TOGETHER WITH
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Good morning. During a global pandemic, you learn to take the small wins. So even though Mulan was pushed back indefinitely, we thank you Taylor Swift for gracing us with a new album. Brb gonna go look contemplatively at a tree and give it a listen.
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NASDAQ
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10,461.42
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- 2.29%
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S&P
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3,235.65
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- 1.23%
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DJIA
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26,652.20
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- 1.31%
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GOLD
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1,883.90
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+ 1.01%
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10-YR
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0.576%
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- 2.10 bps
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OIL
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41.16
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- 1.77%
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*As of market close
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Markets: The S&P had its worst day in nearly a month as earnings season rolls on.
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COVID-19 update: The U.S. crossed 4 million coronavirus cases yesterday. That means at least one in 82 people in the U.S. have been infected, Reuters calculates.
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2020: President Trump canceled parts of the Republican National Convention taking place in Jacksonville, FL, next month.
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Francis Scialabba
How many
years of bad luck do we get for fishing a penny out of the wishing well?
U.S. businesses are facing an unprecedented (sorry) shortage of loose change as a result of the pandemic.
What happened?
In addition
to slowed production from the U.S. Mint, customers have been
increasingly buying things online while holed up at home. Which means a
big chunk of the estimated $47.8 billion worth of coins in
circulation...isn’t circulating.
As cash registers run short, it’s become a challenge for local laundromats and the nation’s biggest retailers alike:
- Walmart made some self-checkout registers card-only.
- Kroger is letting customers load change onto loyalty cards for future purchases.
- Wawa is letting you swap a roll of dimes for a hoagie in some locations.
Some banks are now paying
customers to unload their piggy banks. A handful of retailers are
trying to make the most of the disruption: Kroger, Wawa, and Texas
grocer HEB are helping customers donate leftover cents to charities.
The U.S.
isn’t alone in facing currency circulation problems. Argentina is
combatting 40%+ inflation and a national mint at capacity by importing printed bills for the first time in years.
That’s a pricey penny
For 16
years, rising metal costs have made it more expensive to make and ship
pennies than they’re worth. The two-cent price tag amounted to a loss of
$72+ million for the Mint last year. Nickels cost 7.62 cents apiece.
- The pro-penny lobby argues dropping the penny would burden businesses and disproportionately hurt low-income Americans.
The government has thought about it. The Mint estimated the U.S. could save $250 million over a decade by suspending penny production.
Looking ahead…the
Fed’s U.S. Coin Task Force is expected to release recommendations this
month. In the meantime, consider putting your coins back into
circulation by donating or converting them to gift cards (Amazon,
Starbucks, Lowe’s, and Best Buy do it free).
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Francis Scialabba
There’s a major one brewing over the next round of pandemic relief. Yesterday, Senate Republicans continued hammering out a set of initiatives aimed at buoying the economy as the latest infection spike threatens to sink it (again).
- Also yesterday, the
Labor Department reported that the number of Americans filing for
unemployment benefits rose week-over-week for the first time since
March.
What’s inside this relief package
Senate
Republicans would launch another round of direct payments of $1,200 for
people earning up to $75,000 (plus $500 per dependent child), pouring $300 billion in lighter fluid on the smoldering economy.
- The plan also includes
$70 billion for schools, $16 billion for new coronavirus testing, and
added tax credits and funding for the infamous Paycheck Protection
Program.
House
Democrats’ proposal would continue the extra $600/week in unemployment
benefits past its expiration date on July 31. Senate Republicans also
want to extend the income supplement, but at a lower level, potentially
70% of people’s lost wages.
Looking ahead...Republicans
plan on unveiling the plan early next week. Congress will likely miss
the deadline to renew extra unemployment benefits before they expire.
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Twitter
If
yesterday’s MLB action didn’t scratch your sports itch, allow us to
present a different, faster-paced option. Tomorrow, the Premier Lacrosse
League kicks off its Championship Series—a winner-take-all tournament
held over 16 days on a single campus in Herriman, UT. If you thought
starting a new sports league was hard, try navigating one through a
global pandemic.
The Brew sat
down with PLL cofounder and midfielder, Paul Rabil, to understand how
he rolled with the punches and got his fledgling league back on the
field.
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At first we thought the refreshing fruit-infused deliciousness that is Hint Water was too dang good to be true. Water with the flamboyance of an all-day parade? Water with, dare we say, pizzazz? Naw, can’t be real.
But Hint is very real and very tasty. And let us just reiterate, because it’s fun to type, pizzazz.
Hint packs all the hydration of regular H2O and tastes 18,027,346 times better than the boring stuff you begrudgingly sip on and use to feed your plants.
The best part? Hint delivers refreshment without sugar, diet sweeteners, calories, or preservatives. It only delivers pizzazz. And fruit flavor, but mostly pizzazz.
That should be enough to get you to click here and order delicious hydration directly to your door. But Hint also has a super cool deal for Brew readers.
New customers get to enjoy 36 bottles of water for $36—yep, just $1 per bottle.
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Francis Scialabba
This week, the Brew is previewing next Monday's antitrust hearing by profiling each Big Tech company at the table.
Company name: Google
Volunteered as tribute: CEO Sundar Pichai
The charges: We
know Google for products like Maps and Gmail (and a little thing called
Search). But the tech giant also has a system of digital ad buying
products that dominate the market—about one-third of all online ad
spending goes to Google. Lawmakers and regulators are wondering if
that’s too much.
The rebuttal: Google says online ad players don’t have
to use its products. Plus, antitrust law is about consumer
protection...and it’s hard to see how Google’s online ad system harms
consumers.
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Clive Rose/Getty Images
Tonight, we
were supposed to be huddled around the TV saying things like, “Do you
think the Danish handball team has a shot at gold?” and “So that’s where Micronesia is.”
But like
everything else, the pandemic caused the postponement of the Tokyo
Olympics and its opening ceremony, which was scheduled for today.
Where do things stand?
The Olympics are slated to start one year from yesterday—July 23, 2021—with a full squad of athletes.
But doubt is
starting to creep in. The president of the organizing committee said
Wednesday that if the current situation with COVID-19 continues, Tokyo can't hold the games. The International Olympic Committee has pledged it won’t postpone the Olympics again—they’d just be canceled.
Zoom out: Japan reported a record high in new daily coronavirus cases yesterday, and the population seems about as excited to play host as Larry David. A new poll this week showed only 24% of people in Japan want the Olympics to go on as scheduled next year.
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What do Elon Musk, a Mars orbiter, and a record-setting IPO have in common? They all appear on our Weekly News Quiz. See if you can go 5/5.
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E-Trade reported a 267% annual increase in daily active revenue trades last quarter.
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SpaceX is in talks to raise up to $1 billion at a $44 billion valuation, per multiple reports.
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Twitter’s average daily user growth increased a record 34% last quarter, but advertising dried up—revenue fell about 20%.
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American Airlines and Southwest are reconsidering the flights they planned to add over the next two months.
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Curaleaf Holding's CEO: Cannabis demand is at an all-time high.
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Seattle’s new NHL team has a name: the Kraken. Washington’s NFL team will reportedly go by the “Washington Football Team” for now.
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Your connection to real estate investing. Jamestown Invest
is a digital platform that can connect nearly anyone to
rigorously-vetted, institutional-quality real estate for as little as
$2,500. Their online process takes only 10 minutes and three easy steps.
Get the details here.*
An update from the Brewnited States of America:
- Cofounder and CEO Alex Lieberman gave an interview discussing how this here newsletter went from a humble PDF in a college dorm room to a growing and profitable media biz.
- Speaking of dorm rooms,
Brew U is looking for campus ambassadors to spread the word of the Brew
around colleges. If you 1) love Morning Brew 2) want to have an amazing
learning experience this semester, and 3) won’t tell your friends we’re
old, it's a perfect fit. Learn more here.
*This is sponsored advertising content
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The
following four groups of letters are nonsense. But, if you add just one
letter to each group then rearrange the letters, you'll create four real
words. The letter you need to add is the same across all four groups.
What is it?
AEEHRT
AGINNR
CEELMO
DEFLNORU
| Chicago anti-police protesters target mayor's home after her call with Trump |
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| China orders US to close Chengdu consulate in apparent retaliation for Houston shutdown order |
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| Texas mother, 2 young daughters found dead in SUV, prompting probe: police |
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| Another Study Finds Hydroxychloroquine Not Effecti |
| Fri, 24 Jul 2020 09:59:56 +0000 |
| PatriotsNews |
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| ADVERTISEMENT |
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July 24
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| FEATURED BIOGRAPHY
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| Julie Krone
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| FEATURED EVENT
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| 1917
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| Beginning of Mata Hari's trial
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