin McCarthy, gained bipartisan approval and prevented a potential default on the country's financial obligations.
The Fiscal Responsibility Act suspends the debt ceiling until January 1, 2025, marginally reduces non-defense discretionary spending in 2024, and caps discretionary spending growth at 1% in 2025.
It also includes reforms for oil and gas drilling permits, modifications to work requirements for certain social welfare programs, and the withdrawal of $20 billion in IRS funding and $30 billion in unspent COVID-19 relief funds, among other provisions.
With the act now signed into law, the task remains to integrate its provisions into the federal budget and the required appropriations bills to fund the government in the coming year.

Indian Train Crash:

A train crash in eastern Odisha state, India, has resulted in over 280 deaths and more than 1,000 injuries, renewing concerns about the country's aging and extensive rail system. The collision involved two passenger trains and a freight train. Initial investigations suggest a traffic signaling failure may be to blame.
India's rail network, originally built over 160 years ago during British colonial rule, carries about 11,000 trains daily across 67,000 miles of track. In 2021, nearly 18,000 railway accidents resulted in over 16,000 fatalities.

Formula 1:

The final race of the Spanish Grand Prix is scheduled to take place today at the Circuit de Barcelona-Catalunya in Spain. This track was built as part of the 1992 Barcelona Olympics development program and has been hosting Formula 1 races since 1991.
The Circuit de Barcelona-Catalunya is a fan and driver favorite due to its mix of high- and low-speed corners. The race will cover 66 laps on the 4.657 km circuit, making for a total race distance of 307.236 km.

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