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The EU needs to share its money… or else

According to the EU’s financial pundits, Europe is falling behind the rest of the world. Last week, the EU was battered with a nearly 400-page report by Italy’s former Prime Minister Mario Draghi, which stated the continent needs to up its economic game or take on lower standards of living. It was not well received.

As the EU grapples with meager economic growth, high energy prices, and declining trade, Europe is struggling to keep up with the US and China. Draghi’s report was an attempt to wake up EU leaders, but some are still sleeping.

Unilateral ultimatum

Draghi wants the EU to boost investment by as much as $884 billion to bridge the gap between the EU and the US that has only widened for over two decades.

Per the report (see here), countries could borrow money from each other to spur their shared investment from 22% of their GDP to 27%, reversing the decline. But Draghi has much more in store:

• He wants all 27 member countries of the EU to work closely together and coordinate policy so they can kickstart competitiveness in key industries.

  • This means removing roadblocks posed by government bodies that restrict trade and promoting more business acquisitions.

• Draghi wants money to be dumped into technological innovation and shared defense spending, along with subsidies for clean tech and the energy industry.

• He would also like the EU to further distance itself from China, especially regarding production.

While it might seem like a decent idea on paper, geopolitical factors, funding issues, and ideological differences have already posed a problem.

Rising opposition

Germany (Europe’s biggest economy) almost instantly shot down Draghi’s idea of shared borrowing, which has historically been a point of contention among richer EU members.

• According to Filippo Taddei, an economist at Goldman Sachs, securing enough funding will prove to be the biggest issue.

Combined with political factors, like shared borrowing relying on heavy support in both the French and German parliaments, it is doubtful Draghi’s plan could get enough money to move forward.

Technology

Apple’s AirPods can be used as hearing aids, per the FDA

Now those who are hard of hearing can be dripped out while they say “huh?” over and over. Apple’s AirPods 2 Pro have been approved by the FDA for use as over-the-counter hearing aids after an innovative software update.

Federal health officials just approved the sale of OTC hearing aids two years ago to try and increase availability and lessen prices. But now, some AirPods owners can own the “clinical grade” medical device simply by installing a free update.

New times, new tech

The software update should be able to be used in over 100 countries, according to Apple. It will enable a whole host of features for Apple AirPods Pro 2 owners, but in regards to the hearing side of things:

1. You take a simple, five-minute hearing test.

2. After you get the results, you can alter multiple sound settings to better fit your needs.

3. Finally, a chart will measure your hearing levels throughout time, to pinpoint exactly what needs to be adjusted.

Unfortunately, this feature is exclusive to the Apple AirPods Pro 2 and they can only be used by those at least 18 years or older who suffer from mild to severe hearing loss.

• They won’t be able to replace an all-day use hearing aid, however, as the AirPods Pro 2 earbuds only have a six-hour battery life.

  • Although, they are a cheaper option at $249 than the majority of other OTC options (surprisingly), which range from around $100 to over $7,000.

Those who want to use the feature will also need either an iPhone or iPad that can run the new iOS 18 update, which installs the new hearing assistance software.

Additional protection: In order to prevent consumers from being overexposed to ululation, Apple will also introduce a separate Hearing Protection option for the AirPods Pro 2.

Apple’s main competitor has three folds?

No, I’m not calling them fat. Huawei, Apple’s Chinese rival, released the world’s first trifold, two-hinged, foldable phone, hours after Apple launched its iPhone 16 event. Besides the three screens, there is one massive discrepancy.

And that would be that the phone, called the Mate XT, costs over $2,800. That’s around $300 more than a Macbook Pro. Innovation comes at a cost, I guess.

Feeling foldable

The company’s CEO, Ren Zhengfei, said the piece of hardware will turn “science fiction into a reality,” but is that the case?

Here’s what information is available about the Mate XT:

• With its inverse dual-hinge design that folds into a "Z" shape, the Mate XT can be used in multiple configurations.

  • It can be used like a regular-sized phone, a larger phone, and a tablet.

• It comes in red and black designs and measures out to 10.2 inches when completely unfolded.

• The Mate XT starts with 16GB of RAM, with options for 512GB and 1TB.

• It has a triple-camera setup.

• It is also equipped with AI features, like photo editing, messaging, and translation.

While we already covered the base model is $2,800, the prices only go up, similarly to Apple’s iPhone upgrades. For each higher tier of RAM, the price increases by around $300, with the most expensive version (1TB of RAM) being ~$3,370.

• The price seemingly hasn’t deterred customers though, as Hauwei said the phone already has 5 million preorders.

Major competitor: The Mate XT releases the exact same day as Apple’s iPhone 16, and has eerily similar features, like AI-compatibility. Apple’s market dominance in China has slowly decreased in the past few years, even in the wake of US sanctions which should’ve stunted Huawei’s growth.

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Grab Bag

Your (least) favorite federal agency just started a podcast

You can now listen to the NSA (not nearly) as much as they listen to you! Possibly hoping to boost its reputation a bit, the National Security Agency started a podcast, giving details on the discreet organization and shedding light on declassified missions. I’m not sure what’s worse… this, or the Talk Tuah podcast.

For many years, the NSA and what it does was kept behind tight-lipped mouths and shut doors until Edward Snowden leaked top secret info on their surveillance programs. Now, we can listen to what they’re willing to share through interviews with their security specialists.

Not-so-secret service

The No Such Podcast, a reference to the NSA's former nickname, "No Such Agency," will run six episodes through mid-October, and is available wherever you get your podcasts.

• So far, three episodes are out, with the first discussing the declassified story behind the mission that took down Osama Bin Laden.

But why start a podcast? The agency says it wants to highlight its "incredible public servants" who have not received public recognition and discuss some of the work their “expert” workforce does. In reality, its probably just a PR stunt.

According to an agency spokesperson, the podcast could help level with fresh graduates who have their eyes set on top tech companies instead of the secretive agency, and make their image a bit more familiar.

Campbell Soup but without the soup

Don’t worry your New England clam chowder isn’t going anywhere… but their name is. In an indication that the century-and-a-half-old company is focusing less on its soup, CEO Mark Clouse revealed this week that Campbell Soup Company intends to rebrand to The Campbell's Company.

Soup sonnet

While your soup will stay on the shelves, it just won’t get the attention it used to, much like my girlfriend after I got a cat. The Cambell Company (just doesn’t sound right) is simply shifting more focus toward its non-soup brands, which are pretty important for them:

• Currently, snacks account for about half of Campbell's revenue.

  • In 2023, snack sales increased by 13%, while soup sales only rose by 3%.

Campbell owns a lot of snack companies: Kettle, Cape Cod, Late July, Snyder's, Prego, Swanson, V8, Rao's, Goldfish, and Pepperidge Farm are all a part of the Campbell family, plus some others. So it’s safe to say they have a lot on their plate (or bowl).

The name change “better reflect[s] the full breadth of the company’s portfolio,” said Clouse. And with $200 billion worth of sales ready to claim in the snack sector, I don’t think many would blame them for pivoting.

Fast Facts

Hefty Hats: The price of the bearskin hats worn by Buckingham Palace guards jumped 30% last year to over $2,500 per hat. In the last 10 years, the UK government has spent over $1 million on the hats alone, according to the BBC.

Elephant Eliminators: Due to food shortages, Zimbabwe may start culling elephants for the first time since 1988.

Crypto Crime: American victims of cryptocurrency scams lost $5.6 billion last year, up 45% from 2022, according to an FBI analysis.

Cranium Caution: Congress is being urged by 42 state attorneys general to enact laws requiring social media companies to post warning signs about mental health on their platforms.

Bluey Billions: The animated Australian kids show, Bluey, is the most-watched show in the US this year, with 35 billion minutes viewed, according to Nielsen. RIP Blues Clues.