The World
Top economists want Congress to spend more on the recovery: One bipartisan group including Obama Treasury secretary Tim Geithner and George W. Bush economic adviser Glenn Hubbard laid out a detailed plan. Another led by former Fed chair Ben Bernanke and joined by more than 100 scholars, including Janet Yellen — wrote congressional leaders to approve more rescue funding to head off “prolonged suffering and stunted economic growth.” (Finance 202, The Aspen Institute)
The European Union plans to tighten its defenses against subsidized foreign companies, marking a sharp increase in the bloc’s effort to assert “strategic autonomy” from China and the U.S. while defending its economic interests. (Wall Street Journal)
The Himalayan flashpoint could spiral out of control: China’s Foreign Minister accused Indian troops of provoking the clashes — hand-to-hand combat on steep, jagged terrain, with soldiers losing their footing or being knocked from the narrow ridge and plunging to their deaths. He said the two sides should resolve their tensions through dialogue. Indian Prime Minister Narendra Modi said New Delhi did not want to fight but was ready to do so if necessary. (The Guardian, The Guardian, South China Morning Post)
Beijing announced a partial lockdown and elevated its emergency response to the second-highest level after reporting a cluster of infections tied to a food market. China canceled more than 60% of flights to Beijing. (South China Morning Post, Associated Press)
Excellent North, South Korea explainer: As border tensions escalate, the two militaries rarely exchange fire, but accidental clashes are a risk. Seven things to know, including: Why did they destroy the office? Why is North Korea doing this now? And what happens next? (Nikkei Asian Review)
Nine states — Alabama, Arizona, Florida, Nevada, North Carolina, Oklahoma, Oregon, South Carolina and Texas — reported either new single-day highs or set a record for seven-day new coronavirus case averages on Tuesday. Meanwhile, Canada, US and Mexico extend border restrictions to July 21, and U.S. airlines could ban travelers that refuse to wear masks on planes. (Washington Post, Associated Press, By The Way)
As meat plants stayed open to feed Americans, exports to China surged: While lobbying to keep operating during the pandemic, the U.S. industry sent a record amount of pork to a country vital to its growth. (New York Times)
Greenhouse gas emissions are roaring back as coronavirus lockdowns lift. Chinese emissions returned to 2019 levels—a sharp reversal from earlier this year when daily CO2 levels plunged by a quarter. Daily U.S. emissions were down by 7% in early June, compared with decreases of roughly a third in April. Daily global emissions were 5% below 2019 levels in early June, up from a peak reduction of 17% in April. (Scientific American)
Economy & Finance
Climate tech investing is having a big week: Sweden's Pale Blue Dot raised $60 million for a new fund, Prime Impact Fund emerged with $50 million, and Copenhagen Infrastructure Partners raised a €1.5 billion fund focused on renewable energy infrastructure. Meanwhile, Chris Sacca launched a new clean tech firm. (Axios)
The majority of global PE investors continue to pursue transactions despite Covid-19 — and despite expected declines in revenue as experienced by their portfolio companies and no wider ‘return to normal’ until 2021. (Private Equity Wire)
More than half of investment managers predicted the summer rally will falter. Meanwhile, Asian business sentiment sank to an 11-year low in the second quarter, with some two-thirds of the firms flagging a worsening pandemic as the biggest risk. (The Telegraph, Thomson Reuters/INSEAD survey)
Homebuyer mortgage demand spiked to 11-year high — up 4% last week from the previous week, 21% higher than a year ago — as rates hit another record low. U.S. home construction rebounds 4.3% in May. (CNBC, CNBC)
While Tesla registrations plunge in California, it has become the world’s most valuable automaker. (Wall Street Journal, Visual Capitalist)
China lost a landmark WTO dispute against the EU, providing greater legal certainty for EU, U.S. tariffs and bolstering the U.S. claim that China has not become a market economy. (Bloomberg)
Visa predicts ‘permanent’ shift in consumer spending habits. (Financial Times)
Technology
Half of business IT leaders expect budget cuts and freezes to subside over the next several weeks. 72%, said budgets were cut or frozen in May, but only 49% expect further actions in June and July. The other 51% said they expect budgets to increase or remain at preset levels. (Wall Street Journal)
The DOJ to will propose limiting Internet firms’ protections, following President Trump’s executive order seeking to weaken broad immunity enjoyed by Facebook, Twitter and other platforms. (Wall Street Journal)
Ram Charan explains “The Digitization Imperative:” How every CEO who has not truly started on this path must do so now, even if it seems impossible. (Chief Executive)
51% of Americans between the ages of 18 and 24 got news about the coronavirus either from Instagram, Snapchat or TikTok. Broken down by individual app, Instagram dominates. And it isn’t only young people who rely on Instagram for news. Across all age groups, the use of Instagram for news has doubled since 2018 and it is likely to overtake Twitter in that regard over the next year. (Reuters Institute)
Smart Links
U.S. charitable giving reached record $449.64 billion in 2019. (Barron’s)
How a virologist devised an insurance plan against pandemics. (Wired)
Boats, pools & home furnishings: How the lockdown transformed spending habits. (Wall Street Journal)
As many as six billion Earth-like planets in our galaxy. (University of British Columbia)
Google-backed drones will drop library books so kids in Virginia can do their summer reading. (Washington Post)