The World
The Supreme Court said: 1) NY prosecutors can see President Trump’s financial records, though they likely will be shielded under grand jury secrecy rules until after the election, and perhaps indefinitely. 2) Congress could not, for now, see his financial records. 3) Half of Oklahoma is a Native American reservation in the criminal justice system’s eyes — which may upend state jurisdiction in much of the former Indian Territory and potentially is one of the most consequential legal victories for Native Americans in decades. (New York Times, The Oklahoman, New York Times)
The Sun Belt has become the global virus capital, as the country set its fifth record in nine days and at least five states set single-day records for infections. Nearly 14% of new U.S. cases are recorded in TX. Houston officials canceled the state GOP convention, as the party vows a legal fight. CA recorded its highest number of deaths in a day, while SF Mayor London Breed awaiting test results after being exposed. Elsewhere, Tokyo posted its biggest one-day jump in cases, while Hong Kong tightened social distancing rules and new cases emerged. In science, UK neurologists published research warning of serious brain disorders in people with mild coronavirus symptoms. (New York Times, Texas Tribune, Houston Chronicle, San Francisco Chronicle, Nikkei Asian Review, South China Morning Post, The Guardian)
The CDC will release updated guidelines for reopening schools after President Trump said he disagreed with guidance from his own administration for doing so. A superintendents’ group analysis showed average school district reopening costs could amount to $1,778,139. (Roll Call, Washington Post)
On the trade war tariffs’ 2nd anniversary, observers agree that the China-U.S. relationship sits at its lowest ebb in decades. Meanwhile, the U.S. plans to finalize regulations this week that will bar government purchases from any company that uses products from 5 Chinese companies including Huawei, Hikvision and Dahua. Meanwhile, Australia suspended its extradition treaty with Hong Kong and offered an immigration pathway for residents fleeing the city. (South China Morning Post, Reuters, Washington Post)
Mexico’s Andrés Manuel López Obrador once condemned President Trump. But on Wednesday, it was smiles, handshakes and praise as the two leaders held White House meetings to celebrate a new trade agreement that both hope can salvage their economies. (Los Angeles Times)
Joe Biden will call for a moderate approach toward reviving the U.S. economy if elected president that includes spurring manufacturing and encouraging innovation, shelving for now the more ambitious proposals pushed by progressive Democrats. (Bloomberg)
The Ivy League placed all sports on hold until January. Meanwhile, Stanford permanently cut 11 of its 36 sports, saying it faces a $70 million shortfall over the next three years. Stanford athletes said they were blindsided, receiving an email from the Athletic Director at 9:10 a.m. PT advising them of a 9:45 a.m. webinar concerning time-sensitive updates for student-athletes. Stanford formerly boasted more Division I collegiate sports offered than any other university. (Boston Globe, Stanford Daily)
Economy & Finance
32% of U.S. households missed their July housing payments. Meanwhile, Manhattan’s apartment vacancy rate topped 3% for the first time while listings surge. Rents fell 6.6% in June, the most in records dating to 2011. (Bloomberg, CNBC)
Wells Fargo now requires new customers to bring at least $1 million in balances to refinance a jumbo mortgage, up from a previous level of $250,000. The change came in a July 1 overhaul of lending guidelines that broadly lowered barriers to the product for existing customers, while making it far harder for new ones to qualify. (CNBC)
ESG approaches a tipping point: Tailwinds are growing stronger for the responsible investing movement as coronavirus and political upheaval rock the globe. (Buyouts Insider)
Investors are plowing money into funds that buy stakes in the general partners behind private equity funds. The GP stakes funds that invest in the largest private equity firms have so much cash on hand that the number of available deals is dwindling — and prices are skyrocketing. (Institutional Investor)
China’s currency rose to its strongest level since March amid a booming stock market and accelerating economic recovery. The renminbi broke through the important seven to the dollar level for the first time in four months. Meanwhile, margin loans to buy equities in China hit their highest level in five years. (Financial Times, Financial Review)
A business’ solid, well-communicated pandemic response not only eases British workers' fears, Gallup poll analysis shows, it also likely inspires their overall confidence in their leaders. The poll found that even slight reservations about leaders' plans to deal with the pandemic can have a powerful effect on workers' overall view of leadership. (Gallup)
Technology
Google abandoned plans to offer a major new cloud service in China and other politically sensitive countries due in part to concerns over geopolitical tensions and the pandemic. In May, the search giant shut down “Isolated Region,” which sought to address nations’ desires to control data within their borders. The action was considered a “massive strategy shift,” and involved hundreds of workers globally. (Bloomberg)
Twitter appears to be working on a subscription platform, codenamed “Gryphon.” Twitter is recruiting engineers to join this team, with employees collaborating closely with the company’s payments team. The job listing didn’t specify how Twitter would use the service. (The Verge)
The U.S. leads the world in top-tier AI research, with nearly 60% of top-tier researchers working for American universities and companies. The US lead is built on attracting international talent, as more than two-thirds of the top-tier AI researchers working in the U.S. received undergraduate degrees in other countries. While China is the largest source of top-tier researchers, 56% of Chinese researchers go on to study, work, and live in the U.S. 53% of all the top-tier AI researchers are immigrants or foreign nationals. (Marco Polo)
Smart Links
Online layoff tracker lists all tech industry cuts since the pandemic. (Layoffs.fyi)
Climate denial spreads on Facebook as scientists face restrictions. (Scientific American)
Carbon-sucking machines could cut aviation emissions. (MIT Technology Review)
Inside NBCUniversal’s plans for Peacock. (Variety)
Seats for Wrigley rooftops, approved for 25% capacity, going for $350. (ESPN)
Alphabet’s Loon balloons provide commercial internet service in Kenya. (The Verge)