Here’s what you need to know today

• “A ChatGPT moment for biology” - A team of ex-Meta scientists have unveiled an AI model that can generate biological proteins in the way an AI chatbot generates words. Their model, ESM3, is trained on the sequence, structure and function of over 2.7 billion proteins and can generate new proteins as part of the team’s efforts to “make biology programmable”.
  
  

• As France prepares for the Olympics, kicking off 26 July, their plans for a flying taxi service are taking shape. A barge on the River Seine has been approved as a vertiport for flying taxis to take off and land. However, after being limited to 2 flights per hour in a two-seater aircraft, probably still worth taking a bus or taxi from the airport.
  
  

• Good news for those hoping to see interest rate cuts, as the US Federal Reserve Chair Jerome Powell told Congress that the US is “no longer an overheated economy”. He also suggested that recent upticks in unemployment are bolstering the case for a rate cut.
  
  

• Telstra has announced price increases of between 4% and 5% for their 22.5 million retail mobile services. Australia’s largest telco isn’t alone, in January Vodafone raised prices between 6% and 9% and in May, Optus raised prices for new customers between 5% and 6%.
  
  

• In response to concern about the rise of Chinese competitors, the US and Europe both put tariffs on Chinese electric vehicles. Now China’s largest EV maker, BYD, has made their move by announcing a $1 billion factory in Turkey to avoid these tariffs. 
  
  

• Another day, another Boeing crisis. America’s Federal Aviation Administration is inspecting 2,600 planes because it is worried that masks could fail to release in an emergency. Also yesterday, a United Airlines Boeing plane made an emergency landing after a wheel fell off during takeoff. Boeing 🤦

What the…?

Want to save money on your next European holiday? Head to Denmark where the government is offering tourists free meals if they pick up rubbish, clean the harbour or ride bikes rather than drive. This is part of a Danish push to lessen the impact of tourism on its environment.

Investing is a lifelong journey

Here’s what you can learn today.

Jason Zweig: Saving Investors From Themselves

Jason Zweig is one of America’s best personal finance writers and a regular contributor to the Wall Street Journal. And of everything he’s written this is one of our favourites. A simple reminder that when it comes to investing, less is more.

The reason for this? As much as markets might move quickly and businesses are constantly changing, personal finance advice rarely does. Sort out your cash flow so you’re earning more than you’re spending, invest that difference in long-term growth assets, don’t sell when the market falls and don’t chase the hot stock or the latest trend. Rinse, repeat and continue for the length of your working life.

The trouble comes when we try to do too much. Jason writes about research from Paul Andreassen who found that people who receive frequent news updates on their investments earn lower returns than those who saw no news. Which is why, Jason writes, one of his primary jobs as a personal finance writer is to save investors from themselves.

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