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Time examines Trump’s denuclearization agreement with North Korea, Sports Illustrated breaks down the biggest favorites to win the World Cup, Money looks into millennials millionaire aspirations, and Fortune discusses the state of sports streaming._ --- Jul 28, 2023 12:06 AM UTC --- ## More From This Series [All Videos](https://time.com/video/) [From Millennial Savings to Mueller: Let’s Break Down Everything You Need to Know This Week](/video/rtXNwVMd/) ### From Millennial Savings to Mueller: Let’s Break Down Everything You Need to Know This Week [Trump’s Denuclearization Agreement with North Korea ](/video/MaEfHct8/) ### Trump’s Denuclearization Agreement with North Korea [From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week](/video/UCjzyRoQ/) ### From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week --- ## Transcript [ MUSIC ] Welcome to The Breakdown. I'm your host, Neha Joy, and we're here with the top stories of the week from TIME, Money, Fortune, and Sports Illustrated. Now this week, we examine Trump's denuclearization agreement with North Korea Breakdown the biggest favorites and potential challengers to win the World Cup, explore millennials millionaire aspirations, and discuss the state of digital streaming in sports. Now, let's dive in. [ SOUND ] [ MUSIC ] US President Donald Trump and North Korean leader Kim Jong- un made history on June 12 when they shared a smile and a lingering handshake before their nations' flags and the eyes of the world. The two came together at the opulent Capella Hotel on Singapore's Sentosa Island for the first meeting ever. Between the North Korean ruler and the sitting U. S. President to discuss the denuclearization of the Korean Peninsula. North Korea's Kim Jung Un vowed to leave the past behind proclaiming that the world will se a major change. And just hours after Trump and Kim Jong- un's closed door meetings both leaders signed an agreement committing to work towards denuclearization of the Korean peninsula. Both the summit and the agreement mark a sharp turnaround that would've been inconceivable just a few months if not a year ago. Each of the leaders Exchange threats of nuclear conflict that worried many throughout the world for much of 2017. Even in the few weeks leading up to the summit, Trump threatened to back out. And the stakes are high. About a year ago North Korea tested an intercontinental ballistic missile, claiming it was powerful enough to reach US soil. Even UK Prime Minister Theresa May emphasized the importance of Trump sit down with Kim Jong Un, despite recent conflict over Trump's decision to impose tariffs on US allies, including many of Europe. It'sthe denucliarization of North Korea. That is in the interest not just of North Korea and South Korea and countries in the region there. It's actually in the interest of all of us across the world. The agreement signed by Trump and Kim Jong- un calls for the pairs countries to work towards a complete denuclearization of the Korean Peninsula. But it's a departure from the previous hardline stance applied by multiple US administrations, which called for a complete verifiable, irreversible denuclearization of the Korean Peninsula. And the larger question remains Can the United States trust the North Korean leader, who is known for his human rights abuses and who reportedly ordered the execution of his own uncle. President Trump appeared on ABC to discuss his take. I'm given what I'm given, okay? I mean this is what we have and this is where we are. I think that he really wants to do a great job for North Korea. I think he wants to de- nuke. It's very important. We are starting from scratch. We are starting right now. And we have to get rid of those nuclear weapons. Well what the US gains from this agreement remains to be seen, much of what North Korea wants has been provided from halting the Korean War games to a recognition of its machine at a equal footing with the United States. Since US diplomatic talks with North Korea began in 2018, Kim has been hosted twice by the Chinese President, held two meetings with his South Korean counterpart and been visited by the Russian foreign minister Sergey Lavrov. North Korea is doing really well cuz they had sit- down with the President of the United States that's incredible elevation to the world stage. And parity and legitimacy. The U. S. basically isn't getting anything out of this except, you know, what the world's getting. People talking about peace and moving forward toward denuclearization, whatever that means. The Iran deal is, you know, took, it was more than a year of negotiations. This process is upside down. It begins with a celebration. And a broad statement of widely accepted peace, but no details. Those earlier deals were undone, because North Korea refused to comply, and diverged from the details. It ended with them leaving the non- proliferation treaty, and therefore The UN inspectors were no longer there. That's where we're starting from now. So we don't have anything to enforce yet. All we've had is good feeling. It's kind of hard to imagine them giving up everything that got them to where they are. [ MUSIC ] The world's biggest sporting event officially kicks off tomorrow. And as World Cup mania begins, we're looking at the teams expected to take it all, and which teams could potentially challenge this year's group favorites. Brazil is the betting favorite to win this year's tournament. By Brazilian national team standards, these past several years have been rough for the team. They're now looking to bounce back from their World Cup travesty in 2015. Despite a home turf advantage that year, Brazil ended the tournament in fourth place. The team took the loss to heart and has now regained their foothold as one of the top teams in the world. In a best case scenario, fans will be able to see Brazil decisively defeat Germany for a final win leading to a sixth world cup title for the country. Germany stands as the number one soccer team in the world, and currently has seven to two odds to win the World Cup again, right behind Brazil. It's tough to imagine any way Germany doesn't make it to the quarter finals this year. Fans can expect to see the reigning champs dominate the entirety of the tournament. Star players like Toni Kroos, Thomas Muller, and Manuel Neuer, will dazzle fans with their great skill. Spain lags behind Germany, with 6- 1 odds to bring the trophy home. With star players like Andres Iniesta, Sergio Ramos, and Isco, Spain hopes to top Cristiano Ronaldo, and Portugal, in their group. France is another contender to win it all. One of its star players, Kylian Mbappe, was born in 1998, the year France won its only title. But while he won't celebrate his 20th birthday until December, the World Cup's second youngest player leads a cast of stars poised to challenge for title number two. With international retirement rumors swirling around Lionel Messi, this may be his last shot to win the World Cup. As a result, Argentina is seen as another serious contender. We'll see if Messi prove if he's the best player in the world and tag team with Sergio Aguero to deliver his teammates to the final. Now, what's a tournament without some surprises. Our potential disruptors this year include Belgium, England, and Uruguay. Each includes all- star talent but Belgium stands as the most intriguing. As the third- ranked team in the world with Eden Hazard as your player to watch. If the Chelsea star is in peak form, Belgium is surely to be a contender for the cup. Now when it comes to the World Cup, you can never predict what surprises are in store. So we'll see if these favorites and disruptors dominate as fans expect. [ SOUND ] [ MUSIC ] Well Millennial money habits are the **** of jokes, who doesn't love avocado toast? They still have high hopes for their future bank accounts. According to survey results from TD Ameritrade, about half of people between the ages of 21 and 37 expect to eventually become millionaires or already are. The firm sponsored a survey asking around 1, 500 millennials at what age, if any they'd thought they'd earn the millionaire moniker? 53 % said they believe they'd become one in their lifetime. With 7 % of those predicting they'd reach that status by 30. 35 % felt they'd become a millionaire in their years leading up to their retirement between the ages of 40 to 50. And about 4 % of that group said they already were millionaires. This isn't just youthful optimism with the abundance of success stories coming out of Silicon Valley where employees receive a multitude of stock options. At best, it's an outlook that's in the cards for some in this generation. But where can millennials actually earn the most? Well, according to the most recent census data, it's not the Golden State that offered the highest median income for the Millennial generation, but the District of Columbia, where the median pay was more than $ 87, 000 for the 25- 44 age demo. Other coastal states like Massachusetts, Washington, California, and New York weren't far behind, offering millenials the chance to earn over $ 70, 000 as a median income. The problem is, it's expensive to live in many of these states. Earning $ 70, 000 or more doesn't seem like a lot when the median home price is over half a million dollars. Offsetting the cost of living, millennials have the best prospects in places like Massachusetts and Virginia but places like New York and California fall far behind. Meanwhile young people living in places like the Dakotas and Wyoming get to the stretch their dollar considerably thanks to a lower cost of living and a decade long energy job boom. Keeping expenses low is required if millenials aim to reach their millionaire potential, especially since according to TD Ameritrade survey, half of millenials have over $ 15, 000 in credit card debt, 40 % have car loans, and 36 % have student loan debt. But everyone can set themselves up for success with retirement savings and 401k options. Even a 25 year old earning $ 63, 000 a year could save over a million dollars by age 65, as long as they save about 6 % of their salary in a 401k plan, and take advantage of company match offers. Being a millionaire is definitely nothing to sneeze at, but it's not as rare as you might think. Money reported last year that 1 in every 20 Americans is a millionaire. It's no wonder then that many in this millennial generation believe that attaining millionaire status is within reach. [ MUSIC ] Cord cutting sports fans rejoice. Big league sports continue to look beyond traditional broadcast television to stream their games. Amazon just inked a new deal to exclusively stream Premier League Soccer in Britain. This deal builds upon the platform's existing roster to stream the NFL's Thursday night football games for each of the 2018 and 2019 seasons to more than 200 countries and territories. It's a step up from Amazon's previous livestream agreement in 2017 with the NFL that drew more than 18 million viewers over the course of 11 games. Bezos' brain child also bought exclusive rights to broadcast the United States Open and a five year deal across the United Kingdom and Ireland. And Amazon isn't the only tech giant to get in on sports streaming. Facebook signed a deal with Major League Baseball to exclusively stream 25 games for over $ 1 million per game. While sports leagues on the whole are eager to increase the number of bidders for their content, they've been reluctant to turn over exclusive rights to a digital platform. Typically, they secure deals that include digital streaming options in addition to TV broadcasting. That's what makes Amazon and Facebook's recent exclusive streaming deal so significant. It marks a shift happening in sports and television. As Silicon Valley tries to go head to head with studios and traditional broadcasters. And American Football at the benchmark for its broadcasting standards. All eyes will be on 2022 when the NFL's current deals with CBS Comcast, Fox, and Disney end. Now, we sat down with Fortune writer Eric Jenkins to hear what we can expect from tech giants as they position to position itself within big- league sports and how the industry as well as viewers will be impacted. [ MUSIC ] All right, Eric, thanks so much for joining us, now, let's jump right into it. Now, Facebook and Amazon, they're still developing how they're going to monetize their video content. So how will they justify spending big to compete with traditional broadcasters? They can totally afford to. For the amount of money that they make each year, what they're putting into these streaming ventures are really peanuts to them. Amazon just signed a deal with the Premier League in England for about $ 120 million over three years, and they just posted a quarterly profit last quarter for $ 51 billion, so It's pretty low risk, high reward for them Now, we see that social audiences tend to lean younger but older audiences are still watching traditional TV. So, is this gonna be a bumpy transition for exclusive digital streaming? Yes and know, they definitely will be a little bit of an adoption time for older audiences. But there are a number of different platforms that they can Choose to watch from. And on top of that, it's really offering much more than television. You look at a service like Amazon Prime, it comes with free two day shipping, premium TV and movie content. So it's really more of a bundle that is more appealing to consumers. Now, specifically in the case of the MLB, why do you think they decided to stream on Facebook, when their audience tends to run a little bit older. Yeah, it's exactly what you're getting at. The MLB definitely has issues with an older audience. A number of their viewers tend to skew over 50 years old, but Facebook will obviously provide a little bit more of a younger reach to them. And, on top of that, it's the biggest social media network in the world. And it has over a billion users so it will definitely be appealing to them to have. That access. Yeah. All right, well we'll see what's in store for the future of digital streaming, right? Yes. All right, all right, thanks so much for joining us. Thank you. [ BLANK_AUDIO ] And that's all for the breakdown for this week. Until next Wednesday, I am Naja Joy. And thanks for joining our weekly roundup of the news. 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