Daily Dozen | Forbes: Housing ‘Meltdown’; Flood Kills 28; $2.8B Metaverse Hit

The first grain shipment since Russia started its war in Ukraine sets sail from the Ukrainian port of Odesa. Americans who support abortion rights are less likely to vote in the November midterm elections than those who say abortion should be illegal. Generac, which manufactures natural-gas-powered backup generators, looks to grow its 80% market share via packages pairing gas, solar and batteries with artificial intelligence.

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In The News Today

  • As part of a United Nations-brokered deal, a shipment of more than 26,500 tonnes of corn departed from the Ukrainian port of Odesa on Monday, marking the first grain shipment since Russia invaded Ukraine. The move is anticipated to ease global food supply concerns.
  • House Speaker Nancy Pelosi (D-Calif.) and five other Democratic lawmakers on Sunday set off on a congressional delegation to four Asian countries, but the itinerary made no mention of a potential stop in Taiwan that has stoked tension between the U.S. and China. The trip comes after President Joe Biden last week reiterated to Chinese President Xi Jinping during a 137-minute phone call that the U.S. does not support Taiwan’s independence.

Top Take-Aways

Severe weather continued to batter the U.S. as heavy rains caused severe flooding in eastern Kentucky that killed at least 28 people—including some children—with the death toll expected to rise. President Joe Biden declared the flood a “major disaster” and Kentucky mobilized the National Guard to find missing people and rescue those trapped in waterlogged houses.

A new poll found Americans who believe the Supreme Court’s overturning of Roe v. Wade is a “major loss for women’s rights” are actually significantly less likely to say they’ll vote in November’s midterm elections, with 52% planning to hit the polls versus 70% of those who say the ruling isn’t a loss. Across the board, 55% of Americans who support abortion rights say they’ll likely go to the polls compared to 66% of those who say abortion should be illegal.

Nevada set a state record as gaming revenue exceeded $1 billion for the 16th consecutive month in June. Propelled by action along The Strip, the Silver State raked in $1.28 billion in gambling revenue from casinos, up 22.7% from pre-pandemic levels and 8.1% over last June.

Even if a U.S. recession hasn’t formally been declared, the housing market is in a “meltdown.” Ironically, on its mission to quell inflation by hiking up interest rates the Federal Reserve may inadvertently depress housing further into the long term.

Massachusetts Institute of Technology engineers introduced a stamp-sized sticker that takes ultrasound images of internal muscle and organ activity that could be used by pregnant women observing fetal activity, athletes monitoring their heart and muscle recovery, and more.

Private jets, mega mansions, designer clothes and…taking out the trash? Forbes took a look inside the daily lives of 65 of the world’s richest people and found their routines look a lot more average than you’d expect.

Today’s Must-Read

Backup Plan: How Generac Thrives Amid Grid Blackouts And Natural Disasters

Unsatisfied with an 80% market share in the home generator business, CEO Aaron Jagdfeld has big ideas for home microgrids.

In Case You Missed It

A strike by 20,000 ground employees caused “enormous damage” for European carrier Lufthansa by forcing it to cancel upward of 1,000 flights in the latest onslaught of issues plaguing the reeling airlines sector.

Tips You Can Trust

  • Self-employment tends to jump during recessions as companies cut jobs and roll back hiring. If you’re worried that a recession—which is yet to be formally declared—could spell doom for your position or you’re otherwise interested in going the self-employment route, here’s how to make a smooth transition.
  • If self-employment isn’t your jam but concerns about the economy affecting job safety are nonetheless keeping you up at night, here are five tips for job-seekers and job-seekers-to-be to keep in mind during a slowing economy.

Must-Watch Video

Meta Takes $2.8 Billion Loss On Its Metaverse Bet

Meta posted the hefty loss in its Reality Labs division, which contains the augmented and virtual reality operations dubbed the “metaverse.” The Facebook parent said it expects the division’s revenue to fall in the third quarter, and in the meantime it faces a Federal Trade Commission lawsuit alleging attempted monopolization of the virtual reality world.

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