Donald
Trump is clearly the most polarizing President we've ever seen.
Whether you love him or hate him, he gathers massive amounts of media
attention.
Though does he still deserve to be President?
American Polling is conducting an urgent national poll to examine whether or not Trump is fit for office.
The
results of this poll will be shared with many of the major media
outlets, including CNN, FOX, MSNBC, and ABC News. So they can show
ACTUAL results on the opinions of the voting public.
TOGETHER WITH
Good morning. Summer Fridays in the remote work era:
Productivity at roughly 15% of usual from 9am to 11am Rosé from a box Making plans, then bailing because you’re tired …so exactly the same as the regular work era. Have a great weekend, folks.
NASDAQ
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S&P
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DJIA
27,740.04
+ 0.17%
GOLD
1,959.80
- 0.53%
10-YR
0.650%
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OIL
42.62
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*As of market close
COVID-19 update: Cases in the U.S. continue to decline following the jump in June and July. Some European countries , however, are reporting alarming increases in infections. And India could be getting close to herd immunity from the coronavirus, a new study suggests.
Francis Scialabba
Yesterday,
Uber and Lyft’s conflict with the state of California seemed to reach a
major turning point...and then doubled back, sending us scrambling to
rewrite this story.
Part 1: Lyft announced plans to suspend its operations in the state as of midnight PT. That’s a huge deal, since California accounted for 16% of Lyft’s rides before the pandemic.
Part 2: A few hours later, an appeals court extended a deadline, allowing the companies to push the decision off for a few days.
The backstory... is
Tarantino movie-long, and starts from the ride-hailing companies’
earliest days as gig economy pioneers. Back then they prioritized
superspeed growth, signing up drivers en masse—but teetered on the
fringes of the law. They hoped to dominate markets before regulators
could find their keys.
Then in
2019, California passed a law known as AB5, which required ridesharing
companies to classify their drivers as employees, rather than
contractors. That would force Uber and Lyft to provide drivers benefits
such as minimum wage and overtime pay.
The companies’ POV Lyft and
Uber argue that they’re in the tech biz, not the transportation biz, so
drivers don’t serve their “core” functions and therefore shouldn’t be
subject to AB5. Plus, they say the reclassification would upend their
operations in ways they can’t be expected to accommodate.
Uber says that under AB5, it could only employ about a quarter of the drivers it does now. It’s also not a great time for a pivot. Both companies’ rideshare revenues are in the junkyard because of the pandemic.
The legal system sees it differently In May, CA Attorney General Xavier Becerra sued Lyft and Uber to force them to comply with AB5.
Last week, a judge sided
with Becerra and gave Lyber a 10-day window (that would have ended
today) to get up to code. They filed for an appeal and threatened to
shut down in the state. Yesterday, an appeals court extended that window
to August 25. Bottom line: The companies may still shut down statewide, it’ll just happen next week.
OLIVIER DOULIERY/AFP via Getty Images
That’ll be
Democratic Nominee for President Mr. Joseph Robinette Biden, from now
on. Last night, Biden formally accepted his party’s nomination for the
White House at the Democratic National Convention.
What’s Wall Street think? Investors know Biden’s economic plan
has some tough-on-business policies, including returning the corporate
tax rate to 28%, upping capital gains taxes, and eliminating a popular
real estate tax break.
But it’s not all bad for biz.
Biden’s proposed a $700 billion “Buy American” campaign and a $2
trillion clean energy and infrastructure plan. Investors feeling good
about his chances have flocked to clean-energy stocks , with some companies hitting all-time highs.
Others like his experience navigating recessions. Biden oversaw the 2009 Recovery Act , which included tax cuts and unemployment support.
Big Business in general
is favoring Dems this year. Of the nearly $800 million donated to
candidates by banks, real estate companies, securities firms, and their
employees through June 30, over half went to Democrats —the first time they’ve outearned Republicans since 2008, according to the Center for Responsive Politics. Zoom out: Wall
Street is most worried about a disputed election, which could cause
volatility for weeks. In 2000, the S&P fell 8.4% between Election
Day and Al Gore’s December concession.
MarketWatch
Yesterday, the Labor Department reported first-time jobless claims increased to 1.1 million last week, a report that sent economists straight from coffee to Irish coffee.
The week prior was the first time claims dipped below 1 million since March. It was the 22nd consecutive week claims exceeded those during the worst week of the Great Recession. Every cloud has a silver lining.
The total number of Americans collecting unemployment fell from 15.5
million to 14.8 million, the lowest since early April. And sectors like
manufacturing, auto sales, and housing are bouncing back.
But...it’s
still a cloud. Yesterday’s numbers are a reminder the job market’s road
to recovery is going to feel like the last three miles before a rest
stop. Unemployment’s at 10.2%, and the nearly 9.3 million jobs added
over the last three months are nowhere near the 22 million lost between
March and April.
Sensing pessimism in the air, the IRS shared its own updated forecasts
predicting 37.2 million fewer employee-classified jobs next year. It
revised 2027 numbers (the furthest out it’ll even try predicting) down
nearly 16 million.
Ah, the Butt Bulge.
It’s that bulbous bump beckoning from your backside where your overstuffed, unorganized wallet is not-so-successfully hiding.
So the efficient, organization-minded people at The Ridge decided to banish the bulge. How? By creating a wallet that’s 60% slimmer and designed to fit in your front pocket .
But they didn’t stop there, because how could they? Ridge wallets
only use premium materials like carbon, titanium, and aluminum. Plus,
they have RFID blocking material for a little extra peace of mind.
So when you do effortlessly take out your Ridge wallet, people won’t shudder at its girth. Instead, they’ll be awed by its smooth finishes and efficient design .
In other words, it’s the opposite of what your dad would heave out of his back pocket to shortchange the babysitter.
Bon voyage, Butt Bulge.
Use code BREW to get 10% off your Ridge wallet with free shipping and 45-day returns right here .
Justin Sullivan/Getty Images
At least 349,000 acres (about 546 square miles) have burned
across California as dozens of wildfires force evacuations, destroy
buildings, and threaten communities—including in wine country. The fires
are a result of what the AP calls an “unprecedented lightning siege” of nearly 11,000 strikes in a few days. See some crazy pictures .
Meanwhile, in China...
Nie Shuang/VCG via Getty Images
Water levels at the monstrous Three Gorges Dam reached their highest levels ever
following months of downpours in the region. Extreme flooding has led
to the displacement of over a million people and caused billions of
dollars in direct economic damage.
+ While we’re here: The dam, a highly controversial but remarkable engineering achievement, has a Wikipedia entry worth skimming.
The more people who take the Brew's weekly news quiz, the longer summer lasts. It's science.
Take the quiz here .
Last week,
we asked Brew readers to come up with funny headlines for AMC's decision
to charge 15 cents per movie when it reopened theaters yesterday (btw,
did anyone take advantage?).
The headlines were hilarious and the feedback was overwhelmingly positive, so we thought, hey, let’s run it back.
This week’s story Taco Bell just released its latest restaurant concept, “Go Mobile ,”
that’s catered to the pandemic era. It’ll include two drive-thru lanes,
parking spaces designated for curbside pickup, and advanced tech execs
compared it to an air traffic control room.
Taco Bell
Feeling inspired? Share your headline here .
P.S. We
award points for originality, so if a digestion-centered headline
popped into your head...it probably did for everyone else, too.
Steve Bannon , President Trump’s former chief strategist, was arrested and charged with a scheme to defraud donors.
American Airlines will suspend service to 15 smaller U.S. cities after the federal aid mandating the routes expires in October.
Tesla stock cracked $2,000 ahead of its five-to-one stock split today. It's now more valuable than Walmart.
Alexei Navalny , a Russian politician and fierce critic of President Vladimir Putin, is in a coma after a suspected poisoning.
Peak SPAC ? Former House Speaker Paul Ryan will serve as chairman of a special purpose acquisition company, the investing trend du jour.
Does investing in crypto seem challenging, confusing, and complex ?
We hear you, so we’ve put together a virtual roundtable with Grayscale
Investments called "The What, Why (and WTF?) of Crypto Investing" to
discuss everything you need to know. Sign up for the event—moderated by our own Kinsey Grant—right here .*
Summer lovin’ this fruit-infused flavor. Hint
gives you all the benefits of drinking water, but with delicious fruit
flavor and no sugar or sweeteners. Get 36 bottles for $36 on your first
order—that’s $1 a bottle and free shipping .*
25 movie recs: Parasite ’s
Oscar win cemented South Korea’s place in global cinema, but the
country has produced plenty of other masterpieces. Grab a bowl of
ram-don and binge the 25 best South Korean films of the 21st century.
Follow Friday: This week, we're giving a celeb shot to Emerging Tech Brew writer Ryan Duffy. Check out his newsletter’s Twitter and Instagram first, and then...
On Twitter: Follow @Techmeme , which curates tech news, and @internetofs**t , which curates when tech breaks. Also follow @Formats4memes , a newly incubated Brew Twitter account.
On Insta: Daily Sci-Fi Art posts wallpaper-worthy graphics of futuristic cityscapes and space shots. Also, I recently created an Insta account for my drone. Check out the photos and follow its misadventures until I inevitably crash it.
On TikTok: Error 404 suggestion not found. *This is sponsored advertising content
When you solve this puzzle, you'll know it's time to enjoy the weekend:
How many times a day do the minute and hour hands of a clock overlap?
FRIDAY PUZZLE ANSWER
They overlap 22 times a day.
Here's a more detailed explanation.
Answer: Did you think the answer was 24 times? Well if you did, it’s time you think again. Let’s do some math.
In T hours, the minute hand completes T laps. In the same amount of time, the hour hand completes T/12 laps.
The first time the minute and hour hands overlap, the minute hand
would have completed 1 lap more than the hour hand. So we have T = T/12 +
1. This implies that the first overlap happens after T = 12/11 hours
(~1:05 am). Similarly, the second time they overlap, the minute hand
would have completed two more laps than the hour hand. So for N
overlaps, we have T = T/12 + N.
Since we have 24 hours in a day, we can solve the above equation for N
24 = 24/12 + N N = 22
Thus, the hands of a clock overlap 22 times a day. Thus the hands of
the clock overlap at 12:00, ~1:05, ~2:10, ~3:15, ~4:20, ~5:25, ~6:30,
~7:35, ~8:40, ~9:45, ~10:50. Note that there is no ~11:55. This becomes
12:00.
Have a better solution? Let us know through our comments section.
If you're looking for some serious preparation for your interviews, I'd recommend this book written by a lead Google interviewer . It has 189 programming questions and solutions:
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