Friday☕️

02 Jun 2023 — 4 min read

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Markets/Economies:

South American Currency Proposal:

Brazil's President Luiz Inacio Lula Da Silva, representing one of the BRICS nations, has suggested a common currency for South American countries. This proposition was presented during a meeting with South American leaders.
The initiative would aim to strengthen the BRICS countries' ongoing efforts to move away from the U.S. dollar and encourage the Mercosur trade bloc, comprising Argentina, Brazil, Paraguay, and Uruguay, to use their own currency.
Alternative currencies have been a popular topic in 2023, with the BRICS economic bloc considering options to diminish the U.S. dollar's influence. BRICS stands for Brazil, Russia, India, China, and South Africa.
While the idea of a common South American currency has been discussed before, there is some skepticism about its actual realization. However, the BRICS bloc is planning to discuss alternative currency plans at its forthcoming annual summit.

Student Loan Relief Program:

The US Senate voted to block President Biden's $400 million student loan relief program, with a 52-46 vote in favor of overturning it.
If the program is fully overturned, the student loan payment freeze would end, and payments would continue with no loans forgiven. President Biden stated he would veto this block.
However, the final say will be with the Supreme Court, who will rule on this issue later in June. Last month, the White House issued a statement warning that blocking the relief would undercut the economic recovery, affecting more than 40 million Americans needing student debt relief.
The House has already passed this measure with a 218-203 vote. The Supreme Court, with a conservative majority, is expected to challenge the relief plan.

Business:

Amazon has agreed to pay over $30 million due to privacy breaches, according the Federal Trade Commission lawsuits. The company will spend $5.8 million to settle charges for allowing workers to view footage from Ring doorbell cameras, and a further $25 million for allegations that Alexa improperly stored children's data.
NVIDIA's new AI model, Neuralangelo, can create 3D copies of objects using 2D video clips. It uses different frame angles to correctly gauge an object's depth, size, and shape, even capturing fine details like color and texture.
This AI can produce a 3D scene in two hours and can be used in various fields such as gaming, robotics, virtual reality, architecture, and art. The model will be showcased at a computer vision conference in Vancouver.

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