Title: Meta’s Twitter Rival and Other Top News
Introduction:
In a recent development, Mark Zuckerberg’s Meta is set to launch its own version of Twitter called “Threads,” posing a direct threat to Elon Musk’s group. Meta’s new app will be a text-based platform similar to Twitter, where users can post and engage with other users through replies, likes, and shares. Threads will be linked directly to Instagram, Meta’s popular photo-sharing platform, allowing users to transfer their username and followers seamlessly. This move by Meta comes as Musk’s Twitter faces user backlash for its handling of the social media platform. The rivalry between these tech giants has reached new heights, with personal challenges and taunts being exchanged on their respective platforms. Let’s explore this news along with other top stories.
Meta’s Twitter Rival:
Meta’s Threads app is set to launch on July 6, offering a text-based platform similar to Twitter.
Users can post, reply, like, and share threads on the app.
Threads will be linked to Instagram, allowing easy transfer of usernames and followers.
Meta’s rivalry with Elon Musk’s group intensifies as Twitter faces backlash from users.
Personal challenges and taunts have been exchanged between the billionaire CEOs.
Israeli-Palestinian Conflict:
The Israeli military is planning its largest raid on the occupied West Bank in two decades.
Follow the latest developments on the Israeli-Palestinian conflict.
Shanghai Cooperation Organization Summit:
Vladimir Putin makes his first appearance at an international event since the Wagner Group’s failed coup.
Stay updated on the latest news from the summit.
Other Top Stories:
1. Yahoo’s Return to Public Markets: Yahoo plans to return to public markets, aiming for an IPO to bring the company back into the limelight.
2. US EV Market Heats up: Rivian Automotive, Tesla, and BYD report robust deliveries, driving up competition in the US EV market.
3. Bank of America’s Dividend Delay: Bank of America delays dividend announcement due to a significant mismatch in risk predictions between the bank and the Federal Reserve’s stress test.
4. Legal Challenge to Harvard University: Three Massachusetts-based minority group advocates file a legal complaint against Harvard’s practice of favoring legacy applicants and major donors.
5. Drone Attacks in Moscow: Five drones were shot down near Moscow, raising concerns about security and potential military threats.
The Persistence of Inflation:
Central banks have raised interest rates at the fastest pace since the 1990s but inflation persists.
US Federal Reserve and European Central Bank do not expect inflation rates to return to their 2% targets before 2025.
Explore the reasons behind the persistence of inflation despite aggressive rate hikes.
The LNG market and European Investment:
A race between European and Chinese energy groups to block LNG shipments from the US has led to increased investment in export projects.
European demand for LNG surged during the war in Ukraine.
Discover the wave of deals signed by US manufacturers in recent weeks.
Conclusion:
Meta’s upcoming Twitter rival, Threads, poses a direct threat to Elon Musk’s Twitter group. This development comes amidst user backlash against Twitter’s handling of the platform. The rivalry between Zuckerberg and Musk has taken a personal turn with challenges and taunts exchanged on their respective platforms. Stay updated on the Israeli-Palestinian conflict, the Shanghai Cooperation Organization Summit, and other top stories, including Yahoo’s plan to return to public markets, the competition in the US EV market, challenges faced by Bank of America, legal issues surrounding Harvard University’s admissions practices, drone attacks in Moscow, and the persistence of inflation despite aggressive rate hikes. Additionally, learn about the LNG market’s race between European and Chinese energy groups and the increased investment in export projects.
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Mark Zuckerberg’s Meta should launch its own version of Twitter as soon as Thursday in a direct threat to Elon Musk’s group, which faces backlash from users over its handling of the social media platform.
The new app, called Threads, is “due out July 6,” according to a listing on the Apple App Store. Similar to Twitter, it will be a text-based platform where users can post posts that can be replied to, liked or shared.
The threads will directly link to Instagram, Meta’s popular photo sharing platform that has more than 2 billion active users. Instagram users will be able to easily transfer their username and followers to the new app.
It’s unclear at this stage what the exact scope of the launch will be, or if the app will also launch on Android.
Meta’s challenge comes just days after Musk angered Twitter users by introducing temporary limits on the number of posts they can view.
Meta’s development of a Twitter rival has heightened the personal rivalry among the companies’ billionaire bosses which has taken a bizarre turn in recent weeks. Elon Musk wrote on his platform that he was “ready for a cage match” with the Meta CEO.
Zuckerberg, a medal-winning martial artist, responded by posting on his social media account, “send me location.” It is currently unclear if the fight will take place or the location of any contest.
Here’s what else I’m keeping an eye out for today:
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Israeli-Palestinian conflict: The Israeli military said it would follow up with its biggest raid on the occupied West Bank in two decades. Follow the latest developments here.
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Shanghai Cooperation Organization Summit: Vladimir Putin makes his first appearance at an international event since the Wagner Group’s failed coup last month.
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Independence Day: US financial markets are closed for public holidays.
Five more top stories
1. Exclusive: Yahoo, one of the Internet’s oldest and best-known brands, is planning a return to public markets. Chief Executive Jim Lanzone told the Financial Times that his goal was to again take the company to an IPO as part of a plan to bring the Silicon Valley-based group back into the limelight. Read more of the interview with Lanzone, the former CEO of Tinder.
2. US EV start-up Rivian Automotive disclosed higher-than-expected production numbers, a day after biggest US rival Tesla and China’s BYD reported robust deliveries, sending shares of the companies sharply higher in yesterday’s shortened trading session. Read more about how competition in the US EV market is heating up.
3. Bank of America delayed its dividend announcement after the Federal Reserve’s annual stress test showed a significant mismatch between how the regulator and the lender’s risk managers predicted it would go into an extreme recession. Learn more about the BofA’s and the Fed’s financial models.
4. Harvard University has been targeted by a legal challenge over the practice of favoring undergraduate applicants who are related to alumni or major donors. The complaint by three Massachusetts-based minority group advocates takes aim at Harvard’s use of donors and so-called legacy preferences. to know more.
5. Five drones were shot down over the Moscow suburbs today, marking at least the third drone attack on the city this year. One of the drones appeared to have targeted a military facility near Moscow. Read more about the attack on the capital of Russia.
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More on the war in Ukraine: Russian warlord Yevgeny Prigozhin has invited the Russian audience to defend Wagner amid reports that his paramilitary group is still recruiting in violation of an agreement signed with the Kremlin.
The big read
Central banks raised interest rates at the fastest pace since the 1990s, but the most severe inflation wave in a generation has yet to be tamed. Both the US Federal Reserve chairman and the European Central Bank president said they do not expect inflation rates to return to their 2% targets before the start of 2025. What explains the persistence of inflation in the face of aggressive rate hikes?
We are also reading. . .
Chart of the day
A race between European and Chinese energy groups to block shipments of liquefied natural gas from the United States is spurring investment in a series of export projects that will boost a market facing a potential supply shortage. European demand for LNG – gas that is cooled into liquid form for safe storage and transport by sea or road – increased dramatically during the war in Ukraine. Read more about the wave of deals US manufacturers have signed in recent weeks.
Take a break from the news
Film critic Danny Leigh lists his six favorite movies of the year until now. What are your favorite movies of 2023? Share your picks in the comments below the story.
Artist Nan Goldin’s battle with Purdue Pharma is chronicled in “All the Beauty and the Bloodshed”
Additional contributions of Gary Jones E Benjamin William
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