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The World
President Biden reaffirmed his intent to complete the U.S. evacuation mission in Afghanistan by Aug. 31, but he also ordered contingency plans if that cannot be accomplished — a position that stoked a new round of outrage and confusion about the U.S. exit from a two-decade war. The result was looming uncertainty over whether the U.S. would finalize its exit within a week. (Washington Post)
Biden pours salt into wounds of relations with Europe at G7 meeting: Biden had come under pressure from Britain, France and Germany in particular to extend the US mission in Afghanistan beyond August 31, including during Tuesday’s G7 meeting. (The Guardian, Financial Times)
Afghan citizens will be barred from traveling to Kabul airport to board evacuation flights, the Taliban said. Zabihullah Mujahid, the group’s spokesman, told a press conference that only foreigners would be allowed to reach the airport for evacuation flights, blaming chaos there for the decision. (The Times)
Airbnb pledged to provide free housing for 20,000 Afghan refugees. CEO Brian Chesky said the program would begin immediately, and that Airbnb would pay for the stays. Chesky said the company would work closely with NGOs and its nonprofit arm, Airbnb[dot]org, which provides housing to people in need following natural disasters and other crises. (CNN)
House Democrats forged ahead with President Joe Biden’s economic plans after they broke a stalemate that threatened to unravel the party’s sprawling agenda. In a 220-212 party line vote, the chamber passed a $3.5 trillion budget resolution and advanced a $1 trillion bipartisan infrastructure bill. The vote allows Democrats to write and approve a massive spending package without Republicans and puts the Senate-passed infrastructure plan on a path to final passage in the House. The measure includes a nonbinding commitment to vote on the infrastructure bill by Sept. 27, which aims to appease nine centrist Democrats who pushed the House to consider the bipartisan plan before it took up the Democratic budget resolution. The vote also advances a sweeping voting rights bill, which Democrats aim to pass as soon as Tuesday. (CNBC)
The S&P 500 notched its 50th record close of 2021 as economically-sensitive stocks lifted the market. Shares of banks, oil producers and companies in the travel industry helped power the stock-market rally. (Wall Street Journal)
Vice President Kamala Harris’ trip from Singapore to Vietnam was delayed several hours by an investigation into two possible cases of the so-called Havana Syndrome in Hanoi. The investigation was in its early stages and officials deemed it safe for Harris to make her scheduled stop in Vietnam, which is part of her trip across Asia meant to reassure allies about American foreign policy. (Associated Press)
Vietnamese Prime Minister Pham Minh Chinh has told China his country will not enter an alliance to confront Beijing, before he meets US Vice-President Kamala Harris today. (South China Morning Post)
The Philippine president, Rodrigo Duterte, has agreed to be the ruling political party’s vice-presidential candidate in next year’s elections, laying the groundwork for the leader to stay in power beyond his term. (Reuters)
Goldman Sachs will require proof of vaccination from all staff and clients entering the bank’s offices. The company said the requirement would apply to any individual coming to its offices from September 7, and that any employees who were not fully vaccinated would be expected to work from home. (Financial Times)
The National Rifle Association canceled its 150th annual meeting in Houston, citing the surge of COVID-19 cases in the area. Meanwhile, Texas' biggest county — Harris County — saw a sixfold jump in vaccine rates after offering $100 for first doses. (Texas Tribune)
Hawaii’s governor has pleaded with tourists not to travel to the islands as the state struggles to control Covid-19 amid the growing spread of the highly contagious Delta variant: “It’s not a good time to travel to the islands,” he said. (The Guardian)
A massive wildfire is creeping closer to popular communities and tourist destinations in the Lake Tahoe area, its thick smoke shrouding the clear blue lake in ominous orange hues in recent days. Now, officials say the Caldor Fire in Northern California is of the highest concern. (Washington Post)
Economy
Yale University appointed Matthew Mendelsohn to succeed David Swensen as the head of its influential $31bn endowment, underscoring the rising importance of private capital to big investors. The decision to promote the 36-year-old Mendelsohn to the top job highlights the importance of unlisted, private assets to Yale’s enviable returns over the past three decades. Mendelsohn at present leads the endowment’s venture capital investments, which comprise more than 25% of its $31bn. (Financial Times)
South Africa has highest jobless rate: South Africa’s headline unemployment rate hit a record high of 34.4% in 2Q21, up from 32.6% in 1Q21 of the year as businesses shed staff due to the economic impact of Covid-19. The country’s unemployment rate is now the highest of the countries tracked by Bloomberg. (The Times)
U.S. crops wither under scorching heat: Inventories of grains world-wide are dwindling, further pushing up already high prices for corn and wheat. Some 63% of the U.S. spring wheat crop is in poor or very poor condition, versus 6% at this time last year. (Wall Street Journal)
For months, Apple and Google have been fighting a bill in the South Korean legislature that they say could imperil their lucrative app store businesses. The companies have appealed directly to South Korean lawmakers, government officials and the public to try to block the legislation, which is expected to face a crucial vote this week. The companies have also turned to an unlikely ally, one that is also trying to quash their power: the U.S. government. A group funded by the companies has urged trade officials in Washington to push back on the legislation, arguing that targeting American firms could violate a joint trade agreement. How the White House responds to this proposal poses an early test for the Biden administration: Will it defend tech companies facing antitrust scrutiny abroad while it applies that same scrutiny to the companies at home? (New York Times)
How local governments are scaring tech companies: Congress has failed to regulate tech, so states and cities are stepping in with their own approaches to food delivery apps, AI regulation and, yes, privacy. Tech doesn't like what it sees. (Protocol)
California expands lawsuit against Activision Blizzard. (Axios)
Technology
Testing of carriers across the U.S. shows T-Mobile with a commanding lead in 5G, winning speed tests in 24 cities and rural regions to AT&T's eight, Verizon's two. (PC Magazine)
Microsoft will launch Xbox Cloud Gaming, which lets players stream games rather than having to install them onto a device, on its new Xbox Series X and Xbox Series S consoles as well as older Xbox One machines this holiday. Tech giants like Microsoft, Google and Amazon are betting on a future of video games beyond consoles, where subscription services and software will play a much greater role. (CNBC)
French authorities are using Google Earth to snoop on the country’s three million private swimming pools to uncover suspected tax cheats. The inland revenue has teamed up with Google to develop a program that checks whether owners have declared pools and other home improvements. The software crosschecks the satellite pictures with the land registry. Possession of a pool adds up to €500 a year to both council and property tax. (The Times)
There are a few notable takeaways from paperwork filed by Warby Parker, the eyeglass retailer with digital roots, as part of a plan to go public. The first is that Warby is the latest internet company to shun a traditional IPO in favor of a direct listing. Also, the pandemic was simply brutal for Warby’s business. Revenue grew only 6% last year to $394 million from 2019, a fraction of the 36% revenue growth in 2019 compared to the prior year. Covid forced Warby to close its physical stores—which now total 145—between March and May of last year. The loss of physical sales during those months resulted in Warby getting 60% of its revenue last year from the web and 40% from stores. This year has been brighter for Warby, which saw 53% revenue growth in the first six months of 2021 compared to the same period last year. Sales during that period were evenly divided between offline and online. (The Information)
Smart Links
IKEA tests new store formats that free shoppers from the maze of aisles. (Wall Street Journal)
Walmart announces GoLocal, a last-mile delivery service for other retailers. (TechCrunch)
Miami home sales jumped 58% in July as migration to low-tax state continues. (Mansion Global)
Sequoia Capital’s China affiliate launches hedge fund for health, biotech stocks. (The Information)
TikTok to offer in-app shopping with Shopify partnership. (The Information)
Blue whales returning to Spain’s Atlantic coast after 40-year absence. (The Guardian)