E-PaperToday Quick Reads
All eyes on Powell
Federal Reserve Chair Jerome Powell testifies before Congress, political turmoil in France and the U.S. markets hit record highs. Japan’s Nikkei reaches record high before closing down, while China and Hong Kong stocks end lower. Powell’s testimony to provide insight on potential rate cuts in September. Key developments to watch include Taiwan import/export data, Australia’s business confidence, and Powell’s testimony at Senate committee.
Read Full StoryFunds approach record short in CBOT corn after larger US plantings -Braun
Speculators are bearish on corn and soybeans, with prices hitting lows not seen since 2020 due to ample supply. Money managers increased their net short positions, with corn futures dropping below $4 per bushel. Soybean prices also fell, with speculators expanding their net short positions for the fifth consecutive week. Soybean oil saw gains, while wheat futures rose before easing slightly.
Read Full StoryGrifols says founding family, Brookfield looking to delist drugmaker
The Grifols family and Brookfield are considering a joint takeover bid to delist Spanish drugmaker Grifols, with Brookfield potentially investing over 5 billion euros to restructure the company’s debt. Talks began over a year ago, but short-seller reports have impacted Grifols’ value. Grifols’ board is evaluating a preliminary offer, with its market capitalization at 6.2 billion euros. No final decision or guarantee of an offer has been made.
Read Full StoryThe Lesson From French and British Elections: Incumbents Beware
French voters surprised the world by rejecting Marine Le Pen, with the far-left winning in France. Meanwhile, in the UK, Labour Party’s Keir Starmer secured a majority. Bloomberg’s podcast discusses the aftermath of these elections and the implications for the global economy. In France, a coalition government is expected, while in the UK, stability is key. The global trend shows anti-incumbency and a vote against inflation.
Read Full StoryCorn, Soy Slump to Lowest Since 2020 as Storm Beryl Brings Rains
Grain prices hit lowest level since pandemic as Tropical Storm Beryl brings rain to Midwest, aiding crop development. Bloomberg Grains Subindex down 17%, worst among commodities. Post-pandemic rally fades due to rebound in production and slower demand growth. US farmers set for bumper harvest, with corn and soybean crops in best shape in four years. Global demand sluggish, with US exports lagging behind.
Read Full StoryDavos Organizer Sued for Race, Pregnancy Discrimination
The World Economic Forum and founder Klaus Schwab are facing a lawsuit for racial and pregnancy discrimination by a Black employee in New York. Topaz Smith was told her job was eliminated upon returning from maternity leave and replaced with a White woman. The lawsuit alleges systematic discrimination against Black employees and exclusion from Davos. The WEF denies the claims. Schwab is stepping down from active leadership.
Read Full StoryGroup files petitions to put recreational marijuana on North Dakota’s November ballot
Organizers submit over 22,000 signatures for recreational marijuana ballot initiative in North Dakota. The measure aims to legalize marijuana for adults 21 and older, with regulations on use, production, and possession. Supporters argue law enforcement should focus on more serious drug offenses. Previous legalization attempts in 2018 and 2022 were defeated. The initiative needs 15,582 valid signatures by Aug. 12 to make the November ballot.
Read Full StoryKey Democrat on National Security Calls on Biden to Quit Race
House Democrat Adam Smith is urging President Biden to step aside for the presidential race, stating that Vice President Kamala Harris would be a stronger candidate. Smith made his views public in an interview on CNN, calling on Biden to put personal feelings aside. Other House Democrats have also expressed concerns about Biden’s candidacy. Senate Majority Leader Schumer reaffirmed his support for Biden.
Read Full StoryAir Force Will Restructure Sentinel Program Over 18-24 Months
The Pentagon’s top weapons buyer acknowledges an 81% cost growth for the US’s new intercontinental ballistic missile program, potentially costing taxpayers even more. The Sentinel program by Northrop Grumman Corp. faces challenges in predicting costs for launch facilities and fiber-optic networks. The projected cost per missile is now at $214 million, with a total program cost of $141 billion. Delays in fielding the missile are expected.
Read Full StoryLin-Manuel Miranda’s Next Musical Project Will Be a Concept Album
Lin-Manuel Miranda is finishing a concept album for a new musical based on the 1979 movie The Warriors. The album, co-written with Eisa Davis, features Broadway actors and pop stars. Miranda’s previous success with Hamilton has built anticipation for this unique debut. The release date is yet to be revealed.
Read Full Story- News
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