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The World
The rapid pace of US consumer price increases steadied at a 13-year high in July while month-on-month gains moderated slightly, as inflationary pressures persisted because of supply-chain constraints and soaring demand. The CPI rose 5.4% in July from a year ago, in line with the 5.4% increase reported in June, which was the largest such surge since 2008. The so-called core price index, which excludes the often volatile categories of food and energy, increased 4.3% from a year before, down from a 4.5% annual increase in June. The core CPI rose 0.3% in July from June, also down sharply from the 0.8% average increase in the previous three months. (Financial Times, Wall Street Journal)
Speaker Nancy Pelosi told her caucus she would not waver from her two-pronged strategy to deliver President Biden’s main domestic priorities, bringing the House closer to a standoff between Democrats' leadership and their most vulnerable members. Pelosi reiterated during a call with members that she would only bring the Senate’s bipartisan infrastructure deal to the floor after the upper chamber finishes the party’s $3.5 trillion social spending package. Her approach shrugs off a growing pressure campaign from moderates, who are urging Pelosi to take up the Senate infrastructure bill more quickly so that they can sell it to voters back home. (Politico)
The rapid collapse of regular Afghan forces has dismayed allies, including those that have contributed troops to the U.S.-led coalition. Meanwhile, the Biden administration has mounted a last-ditch effort this week to convince the Taliban that the world will reject it if it takes over the entire country by force. In the largest such gathering since U.S.-Taliban talks began nearly two years ago, representatives from Russia, China, Afghanistan’s regional neighbors, European powers, the EU, the Organization of Islamic Cooperation and the UN have converged on Doha, Qatar, for U.S.-led meetings with the militants. The hope is that sheer numbers and a unified stance — both during the Taliban meetings and in a tough joint statement to be issued after their last session today — will disabuse the militants of any notion that there are cracks in international resolve to cut any Taliban government off from all diplomatic contact and assistance. (Wall Street Journal, Washington Post)
The Taliban took control of three more provincial capitals in Afghanistan, as the Islamist insurgent group has captured nine, or more than a quarter, of the country’s provincial capitals — as well as control of more than half of Afghanistan’s about 400 mostly rural districts and a number of economically important border crossings. (Financial Times)
Poland’s lower house of parliament has passed a controversial bill that could force a U.S. media group to sell its controlling stake in Poland’s main independent broadcaster. The bill, put forward by MPs from the conservative nationalist Law and Justice party (PiS), would prevent companies from outside the European Economic Area from owning a majority in Polish media companies. The legislation is widely seen as an attack on TVN, a broadcaster owned by the U.S. media conglomerate Discovery, which provides often critical coverage of the government. (Financial Times)
Federal regulators are expected to authorize a third shot of coronavirus vaccine as soon as today for certain people with weakened immune systems, an effort to better protect them as the highly contagious Delta variant sweeps the nation. The decision to expand the emergency use of both the Pfizer-BioNTech and Moderna vaccines is meant to help those patients with immune deficiencies who are considered most likely to benefit from an additional shot. It covers people who have had solid organ transplants and others whose immune systems are similarly compromised. (New York Times)
California becomes the first state to mandate vaccines for teachers, while L.A. moves toward a vaccine requirement for indoor sites. (Los Angeles Times)
“The rebellion is spreading”: After local Texas officials defy his ban on mask mandates, Gov. Greg Abbott begins to clamp down. In the face of skyrocketing hospitalizations, the heads of cities, counties and school districts have grown desperate for ways to contain the virus. (Texas Tribune)
The highest temperature in European history appears to have been recorded in Italy during a heatwave sweeping the country, with early reports suggesting a high of 48.8C (119.85F). If this is accepted by the World Meteorological Organisation it will break the previous European record of 48C (118.4F) set in Athens in 1977. (The Guardian)
‘Heat can kill’: Officials warn Oregon residents as extreme temperatures approach. Meanwhile, two major heat waves are roasting the Lower 48 states, leaving 175 million Americans under alerts. (Oregonian, Washington Post)
Economy
The White House called on OPEC to boost oil production as gasoline prices rise. The Biden administration said OPEC+’s decision to gradually ease production cuts is “simply not enough” during a “critical moment in the global recovery.” The national average for a gallon of gas stood at $3.186 on Tuesday, up roughly $1 over the last year. (CNBC)
Securities regulators are rethinking rules on popular plans that let corporate executives sell stock without violating insider-trading provisions. The plans—known as 10b5-1 plans—allow executives to create schedules for buying and selling shares in the future. In theory, a predetermined sale, even if it comes at a fortuitous time, wouldn’t be based on inside information. But years of research has shown that the reality is more complicated: Executives might establish a plan to sell shares that very day. Executives could set up a raft of plans to sell on different days, then cancel most of them. They can modify plans without disclosing what they are doing. (Wall Street Journal)
Investors are increasing pressure on businesses to disclose the emissions of greenhouse gases related to their products and services. Regulators are starting to ask about that, too. Within the next couple of years, every public company in the U.S. might well be required to report climate information. Such an effort would be the biggest potential expansion in corporate disclosure since the creation of the Depression-era rules over financial disclosures that underpin modern corporate statements. Already it has kicked off a confusing melee as companies, regulators and environmentalists argue over the proper way to account for carbon. (Wall Street Journal)
The market for outsourced investment teams is “red hot” thanks to the darkening outlook for future returns, with allocators of capital increasingly delegating entire multibillion-dollar mandates to outside money managers. Big corporate or public pension plans, endowments and foundations usually have in-house investment divisions and only hand out specific mandates to external money managers. (Financial Times)
Subway franchisees are in discussions to drop Team USA soccer star Megan Rapinoe from a new ad amid her National Anthem protests at the 2020 Olympic Games in Tokyo. Rapinoe, who signed with the company as a spokeswoman this spring, regularly pushes her political views — usually calls for equal rights and an end to the gender pay gap. These views are getting in the way of the company’s reputation and sales, some of the store owners argued during a discussion forum. (Yahoo! News)
The big tech quest to find the metals needed for the energy overhaul: Demand for lithium, cobalt, graphite, and other battery materials is soaring. AI may help dig them up. (MIT Technology Review)
Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever. Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether. Following the below note — and as of yesterday afternoon — some $260m had been returned. (BBC News, The Block)
Technology
Senators introduced legislation that would impose new rules for app stores, amid debate over the dominant roles Apple and Google play in the mobile ecosystem. The bipartisan bill by Sens. Richard Blumenthal (D., Conn.) and Marsha Blackburn (R., Tenn.) aims to boost competition and consumer protections by placing new restrictions on how the stores operate and what rules they can impose on app developers. (Wall Street Journal)
Facebook’s massive business was built on its ability to track users across the internet. But now, thanks to looming regulation and other moves to restrict such data collection, that is changing. Hundreds of engineers are rebuilding how Facebook’s ads work to place more value on user privacy. Facebook’s moves, still in their infancy, illustrate how the ad-supported internet economy is in the process of being fundamentally reshaped. Along with Google, Facebook is examining several privacy-enhancing techniques to deliver personalized ads without knowing anything about the specific individuals who view them. That’s an about-face from how ad targeting has worked online to date. (The Verge)
How Ruth Porat tamed Google’s spending binge: In her six years at the company, Porat has created a more rigorous process for deciding how quickly to make big investments in new hardware for cloud computing, search and other needs. And under her watch, Alphabet has sought to rein in the excesses of free-spending engineers, including by killing projects that don’t look like they’re going anywhere. (The Information)
The usually quiet Apple workplace has been bubbling over with public protests the last six months; first there was a (successful) petition to dismiss a well-known new hire with a sexist reputation, then a public letter demanding more flexible return-to-work policies. In the last week, Apple workers have spoken publicly about two more major workplace issues: Apple forced one engineering manager on leave after she tweeted about her experiences of sexism at work, and the company has also removed three employee-run pay equity surveys from the company's internal messaging platform. (Protocol)
Twitter unveiled a new design for its website, including a new font, higher-contrast colors and less visual clutter. The social media company said the changes are meant to make it easier for people to scroll through text, photos and videos. (Cnet)
Samsung is officially announcing the Galaxy Z Flip 3, designed to imitate the form factor of a classic flip phone. You can’t do much from the outside, but you’ll end up with a smaller, more pocketable device that still packs a sizable display: It’s a 6.7-inch FHD+ display just like last time around, though now with a faster 120Hz refresh rate. When folded, there is still a cover display, and this time, it’s a much bigger 1.9-inch panel that’s big enough to show a full text message or display additional information on a widget. The Flip 3 comes in at a tiny 72.2 x 86.4 x 17.1mm when folded up and weighs 183g, just a little more than the standard Galaxy S21. Like the Fold 3, Samsung also says the plastic outer layer of the Flip’s main display is 80% stronger, but it won’t work with the S Pen. The hardware is also IPX8 water-resistant. (9to5Google)
How Samsung managed to waterproof the Galaxy Z Fold3 and Z Flip3, primarily using Armor Aluminum, tape, and a dab of goo. (The Verge)
Smart Links
Airlines begin to see drop in travel demand as virus numbers rise. (Washington Post)
China signaled sweeping regulation of its tech industry will last until at least 2025 to ensure the “healthy development” of new business models. (Bloomberg)
Tech-savvy teens falling prey to online scams faster than their grandparents. (CNBC)
Burger chain Wendy’s to expand into ‘dark kitchens.’ (Financial Times)
Bloomberg Media’s pivot from live to virtual to hybrid events led to a 500% revenue increase YoY. (Axios)
Artificial intelligence may diagnose dementia in a day. (BBC News)