The World
US private-sector jobs data disappoints, as ADP says private payrolls added 428,000 jobs in August – below expectations for 1 million. Meanwhile, Australia's economy plunged into its first recession in 29 years in the second quarter as the Covid-19 pandemic shut down firms and forced thousands into unemployment. It marked the end of the longest-running growth streak in the developed world. Further, Exxon Mobil is assessing possible worldwide job cuts, after the company announced a voluntary lay-off programme in Australia. (The Telegraph, Wall Street Journal, Reuters)
The U.S. will not join a global effort to develop, manufacture and equitably distribute a coronavirus vaccine, in part because the W.H.O is involved, a decision that could shape the course of the pandemic and the country’s role in health diplomacy. More than 170 countries are in talks to participate in the Covid-19 Vaccines Global Access (Covax) Facility. Meanwhile, FEMA changed its policy on the PPE that it will pay for, no longer reimbursing states for the cost of cloth face coverings at non-emergency settings, including schools, public housing and courthouses. (Washington Post, NPR)
India is building up troops along its disputed border with China following renewed clashes between the two nuclear-armed rivals and reports of the death of an Indian soldier. As well as strengthening its troops and infrastructure along the western stretch of the border in Ladakh, regional officials say India has deployed more troops along its eastern border areas in Arunachal Pradesh state, which Beijing claims as South Tibet. Meanwhile, China and India’s defense ministers are expected to arrive today in Russia for the annual Shanghai Cooperation Organization meeting. (The Guardian, South China Morning Post)
Online M.B.A.s are gaining traction as more U.S. business schools seek new students and some wonder if their traditional full-time and on-site M.B.A. programs will survive. Many universities said they would roll out programs, including Howard University, Wake Forest University and John Carroll University. Meanwhile, Chinese students are rethinking the U.S., as a generation that buoyed the country's $170bn university sector is leaving. (Wall Street Journal, Nikkei Asian Review)
U.S. workers’ satisfaction with physical safety conditions hit its lowest level since 2001: 65% of U.S. workers say they are completely satisfied, down significantly from 74% a year ago and from 79% just three years ago. (Gallup)
Economy
Why factories are so strong during the pandemic: U.S. manufacturing has more than made up ground lost during Covid’s spread, in contrast to services. This marks a change from what has happened in past recessions, where services spending usually holds up while goods spending falls and takes a long time to recover. (Wall Street Journal)
Expanded telehealth services at UT Southwestern have proved effective at safely delivering patient care during the pandemic, leading to an increase in patients even in specialties such as plastic surgery, according to a new study. The results illuminate telehealth’s unexpected benefits during the pandemic and provides potential insight into the future of U.S. medicine. (Science Daily)
Switzerland’s financial regulator has begun enforcement proceedings against Credit Suisse over the bank’s corporate espionage scandal, marking an escalation in the fallout of an affair that rocked the country’s financial industry last year. (Financial Times)
Technology
Apple asked its suppliers to build 75 million of its next generation, 5G iPhone devices, on par with last year’s launch. Apple is also planning to launch a new iPad Air, two new Apple Watch models, and its first ever Apple-branded over-ear headphones. (Bloomberg)
Zoom’s stock soared a day after reporting another big jump in users. Zoom's market value ended Tuesday above IBM’s. Meanwhile, Square shares have rallied 28% in the past month and are up 166% since the start of the year, while bank stocks have fallen sharply, mostly due to the popularity of its Cash App offering. (Wall Street Journal-1, Wall Street Journal-2)
Twitter will add pinned tweets and short descriptions to some of the trending topics on its service to help people understand why they’ve become popular. (The Verge)
Owl Ventures, a San Francisco-based education technology fund whose portfolio includes Byju’s, Labster, MasterClass and Quizlet, announced that it has closed a pair of investment vehicles totaling $585 million. Owl Ventures IV is a $415 million investment vehicle that will be used to invest in edtech startups’ Series A and beyond. The firm also formed its first-ever opportunity fund at $170 million to work as a growth-stage bank for existing portfolio companies. (TechCrunch)
Smart Links
Mortgage demand from homebuyers is now 28% higher than last year. (CNBC)
Ireland pubs call for weekly grants to prevent collapse. (The Times)
Anti-procrastination’ smart glasses use AI to monitor, ping you when you’re distracted. (The Verge)
2020 becomes Chicago’s hottest summer on record. Same in Phoenix. (Chicago Tribune, Washington Post)