Zelenskyy visits White House as partisan divide grows ahead of US vote
Al Jazeera,

Ukrainian President Volodymyr Zelenskyy visited the White House on Thursday, meeting with President Joe Biden and Democratic presidential candidate Kamala Harris. The visit comes at a critical time, as Ukraine continues to rely heavily on US military support in its war against Russia. Zelenskyy is seeking assurances that this aid will continue, regardless of the outcome of the upcoming US elections in November.

President Biden reiterated his commitment to Ukraine, promising a new round of support worth nearly $8 billion, part of a larger “surge in security assistance” designed to help Ukraine maintain its defense capabilities. Biden further assured that all the funds already allocated to Ukraine would be fully disbursed before his term ends in January 2025. He stated, “The United States will provide Ukraine with the support it needs to win this war.”

Despite these assurances, the visit took place amid growing political friction in the US, particularly between former President Donald Trump, the Republican candidate, and Zelenskyy. Trump and several other prominent Republicans have questioned the continued financial support for Ukraine, arguing that the US should focus more on domestic issues. Zelenskyy’s visit highlights the partisan divide on this matter, as the election looms ever closer.

Sam Altman tells OpenAI staff there’s no plan for him to receive ‘giant equity stake’ in company
CNBC,

At an internal meeting on Thursday, OpenAI CEO Sam Altman addressed rumors surrounding his potential equity stake in the company. Altman, who co-founded OpenAI nearly nine years ago, confirmed that there are currently no plans for him to receive a “giant equity stake,” despite speculations. The meeting was held amid discussions within the company about restructuring its financial model to better support its growth, possibly converting it into a for-profit business.

Investors have raised concerns about Altman not having any personal equity in the company, considering OpenAI’s valuation as a leading player in the AI industry. Altman, however, reassured employees that no decisions have been made. “There are no current plans here,” he stated, in response to questions raised during the meeting. He further explained that OpenAI’s mission to develop safe and accessible AI technologies would remain at the forefront, regardless of any financial restructuring.

OpenAI Chairman Bret Taylor also confirmed in a statement to CNBC that the board has had discussions about compensating Altman with equity, but no specific figures or proposals have been made. Taylor added, “The board has had discussions about whether it would be beneficial to the company and our mission to have Sam be compensated with equity, but no specific figures have been discussed nor have any decisions been made.”

Bitcoin Holds Above $64K as China Stimulus Sends Conflux’s CFX, Dog Memes Running High
Coindesk,

In Friday’s Asian market, Bitcoin continued to hold steady above the $64,000 mark as news of China’s economic stimulus spread across the financial sector. The People’s Bank of China’s recent injection of liquidity has spurred increased interest in assets tied to the Chinese economy, with traders particularly focusing on Conflux’s CFX, often referred to as “China’s Ethereum.” CFX saw an 18% rise, making it one of the strongest performers in the market, as traders believe it will benefit from China’s renewed focus on digital assets.

Memecoins, particularly dog-themed tokens like SHIB, BONK, and FLOKI, also saw significant gains, fueled by a renewed appetite for risk among investors. BONK led the surge with a 17% increase, while SHIB and FLOKI followed closely behind with gains of 15%. The renewed interest in these coins is linked to China’s economic stimulus, as investors look for high-risk, high-reward opportunities amid the improving market sentiment.

However, despite these short-term gains, concerns remain about the long-term outlook for China’s economy. While the government’s recent actions have injected liquidity into the financial system, larger structural issues, such as weak domestic demand and ongoing real estate crises, continue to weigh heavily on economic forecasts.

China’s industrial profits suffer biggest slump this year, adds to economic woes
Reuters,

China’s economic troubles deepened in August, as industrial profits saw their largest contraction of the year. According to data released by the National Bureau of Statistics, industrial profits plunged by 17.8% in August compared to the previous year, marking a sharp reversal from July’s 4.1% growth. Over the first eight months of 2024, industrial profits rose by just 0.5%, down from 3.6% growth in the January to July period.

The slowdown is attributed to a combination of weak market demand, natural disasters like high temperatures and floods, and a high statistical base from last year, which made the decline appear even more severe. Key industries such as automobile and equipment manufacturing were hit particularly hard, contributing to the overall slump.

Wei Ning, a statistician from the National Bureau of Statistics, cited the lack of effective market demand as a primary cause of the contraction, adding that natural disasters and external economic factors further exacerbated the situation. Zhou Maohua, a macroeconomic researcher at China Everbright Bank, noted that the slowdown is reflective of deeper structural issues within China’s economy, particularly in sectors like property and manufacturing.

The grim industrial profits report adds to a growing list of weak business indicators, sparking fears of a longer-term economic slowdown. Earlier this month, major global brokerages lowered their growth forecasts for China, with several now predicting that the economy will miss the government’s target of 5% growth for 2024.

Why ‘Comrade Kamala’ memes are spreading among Latino exiles
BBC News,

In Latino exile communities across the United States, Vice President Kamala Harris has become the target of a growing wave of misinformation, as viral memes portray her as a communist. These claims have resonated particularly strongly among voters who fled authoritarian regimes in countries like Cuba and Venezuela, where fears of socialism and communism run deep.

One such viral video, which was widely shared across social media, falsely depicts Harris and her running mate, Minnesota Governor Tim Walz, posing for a selfie in front of a banner for the Revolutionary Communists of America, a far-left group. The video, which has been thoroughly debunked, was doctored by a group of Donald Trump supporters known as the Dilley Meme Team.

Despite the video being proven false, it has been widely circulated among Spanish-speaking communities, particularly in Florida. According to Evelyn Pérez-Verdía, a cultural context strategist based in South Florida, the spread of these memes has been effective because they tap into long-standing fears of communism. She noted that these types of false claims are being discussed on popular Spanish-language radio stations like La Nueva Poderosa in Miami.

Fact-checkers have been working to debunk these claims, but the damage has already been done. Many people in these communities continue to believe the false narrative, reinforcing their distrust of Harris. While some radio hosts have since clarified that the video was fake, they have also added fuel to the fire by suggesting that Harris’s political ideology is still Marxist, regardless of the video’s authenticity.

Titan owner Rush claimed NASA helped develop carbon fiber hull; agency has different story
Fox News,

Stockton Rush, the co-founder and CEO of OceanGate, the company behind the ill-fated Titan submersible, had previously claimed that NASA was involved in the development of the vessel’s carbon fiber hull. However, new testimony from NASA officials indicates that the agency’s involvement was much more limited than Rush suggested.

At a hearing with the Coast Guard Marine Board of Investigation, NASA materials engineer Justin Jackson testified that the agency had initially intended to assist with the development and testing of the hull, but those plans were derailed by the COVID-19 pandemic. As a result, NASA’s role was reduced to consulting on a one-third scale mock-up of the submersible, rather than the actual Titan vessel that imploded during its descent to the Titanic wreckage in June 2023, killing all five people aboard, including Rush.

Additionally, Boeing, another aerospace company that was consulted on the project, has stated that its recommendations for the hull’s construction were largely ignored by OceanGate. Boeing officials have expressed concern that key safety measures were overlooked in the development of the submersible, which ultimately contributed to its tragic failure. The Coast Guard continues to investigate the disaster, with new evidence emerging in the ongoing hearings.