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Gandhi statue is safe, UK mayor says amid mounting calls for its removal
June 22, 2020 Read in Browser TOGETHER WITHGood morning. It was a steamy weekend here in the Northeast, but at least we weren't in the tropical region known as Siberia. The temperature in Verkhoyansk, a small Siberian town, hit 100.4°F on Saturday. It’s likely the hottest temperature ever recorded inside the Arctic Circle.MARKETS YTD PERFORMANCE
NASDAQ9,946.12+ 10.85%S&P3,097.74- 4.12%DJIA25,871.46- 9.35%GOLD1,756.20+ 15.54%10-YR0.700%- 122.00 bpsOIL39.43- 35.58%*As of market close- Markets: While you were focused on the rally in the U.S. stock market, emerging markets assets were quietly staging a comeback of their own. Developing nation stocks are near their highest levels since March, per Bloomberg.
- COVID-19: On Sunday, the WHO reported the largest single-day increase in coronavirus cases—more than 183,000.
NeedpixApple’s annual developer conference may be held online this year, but the company says it’s—pause for cringe—“full stream ahead.”WWDC, or Worldwide Developer Conference, is typically when Apple lays out its hardware/software vision for the year, which whets the appetites of Apple geeks before the major phone event in the fall. WWDC began in 1987, but this year is the first it’s gone virtual.The backdrop
Controversy over Apple’s App Store. The App Store is a behemoth, bringing in $15.8 billion this quarter alone, Sensor Tower reports. It generated almost 18% of Apple’s total revenue last fiscal year.But you don’t hit billions in revenue by being charitable. Apple takes a 15%–30% commission for most App Store sales, a policy that’s made it a favorite punching bag for companies like Spotify and, most recently, the new email service Hey.Last week, the EU's executive arm opened antitrust investigations into the App Store and Apple Pay to determine whether the company is stifling competition and innovation.What else is going on?
Besides revealing the new iOS, Apple could announce a shift in design that may not appear groundbreaking, but is, in fact, a very big deal. It’s reportedly planning to build its own processors for Mac computers, instead of using Intel’s chips.- The move will give it more control over its gadgets and ideally boost performance.
- However, it’ll be a pain for developers who have to update their software to comply with the new hardware specs.
Apple is also dealing with the challenges of COVID-19. On Friday it said it would close 11 stores it had just reopened in four states with rising coronavirus cases. Still, like most of Big Tech, the coronavirus pandemic has only made a small dent in Apple’s overall trajectory.Looking ahead...CEO Tim Cook will try to atone for The Morning Show with his own version—a keynote address at 10am PT today. You can stream it here.Win McNamee/Getty ImagesAttorney General William Barr must have taken our advice to make a vision board during quarantine.On Friday night, Barr said in a statement that Geoffrey Berman, the top prosecutor for the powerful Southern District of New York (SDNY), was stepping down. Berman replied “oh yeah? Make me” in a statement of his own.Then on Saturday...Barr made him. President Trump fired Berman, leaving his No. 2, Audrey Strauss, at the SDNY steering wheel.- Strauss is driving an extremely important vehicle. The SDNY is known as the chief legal watchdog for white-collar shenanigans on Wall Street.
- Paul Giamatti's character on Billions leads the SDNY.
How long will she be in the driver’s seat? Unclear. Trump and Barr have proposed a replacement, Securities and Exchange Commission Chair Jay Clayton, but he’ll need approval from the Senate.Senate Democrats are skeptical about Clayton because of 1) his coziness with Wall St. and 2) suspicions about Berman’s removal—Berman helmed several investigations into President Trump’s allies, including Michael Cohen. A former SDNY prosecutor, Elie Honig, told NPR, “This is clearly a political takeover.”PAYMENTS
What’s Happening at Wirecard
On Thursday, an auditor for German payments giant Wirecard reported that it couldn’t locate $2.1 billion of the company’s cash. On Friday, Wirecard’s CEO and largest shareholder Markus Braun stepped down. Over the two days, the company’s shares plunged 80%.Let’s get to your FAQs:What is Wirecard? It’s a 21-year-old company that provides digital payment services for merchants such as retailers, travel sites, and gambling sites. It’s a huge deal in the European fintech scene.How do you lose $2.1 billion? Well, it may never have existed in the first place. Two Philippine banks that Wirecard claimed were holding money on behalf of the company said documents showing Wirecard's supposed balances with them were fabricated.Were people surprised? Not exactly. Wirecard’s accounting practices have been attacked since the 2000s, and it became a favorite target of short sellers who believed it would eventually go down in flames (short sellers are investors who bet on a stock to drop in price). Now, they’re vindicated.SPONSORED BY BLACKROCK
Investing Is Changing—Are You Prepared?
BlackRock sees 5 ways the coronavirus will change everyday life—and investing. Technology is shifting to emphasize remote work, sustainable investing is accelerating, and a decades-long commitment to globalization is unwinding. Tony DeSpirito, Chief Investment Officer for Fundamental U.S. Active Equities, explores what this means for investors on this episode of the BlackRock Bottom Line.REAL ESTATE
The City That Gradually Wakes Up
Publicdomainpictures.netNYC enters its second reopening phase today, which means the city’s office workers can migrate from their Connecticut farmsteads back to their natural habitats.But can and will are different. The NYC real estate community expects only 10%–20% of Manhattan office workers to return today, with a gradual increase to follow. Some sectors are more eager to get back than others…- Traders miss floor vibes and office landlords want to show their tenants it’s safe to return. JPMorgan Chase expects about half of its trading staff back at its Manhattan HQ by mid-July, while Brookfield said it anticipates about a quarter of its New York employees back today.
- But tech and creative firms like Twitter and ad giant Omnicom are content to keep the Zoom calls rolling.
One logistical wrinkle: commutes. People are fearful of public transit, but New Yorkers aren't exactly the driving type. Still, some city parking businesses are hoping for a revenue spike as some companies consider subsidizing parking costs for employees.CALENDAR
The Week Ahead
If this newsletter looks five years younger tomorrow, it's because barbershops in NYC are now open.Monday: Existing home salesTuesday: New home sales; former WH national security adviser John Bolton’s book is releasedWednesday: IMF World Economic Outlook Update launched; Winnebago earningsThursday: Third estimate of Q1 GDP; jobless claims; virtual music festival Electric Blockaloo begins on Minecraft; earnings (Nike, Accenture, Rite Aid)Friday: Personal income and spending data; House vote on D.C. statehood; FTSE Russell reconstitutes its stock indexesWHAT ELSE IS BREWING
- Teenage TikTok users and K-pop fans say they registered for potentially hundreds of thousands of tickets to President Trump’s rally in Tulsa, OK, as a prank.
- The North Face is stopping ad spend on Facebook due to its content moderation policies.
- American Airlines will raise $1.5 billion by selling shares and convertible notes.
- MBA applications at top-tier business schools have rebounded from four years of declines, an FT analysis shows.
- The Associated Press has changed its style guide to capitalize “b” in the word Black when used in a racial, ethnic, or cultural sense.
SPONSORED BY BLACKROCK
From genomics and immunology to remote technology to clean energy, the coronavirus has accelerated megatrends: the long-term themes shaping society. Jeff Spiegel, BlackRock's U.S. Head of Megatrends and International ETFs, discusses 5 ways to think long term in the downturn in this episode of The Bid podcast.BREW'S BETS
Into the wild: Last week, the Alaska Army National Guard removed the bus where Christopher McCandless, the subject of Into the Wild, died in the wilderness. Now’s a good time to read this remarkable book, watch the movie, or see the airlift.Bodyweight workout: Try this one today at home (3 circuits): 20 squats, 10 pushups, 10 walking lunges (each leg), 10 dumbbell rows using a water jug, etc. as weight, 15 second plank, and 30 jumping jacks.An online geography game: Play a few rounds to prep for Morning Brew trivia.*This is sponsored advertising contentFROM THE CREW
Start Talking
In this new section of the Brew, we're going to present some of the thorniest topics of the day, give you a jumping-off point with balanced resources, then encourage you to debate it with friends, family, and coworkers. Maybe you'll agree, maybe you won't...point is, start talking and see what you learn.Today's prompt: This Friday, the House will vote on a bill to make Washington D.C. the 51st U.S. state. If passed (and it’s expected to), it’ll be the first time in history either chamber of Congress has advanced a statehood bill. However, the bill is not expected to get a vote in the Senate.So should D.C. become a state? Here’s your starter kit:CROSSWORD
Today's sample clue: Square meal? (seven letters).Find out the answer by playing the crossword.
June 22 FEATURED BIOGRAPHY Meryl Streep READ MORE FEATURED EVENT 1611 Mutiny against Henry Hudson READ MORE
MORE EVENTS ON THIS DAY 2008: American comedian George Carlin—whose “Seven Words You Can Never Say on Television” routine led to a U.S. Supreme Court ruling that gave the Federal Communications Commission (FCC) the right to determine when to censor radio and TV broadcasts—died in California. [Sort fact from fiction in our quiz about pop culture.] 1986: Argentine football (soccer) player Diego Maradona scored his memorable “Hand of God” goal (the ball struck his hand, but the referee mistakenly thought it had hit his head) to help Argentina defeat England in a World Cup quarterfinal game; Argentina went on to win the tournament. [Sort fact from fiction in our football (soccer) quiz.] 1941: Germany violated the German-Soviet Nonaggression Pact of 1939 and attacked the Soviet Union during World War II. [ Sort fact from fiction in our World War II quiz.] 1940: With an invading German force at its door in mid-June 1940, the French government under the leadership of Marshal Philippe Pétain signed an armistice with Germany, thereby creating Vichy France (the “French State”). [ Test your knowledge of French history in our quiz.] 1910: Katherine Dunham, an African American dancer, choreographer, and anthropologist noted for her innovative interpretations of primitive, ritualistic, and ethnic dances, was born. [ Take our dance quiz.] 1906: American motion-picture director and producer Billy Wilder, who was known for films that humorously treat subjects of controversy and offer biting indictments of hypocrisy in American life, was born in Sucha, Austria (now in Poland). [Test your knowledge of film.] SEE ALL EVENTS ON THIS DAY ALSO BORN ON THIS DAY 1949 Meryl Streep
American actress1936 Kris Kristofferson
American singer, songwriter, and actor1903 John Dillinger
American gangster1964 Dan Brown
American author1949 Elizabeth Warren
United States senator1971 Kurt Warner
American football playerSEE ALL BIOS ON THIS DAY
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