This past week, billionaire Elon Musk announced that Starlink Services, LLC, a subsidiary of his company SpaceX, will provide 90% of space-based internet by 2025. In other significant developments, former United States President Donald Trump indicated support for Musk's government efficiency proposal and Ukrainian Foreign Minister Dmytro Kuleba submitted his resignation amid rumors of his dismissal.
Additionally, Trump's sentencing in a hush-money case against him has been delayed until after the election and President Joe Biden's son, Hunter Biden, changed his plea to guilty in his tax evasion trial. Meanwhile, Venezuelan prosecutors sought the arrest of an opposition candidate and Turkey formally applied to join the BRICS group.
On Monday, the United Nations Relief and Works Agency (UNRWA) issued a dire update, revealing that 70% of schools in Gaza have been destroyed or damaged, intensifying the humanitarian crisis in the region. Meanwhile, Kyiv Mayor Vitaly Klitschko, reported explosions across Ukraine's capital, raising concerns over the ongoing conflict between Ukraine and Russia.
In other news, Biden accused Israeli Prime Minister Netanyahu of not doing enough to secure a hostage deal with Hamas, though Netanyahu later reiterated his commitment to reaching an agreement. However, it was later reported that the US might withdraw from Gaza ceasefire talks.
In market news, cryptocurrencies took a hit toward the end of the week, with Bitcoin slumping 5%. Wall Street stocks ended the week lower as jobs data missed estimates. On the data front, the Swiss economy showed mixed signals with inflation dropping to 1.1% in August, while growth was at 0.7% in the second quarter of 2024. Turkish inflation also fell to 51.97%, as the US trade deficit expanded to $78.8 billion in July.
