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August 04, 2021 View Online | Sign Up SPONSORED BY Good morning. With former President Barack Obama turning 60 today, we decided to read the always-interesting "List of presidents of the United States by age" Wikipedia page, and found out some interesting things: The youngest to assume the presidency was Teddy Roosevelt (42) and the youngest to be elected was JFK (43). The median age at inauguration of incoming US presidents is 55 years. John Adams was the first of six presidents to live into their 90s.  At 78, Joe Biden became the oldest newly inaugurated US president. MARKETS Nasdaq 14,761.30 +0.55% S&P 4,423.15 +0.82% Dow 35,116.40 +0.80% Bitcoin $38,331.31 -1.80% 10-Year 1.175% -0.3 bps Robinhood $46.80 +24.20% *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: The S&P closed at a record high on news that Carmelo Anthony will join LeBron James as a Laker (and strong earnings reports, of course). Individual investors pushed Robinhood shares 24% higher to close above its IPO price. Government: An investigation into NY Gov. Andrew Cuomo found that he has sexually harassed multiple women during his time in office and created a work environment that is “rife with fear and intimidation.” Cuomo, who is facing calls to resign from President Biden and others, said “the facts are much different than what has been portrayed.”  CRYPTO There’s a New Crypto Sheriff in Town Brendan Smialowski/Getty Images Business icon Charlie Munger has called bitcoin “rat poison.” Twitter and Square CEO Jack Dorsey said it could bring about “world peace.” What does SEC Chair Gary Gensler think?  Let’s go with somewhere in the middle: “rat peace.” In a major speech on crypto yesterday, Wall Street’s top cop said he’s intrigued by the technology but wants more regulation to protect investors. Run the numbers: Just a dozen years after bitcoin was introduced to the world, the crypto sector has exploded in value. The market is worth about $1.6 trillion, Gensler said. 77 tokens are worth at least $1 billion each and 1,600 are worth at least $1 million. But right now it’s the “Wild West,” according to Gensler. Crypto is “rife with fraud, scams, and abuse in certain applications,” and many investors could get hurt if more safeguards aren’t put in place.  To clean things up, Gensler asked Congress for more resources to police the crypto world, such as the authority to monitor crypto exchanges.  Regulation should be welcome in crypto, Gensler said, because it sets guardrails and can pave the way for success. After all, it wasn’t until the government installed traffic lights and speed limits that the auto industry really took off, Gensler told Bloomberg. Why does it matter what Gensler thinks?  As the country’s top financial regulator, he could hand down the most significant rules for the crypto industry to date.  But here’s something you may not know: Gensler is kind of a crypto nerd himself. After working on Hillary Clinton’s presidential campaign, he spent three years teaching a class at MIT called “Blockchain and Money” (you can watch his lectures on video here).   Bottom line: Gensler’s belief about crypto can be summed up in two words—“speculative investment.” He seems poised to let the industry grow, but under more parental supervision.  + For more: If you're curious about investing in crypto, here's a quick primer on the dos and don'ts. COVID Vax and the City Kena Betancur/Getty Images New York City became the first major US city to require vaccines for indoor activities. Mayor Bill de Blasio said yesterday that proof of vaccination will be required at all indoor venues including bars, gyms, Broadway shows, and Marie’s Crisis, which combines all three. Children under 12, who don’t have a federally authorized vaccine available yet, are excluded from the requirement.  Meanwhile, masks won’t be required indoors because, according to de Blasio, they could disincentivize New Yorkers from getting the vaccine. That approach differs from other cities like San Francisco and New Orleans, which have reinstated indoor mask mandates. Plus, more companies introduced vaccine rules Microsoft joined other Big Tech companies in requiring workers to be vaccinated to work at its offices. Meat supplier Tyson will require all of its 120,000 US workers to be vaccinated. Tyson’s announcement stands out because, so far, most vaccine mandates have only applied to corporate workers, not employees on the front line. That divide’s best illustrated by Walmart, where only corporate workers need to show proof of vaccination. GAMING Tencent Meets Its Toughest Boss Yet

Giphy China’s crackdown on tech companies has claimed another victim: Tencent, the owner of Riot Games and maker of Honor of Kings, the world’s top-grossing game in 2019 and 2020. A state-owned newspaper wrote on Tuesday that gaming addiction in China was on the rise and labeled it “opium for the mind.” The article, which deleted the reference to opium later, fueled investor fears of potential regulation and sent Tencent’s shares sliding more than 10% yesterday. Tencent responded by banning all in-game purchases for minors and tightening the time limit on play for kids.  Why it matters: In recent months, the Chinese government has intensified its scrutiny of the country’s tech giants over data security and monopoly concerns. Nine of the top 10 market value losers in July are Chinese firms, per Bloomberg.  Tencent may not be a household name in the US, but its fingerprints are all over the American tech industry. Its investment stakes include... 40% of Fortnite maker Epic Games  12% of Snap  5% of Tesla   5% of Activision Blizzard  Bottom line: International investors burned by China’s regulatory bombshells have lost more than $1 trillion this year.

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GRAB BAG Key Performance Indicators Francis Scialabba Stat: Business travelers are responsible for 55%–75% of major airlines’ profits despite accounting for 10% of all passengers, industry experts told the NYT. And at major hotel chains like Marriott and Hilton, business travelers account for 70% of global revenue. So when will they come back? It could be years. Quote: “I had no work experience, life experience, anything like that before I signed on to this quarter-million-dollar loan. I thought I would come out making much more than I did.” Dylan Boigris, a 2016 Miami Law graduate, began his career making about $45,000 as a public defender. With tuition rising and salaries...doing the opposite, law school is losing its luster, the WSJ reports. Read: A profile of the original influencer, Sean Combs. (Vanity Fair)

FOOD AND BEVERAGE Pepsi Decides Juice Ain’t Worth the Squeeze Giphy Sipping OJ while reading this? You’re an endangered species. After seeing fruit juice sales steadily decline over the years, PepsiCo has decided to squeeze juice brands out of its portfolio. It’s selling a controlling stake in Tropicana, Naked, and its other juice brands to a French private equity firm for $3.3 billion.   Zoom out: Tropicana may be the most popular refrigerated OJ in the US, but it can’t fight an ebbing tide for fruit drinks overall. Fruity beverage consumption in the US fell 19% between 2011–2020, per Beverage Marketing Corp. Pepsi’s juice sales soured even faster, dropping 36% over the same period. Blame it on the C6H12O6  Despite a brief uptick in fruit juice sales last year (Vitamin C for immunity, more time for breakfast), the category is suffering the same long-term decline as sugary cereals. Big Beverage has responded to customers’ aversion to “-ose” ingredients by shifting away from sweet drinks and toward seltzers, bottled water, and diet sodas. Coca-Cola discontinued its smoothie and juice brand Odwalla last year, along with other underperforming brands.

WHAT ELSE IS BREWING The CDC enacted a new eviction moratorium that covers 90% of the US population and will last until Oct. 3. Blizzard President J. Allen Brack is leaving the company amid a firestorm of alleged workplace harassment at the video game company.  Spirit Airlines has canceled a significant share of its flights for the third straight day, partially due to a tech outage. Clorox is the latest pandemic darling to fizzle; its stock fell the most it has in more than 20 years yesterday. Olympics links US hurdler Sydney McLaughlin broke her own world record to win gold in the women’s 400m hurdles.  The men’s 400m hurdles, won by Norway’s Karsten Warholm in world-record time, could go down as one of the best races ever run. US men's basketball advanced to the semifinals with a victory over Spain. They'll play Australia on Thursday. Simone Biles took bronze on the balance beam, which she said “means more than all of the golds” she's won.

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GAMES The Puzzle Section Word Search: You are going to really enjoy this one, we promise. Play it here. Guess the skyline This US city made an appearance at the top of one of our infrastructure stories this week. Can you name it?

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Team USA's Bryce Wettstein and Australian Poppy Olsen celebrate between runs at the women’s park skateboarding final today. Photo: Ina Fried/Axios

Two teenagers and a 12-year-old girl swept the podium for the inaugural women's park skateboarding event, with Japanese 19-year-old Sakura Yosozumi clinching gold, Axios' Ina Fried writes from Tokyo.

• Silver medalist Kokona Hiraki of Japan, at 12 years and 343 days old, is the first Olympic athlete to win a medal before turning 13 since 1936.

Axios Olympics dashboard ... In photos: Tokyo Olympics day 12 highlights

1 big thing: China's big squeeze

Illustration: Annelise Capossela/Axios

China is accelerating a squeeze on its own tech billionaires, prioritizing Communist Party control of the economy over competition from the West, Axios managing editor Scott Rosenberg writes. Why it matters: China and the U.S. are both playing a long game, with tech as the playing field, companies as the pieces, and domination of the global economy as the stakes. A state-owned newspaper in China denounced online gaming as "opium for the mind" yesterday, driving down shares of gaming giant Tencent and other Chinese firms, The Wall Street Journal reports (subscription). "Within hours the article was no longer accessible on the paper’s website, before later reappearing with some of its harsher language removed," including the "opium" line, The Journal wrote. The move is in line with a range of other steps China has taken over the last eight months to rein in its tech sector, from new restrictions on online tutoring firms to limits on firms' overseas investment deals. China's own "techlash" kicked off in November, when the Chinese government blocked the IPO for Ant Financial, founded by Alibaba billionaire Jack Ma. The move was followed in April by a wave of antitrust actions. Between the lines: Some of these moves were justified on data security grounds. China experts say the thread that ties them together is the party's determination to show tech-sector giants and wealthy moguls who's boss. Chinese leaders fear instability and see online platforms promoting it in two ways: Allowing social media platforms to grow independently powerful could threaten the party's hold on information in a future crisis. Some experts think China worries about U.S.-style wealth inequality. The big picture: China's role as foundry of the world's tech products gives it strategic power. But its online platforms and software face an uphill challenge: Users in the U.S., Europe and elsewhere distrust Chinese companies, since laws require them to share data with the government. The bottom line: China seeks continued economic growth and global power. But if that quest ever threatens to spark opposition to the party or enable dissent, the government will always choose stability. Share this story.

2. Cuomo's failed "hug" defense

Frames from Gov. Cuomo's response video. Collage: N.Y. Post The scenes above don't come from Andrew Cuomo's accusers and investigators. They come from Andrew Cuomo. After the release of a damning report finding the New York governor repeatedly harassed women on the job, Cuomo issued a response video arguing that he hugs people all the time, so no big deal. Cuomo said: "I do kiss people on the forehead. I do kiss people on the cheek. I do kiss people on the hand. I do embrace people. I do hug people — men and women." It didn't work. Ominous signs grew for Cuomo after President Biden called on him to resign. Jimmy Vielkind, who covers New York government for The Wall Street Journal, said on MSNBC that there's now "a preponderance of support for an impeachment vote" by the state Assembly, although the legislative investigation could take several more weeks. "There are many people who are saying that a resignation is possible," Vielkind said. Go deeper: Cuomo under criminal investigation ... Read the report.

3. Breaking overnight: Ohio upset's '22 clues

Shontel Brown campaigns with Rep. James Clyburn in Cleveland on July 31. Photo: Michael M. Santiago/Getty Images

An upset in Ohio last night is giving moderate, Biden-aligned Democrats momentum vs. the party's vocal left ahead of next year's midterms. In a special primary for U.S. House in the Cleveland area, Cuyahoga County Council member Shontel Brown pulled out a surprise victory for the Democratic establishment in Cleveland. The left's stars had come out for her leading opponent, progressive Nina Turner: Five days ago, Sen. Bernie Sanders campaigned in Akron. Ten days ago, Rep. Alexandria Ocasio-Cortez stumped in Cleveland. Why it matters: Brown, far behind Turner in polls and money, stayed positive and tied her fate to President Biden. In the end, Brown drew 50% to Nina Turner's 45%. Matt Bennett of the centrist Third Way said: "Once again, the pundits and the Twitterverse got it wrong, and Democratic voters picked the moderate ... over the candidate ordained by the far left." Between the lines: Brown's most successful ads — made by SKDK, which had a team on the ground — tied her to Biden. House Majority Whip James Clyburn (D-S.C.), who helped Biden win the 2020 Democratic primary, backed Brown. The Congressional Black Caucus PAC also endorsed her. In another special in Ohio last night ... Trump-backed coal lobbyist Mike Carey won a crowded GOP primary in the race to replace former U.S. Rep. Steve Stivers, a Republican. (Columbus Dispatch)

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4. Pic du jour: Then and now

Photos: Mohamed Azakir/Reuters At left: A grain silo in Beirut's port shortly after one of the largest non-nuclear explosions in history — a year ago today, on Aug. 4, 2020. At right: The scene today — barely changed.

5. America's pandemic pessimism returns

Data: Harris Poll. Chart: Axios Visuals A majority of Americans once again say the pandemic's worst is yet to come, Axios' Caitlin Owens writes from exclusive Harris polling. Why it matters: We took a brief hiatus from worrying about the pandemic. But the Delta variant and the response to it appear to have sent us back to a dark place. "It's clear we are still far from 'Mission Accomplished' on COVID," said Harris Poll CEO John Gerzema. Share this story.

6. Officer trauma after Jan. 6

Officers testify last week about the Capitol attack. Photo: Oliver Contreras/Pool via Getty Images

Four officers who responded to the Capitol attack on Jan. 6 have now died by suicide, with news of the two most recent deaths coming this week. Steve Hough, a law-enforcement officer in Florida whose organization First HELP supports first responders with mental health issues, tells the "Axios Today" podcast that he has never seen "so many officers from one incident who are taking their own lives." People "need to know we're just like them," Hough says. "We get home. We take off our Superman suit. We still have bills to pay." Listen here.

7. America's housing mania, in one stat

Illustration: Aïda Amer/Axios Americans collectively owe over $10 trillion for their homes — with 44% of that balance originating in the past year, Courtenay Brown writes in Axios Closer. The last time the share was bigger was about 15 years ago, on the heels of the mortgage refinancing boom in the early aughts. Why it matters: The fresh data point — courtesy of the New York Fed — illustrates the historic mad dash to buy new homes or refinance existing mortgages. Share this graphic.

8. Why fossil fuels still get lenders

Illustration: Sarah Grillo/Axios

Banks are under fire from all sides for their role in funding fossil fuel companies, even though most have pledged to pull back over the coming decades, Axios business editor Kate Marino writes. Why it matters: Simple supply-and-demand dynamics mean fossil fuel companies increasingly have to pay up for the privilege of borrowing cash, sources tell Axios. The bottom line: Investors are driven by returns. As the universe of buyers of fossil fuel debt shrinks, so too does liquidity in the market and the ability to exit a position if things go south — a risk that helps perpetuate the shrinking universe of buyers. At the same time, the ability to charge higher-than-average interest keeps other investors hooked on lending to fossil fuel companies. Share this story.

9. Simone Biles brings global attention to mental health

Data: NewsWhip. Chart: Axios Visuals Simone Biles' struggles at the Olympics generated massive public interest in mental health, Axios' Neal Rothschild writes from exclusive NewsWhip data. Why it matters: The Tokyo Games offered the ultimate platform for the topic to get global attention. Biles sparked a bigger conversation about mental health than either Oprah's interview of Prince Harry and Meghan Markle, or Naomi Osaka's withdrawal from the French Open — both international sensations. In the week following Biles' withdrawal from the team event, stories about the gymnast and mental health generated more than 2 million social media interactions (likes, comments, shares) — 25% more than Meghan (who turns 40 today, BTW) and Harry. Between the lines: Biles, Osaka and Markle — all stars from whom much is demanded — each cited the burden of expectations. Each of the incidents involved Black women who faced blowback following their moments of candor. Share this graphic.

10. Ina's Tokyo diary: Skateboarding history

Britain's 13-year-old bronze medalist Sky Brown. Photo: Ina Fried/Axios

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AT&T is making a $2 billion, 3-year commitment to help ensure broadband is more accessible and affordable for more people in the U.S., so low-income families like Susana’s have the opportunity to succeed and thrive. Find out how. Breaking News: Donald and Melania Trump Make Unexpected Announcement You Won't Believe This... {READ MORE} Columnists Free State, Serf State Kurt Schlichter Lester Holt and Journos Shove Olympic Glory Aside for National Grievances Brad Slager Unfair Competition John Stossel The Shameless Cuomo Brothers Make a Mess Tim Graham Time To Overturn Roe v. Wade Star Parker Republican Senators’ Sell-out on Infrastructure Could Lead to Billions in Abortion Funding Tom McClusky Google Cannot Be Trusted—Now or Ever Mike Davis Far-Left Democrats Want Eviction Moratorium To Last Forever Betsy McCaughey Biden Wants To Cut Funding for 'Border Security Assets and Infrastructure' by 96% Terry Jeffrey Tipsheet Defying the Supreme Court, Biden Issues Outrageous Eviction Moratorium Katie Pavlich Missouri Governor Pardons the McCloskeys Leah Barkoukis Biden Again Calls for Gun Bans Matt Vespa FDA Plans to Approve Pfizer COVID Vaccine by Labor Day Landon Mion Ron DeSantis Chastises Reporter for Mask Judginess: Some Infected 'Were Hermits for a Year and a Half ... Wore Six Masks' Scott Morefield EXCLUSIVE: NY Prosecutor Responds to Cuomo AG Report: 'He Absolutely Should Resign' Landon Mion AG Report: CNN's Chris Cuomo Received Confidential NY State Intel About Brother's Accusers Landon Mion ADVERTISEMENT Sue the Chinese Communist Party for Coronavirus Destruction Austin Bay Biden's Desire to Spread Democracy Should Start with Opposition to COVID-19 Passports Rachel Marsden The Biden Administration's Mixed COVID-19 Messages Discourage Vaccination Jacob Sullum The FBI and The CCP: Masters of Manipulation John Mac Ghlionn A Big Tech Whistleblower’s Tactics to Defeat Censorship Zach Vorhies Are American Athletes Morphing into Snowflakes? Bob Barr Joe Biden’s Shameless COVID Hypocrisy Dale Wilcox Mask Mandates Meet Resistance John and Andy Schlafly Mississippi Seeking to Become ‘The Safest Place in America for an Unborn Child’ Denise Burke Thank You, China! May We Have Another? Nicholas Waddy The Government Isn't Going to Tell You, But We're Going to Run Out of Money in About Three Months Matt Vespa Biden Calls on Cuomo to Resign Reagan McCarthy Will Biden Stick to What He Previously Said About Sexual Assault Allegations Against Cuomo? Leah Barkoukis Political Cartoons Bearing Arms A Better Idea For Background Checks | John Petrolino Hawaiian Felon Proves Just How Useless Gun Control Is | Tom Knighton California's Ever-Evolving Definition Of "Assault Weapon" | Cam Edwards Police Say Virginia Armed Citizen Acted In Self-Defense | Tom Knighton El Paso Leaders Claim They Were Betrayed. They Weren't | Tom Knighton ADVERTISEMENT DO YOU BELIEVE THE 2020 ELECTION WAS RIGGED AGAINST TRUMP? Cast Your Vote By Clicking Below... Yes, Trump was Robbed by Libs!