Financial Markets and Economy
How Uber Lost More Than $1 Billion in the First Half of 2016 (NY Times)
Uber has upended the transportation industry in the span of a few years. But the ride-hailing company has been losing a lot of money while doing so.
Dollar Edges Lower Before Yellen as European Stocks Fluctuate (Bloomberg)
Caution prevailed in financial markets before a speech by Federal Reserve Chair Janet Yellen, with the dollar paring a weekly advance, while European stocks and U.S. futures fluctuated.
Japan July consumer prices post biggest annual fall in three yrs (Reuters)
Japan's consumer prices fell in July by the most in more than three years as more firms delayed price hikes due to weak consumption, keeping the central bank under pressure to expand an already massive stimulus program.
California Aims Retirement Plan at Those Whose Jobs Offer None (NY Times)
California is preparing to create a mandatory state-run retirement plan for an estimated six million workers at companies that do not now offer any retirement benefits. The move could make California the first state to require companies to take part in such a system.
Mexico Said to Consider Tax Cut for Private Equity Investors (Bloomberg)
Mexico is evaluating ways to aid private equity investors and spur growth in the industry, including a reduction in the tax that funds pay to list companies on the stock exchange, according to four people with knowledge of the proposals.
China urges Japan to be 'constructive' at G20 summit (Reuters)
Japan should play a "constructive" role at the upcoming G20 summit in the Chinese city of Hangzhou because cooperation is in the interests of all parties, China's top diplomat told a visiting Japanese envoy.
Why Sears Had to Borrow Another $300 Million From Its CEO (Fortune)
The hedge fund manager will provide additional debt financing of $300 million to the beleaguered retail company he now heads and created in 2005 by combining Sears department stores and Kmart.
VW reaches accord with dealers to cover diesel-cheat losses (Bloomberg)
Volkswagen agreed to pay 652 auto dealerships for their losses from the diesel-cheating scheme that's affected more than a half million cars in the U.S.
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Google Fiber is pulling back on its broadband rollout as pressure grows to cut costs (Recode)
For the past year, Ruth Porat, the CFO of Google and its parent Alphabet, has told Wall Street that Google Fiber is her most expensive unit outside of the core business — and is well worth the costs.
War of words hots up between US and EU over tax avoidance (The Guardian)
The US has been accused of “behaving like a tax haven”, in an escalating war of words between Washington and Brussels over the European commission’s anti-trust cases against Apple, Amazon and Starbucks.
Why Bank of America Is At an 'Inflection Point' (Fortune)
It’s been a brutal few years for the banking industry, which has struggled to grow revenue amid low interest rates and tougher regulations following the 2008 financial crisis.
Adam Minter: China’s mega-bus may be taking investors for a ride (Bloomberg)
It looked like the future: a wide, elevated Chinese bus that would speed atop tracks straddling the road while multiple lanes of traffic flowed below. And the future looked surprisingly near.
US banks just recorded their most profitable quarter EVER (CNBC)
Despite an increasing regulatory burden and amid lackluster share performance, the industry logged record profits for the period, topping the second quarter of 2015, according to figures from SNL Financial and S&P Global Market Intelligence.
Europe Stocks Little Changed, Trim Weekly Gains Before Yellen (Bloomberg)
European stocks were little changed as investors awaited a speech by Federal Reserve Chair Janet Yellen for indications on the path of future U.S. interest-rate increases.
"The End Will Be Very Painful" Massive European Pension Fund "Single Biggest Concern" Is "Central Bank Pumping" (Zero Hedge)
“All our risk analysts are trying to peel the onion to understand if this is all correlated or if there’s something we can find that isn’t correlated,” Carsten Stendevad, the chief executive officer of ATP, said in an interview in Copenhagen.
Japan remains entrenched in deflation as core inflation falls to a 3-year low (Business Insider Australia)
Japanese deflationary pressures intensified unexpectedly in July, heaping pressure on the Bank of Japan ahead of it’s highly anticipated monetary policy meeting in mid-September.
World trade keeps falling (Wolf Street)
Adding to the picture of crummy demand for goods around the world, the CPB Netherlands Bureau for Economic Policy Analysis, a division of the Ministry of Economic Affairs, just released its preliminary data of its Merchandise World Trade Monitor for June.
Investors are buying emerging-market assets like they’re going out of style. Are they nuts? (Quartz)
China’s economy is inexorably slowing. Turkey’s sprawling post-coup purge continues apace. Western sanctions against Russia will remain in force for as long as Moscow keeps meddling in Ukraine.
How We Rank The Most Innovative Companies 2016 (Forbes)
Most innovation rankings are popularity contests based on past performance or editorial whims. We set out to create something very different with the World’s Most Innovative Companies list, using the wisdom of the crowd.
Fed Officials Tell Activists 'Objective Is Not to Slow Down the Economy' (Reuters)
An unusually large group of Federal Reserve policymakers appeared before activists on Thursday and defended their plans to raise interest rates to keep the U.S. economy from eventually overheating.
GameStop Shares Tumble 7% on Weak Video Game Sales (Reuters)
GameStop, the world’s largest retailer of video games, reported a lower-than-expected quarterly revenue, hurt by lower sales of new gaming software and hardware.
How Long Will It Take For The ECB To Own All Sovereign Debt Of Spain, Germany, France? (Zero Hedge)
At the current rate of purchase of sovereign bonds the ECB will have have purchased all sovereign debt issued by Spain in 9 years and Germany in 8.8 years.
9 Key Trends Disrupting Aerospace And Defense (Forbes)
Like many industries, aerospace and defense will go through a major transformation in the next five to 10 years
Oil Industry Shifts From Survival to Growth (Bloomberg)
Multibillion-dollar oil and gas deals are back on the table.
More than $11 billion of transactions were announced globally in July as crude’s recovery fueled hopes of a steadier market, Wood Mackenzie Ltd. said.
Politics
Clinton: Trump Is 'Taking Hate Groups Mainstream' (NPR)
In a speech Thursday in Reno, Nev., Hillary Clinton argued that Donald Trump is "helping a radical fringe" — the alt-right — take over the Republican Party.
Trump Accuses Clinton of 'Bullying' With Charges of Racism (NBC News)
Donald Trump Thursday accused Hillary Clinton of making "one of the most brazen attempt at distraction in the history of politics" and attempting to "intimidate" and "bully" voters with her charges that he is fomenting racism with his campaign.
Donald Trump, Wavering on Immigration, Finds Anger in All Corners (NY Times)
Donald J. Trump, who captured the Republican nomination with a hard-line approach to immigration, faced anger and disgust from across the political spectrum on Thursday after he indicated he might retreat from his vow to deport all 11 million immigrants who are in the United States illegally.
New Study Supports What Democrats Are Making a Central Theme of Their Presidential Campaign (The Street)
The latest study from Merrill Lynch appears to support what Democrats have been saying…millennials are cracking under the weight of too much student debt.
Views of the campaign and the candidates (Pew Research Center)
For the first time in more than two decades, a majority of voters express dissatisfaction with their choices for president this fall: Just 40% say they are very or fairly satisfied, while 58% say they are not too or not at all satisfied.
Technology
Apple issues urgent iPhone software update after attempted hack with 'most sophisticated spyware' ever seen (Associated Press)
Apple has issued a global upgrade of its iOS mobile operating system after a botched attempt to break into the iPhone of an Arab activist using hitherto unknown espionage software.
These Photos Show The Galaxy Note 7 Doesn't Take Better Pictures Than Cheaper Chinese Phones (Forbes)
Yesterday I wrote about my first impressions of the Samsung Galaxy Note 7 after a few days of use. I thought the phone was great, but really overpriced and overrated (by the myriad of “This is the best phone ever!” reviews out there).
Researchers are building a robotic Lionfish exterminator (Engadget)
We joke around a lot about bringing about a horrific robot apocalypse, but let's get real: sometimes, building a killer robot is just the right thing to do.Well, at least when those robots are being used to cull invasive species.
Apple issues critical iOS update to thwart ‘Pegasus’ malware (The Next Web)
Security researchers have identified a three-headed monster that could be used to record sounds, collect passwords, read text messages, record calls and track users. All iOS versions 9.3.4 and below are vulnerable.
New tourism app has IBM's Watson guide you around Orlando (Engadget)
here's plenty to do in Orlando, Florida besides getting a tan — what with Universal Studios, Disney World, the Epcot Center and SeaWorld.
Health and Life Sciences
How a Seed Collection Could Save Humanity (Scientific American)
To feed the world's growing population, global food production must soar by 50 percent by the middle of this century. That goal will be impossible if we do not protect and capitalize on the genetic diversity of the planet's crops.
One Star Over, There Might be Another Earth (NY Times)
Another Earth could be circling the star right next door to us.<p>Astronomers announced on Wednesday that they had detected a planet orbiting Proxima Centauri, the closest neighbor to our solar system.
Life on the Home Planet
Three killed in crossbow attack in Toronto, say Canada police (Reuters)
Three people have been killed in an attack involving a crossbow in Toronto on Thursday.
A man was taken into custody and police later evacuated a building over a suspicious package in a related incident, Detective Mike Carbone said, without giving further details.
Pacemaker hacking claims 'absolutely untrue': St. Jude (CNN Money)
St. Jude Medical rejected claims made by a famous short seller on Thursday that the company's pacemakers and other lifesaving devices are vulnerable to cyber attacks.
Ryan Lochte to Be Summoned to Testify in Brazil Over 'Robbery' Claim (NBC News)
Olympic swimmer Ryan Lochte will be summoned to appear before a Brazilian judge in response to the bathroom vandalism case that sparked an international scandal during the Rio games as police have recommended Lochte be charged in the incident, officials said Thursday.
Puerto Rico under King George Pataki: more jails and less jobs for the entire island (War Against All Puerto Ricans)
Within one week…by September 1…Pres. Obama will announce the members of the Financial Control Board. The most alarming candidate for this Board is the recumbent ex-governor of New York, George Pataki.
Lotte Group Vice Chairman Found Dead in Suspected Suicide (Reuters)
A senior executive at South Korea’s Lotte Group was found dead on Friday, a suspected suicide, hours before he was to be questioned by prosecutors conducting a criminal probe into the family-run conglomerate, news reports said.
